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HomeMy WebLinkAboutReso 1994-17597 RESOLUTION NO. 17597 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. 92-2 (AUTO PARK) 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. 92-2 (AUTO PARK) (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, at this time this legislative body is desirous to set forth all formal terms and conditions relating to the authorization, issuance and administration of said bonds; 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 bonds; and, WHEREAS, there has also been presented for consideration by this legislative body a form of Bond Purchase Contract authorizing the sale of bonds to 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; 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 bonds, including terms and conditions thereof. WHEREAS, this legislative body hereby further determines that the unpaid assessments shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessments as certified by and on file with the Treasurer, and for particulars as to the amount of said unpaid assessments, said Certificate and list shall control and govern. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: RECITALS SECTION 1. That the above recitals are true and correct. Resolution No. 17597 Page 2 BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of limited obligation improvement bonds in an aggregate principal amount not to exceed the aggregate amount of the unpaid assessments 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 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 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 Bonds. The distribution by the underwriter of copies of the Preliminary Official Statement to persons who may be interested in the purchase of the Bonds is --~. Resolution No. 17597 Page 3 hereby ratified and the underwriter is directed to delivery copies of the Official Statement to all actual purchasers of the Bonds from the underwriter acting in such capacity. The Finance Director of the 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 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 legislative body if the bonds are priced, sold and delivered prior to September 2, 1994. FINAL ASSESSMENTS SECTION 7. That the Certificate of Paid and Unpaid Assessments, as certified by the Treasurer, shall remain on file in that office and be open for public inspection for all particulars as it relates to the amount of unpaid assessments to secure bonds for this Assessment District. 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 sage and issuance of the bonds are hereby approved, confirmed and 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 111 ~' Resolution No. 17597 Page 4 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 Appro d as to for y Director of Public Works r ~ r I! '1 Resolution No, 17597 Page 5 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: Fox, Hotton, Moore, Rindone, Nader NOES: Councilmembers: None ABSENT: Councilmembers: None ABSTAIN: Councilmembers: None Tim Nader, Mayor ATTEST: Beverly A~zAuthelet, 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. 17597 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 2nd day of August, 1994. Executed this 2nd day of August, 1994. ~e~erly/~. Authelet, City Clerk