HomeMy WebLinkAboutReso 1994-17594 RESOLUTION NO. 17594
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING ISSUANCE OF BONDS, APPROVING
FORMS OF BOND INDENTURE, BOND PURCHASE CONTRACT
AND PRELIMINARY OFFICIAL STATEMENT FOR ASSESSMENT
DISTRICT NO. 90-2 (OTAY VALLEY ROAD) LIMITED
OBLIGATION IMPROVEMENT BONDS, SERIES B
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, is
conducting proceedings for the installation of certain public improvements in a special
assessment district pursuant to the terms and provisions of the "Municipal Improvement Act
of 1913 ", being Division 12 of the Streets and Highways Code of the State of California, said
special assessment district known and designated as ASSESSMENT DISTRICT NO. 90-2
(OTAY VALLEY ROAD) (hereinafter referred to as the "Assessment District"); and,
WHEREAS, this legislative body has previously declared in its Resolution of Intention
to issue bonds to finance said improvements, said bonds to issue pursuant to the terms and
provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code; and,
WHEREAS, in December, 1993, the City issued the $3,607,498.00 City of Chula Vista
Assessment District No. 90-2 (Otay Valley Road) Limited Obligation Improvement Bonds,
Series A, to fund the first phase of construction of the authorized improvements; and,
WHEREAS, at this time this legislative body is desirous to set forth all formal terms and
conditions relating to the authorization, issuance and administration of the City of Chula Vista
Assessment District No. 90-2 (Otay Valley Road) Limited Obligation Improvement Bonds,
Series B (the "Series B Bonds") in a principal amount not to exceed $2,119,994.00; and,
WHEREAS, all preconditions to the issuance of the Series B Bonds as contained in the
bond indenture for the Series A Bonds have been satisfied; and,
WHEREAS, there has been presented, considered and ready for approval a bond
indenture setting forth formal terms and conditions relating to the issuance and sale of the
Series B Bonds (the "Bond Indenture"); and,
WHEREAS, there has also been presented for consideration by this legislative body a
form of Bond Purchase Contract authorizing the sale of the Series B Bonds to Stone &
Youngberg, the designated underwriter, known as document number C094-159, a copy of
which is on file in the office of the City Clerk; and,
WHEREAS, there has also been presented for consideration by this legislative body a
form of Preliminary Official Statement containing information including but not limited to the
Assessment District and the type of the Series B Bonds, including terms and conditions
thereof.
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Resolution No. 17594
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NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance of the Series B Bonds in
an aggregate principal amount not to exceed $2,119,994.00 pursuant to the
terms and provisions of the "Improvement Bond Act of 1915", being Division
10 of the Streets and Highways Code of the State of California, and also
pursuant to the specific terms and conditions as set forth in the Bond Indenture
presented herein.
BOND INDENTURE
SECTION 3. That the Bond Indenture, known as document number CO94-160, a copy of
which is on file in the office of the City Clerk, is approved substantially in the
form presented herein. The Finance Director is hereby authorized and directed
for and on behalf of the City of execute the Bond Indenture with such additions
thereto or changes therein as may be approved by the Finance Director, subject "
to the review and approval of Bond Counsel, such approval by the Finance
Director to be conclusively evidenced by the execution and delivery thereof.
A copy of said Bond Indenture shall be kept on file with the transcript of these
proceedings and open for public inspection.
BOND PURCHASE CONTRACT
SECTION 4. That the Bond Purchase Contract as submitted by STONE & YOUNGBERG, the
designated underwriter, known as document number CO94-159, a copy of
which is on file in the office of the City Clerk, is hereby approved substantially
in the form presented herein. The Finance Director is hereby authorized and
directed for and on behalf of the City to evidence the City's acceptance of the
terms and provisions of the Bond Purchase Contract by executing and delivering
the Bond Purchase Contract in the form presented to the City at this meeting,
with Such changes therein as are approved by the Finance Director, subject to
the review and approval of Bond Counsel, such approval by the Finance
Director to be conclusively evidenced by the execution and delivery thereof.
PRELIMINARY OFFICIAL STATEMENT
SECTION 5. The form of the preliminary official statement (the "Preliminary Official
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Statement") is hereby ratified and approved. The officers of the City and their
authorized representatives are each hereby directed to prepare or cause to be
prepared a final official statement (the "Official Statement") relating to the
Series B Bonds. The distribution by the underwriter of copies of the Preliminary
Official Statement to persons who may be interested in the purchase of the
Series B Bonds is hereby ratified and the underwriter is directed to delivery
copies of the Official Statement to all actual purchasers of the Series B Bonds
from the underwriter acting in such capacity. The Finance Director of hte City
is authorized to certify to the underwriter that the Preliminary Official Statement
was deemed final as of its date within the meaning of Rule 15c2-12 of the
Securities and Exchange Commission. The officers of the City and their
authorized representatives are, and each of them acting alone and with the
concurrence of Bond Counsel to the City is, hereby authorized and directed, for
and in the name of the City, to execute the Official Statement with such
revisions from the Preliminary Official Statement as are reasonable and
customary to describe accurately the Series B Bonds and matters contained in
the Purchase Agreement and the Bond Indenture. Such approval shall be
evidenced by the execution thereof.
FINAL BOND DELIVERY
SECTION 6. No further action will be required by this legislativ body if the bonds are priced,
sold and delivered prior to September 2, 1994.
ADVANCE OBLIGATION REQUIREMENT
SECTION 7. This legislative body does further specifically agree and convertant for the
benefit of the Series B Bondholders to advance funds to cure deficiencies and
delinquencies which may occur in the Redemption Fund as such requirements
are set forth in the Bond Indenture.
SUPERIOR COURT FORECLOSURE
SECTION 8. This legislative body does further specifically covenant for the benefit of the
bondholders to commence and prosecute to completion foreclosure action
regarding delinquent installments of the assessments in the manner, within the
time limits and pursuant to the terms and conditions as set forth in the Bond
Indenture as submitted and approved through the adoption of this Resolution.
OTHER ACTS
SECTION 9. All actions heretofore taken by the officers and agents of the City with respect
to the sale and issuance of the bonds are hereby approved, confirmed and
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ratified, and the Finance Director and any and all other officers of the City are
hereby authorized and directed, for and in the name and on behalf of the City,
to do any and all things and take any and all actions relating to the execution
and delivery of any and all certificates, requisitions, agreements and other
documents, which the Finance Director may deem necessary or advisable in
order to consummate the lawful issuance and delivery of the Series B Bonds in
accordance with this resolution.
Presented by Ap d as orm
J L p Bruce M. Boogaard
Director of Public Works City Attorney ~
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Resolution No. 17594
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PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 2nd day of August, 1994, by the following vote:
YES: Councilmembers: Horton, Moore, Rindone Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Fox
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
Beverly' A.'~uthelet, 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. 17594 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 2rid day of August,
1994.
Executed this 2nd day of August, 1994.
Beve;ly ~. Authelet, City Clerk
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