HomeMy WebLinkAboutCC RES 96-0871 RESOLUTION NO. 96-87
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4 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
5 OF TUSTIN APPROVING THE EXECUTION AND DELIVERY
6 OF A FIRST SUPPLEMENTAL FISCAL AGENT AGREEMENT
7 AND OTHER MATTERS RELATED THERETO
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10 WHEREAS, pursuant to a Fiscal Agent Agreement, dated as of
11 February 1, 1996 (the ~Agreement"), by and between the City of
12 Tustin (the ~City") and State Street Bank and Trust Company of
13 California, N.A., as fiscal agent ,(the ~Fiscal~Agent"), the City
]4 issued its Limited Obligation Improvement Bonds, Reassessment
15 District No. 95-2 (Tustin Ranch), Series A, in the aggregate
]6 principal amount of $41,500,000 (capitalized undefined terms used
17 herein shall have the meanings ascribed thereto in the Agreement);
19 WHEREAS, pursuant to the Agreement, the Agreement and the
l0 rights and obligations of the City, the" Owners of the Bonds and
21 the.Fiscal Agent may be modified or amended from time to time and
22 at"any time by a Supplemental Agreement, which the City and the
23 Fiscal Agent may enter into with the written consent of the Owners
24 of a majoriuy in aggregate principal'amount oN all Bonds then
25 Outstanding and, when a Letter of Credit is in effect and so long
26 as the Bank is not in default .of its obligation to honor a draw on
27 the Letter of Credit, the written consent of the Bank which shall
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1 have been filed with the Fiscal Agent;
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3 WHEREAS, the Agreement provides that, notwithstanding
4 anything contained therein to the contrary, so long as the Bank is
5 not in default of its obligation to honor draws under the Letter
6 of Credit, the Bank shall at all times be deemed to be the sole
7 and exclusive Owner of the Outstanding Adjustable Rate Bonds, for
8 the purpose of all approvals, consents,' waivers, institution of
9 any action and the direction of all remedies;
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]] WHEREAS, .all of the Bonds Outstanding are Adjustable Rate
12 Bonds;
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14 WHEREAS, a provision allowing the Continuing Costs of the
,15 Adjustable Rate Bonds to be paid from the Capitalized Interest
]6 'Account of the Redemption Fund was omitted from the Agreement;
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lg WHEREAS, the City desires to cure such omission by entering
19 into a First Supplemental Fiscal Agent Agreement, thereby amending'
20 the Agreement so as to allow the' Continuing Costs of the
21 Adjustable Rate Bonds to be paid from the Capitalized Interest
22 ACcount of the Redemption Fund (such First Supplemental Fiscal
23 Agent Agreement, in the formpresented to this meeting, ~ith such'
24 changes, insertions and omissions'as are made pursuant to this
25 Resolution, being referred to herein as the ~First Supplemental
26 Agreement");
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i WHEREAS, there has been prepared and submitted to this
2 meeting a form of the First Supplemental Agreement; and
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4 WHEREAS, the City desires to proceed to authorize the
5 execution of such documents and the performance of such acts as
6 may be necessary or desirable to effect said amendment of the
7 Agreement;
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9 NOW, THEREFORE, BE IT RESOLVED by the City Council the City
10 of Tustin as follows:
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12 Section 1. The First Supplemental Agreement, in
13 substantially the form submitted to this meeting and made a part
14 hereof as though set forth herein, be and the same is hereby
15 approvedl The Mayor of the City, or such other member of the City
16 Council as the Mayor may designate, the City-Manager of the City.
17 and the Director of Finance/Treasurer of the City (the ~Authorized
]8 Officers") are, and each of 'them is, hereby authorized and
19 directed, for and in the name of the City, to execute and deliver
20 the First Supplemental Agreement in the form submitted to this
21 meeting, with such changes, insertions and omissions as the
22 Authorized Officer executing the same may require or approve, such
23 requirement or approval to be conclusively evidenced by the
24 execution of the First Supplemental Agreement by such Authorized
25 Officer.
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27 Section 2. The officers and employees of the City are hereby
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1 authorized and directed, jointly and severally, to do any and all
2 things which they may deem necessary or advisable in order to
3 consummate the actions herein authorized and otherwise to carry
4 out, give· effect to and comply with'the terms and intent of this
5 ReSolution, including, without limitation, obtaining or causing to
6 be obtained the consent of the Bank to the First Supplemental
7 Agreement.
9 Section 3. All actions heretofore taken by the officers and
]0 employees of the City with respect to the actions.set forth above
11 are hereby approved, confirmed and ratified.
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13 Section 4. This Resolution shall take·effect immediately
14 upon its adoption.
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16 APPROVED'andADOPTED by the City Council of the City of Tustin on
]7 September 3, 1996.
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20 ' T . W~rley, May~
21 ATTEST:
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~Pamela Stoker, City Clerk
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City of Tustin
RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF TUSTIN )
RESOLUTION NO. 96-87
Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the
City of Tustin, California, does hereby certify that the whole number of
the members of the City Council is five; that the above and foregoing
resolution was passed and adopted at a regular meeting of the City Council
held.on the 3rd day of September, 1996, by the following vote:
COUNCILMEMBER AYES: Worley, Thomas, Doyle, Potts, Saltarelli
COUNCII24EMBER NOES: None
COUNCILMEMBER ABSTAINED: None
COUNCILMEMBER ABSENT: None
Pamela Stoker, City