HomeMy WebLinkAboutReso 2015-154 RESOLUTIOT' NO. 2015-154
RESOLUTIOI�' OF THE CITI' COUI�CIL OF THE CITI' OF
CHULA VISTA .4UTHORIZING AI�'D PROVIDII�'G FOR THE
ISSUAI�iCE OF LIA4ITED OBLIGATION REFUI�'D1I�'G BONDS
FOR REASSESSMENT DISTRICT I�O.2015-1.APPROVII�'G THE
FORM OF FISCAL AGEI�'T AGREEMENT. FIRST
SUPPLEMENTAL BOI�rD II�iDENTURE.4I�'D BOI�'D PURCHASE
COI�'TRAC7 AND AUTHORIZIT�'G OTHER ACTIONS I?�'
COI�'i�'ECTION THEREVdITH
WHEREAS. the Cirv Council of the Cirv of Chula \rista. Califomia. has undertal:en
proceedines pursuant to the "Refundine Act of 1984 for 191� Improvement Act Bonds' (the
"Refunding Act"),being Division 11.� of the Streets and HighH-ays Code of the State of California,
and has previousl�� adopted a resolution approvine a report prepared and submitted pursuant to the
pro�isions of the Refunding Act (the "Reassessment Report `) and conditionally confirmine
reassessments upon lands ���ithin a reassessment district kno�tim and desi;nated as Reassessment
District No. 2015-1 (the "Reassessment Districr`): and �
WHEREAS; such proceedings pro��ide for the issuance of Limited Oblieation Refunding
Bonds (defined below)pursuant to the Refunding Act to represent the unpaid reassessments���ithin
such Reassessment District: and
�'�'HEREAS. at this time, but subject to the final confirmation of the reassessments to be
incorporated in a final Assessment Engineers Report and the recordation of the reassessment
diaeram ar�d notice of reassessment. this le�islati��e body desires to set forth all formal terms and
conditions relating to the issuance and sale of such Limited Oblieation Refundins Bonds pursuant to
the Act as modified by that cenain resolution of the Cit�� Council adopted on June 16. 201� and
entitled "A Resolution of the Cih� Council of the Cirv of Chula \rista Authorizine and Directine
Compliance�vith the `Refunding Act of 1984 for 191� Impro��ement Act Bonds.' as A4odified in this
Resolution. in Connection with the Issuance of Limited Oblieation Refunding Bonds for the Purpose
of Refunding Certain Reassessment District Bonds" (the "Refunding Act Resolution '); and
W'HEREAS, a ponion of the proceeds of the Limited Obligation Refundins Bonds shall be
used to retire, in advance of their scheduled maturities.the Cim of Chula Vista Reassessment District
No. Z00�-2 Limited Obligation Refunding Bonds(the`Prior Limited Oblieation Refunding Bonds-`):
and �
WHEREAS; in order to pro��ide the most cost effecti��e refundine of the Prior Limited
Obligation Refundine Bonds, the Ciq� Council desires and requests that the Chula Vista Municipal
Financine Authority (the "Authorin�') issue; sell and deliver its Refundine Revenue Bonds, Series
201�B in an aegregate principal amount not to e�ceed �»,000,000 (the "Series 201�B Authorin
Bonds") to provide funds to purchase; amon� other refundin�bonds to be issued b��the Ciry or b��
certain community facilities districts established by the Cin�(collecti��eh�.the"Communih Facilities
Districts`). the Limited Obligation Refunding Bonds; and
Resolution No. 201�-1>4
Page No. 2
WHEREAS, for the purposes of the sale and delivery of the Limited Obligation Refunding
Bonds,there are noN�on file��ith the Ciry Clerk copies of the fonns of, the Fiscal Agent A�reement
by and between the City and U.S. Bank National Association,as fiscal agent, establishing the terms
and conditions pertaining to the issuance of the Limited Obligation Refunding Bonds (the "Fiscal
Agent Agreement"),the First Supplemental Bond Indenture by and between the Ciry and U.S. Bank
National Association as fiscal agent to provide that the defeasance of the City of Chula Vista Public
Financing Authorin- Revenue Refunding Bonds, Series 2005A will cause the discharge of the Prior
Limited Obligation Refunding Bonds (the "First Supplemental Bond Indenture") and the Bond
Purchase Contract among the Authority, the Ciry, the Community Facilities Districts and Stifel;
Nicolaus& Compam�; ]nc., as unden�miter, related to the sale of the Series 2015B Authoriri�Bonds
(the "Bond Purchase ContracY'); and reFerence is hereby made thereto for further particulars; and
WHEREAS. this City Council has reviewed and considered such Fiscal Agent Agreement;
First Supplemental Bond Indenture and the Bond Purchase Contract and finds those documents
suitable for approval. subjec[ to the conditions set forth in this resolution; and
WHEREAS, all conditions, thinas and acts required to eaist, to have happened and to have
been performed precedent to and in the issuance of the Limited Obligation Refunding Bonds and the
]e�ry of the reassessments as contemplated by this resolution and the documents referred to herein
exist; have happened and have been performed or have been ordered to have been preformed in due
time,form and manner as required by the laws of the State of California, including the Refunding
Act and the Refundin� Act Resolution.
NOR�. THEREFORE. BE IT RESOLVED AND DETERMINED:
SECTION 1. Recitals. The abo��e recitals are true and correct.
