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HomeMy WebLinkAboutReso 1982-111151- 7148C JHHW:CFA:dfd 12/01/82 12/16/82 12/21/82 RESOLUTION NO. 11115 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING SALE OF $4,055,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION FOR PUBLIC PARKING PROJECT, AND APPROVING AND AUTHORIZING EXECUTION OF RELATED DOCUMENTS AND OFFICIAL ACTION WHEREAS, the City of Chula Vista (the "City") presently owns certain land on which is proposed to be built an off-setreet vehicular parking structure (the "Project"), and the City proposes to lease such land to Imperial Municipal Services Group, Inc., ("Imperial") pursuant to that certain Site Lease dated as of December 1, 1982, by and between Imperial and the City (the "Site Lease"), such Project to be constructed by the City pursuant to that certain Agency Agreement dated as of December 1, 1982 by and between Imperial and the City (the "Agency Agreement"); and WHEREAS, in order to finance the cost of construction of the Project, the City proposes to lease such land and the Project from Imperial pursuant to that certain Lease Agreement dated as of December 1, 1982, by and between the City and Imperial (the "Lease Agreement"); and WHEREAS, in order to obtain funds to finance the construction of the Project, Imperial has assigned the lease payments to be made by the City under the Lease Agreement, together with certain other rights and interests thereunder, to First Interstate Bank of California as trustee (the "Trustee") pursuant to that certain Trust Agreement dated as of December 1, 1982, by and among the City, Imperial and the Trustee (the "Trust Agreement"), wherein the Trustee has agreed to execute and deliver certain certificates of participation in the aggregate principal amount of $4,055,000 (the "Certificates"); and WHEREAS, E. F. Hutton & Company, Inc. (the "Underwriter") has offered to purchase the Certificates pursuant to a Purchase Contract dated as of December 16, 1982 (the "Purchase Contract"); and WHEREAS, it is appropriate at this time for the City Council to approve all of said transactions relating to the financing of the Project; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, as follows: Section 1. Purchase Contract; Sale of Certificates. The Purchase Contract submitted to the City by the Underwriter for the purchase of the Certificates is hereby approved, and the City Council hereby approves the sale of the Certificates to the Underwriter pursuant to and in accordance with the Purchase Contract. Section 2. Approval of Financing Agreements. The Lease Agreement, the Site Lease, the Trust Agreement and the Agency Agreement, in substantially the respective forms presented to the City at this meeting together with any additions 11115 thereto or changes therein deemed necessary or advisable by Jones Hall Hill & White, A Professional Law Corporation, as special legal counsel to the City, are each hereby approved. 'The Mayor of the City is hereby authorized and directed to execute and the City Clerk is hereby authorized and directed to attest and affix the seal of the City to each of said agreements for and in the name and on behalf of the ity. Section 3. Official Statement. The final Official Statement, dated December 16, 1982, in the form submitted to this meeting by the Underwriter, is hereby approved and the Mayor of the City is hereby authorized and directed to execute and deliver said Official Statement for and in the name and on behalf of the City, and to approve any additions to or changes in the form thereof as he may deem necessary or advisable, such approval to be conclusively evidenced by his execution of said Official Statement as so added to or changed. Distribution heretofore by the Underwriter of the preliminary Official Statement relating to the Certificates is hereby approved, confirmed and ratified. Section 4. Official Action. All actions heretofore taken by the officers and agents of the City with respect to the sale and delivery of the Certificates are hereby approved, confirmed and ratified, and the Mayor, the City Clerk, the City Manager, the City Attorney, the Community Development Director 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, including execution of any and all certificates, requisitions, agreements and other documents including but not limited to those documents described in the Purchase Contract, which they, or any of them, may deem necessary or advisable in order to consummate the delivery of the Certificates in accordance with the Purchase Contract, the Trust Agreement and this resolution. Section 5. Effective Date. This resolution shall take effect from and after its adoption. PASSED AND ADOPTED by the City Council of the City of Chula Vista, this 16th day of December, 1982, by the following vote: AYES: Cox, Malcolm, Moore, McCandliss, Scott NOES: None ABSENT: None ~,~y d or Attest: '~' City CYerk