Loading...
HomeMy WebLinkAboutReso 1996-18384--, RESOLUTION NO. 18384 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE BOND PURCHASE AGREEMENTS AND OFFICIAL STATEMENT AND THE DISTRIBUTION OF ONE OR MORE PRELIMINARY OFFICIAL STATEMENTS IN CONNECTION WITH THE ISSUANCE AND SALE OF ONE OR MORE SERIES OF INDUSTRIAL DEVELOPMENT REFUNDING REVENUE BONDS OF THE CITY OF CHULA VISTA IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $151,000,000 AND AUTHORIZING AND APPROVING RELATED MATTERS WHEREAS, the City of Chula Vista (the "City") is authorized pursuant to its Charter and Chapter 3.48 of the Municipal Code of the City (the "Municipal Code") to assist in financing and refinancing utility facilities located within and without the City; and WHEREAS, pursuant to Resolution No. 18302 adopted on May 21, 1996 ("Resolution No. 18302"), the City authorized the issuance and sale of one or more series of refunding revenue bonds of the City, in an aggregate principal amount not to exceed ~ 151,000,000 (the "Bonds"), and the loan of the proceeds thereof to the San Diego Gas & Electric Company (the "Company") to repay certain loans made to the Company with proceeds of Industrial Development Bonds, 1986 Series A (the "1986 Series A Bonds"), 1986 Series B Bonds (the "1986 Series B Bonds") and 1987 Series A Bonds (the "1987 Series A Bonds") previously issued by the City of San Diego to finance certain gas and electric facilities located within the without the City (the "Project"); and WHEREAS, the City now desires to approve the forms of the bond purchase agreements and the offering documents to be executed and delivered in connection with the issuance and sale of one or more series of Bonds and the selection of underwriters with respect to the issuance and sale of one or more series of Bonds (collectively, the "Underwriters"). NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, California, as follows: SECTION 1. The City Council hereby finds and determines that the foregoing recitals are true and correct, confirms its previous findings set forth in Resolution No. 18302 and finds and determines that the Project and the refinancing thereof will directly benefit the citizens of the City by substantially promoting one or more of the public interests recited in Chapter 3.48 of the Municipal Code, SECTION 2. The proposed form of the bond purchase agreements (the "Bond Purchase Agreements"), by and among the City and the Underwriters, in substantially the form of Exhibit A, a copy of which is on file in the office of the Finance Director/City Treasurer, is hereby approved. The selection of Citicorp Securities, Inc. and Grigsby Brandford & Co., Inc. to serve as underwriters with respect to the issuance and sale of the bonds for purposes of refunding the 1986 Series A Bonds is hereby approved. The Director of Finance or designee thereof is hereby authorized and directed to approve the selection of underwriters with respect to the refunding of the 1986 Series B Bonds and the 1987 Series A Bonds based upon similar criteria applied to the selection of underwriters relating to the refunding of the 1986 Series A Bonds, and to execute and deliver the Bond Purchase Agreements with respect to all such Resolution 18384 Page 2 ~--~. refunding with such additions or changes as the Director of Finance or designee thereof may recommend or approve upon consultation with the City Attorney of the City (the "City Attorney"), special counsel to the City ("Special Counsel") and bond counsel to the City ("Bond Counsel"), the approval of such additions and changes to be evidenced conclusively by the execution and delivery of the Bond Purchase Agreements. SECTION 3. The proposed form of the preliminary official statements (the "Preliminary Official Statements") with respect to the issuance and sale of one or more series of Bonds in substantially the form of Exhibit A, a copy of which is on file in the office of the Finance Director/City Treasurer, is hereby approved. The Director of Finance or designee thereof is hereby authorized and directed to approve the distribution of the Preliminary Official Statements in connection with the issuance and sale of one or more series of Bonds, and to certify that the Preliminary Official Statements are, as of their respective dates, "deemed final" by the City for purposes of Rule 15c2-12 of the Securities and Exchange Commission. The Director of Finance or designee thereof is hereby further authorized and director of execute and deliver final official statements (the "Official Statements") in substantially the forms with such additions or changes as the Director of Finance or designee thereof may recommend or approve upon consultation with the City Attorney, Special Counsel, and Bond Counsel, the approval of such additions and changes to be evidenced conclusively by the execution and delivery of the Official Statements. SECTION 4. All actions heretofore taken by the officers and agents of the City with respect to the authorization of the distribution of the Preliminary Official Statements and the execution and delivery of the Bond Purchase Agreements and the Official Statements are hereby approved, confirmed, and ratified, and the Mayor, the City Manager, the Director of Finance, and the City Clerk, or any of them, or their duly authorized designess, are hereby authorized and directed to execute, attest, seal and deliver any and all documents, including but not limited to those described in the Bond Purchase Agreements, and do any and all things, deemed necessary to effect the distribution of the Preliminary Official Statements and the execution and delivery of the Bond Purchase Agreements and the Official Statements and to carry out the intent and purpose of this resolution and otherwise necessary to carry out the issuance and sale of one or more series of Bonds. SECTION 5. The provisions of this resolution are hereby declared to be severable and if any section, phrase or provision shall for any reason be declared to be invalid, such declaration shall not affect the validity of the remainder of the section, phrases or provisions. SECTION 6. All resolutions or parts thereof in conflict herewith, if any (of which none are known to the City), are hereby repealed to the extent of such conflict. SECTION 7. This resolution shall become effective immediately. Presented by Approved as for form by Ann Y. Moore Fi°nance Director Acting City Attorney Resolution 18384 Page 3 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 23rd day of July, 1996, by the following vote: AYES: Councilmembers: Alevy, Moot, Padilia, Rindone, and Horton NAYES: Councilmembers: None ABSENT: Councilmembers: None ABSTAIN: Councilmembers: None Shi~ey Horton, Mayor ATTEST: Beverly ,~. Authelet, City Clerk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that the foregoing Resolution No. 18384 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 23rd day of July, 1996. Executed this 23rd day of July, 1996. Beverly ~. Authelet, City Clerk