SECTIOI�' 2. Bonds Authorized. Pursuant to the Refunding Act as modified by the
Refunding Act Resolution, this Resolution and the Fisca] Agent Agreement limited obligation
refunding bonds of the City for the Reassessment District designated as "City of Chula Vista
Reassessment District No. 2015-2 Limited Obligation Refunding Bonds" (the"Limited Obligation
Refunding Bonds`) in an aagreaate principal amount not to exceed the unpaid reassessments levied
within the Reassessment District are hereby authorized to be issued. The date. manner of payment,
interest rate or rates; denominations; form, registration privileges, manner of eaecution, place of
payment, terms of redemption and other tem�s, covena»ts and conditions of the Limited Obligation
Refunding Bonds shall be as pro��ided in the Fiscal Agent Agreement as finally executed. The
interest pa}�ment dates for such Limited Obligation Refunding Bonds shall, pursuant to the
Refunding Act Resolution; be March 1 and September 1 and such bonds shall mature on September
1 as specified in the Fiscal Agent Agreement.
SECTION 3. Authorization and Conditions. The City Manager,the Deputy City Manager
and the Assistant Director of Finance and eacl� of ilieir specified designees (the "Authorized
Officers '), acting for and on behalf of the City, are, and each of them is, hereby authorized and
directed to execute and deliver the various documents and instruments described in this Resolution
with such changes, insertions and omissions as the Authorized Officer executing the same may
Resolution No. 201�-1�4
Pase?vo. 3
require or appro��e as beine in the best interests of the City subject to am� limitine conditions
contained herein and further subject to the appro��al thereof as to form b�� the Cirv Attorne�� or her
specified designee and Best Best R Krieger LLP: the Cin-`s bond counsel. The appro��al of such
additions or chanees shall be conclusi�eh e��idenced by the esecution and delivery of such
documents or instruments 6� the .Authorized Officer.
SECTION 4. Fiscal Aeent A�eement. The form of Fiscal Agent Aereement��ith respect to
the Limited Obli�ation Refundine Bonds on file in the Cin� Clerk`s office is hereb�� appro��ed.
SECTIO\' �. First Supolemental Bond Indenture. The form of First Supplemental Bond
]ndenture ���ith respect to the Prior Limited Obligation Refundino Bonds on file in the City Clerk's
office is hereb��approved.
SECTION 6. Bond Purchase Contract. The form of the Bond Purchase Contract on file in
the Cin� Clerk's office is hereb�� appro��ed.
SECT[ON 7. Costs of Issuance. "Desienated costs of issuins the refundins bonds ' for
purposes of Subsection 9600(b) and Section 9614 of the Refundine Act are the items specified in
paragraphs(1)through and includine(�)of subsection(a)of Section 9600 ofthe Refundin2 Act,and
"Costs of Issuance"as such phrase is used in the Bond Indenture shall mean such designated costs of
issuine the Limited Oblieation Refundine Bonds.
SECT[ON 8. Bonds Prenared and Delivered. The Limited Oblieation Refundine Bonds
shall be prepared. authenticated and delivered, all in accordance ��ith the applicable terms of the
Refundine Act and the Fiscal Aaent Aereement. and the Authorized Officers. and each of them.and
other responsible Cih� officials are hereb�� authorized and directed to tal:e such actions as are
required under the Fiscal Aeent Aareement to complete all actions required to e�idence the deli��en
of the Limited Obligation Refunding Bonds upon the receipt of the purchase price thereof from the
Authorin�.
SECT[ON 9. Annual Reassessment Installments. A copv of the resolution confirmine the
reassessments and the reassessments. �ahich reassessments shall constitute the securitv for the
Limited Obligation Refunding Bonds,shall be delivered to the Treasurer and the Treasurer shall keep
or cause to be kept the record sho�ti�ins the several installments of principal and interest on the
reassessments ���hich are to be collected each }�ear during the term of the Limited Obli�ation
Refunding Bonds. An annual portion of each reassessment. ro�ether �iith annual interest on said
reassessment; shall be pa}�able in the same manner and at the same time and in the same installment
as the general propem�taees of the Counn�of San Diego and shall be payable and become delinquent
at the same time and in the same proportionate amount. Each yeaz the annual installments shall be
submitted to the Counm Auditor for purposes of collection.
SECTIO\' ]0. Actions. All actions heretofore tal:en bv the officers and asents of the Cit��
���ith respect to the establishment of the Reassessment District and the sale and issuance of the
Limited Obligation Refundins Bonds are herebq approved, confirtned and ratified, and the proper
officers of the Cin�aze hereb��authorized and directed to do an��and all thines and tal:e anv and all
Resolution No. 2015-1�4
Page No. 4
actions and execute any and all certificates;agreements,contracts,and other documents,which they,
or any of them, may deem necessary or advisable in order to consummate the lav��ful issuance and
delivery of the Limited Obligation Refunding Bonds in accordance with tl�e Refunding Act this
Resolution, the Fiscal Agent Agreement, the First Supplemental Bond ]ndenture and the Bond
Purchase Contract and any certificate, agreement, contract, and other document described in the
documents herein approved.
SECTION ll. Effective Date. This resolution shall take effect from and afrer its adoption.
Presented by Approved as to form by
���� �
Maria Cachadoorian len R. b�ogin
Deputy City Manager/Director of Finance C� �Eorney
PASSED; APPROVED; and ADOPTED by the City Council of the City of Chula Vista,
California, this ]6th da�� of June 2015 by the following vote:
AYES: Councilmembers: Aguilar, Bensoussan, McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None '
Mary S , Mayor
ATTEST:
�.� . ��
Donna R. Noms CMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
1, Donna R. Norris, Cit}� Clerk of Chula Vista, California, do hereby ce�tify that the foregoing
Resolution I`'o. 2015-1�4 ��-as duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista Cit}� Council held on the 16th day of June 2015.
Eaecuted this 16th da�� of June 201�.
_ �� �����
,
Donna R. Norris, CMC, City Clerk