HomeMy WebLinkAboutReso 1993-17319RESOLUTION NO. 17319
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING ISSUANCE OF BONDS IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $18,000,000 TO
REFINANCE THE OUTSTANDING OBLIGATIONS OF THE CITY TO THE
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
WHEREAS, the City of Chula Vista (the "City") has previously elected to
become a contracting member of the California Public Employees' Retirement System
("PERS"), and as such the City is currently obligated to make certain payments
to PERS (the "PERS Obligations"); and,
WHEREAS, the City is authorized pursuant to the provisions of Articles 10
and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California
Government Code, commencing with Section 53570 of said Code (the "Bond Law"), to
issue its bonds for the purpose of refunding certain outstanding obligations of
the City, including the PERS Obligations; and,
WHEREAS, in order to refund the PERS Obligations and thereby realize
substantial interest savings, the City proposes at this time to authorize the
issuance of its bonds under the Bond Law for the purpose of refinancing the PERS
Obligations; and,
WHEREAS, the City Council wishes at this time to authorize the issuance of
such bonds and the institution of judicial proceedings to determine the validity
thereof;
NOW, THEREFORE, BE IT RESOLVED that the Chula Vista City Council does
hereby find, determine, resolve and order as follows:
That the formal bidding process related to the issuance of bonds and the
judicial validation proceedings be waived and that staff is authorized to
use the services of Jones, Hall, Hill and White, a Professional Law
Corporation, as bond counsel, and Grigsby Brandford and Co., Inc. as
underwriter.
That staff is authorized, subject to final approval of the City Council
prior to sale, to issue bonds payable from the General Fund of the City,
under the Bond Law in the aggregate principal amount of not to exceed
$18,000,000 for the purpose of financing the PERS Obligations of the City
which are due and owing to PERS. Further, that the Bonds shall be issued
and sold in accordance with documentation to be approved by the City
Council. The bonds shall be issued pursuant to an Indenture of Trust by
and between the City and First Interstate Bank of California, as trustee,
in substantially the form on file with the City Clerk.
That staff proceed with the institution of judicial validation proceedings
in order to determine the validity of the bonds.
Resolution No. 17319
Page 2
That the City Attorney, in concert with the law firm of Jones, Hall, Hill
and White, a Professional Law Corporation, is authorized to prepare and
cause to be files and prosecuted to completion, all proceedings required
for the judicial validation of the bonds in the Superior Court of San
Diego County, under and pursuant to the provisions of Section 860 et seq.
of the Code of Civil Procedure of the State of California.
Presented by
Director of Finance
Approved as to fOR by
BTuceAM. Booga!rd
City ttorney~
Resolution No. 17319
Page 3
Vista,
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
California, this 14th day of December, 1993, by the following vote:
YES: Councilmembers: Fox, Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim ~a~er, Mayor
ATTEST:
Vicki C. Soderquist,
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
}~uty City Clerk
SS.
I, Vicki C. Soderquist, Deputy City Clerk of the City of Chula Vista, California,
do hereby certify that the foregoing Resolution No. 17319 was duly passed,
approved, and adopted by the City Council at a meeting of the Chula Vista City
Council held on the 14th day of December, 1993.
Executed this 14th day of December, 1993.
Vicki C. Soderquist, De~ ty City Clerk