HomeMy WebLinkAboutReso 1986-12754 RESOLUTION NO. 12754
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA APPOINTING SUCCESSOR
REMARKETING AGENT WITH RESPECT TO COMMERCIAL
DEVELOPMENT REVENUE BONDS (SOUTH BAY
AMBULATORY SURGERY ASSOCITES PROJECT)
WHEREAS, the City of Chula Vista (the "City") has previously issued its City of
Chula Vista Variable Rate Demand Commercial Development Revenue Bonds (South Bay
Ambulatory Surgery Associates Project), 1984 Series A, in the aggregate principal amount
of $2,730,000 (the "Bonds"), under and pursuant to the provisions of Chapter 3.48 of the
Chula Vista Municipal Code in order to provide funds to make a loan to South Bay
Ambulatory Surgery Associates, a California general partnership, to finance the
acquisition, construction and improvement of land and a two-story building to be used for
out-patient surgical and medical office purposes, located in the City at 251 and 255 Landis
Avenue; and
WHEREAS, the Bonds have been issued under and pursuant to an Indenture of
Trust dated as of December 1, 1984, (the "Indenture") between the City and Golden State
Sanwa Bank as trustee, and pursuant to Section 9.14 of the Indenture the City has
appointed the firm of Bancroft, O'Connor, Chilton & Lavell, Inc. to act as remarketing agent
thereunder; and
WHEREAS, the City has been informed by Bancroft, O'Connor, Chilton & Lavell,
Inc. that said firm has resigned as remarketing agent due to the dissolution of said firm;
and
WHEREAS, Section 9.14 of the Indenture further provides that the City shall appoint
a successor remarketing agent at the direction of Golden State Sanwa Bank. as issuer of
the irrevocable letter of credit which secures the Bonds and therefore as real party in
interest; and
WHEREAS, the City has been formally requested by a representative of Golden
State Sanwa Bank to appoint the firm of O'Connor & Chilton Inc. as successor remarketing
agent, and the City has been informed by counsel that it is required to appoint any
successor remarketing agent requested by said Bank: and
WHEREAS, the City is not familiar with such firm, has not undertaken any
evaluation of the qualifications of such firm to perform the function of remarketing agent
under the Indenture, and does not assume any liability whatsoever for the appointment of
such firm as successor remarketing agent;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista that the firm of O'Connor & Chilton Inc. be and is hereby appointed to act as
successor remarketing agent under the Indenture.
PASSED AND ADOPTED on October --7, 1986, by the following vote:
AYES: McCandliss, Campbell, Moore, Cox
NOES: None
Malcolm
ABSENT:
Presented by: Approved by:
~aul G. Desrochers, L~T/tt'omas J. H r~c/n, City Attorney
Community Development Director
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, fhis 7th day of October
19 86 , by the following vote, to-wit:
AYES: Councilmembers McCandliss, Campbell~ Moore~ Cox
NAYES: Counci 1 members None
ABSTAIN: Counci lmembers None
ABSENT: Counci lmembers Malcolm
~-y of Chula Vista
City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Visto, Coliforni(3,
DO HEREBY CERTIFY that the above and foregoing is (3 full, true and correct copy of
RESOLUTION NO. 12754 ,and fh(3t the s(3me has not been amended or repe(31ed
DATE D
City Clerk
crf OF
CHULA VISTA
CC-660