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HomeMy WebLinkAboutReso 1992-16899 RESOLUTION NO. 16899 RESOLUTION OF THE CITY COUNCIL OF THE CIT¥ OF CHULA VISTA APPROVING 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 THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT AND OFFICIAL STATEMENT IN CONNECTION THEREWITH 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 on May lg, 1992, as amended by Resolution No. 16827, adopted on October 6, lg92 (collectively, the "Bond Resolution"), 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 $250,000,000 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 gas transmission, storage and distribution facilities (collectively, the "Project"); and, WHEREAS, pursuant to the Bond Resolution, 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; and, WHEREAS, the City Council desires to approve the forms of a Bond Purchase Agreement and Official Statement with respect to the Fonds and to authorize and approve related matters; and, WHEREAS, the California Debt Limit Allocation Committee ("CDLAC"), pursuant to Resolutions, dated October 23, 1992 and November 18,1992, allocated 1992 private activity bond volume cap in the amount of $250,000,000 to the City for the issuance of the Bonds; and, WHEREAS, Section 147{f) of the Internal Revenue Code of 1986 (the "Code") requires the "applicable elected representative" of the City to approve the Resolution No. 16899 Page 2 issuance of the Bonds after a public hearing following reasonable public notice; and, WHEREAS, the City has caused to be published in the Chula Vista Star News and the San Diego Union Tribune notice of a public hearing with respect to the Bonds to be held 6:00 p.m. on this 24th day of November, 1992, at this regular meeting of the City Council; and, WHEREAS, said public hearing with respect to the Bond has been held and no person(s) appeared at said hearing to speak or submit written comments on the nature and location of the Project or on the issuance of 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. The City Council, as the "applicable elected representative" of the City, hereby approves the plan of financing of the Project and the issuance of the Bonds within the meaning of Section 147{f} of the Code. SECTION 3. The proposed form of bond purchase agreement (the "Bond Purchase Agreement"), by and between the City and Goldman, Sachs & Co., as representative of the underwriters named therein, presented to this meeting, known as document number C092-177, a copy of which is on file in the office of the City Clerk, is hereby approved. The City Manager or designee is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver a Bond Purchase Agreement in substantially such form, in connection with each series of Bonds, with such changes therein as such officer and the City Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 4. The proposed form of preliminary official statement (the "Preliminary Official Statement"} with respect to the Bonds, presented to this meeting, is hereby approved. The City Manager or designee is hereby authorized and directed, for and in the name and on behalf of the City, to approve the distribution of the Preliminary Official Statement, in substantially said form, in connection with each series of Bonds, and to certify that such Preliminary Official Statement is, as of its date, "deemed final" by the City for purposes of Rule 15c2-12 of the Securities and Exchange Commission. The City Manager or designee is hereby further authorized, for and in the name and on behalf of the City, to execute and deliver a final official statement (the "Official Statement"} in substantially said form, in connection Resolution No. 16899 Page 3 with each series of Bonds, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery of the Official Statement. SECTION 5. The City hereby confirms the allocation pursuant to CDLAC Resolutions of 1992 private activity bond volume cap in the amount of $250,000,000 to the Bonds. SECTION 6. The City Council hereby confirms the engagement of Orrick, Herrington & Sutcliffe, as bond counsel, and Harrison, Taylor & Bazile, as co-bond counsel, in connection with the issuance of the Bonds. SECTION 7. Except as expressly supplemented hereby, the Bond Resolution is hereby ratified and confirmed. SECTION 8. This Resolution shall become effective immediately upon adoption. Presented by App~ ~ as to flOr by Ly~n Christopher Bruce N. Boogaard ~-, ~,~ Director of Finance City Attorney ~ Resolution No. 16899 Page 4 PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista, California, this 24th day of November, 1992, by the following vote: YES: Councilmembers: Horton, Malcolm, Moore, Nader NOES: Councilmembers: None ABSENT: Councilmembers: Rindone ABSTAIN: Councilmembers: None Tim Nader, Mayor ATTEST: Beverly ~. Authelet, City Clerk STATE OF CALIFORNIA ) COUNTY OF SA~ 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. 16899 was duly passed, approved, and adopted by the City Council held on the 24th day of November, 1992. Executed this 24th day of November, 1992. .z Beverly A~/Authelet, City Clerk