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HomeMy WebLinkAboutReso 1983-11419 ">> . 12lJ6F JHHW:CFA:dfd 10/10/83. 10/17/33 10/21/83 .; RESOLUTION NO. 11419 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE SALE OF $:~:A50,000 PRINCIPAL AMOUNT OF CITY OF CHULA VISTA HOSPITAL REVENUE NOTES (BAY GENERAL COMMUNITY HOSPITAL PROJECT), SERIES 1983, APPROVING RELATED DOCUMENTS AND OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTION WHEREAS, the City of Chula Vista (the "City") proposes to issue its City of Chula Vista Hospital Revenue Notes (Bay General Community ~osp~tal Project), Series 1983, (the "Notes") in the aggregate principal amount of $8.,450,000, under and pursuant to an Indenture of Trust (the "Indenture") dated as of November 1, 1983, between the City and First Interstate Bank of Cal ifornia (the "Trustee"); and WHEREAS, the proceeds of the Notes are to be loaned to Bay General Community Hospital pursuant to a Loan Agreement (the "Loan Agreement") dated as of November 1,1983, between the City and Bay General Community Hospital (the "Hospital"); and WHEREAS, the City Council has duly held a public hearing, notice of which has b~en published at least 14 days prior to the hearing date, on the question of whether the City should issue the Notes, all as required by Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, Miller & Schroeder Municipals, Inc. intends to submit an offer to purchase the Notes pursuant to a Note Purchase Agreement, in substantially the form on file with the City Clerk, (the "Note Purchase Agreement") among the City, Miller & Schroeder Municipals, Inc, and the Hospital; and WHEREAS, it is appropriate at this time for the City Council to authorize the sale of the Notes and approve and authorize the execution of the Indenture, the Loan Agreement and other financing documents relating to the Notes; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, as follows: Section 1. Note Purchase Aqreement; Sale of Notes. The Note Purchase Agreement, in substantially the form presented to the City Council at this meeting together with any additions thereto or changes deemed necessary or advisable by Jones Hall Hill & White, A Professional Law Corporation, as bond counsel to the City, is hereby approved, The Community Development Director is hereby authorized and di rected to approve the terms of any offer presented by Mi 11 er & Schroeder Municipal s, Inc., the terms of which are contained in said Note Purchase Agreement, which results in a rate of interest on the Notes not to exceed ten percent (10%) per annum. The appropriate officers of the City are hereby authorized and directed to execute said agreement for and in the name and on behalf of the City, and the City Council hereby authorizes the delivery, receipt and due performance thereof by the City. I' Section 2, Indenture, The City hereby authorizes the issuance of the Notes pursuant to and in accordance with the terms of the Indenture, The Indenture, in substantially the form presented to the City Council at this meeting together with any additions thereto or changes therein deemed necessary or advisable by Jones Hall Hill & White, A Professional Law Corporation, as bond counsel to the City, is hereby approved, The appropriate officers of the City are hereby authorized and directed to execute said agreement for and in the name and on behalf of the City, and the City Council hereby authorizes the delivery, receipt and due performance thereof by the City, "1 Section 3. Loan Agreement. The Loan Agreement, in substantially the form presented to the City Council at this meeting together with any additions thereto or changes therein deemed necessary or advisable by Jones Hall Hill & White, A Professional Law Corporation, as bond counsel to the City, is hereby approved. The appropriate officers of the City are hereby authorized and directed to execute said agreement for and in the name and on behalf of the City, and the City Council hereby authorizes the delivery, receipt and due performance thereof by the City. Section 4. Official Statement. The Official Statement relating to the Notes, substantially in the form presented at this meeting is hereby approved and the Mayor of the City is hereby authorized and directed to approve any additions to or changes in the form of said Official Statement as he may deem necessary or advisable to put said Official Statement in final form, such approval to be conclusively evidenced by his execution of said Official Statement as so added to or changed. The Mayor of the City is hereby authorized and directed for and in the name and on behalf of the Ci ty to execute said form of fi na 1 Offi ci a 1 Statement. Miller & Schroeder Municipals, Inc., as purchaser of the Notes, is hereby authorized to distribute copies of said Official Statement (as so added to or changed) in connection with their reoffering and resale of the Notes. Distribution heretofore by said purchaser of the preliminary Official Statement relating to the Notes is hereby approved, confirmed and ratified. Section 5. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Notes are hereby approved, confirmed and ratified, and the Mayor, the City Clerk, the Community Development Director, the City Manager 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 take any and all actions relating to the execution and delivery of any and all certificates, requisitions, agreements and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Notes. 2 ,0,-11 L{ /'9 Section 6. Effective Date. This resolution shall take effect from and after its adoption. P"~ Paul G. Desrochers Community Development Director /? - (I 1/7 Approved as to form by ~d~ 6 . Thomas J. Harron City Attorney 3 ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA, this 25th 19 . 83 , by the following vote, to-wit: day of October AYES; NAYES: ABSTAIN: ABSENT: Councilmen Malcolm, Cox, Moore, McCandliss, Scott Councilmen None Councilmen None Councilmen None R~ the City of Chura Vista ATTEST Q~~;e'/ ~JJc:ii hc/-j' .. t:7. . 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 RESOLUTION NO. 11419 the above and foregoing is a full, true and correct copy of ,and that the some has not been amended or repealed. DATED ( seal) City Clerk CC-660