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HomeMy WebLinkAboutReso 1990-15451RESOLUTION NO. 15451 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR OLYMPIC TRAINING FACILITIES TO BE DEVELOPED BY THE SAN DIEGO NATIONAL SPORTS TRAINING FOUNDATION WHEREAS, the City of Chula Vista {the "City") is authorized by the laws of the State of California, including the provisions of Ordinance No. 1980 adopted by the City Council of the City of Chula Vista on February 9, 1982 and the provisions of the Mello-Roos Community Facility Act of 1982 {collectively, the "Law"), to issue and sell bonds for the purpose of providing financing for the development of private facilities located within the City by nonprofit organizations, together with the development of public facilities related thereto; and WHEREAS, the City is considering proceedings to provide financing for the acquisition and construction of an Olympic Training Center to be located within the City on approximately 150 acres bounded on the east by Wueste Road and by the north by Orange Avenue, adjacent to the Lower Otay Reservoir {the "Project") to be udnertaken by the San Diego National Sports Training Foundation, a nonprofit public benefit corporation {including its successors and assigns, the "Foundation"); and WHEREAS, the City wishes to induce the Foundation to acquire and construct the Project and, in particular, to do so at such location; and WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the City that the City authorize revenue bonds for the aforesaid purposes; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, as follows: SECTION 1. Authorization of Bonds. The City Council hereby authorizes the issuance and sale of bonds (the "Bonds") of the City pursuant to the Law in a principal amount of not to exceed $80,000.000 for the purpose of providing construction and permanent financing to the Foundation for the acquisition, construction and development of the Project. SECTION 2. Terms of Bonds. The issuance and sale of the Bonds shall be upon such terms and conditions as may be mutually agreed upon by the City, the Foundation and the purchaser of the Bonds and subject to completion of proceedings for the issuance, sale and delivery of the Bonds by the City. The issuance of the Bonds shall be subject to final approval and authorization by the City Council, and nothing in this resolution is intended or shall be construed to commit the City Council to giving such final approval and authorization. Resolution No. 15451 Page 2 SECTION 3. Use of Bond Proceeds. The proceeds of the Bonds shall include such related and necessary issuance expenses, administrative costs, debt service reserves and interest payments as may be required successfully to accomplish the financing of the Project. SECTION 4. Inducement. The City Council hereby find that the issuance of the Bonds is a substantial inducement to the Foundation to acquire, construct and develop the Project and that the Project will further the public purposes of the City. SECTION 5. Payment of Costs. The Foundation shall be responsible for the payment of all costs in connection with the issuance of the Bonds, including but not limited to printing of any official statement, rating agency costs, bond counsel fees and expenses, underwriting discount and costs, trustee fees and expenses, City fees and the cost of printing the Bonds. SECTION 6. Engagement of Bond Counsel. The City Council hereby approves the engagement of Jones Hall Hill & White to serve as bond counsel to the City in connection with the issuance of the Bonds. The Director of Finance is hereby authorized and directed to execute an agreement with such firm on behalf of the City, in form and substance acceptable to the Director of Finance and the Foundation. SECTION 7. Effective Date. The Resolution shall take effect from and after the date of its passage and adoption. Presented by Director of Finance Approved as to form by City tton e~? Resolution No. 15451 Page 3 Page 3 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 9th day of January, 1990 by the followin9 vote: AYES: Councilmembers: McCandliss, Moore, Nader, Cox NOES: Councilmembers: None ABSENT: Councilmembers: Malcolm ABSTAIN: Councilmembers: None ~/~I /~. EZ,X Greg~. Cox, Mayor ATTE ST: : . i/' / STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF CHULA VISTA $s. I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that the foregoing Resolution No. 15451 was duly passed, approved, and adopted by the City Council of the City of Chula Vista, California, at a regular meeting of said City Council held on the 9th day of January, 1990. Executed this 9th day of January, 1990.