HomeMy WebLinkAboutReso 1985-11976
RESOLUTION NO. 11976
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING, AUTHORIZING AND
DIRECTING EXECUTION OF CERTAIN LEASE FINANCING
DOCUMENTS, AUTHORIZING AND DIRECTING EXECUTION
OF A PURCHASE AGREEMENT, APPROVING A
PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING
AND DIRECTING CERTAIN ACTIONS WITH RESPECT
THERETO
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the Ci ty of Chula Vi sta (the "City") working
together with the Cities of Beaumont, Lincoln, Lompoc, Oakdale,
Orange and Orland (collectively referred to herein as the
"Lessees") and the Cali fornia Ci ties Financing Corporation (the
"Corporation"), is proposing to proceed with a joint lease
financing, and
WHEREAS, in connection therewith, the City
to proceed with lease financing of certain property
Exhibi t C to the Lease Agreement (as hereinbelow
(the "Project") and it is in the public interest
public benefit that the City authorize and direct
the Lease Agreement and other financing documents
therewith, and
is proposing
des cr i bed in
referred to)
and for the
execution of
in connection
WHEREAS, pursuant to the City's authorization, Merrill
Lynch Capi tal Markets and Stone & Youngberg, (the
"Underwriters"), have prepared and presented to the City a
preliminary official statement containing information material to
the offering and sale of the Certificates of Participation
described below (the "Preliminary Official Statement"), and
WHEREAS, the documents below specified have been filed
with the City, and the members of the City Council, with the aid
of its staff, have reviewed said legal documents and Preliminary
Official Statement.
NOW,
the City of
follows:
THEREFORE, BE IT RESOLVED that the City Council of
Chula Vista does hereby order and determine as
hereby
Manager
SECTION 1. The below-enumerated documents be and are
approved, and the Mayor, City Manager, Assistant City
or Finance Director is hereby authorized and directed to
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execute said Agreements , with such changes, insertions and
omissions as may be approved by such official, and the City Clerk
is hereby author ized and directed to attest to such official's
signature:
(a) a lease agreement, relating to the Project between
the Corporation, as lessor, and the Ci ty, as lessee (the "Lease
Agreement" ) ;
(b) a trust agreement, by and among the Corporation,
the Lessees and a trustee to be chosen by the Lessees and the
Corporation (the "Trustee"), relating to the financing of the
acquisition of the Project, and the execution and delivery of
certificates of participation evidencing the proportionate
interests of the owners thereof in lease payments to be made by
the City under the Lease Agreement and in the lease payments to
be made by the Lessees under separate lease agreements (the
"Certificates of Participation");
(c) a purchase agreement by and among the Underwriters
(whether acting alone or with a co-manager), the Lessees and the
Trustee relating to the purchase by the Underwriters of the
Certi ficates of Participation so long as the interest rate with
respect to the Certificates of Participation will not produce
annual lease payments payable under the Lease Agreement in excess
of $110,000, so long as the principal amount of the Certificatess
of Participation attributable to the City will not exceed
$395,000, and so long as the Underwriters' discount with respect
to the Certificates does not exceed 4.0%.
SECTION 2. The Mayor, City Manager, Assistant City
Manager or Finance Director and other officials of the City are
hereby authorized and directed to execute such other agreements,
documents and certificates as may be necessary to effect the
purposes of this resolution and the lease financing herein
authorized including, if necessary, a deposit agreement relating
to the deposit by the City with the Trustee of an amount equal to
the non-asset portion of the principal amount of the Lease
Agreement, between the City, the Trustee and a Certificate
insurer.
SECTION 3. To the best of the City Council's knowledge,
information and belief, the Preliminary Official Statement
contains no untrue statement of a material fact with respect to
the City or omits to state a material fact with respect to the
City required to be stated where necessary to make a statement
not misleading in the light of the circumstances under which it
was made.
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SECTION 4. The Preliminary Official
approved for distribution in the offering and
Certificates of Participation.
Statement
sale of
is
the
SECTION 5. THe Mayor, City Manager, Assistant City
Manager or Finance Director is authorized to approve corrections
and additions to the Preliminary Official Statement by supplement
or amendment thereof, or otherwise as appropriate, provided that
any such corrections or additions shall be necessary to cause the
information contained therein to confirm with facts material to
the Certificates of Participation, or to the proceedings of the
City or such corrections or additions are in form rather than in
substance.
SECTION 6. The Mayor, City Manager, Assistant City
Manager or Finance Director is authorized and directed to cause
the Preliminary Official Statement to be brought into the form of
a final official statement (the "Final Official Statement") and
to execute said Final Official Statement, dated as of the date of
the sale of the Certificates of Participation, and a statement
that the facts contained inn the Final Official Statement, and
any supplement or amendment thereto (which shall be deemed an
original part thereof for the purpose of such statement) were, at
the time of sale of the Certificates of Participation, true and
correct in all material respects and that the Final Official
Statement did not, on the date of sale of the Certificates of
Participation, and does not, as of the date of delivery of the
Certificates of Participation, contain any untrue statement of a
material fact with respect to the City or omit to state material
facts with respect to the City required to be stated where
necessary to make a statement not misleading in the light of the
circumstances under which it waS made. The Mayor, City Manager,
Assistant City Manager or Finance Director shall take such
further actions prior to the signing of the statement as are
deemed necessary or appropriate to verify the accuracy of the
statement.
Presented by
Approveq as to form by
,
~if!~~ctor
of Finance
0256a
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ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this
19 85, by the following vote, to_it:
2nd
day of
April
,-
AYES: Councilmen
NAYES: Councilmen
ABSTAIN: Cou1cilmen
ABSENT: Councilmen
Moore, Cox, McCandliss
None
Scott
Malcolm
)
ATTEST i2nrh-U/ 1/JL~~~
/~ City Clerk
l. '
l. ,-' :, ,P r:,(
Mayor ofUheaity of Chula Vista
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. 11976
,and that the same has not been amended or repealed.
DATED
(seal)
City Clerk
1.1.-660