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HomeMy WebLinkAboutReso 1984-11863 3463F JHHW:CFA:dfd 12/06/84 RESOLUTION NO. 11863 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE SALE OF $2,730,000 PRINCIPAL AMOUNT OF COMMERCIAL DEVELOPMENT REVENUE BONDS (SOUTH BAY AMBULATORY SURGERY ASSOCIATES PROJECT), 1984 SERIES A, APPROVING RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTION ¡'¡HEREJlS. the City of Chula Vista (the "City") proposes to issue 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, under and pursuant to the provisions of Chapter 3.48 of the Chula Vista Municipal Code (the "Law") in order to provide funds to make a loan to South Bay Ambulatory Surgery Associates, a California general partnership, (the "Company") pursuant to the terms of a proposed Loan Agreement (the "Loan Agreement"), dated as of December I, 1984, by and between the City and the Company 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, to be located in the City at 251 and 255 Landis Avenue (the "Project"); and WHEREAS, the Bonds are to be issued under and pursuant to an Indenture of Trust (the "I ndenture"), dated as of December I, 1984, between the Ci ty and the trustee bank (the "Trustee"); and WHEREAS, the Bonds are to be secured by a letter of credit issued by Golden State Sanwa Bank with a confirmation from the Sanwa Bank, Limited; and WHEREAS, the City has heretofore called and conducted a public hearing on the issuance of the Bonds as required by Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, Salomon Brothers, as placement agent, intends to submit to the City an offer from certain purchasers to purchase the Bonds; and WHEREAS, the City approves of said transactions in the public interests of the City; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, as follows: Sect ion 1. I ssuance and Sale of Bonds. The Ci ty hereby authori zes the issuance of the Bonds pursuant to and in accordance with the terms and provisions of the Law and the Indenture, all of which terms and provisions are incorporated herein by reference. The Bonds are hereby authorized to be sold to the purchasers thereof pursuant to and in accordance with the terms of the Bond Purchase Agreement therefor (the "Bond Purchase Agreement") in substantially the form on file with the City Cl erk. The r1ayor is hereby authori zed and di rected to approve the terms of and accept an offer to purchase the Bonds which is acceptable to the Mayor. and to execute the Bond Purchase Agreement for and in the name and on behalf of the City; provided that the Bonds shall be sold to the purchasers for a price not less than ninety-five percent (95%) of the par value thereof. Section 2. Indenture. The Indenture, in substantially the form presented to the City at this meeting, together with any additions thereto or changes therein deemed necessary or advi sab 1 e by the Mayor, is hereby approved. The Mayor is hereby authorized and directed to execute and the City Clerk is hereby authorized to attest the Indenture for and in the name and on behalf of the City. Section 3. Loan Agreement. The Loan Agreement, in substantially the form presented to the Ci ty at thi s meeting together wi th any additions thereto or changes therein deemed necessary or advisable by the Mayor, is hereby approved. The Mayor is hereby authorized and directed to execute and the City Clerk is hereby authorized to attest the Loan Agreement for and in the name and on behalf of the City. Section 4. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Mayor, the City Clerk and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and taken any and all actions relating to the execution and delivery of any and all certificates, requisitions, assignments, instruments of transfer, agreements and other documents, including but not limited to those described in the Bond Purchase Agreement, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Bond Purchase Agreement, the Indenture, the Law and this resolution. Sect ion 5. Effective Date. Thi s reso 1 ut ion sha 11 take effect from and after the date of its passage and adoption. PASSED AND ADOPTED on December 11, 1984, by the following vote: AYES: Cox. McCandliss. Moore NOES: Scott ABSENT: Malcolm ~i2-- Approved by: ~.-'\\1l,.J 2 ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA, this 19 84 ,by the following vote, to_it: 11th day of December AYES: Councilmen NAYES: Councilmen ABSTAIN: CotxIcilmen ABSENT: Councilmen Cox, McCandliss, Moore Scott None Malcolm f' I/~ . ,/ . ~ Mayoi1of t1;e City of Chula Vista ATTEST {)/MJ/;'!1::~ ~ ::/ City Clerk , STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) s s. CITY OF CHULA VISTA ) I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 11863 ,and that the same has not been amended or repealed. DATED ( sea ) City Clerk CC-660 ATTACHt1,Efil NOTE: THE TRUST INDENTURE IS ON FILE IN THE COMMUNITY DEVELOPMENT DEPARTMENT, IT CONSISTS OF 69 PAGES AND THEREFORE WAS NOT DUPLICATED FOR EACH COUNCILMEMBER. THE LOAN AGREEMENT AND BOND PURCHASE AGREEMENT ARE ALSO LARGE DOCUMENTS WHICH WERE ALSO NOT REPRODUCED, SHOULD COUNCILMEMBERS DESIRE TO SEE COPIES OF THESE DOCUMENTS} PLEASE LET US KNOW, PAUL G, DESROCHERS COMMUNITY DEVELOPMENT DIRECTOR ~~ Il~t3