HomeMy WebLinkAboutCC RES 96-0631 RESOLUTION NO. 96-63
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, APPROVING FINANCING
3 PROCEEDINGS FOR THE CITY'S SHARE OF THE
COUNTYWIDE 800 MHZ COMMUNICATIONS SYSTEM AND/OR
4 TO FINANCE OTHER CAPITAL IMPROVEMENTS WITHIN THE
GEOGRAPHIC BOUNDARIES OF THE. CITY, APPROVING
5 ISSUANCE OF REVENUE BONDS BY THE COUNTYWIDE
PUBLIC FINANCING AUTHORITY FOR SUCH PURPOSE, AND
6 APPROVING RELATED DOCUMENTS AND OFFICIAL ACTIONS
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.WHEREAS, the City is proceeding to finance its share of the
8 Countywide 800 MHz communications system and/or to finance other
capital improvements within the geographic boundaries of the city
9 collectively, the ~Project"), and the City has proposed to
implement a lease financing for the purpose of ramsing the funds
10 to finance the Project;
11 WHEREAS, for the purpose of obtaining the moneys required to
finance the Project, the City proposes to lease one or more
12 existing real property sites and the buildings thereon
(collectively, the ~Leased Premises"), to the CountFide Public
13 Financing Authority (the ~Authority"), which has been formed for
the purpose of assisting the City and other member cities in
14 connection with their financing needs, and to lease the Leased
Premises back from the Authority, and the Authority proposes to
15 issue its CountFide Public Financing Authority (Orange County,
California) 1996 Revenue Bonds (the ~Bonds") which will be secured
16 by rental payments made by the City under such lease and by rental
payments to be made by such other member cities under separate
17 leases; and
18 WHEREAS, the Council approves all of said transactions in
furtherance of the public purposes of the City, and wishes at this
19 time to take its action approving the issuance and sale of the
Bonds and the lease financing to be accomplished thereby;
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NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as
21 follows:
22 SeCtion i. Approval of Bonds. The Council hereby approves the
issuance of the Bonds by the Authority for the purpose, among
23 others, of providing funds to enable the City to undertake the
Project.
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Section 2. Approval of Financinq Leases. The Council hereby
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approves each of the following agreements required to implement
the financing described in this Resolution, in substantially the
26 respective forms on file with the City Clerk together with any
changes therein or additions thereto deemed advisable by the
27 Mayor, the City Manager or the Finance Director, whose execution
thereof shall be conclusive evidence of the-approval of any such
28 changes or additions:
] 'Resolution No. 96-63
Page 2
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3 (a) a Site and Facility Lease by and between the City, as
lessor, and the Authority, as lessee, relating to the lease of the
4 Leased Premises by the City to the Authority; and
5 (b) a Lease ~greement by and between the Authority, as
lessor, and the City, as lessee, relating to the lease of the
6 Leased Premises by the Authority back to the City, so long as the
term of the Lease Agreement does not exceed 10 years and so long
Y as the maximum annual lease payments to be paid by the City
thereunder does not exceed $420,000.
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The Mayorl, the City Manager or the Finance Director is hereby
9 authorized and directed for and in the name and on behalf of the
to execute, and the City Clerk is hereby authorized and
10 directed to attest and affix the seal of the City to, the final
form of each of the foregoing documents.
Section 3. Sale of Bonds by Authority; Letter of
12 Representations. The Council hereby approves the negotiated sale
of the Bonds to Stone & Youngberg LLC (the ~Underwriter") pursuant
~3 to the terms and conditions set forth in bond purchase agreement
(the "Bond Purchase Contracts'), by and between the Underwriter and
14 the Authority, substantially in the form on file with the .City
Clerk, together with any additions thereto or changes therein as
15 may be deemed necessary or advisable by the Mayor, the City
Manager or the Finance Director, so long as the principal amount
16 of Bonds sold which are allocable to the City does not exceed
$3,100,000 and so long as the Underwriter's discount (exclusive of
17 original issue discount which does not constitute compensation to
the Underwriter) does not exceed i%.. The Bonds may be issued in a
18 single series, or in multiple series which are issued by the
Authority from time to time, as may be determined by the Mayor,
19 the.City Manager or the Finance Director taking into account the
financing needs of the City.
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The Council hereby approves the Letter of Representations, in
2~ substantially the form on file with the City Clerk together with
any changes therein or additions thereto deemed advisable by the
22 Mayor, the City Manager or the Finance Director, whose execution
thereof shall be c'onclusive evidence of the approval of any such
23 changes or additions.
24 Section ~. Official Statement. The Council hereby approves,
-and hereby deems final, within the meaning of Rule 15c2-12 of the
25 Securities Exchange Act of 1934, the preliminary official
statement describing the Bonds (the "Preliminary Official
26 Statement.), excluding information therein relating to financing
participants other than the City, in substantially the form on
2Y file with the City Clerk. The Mayor, the City Manager or the
Finance Dizector is hereby authorized to execute an appropriate
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Resolution No. 96-63
Page 3
certificate stating the Council's determination that the
Preliminary Official Statemenn has been deemed final within the
4 meaning of such Rule. Distribution of the Preliminary Official
Statement by the Underwriter in connection with the sale of the
Bonds is hereby approved. The Mayor, the City Manager or the
Finance Director is hereby authorized and directed to approve any
6 changes in or additions to a final form of official statement (the
~Final Official Statement"). The Council hereby authorizes the
7 distribution of the Final Official Statement by the Underwriter,
8 Section 5. pfficial Actions. The Mayor, the City Manager, the
Finance Director, the City Clerk and all other officers of the
9 City are each authorized and directed in the name and on behalf of
the City to make any and all assignments, certificates,
10 requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they or any of
1] them might deem necessary or appropriate in order to consummate
any of the transactions contemplated by the documents approved
12 pursuant to this Resolution. Whenever in this Resolution any
officer of the City is authorized to execute or countersign any
13 document or take any action, such execution, countersigning or
action may be taken on behalf of such officer by any person
designated by such officer to act on his or her behalf in the case
such officer shall be absent or unavailable.
Section 6. Effect. This Resolution shall take effect
16 immediately.
PASSED AND ADOPTED at a regular meeting of the City Council
of the City of Tustin held on the 3rd day of June, 1996.
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20 vT~Cy~LLS WORLEy, 7~y~
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. 96-63
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 June, 1996, by the following vote:
COUNCILMEMBER AYES: Worley, Doyle, Saltarelli
COUNCILMEMBER NOES: None
COUNCILMEMBER ABSTAINED: None
COUNCILMEMBER ABSENT: Potts, Thomas
Pamela Stoker, City Clerk