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HomeMy WebLinkAboutReso 1992-16827RESOLUTION NO. 16827 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AMENDING RESOLUTION NO. 16625 OF THE CITY OF CHULA VISTA TO AUTHORIZE THE ISSUANCE AND SALE OF NOT TO EXCEED $250,000,000 AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS TO FINANCE OR REFINANCE COSTS OF CERTAIN GAS AND ELECTRIC FACILITIES FOR SAN DIEGO GAS & ELECTRIC COMPANY AND AUTHORIZING AND APPROVING RELATED MATTERS WHEREAS, the City of Chula Vista (the "City") is authorized pursuant to Chapter 3.48 of the Municipal Code of the City (the "Municipal Code") to assist in financing or refinancing utility facilities located within and without the City; and, WHEREAS, the Municipal Code provides that the City may issue revenue bonds payable exclusively from the revenues derived from such utility facilities in order to provide funds to finance or refinance such facilities and further provides that such revenue bonds shall be secured by a pledge of the revenues out of which such bonds shall be payable; and, WHEREAS, pursuant to Resolution No. 16625, adopted May 19, 1992, the City Council of the City authorized the issuance and sale of one or more series of revenue bonds of the City (the "Bonds") in an aggregate principal amount not to exceed $100,000,000 and the loan of the proceeds thereof to San Diego Gas & Electric Company (the "Company) to finance or refinance a portion of the cost of the acquisition, construction and installation of certain electric generation, transmission and distribution facilities; and WHEREAS, pursuant to Resolution No. 16625, the City Council approved forms of, and authorized the execution and delivery of, an Indenture of Trust (the "Indenture") and Loan Agreement (the "Loan Agreement") with respect to the Bonds. 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. SECTION 2. In addition to the $100,000,000 aggregate principal amount of Bonds authorized to be issued pursuant to Resolution No. 16625, there are also hereby authorized to be issued up to an additional $150,000,000 principal amount of such Bonds, in one or more series. The aggregate principal amount of the Bonds authorized to be issued under Resolution No. 16625, as supplemented hereby, shall not exceed $250,000,000. All or any portion of such Bonds may be issued either pursuant to the documents approved by Sections 3 and 4 hereof, as shall be determined by the City Manager upon consultation with the Resolution No. 16827 Page 2 Company to produce the most favorable interest rate on the Bonds, such determination to be conclusively evidenced by the execution and delivery of such documents. SECTION 3. In addition to the form of Indenture which is attached to Resolution No. 16625 as Exhibit A, the City Council hereby approves the form of the Indenture attached to this Resolution as Exhibit A, a copy of which is on file with the City Clerk, and further authorizes and directs the Mayor and the City Clerk to execute, attest, seal and deliver an Indenture in substantially such form in connection with the issuance of any or all series of Bonds, with such additions or changes in said form as such officers may recommend or approve upon consultation with the City Attorney and bond counsel to the City, the approval of such additions or changes to be evidenced conclusively by the execution and delivery of the Indenture. SECTION 4. In addition to the form of Loan Agreement which is attached to Resolution No. 16625 as Exhibit B, the City Council hereby approves the form of the Loan Agreement attached to this Resolution as Exhibit B, a copy of which is on file with the City Clerk, and further authorizes and directs the Mayor and the City Clerk to execute, attest, seal and deliver a Loan Agreement in substantially such form in connection with the issuance of any or all series of Bonds, with such additions or changes in said formas such officers may recommend or approve upon consultation with the City Attorney and bond counsel to the City, the approval of such additions or changes to be evidenced conclusively by the execution and delivery of the Loan Agreement. SECTION 5. Except as expressly supplemented hereby, Resolution No. 16625 is hereby ratified and confirmed. SECTION 6. This Resolution shall become effective immediately upon adoption. Presented by y an Christopher Director of Finance Resolution No. 16827 Page 3 PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista, California, this 6th day of October, 1992, by the followin9 vote: YES: Councilmembers: Horton, Malcolm, Moore, Rindone, Nader NOES: Councilmembers: None ABSENT: Councilmembers: None ABSTAIN: Councilmembers: None Tim Nader, 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. 16827 was duly passed, approved, and adopted by the City Council held on the 6th day of October, 1992. Executed this 6th day of October, 1992. Beverly ~ ~uthel'et, City'Clerk