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HomeMy WebLinkAboutReso 1995-17912 RESOLUTION NO, 17912 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE ISSUANCE OF REFUNDING BONDS, APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT AND AN ESCROWS DEPOSIT AND TRUST REASSESSMENT REPORT, CONFIRMING AND ORDERING THE REASSESSMENT PURSUANT TO SUMMARY PROCEEDINGS AND DIRECTING ACTIONS WITH RESPECT THERETO CITY OF CHULA VISTA Reassessment District of 1995 WHEREAS, this City Council has conducted proceedings under and pursuant to a Resolution of Intention to Levy Reassessments and to Issue Refunding Bonds Upon the Security Thereof No. 17854, adopted on April 4, 1995 (the "Resolution of Intention"), to authorize the levy of reassessments upon the land within the Reassessment District of 1995 (the "District"), and to issue bonds secured by said reassessments, the proceeds of which are to be used to refund certain existing obligations (the "Prior Bonds"), all as described therein; and, WHEREAS, pursuant to the Resolution of Intention, this City Council has provided for the issuance of limited obligation refunding improvement bonds pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code of the State of California (the "Bond Law"); and, WHEREAS, there is on file with the Director of Finance of the City a list of all of the reassessments within the District which remain unpaid (the "List of Unpaid Reassessments"); and, WHEREAS, there have been submitted to this City Council certain documents providing for the issuance of the bonds by the City for the District, and the use of the proceeds of those bonds to refund certain existing bonds, including the forms of Fiscal Agent Agreement, Escrow Deposit and Trust Agreement, and the Bond Purchase Contract, and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and, WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special reassessments as contemplated by this Resolution and the documents referred to herein exist, have happened and have been preformed in due time, form and manner as required by the laws of the State of California, including the Bond Law. NOW, THEREFORE, THE CITY COUNCIL OF THE CiTY OF CHULA VISTA does hereby find, order, determine and resolve: SECTION 1. Unitaid Reassessments. The reassessments that remain unpaid are as shown on the List of Unpaid Reassessments, which is hereby approved and incorporated herein by this reference. The total amount of the unpaid Resolution No. 17912 Page 2 reassessments is not-to-exceed ~20,150,000. For a particular description of the lots, pieces and parcels of land bearing the respective reassessment numbers set forth in the List of Unpaid Reassessments, hereby made to the reassessment and to the diagram, and any amendments thereto approved by the City Council, all as recorded in the office of the Street Superintendent of the City. SECTION 2. Bonds Authorized. Pursuant to the Bond Law, this Resolution and the Fiscal Agent Agreement (hereafter defined), refunding improvement bonds of the City for the District designated as "Limited Obligation Refunding Improvement Bonds, City of Chula Vista, Reassessment District of 1995 (the "Bonds") in an aggregate principal amount not-to-exceed $20,150,000 are hereby authorized to be issued. SECTION 3. Fiscal Aqent Aqreement. The proposed form of Fiscal Agent Agreement (the "Fiscal Agent Agreement") with respect to the Bonds in the form presented to this City Council at this meeting, is hereby approved. The City Manager or the Director of Finance or such other official of the City as may be designated by the City Council (the "Authorized Official") is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in substantially said form, with such additions thereto or changes therein as are approved by the Authorized Official upon consultation with Jones Hall Hill & White, A Professional Law Corporation, the City's bond counsel ("Bond Counsel"), including such additions or changes as are necessary or advisable, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of ~20,150,000 the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement, known as document number C095-073, a copy of which will be on file in the office of the City Clerk, by the Authorized Official. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. SECTION 4. Escrow Aqreement. The form of Escrow Deposit and Trust Agreement, known as document number C095-074, a copy of which will be on file in the office of the City Clerk, by and between the City and Bank of America, National Trust and Savings Association, as escrow holder, in the form presented to this City Council at this meeting is hereby approved. The Authorized Official is hereby authorized and directed to cause the same to be completed and executed on behalf of the City in substantially said form, with such additions thereto or changes therein as are approved by the Authorized Official upon consultation with Bond Counsel. SECTION 5. Sale of Bonds. The sale of the Bonds to the Chula Vista Public Financing Authority (the "Authority") is hereby approved and the Authorized Official is hereby authorized and directed to execute the Bond Purchase Contract, known Resolution No. 17912 Page 3 as document number C095-075, a copy of which will be on file in the office of the City Clerk, on behalf of the City in substantially the form on file with such additions thereto or changes therein as are approved by the Authorized Official upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Bond Purchase Contract by the Authorized Official. SECTION 6. Bonds Printed and Delivered. Upon the execution of the Bond Purchase Contract, the Bonds shall be printed, authenticated and delivered, all in accordance with the applicable terms of the Fiscal Agent Agreement and the Authorized Official and other responsible City officials are hereby authorized ad directed to take such actions as are required under the Bond Purchase Contract and the Fiscal Agent Agreement to complete all actions required to evidence the delivery of the Bonds upon the receipt of the purchase price thereof from the purchaser. SECTION 7. Actions. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, and other documents, which they, or any of them, may deem necessary or ," ' advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, contract, and other document described in the documents herein approved. SECTION 8. Effective Date. This resolution shall take effect upon the date of its adoption. Presented by Appro ed as ~o fo by Robert W. Powell Bruce M Boogaar Director of Finance City Att;~rney m, IF Resolution No. 17912 Page 4 PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista, California, this 23rd day of May, 1995, by the following vote: YES: Councilmembers: Alevy, Moot, Rindone, Hotton NOES: Councilmembers: None ABSENT: Councilmembers: None ABSTAIN: Councilmembers: Padilia Shirle~ Horton, Mayor ATTEST: \ \ ' r ~ D . Vicki C. Sode qu'st, eljL~/City Clerk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CNULA VISTA ) I, Vicki C. Soderquist, Deputy City Clerk of the City of Chula Vista, California, do hereby certify that the foregoing Resolution No. 17912 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 May, 1995. Executed this 23rd day of May, 1995. Vicki C. Soderquist, Deputy City Clerk