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HomeMy WebLinkAbout03-125 - Resolutions RESOLUTION NO. 03-125 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA AS THE LEGISLATIVE BODY OF CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2003-01, AUTHORIZING THE ISSUANCE OF CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2003-01, IMPROVEMENT AREA NO. 1 SPECIAL TAX BONDS, SERIES 2003-A, THE ISSUANCE OF CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2003-01, IMPROVEMENT AREA NO. 2 SPECIAL TAX BONDS, SERIES 2003-B, AND THE EXECUTION AND DELIVERY OF FISCAL AGENT AGREEMENTS, CONTINUING DISCLOSURE AGREEMENTS, DISCLOSURE AGREEMENTS, A PURCHASE CONTRACT AND AN OFFICIAL STATEMENT AND APPROVING A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH RECITALS: A. The City Council (the "City Council") of the City of Rancho Cucamonga (the "City"), as the legislative body of the City of Rancho Cucamonga Community Facilities District No. 2003-01, proposes to issue (i) City of Rancho Cucamonga Community Facilities District No. 2003-01, Improvement Area No. 1 Special Tax Bonds, Series 2003-A (the "Series 2003-A Bonds") and (ii) City of Rancho Cucamonga Community Facilities District No. 2003-01, Improvement Area No. 2 Special Tax Bonds, Series 2003-B (the "Series 2003-B Bonds") (collectively, the 'Bonds") for the purpose of financing certain public facilities. B. The City Council, as the legislative body of the District, desires to enter into Fiscal Agent Agreements, Continuing Disclosure Agreements, Disclosure Agreements and a Purchase Contract, and to deliver a Preliminary Official Statement and a final Official Statement with respect to the Bonds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS: SECTION 1: The foregoing recitals are true and correct and this City Council hereby so finds and determines. SECTION 2: The issuance of not to exceed $16,000,000 principal amount of the Series 2003-A Bonds, to be designated "City of Rancho Cucamonga Community Facilities District No. 2003-01, Improvement Area No. 1 Special Tax Bonds, Series 2003-A," is hereby approved. The form of the Fiscal Agent Agreement (the "Series 2003-A Fiscal Agent Agreement") by and between the District and Wells Fargo Bank, National Association, as Fiscal Agent, on file with the City Clerk and incorporated herein by reference, is hereby approved. The Mayor of the City of Rancho Resolution No. 03-125 Page 2 of 6 Cucamonga or his designee (the "Mayor") and the City Manager of the City of Rancho Cucamonga or his designee (the "City Manager"), or either of them, is hereby authorized and directed to execute and deliver the Series 2003-A Fiscal Agent Agreement in substantially the form hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by such officer in consultation with Richards, Watson & Gershon ("Bond Counsel") (such approval to be conclusively evidenced by such officer's execution of the Series 2003-A Fiscal Agent Agreement). SECTION 3: The issuance of not to exceed $4,000,000 principal amount of the Series 2003-B Bonds, to be designated "City of Rancho Cucamonga Community Facilities District No. 2003-01, Improvement Area No. 2, Series 2003-B" is hereby approved. The form of the Fiscal Agent Agreement by and between the District and Wells Fargo Bank, National Association, as Fiscal Agent (the "Series 2003-B Fiscal Agent Agreement" and together with the Series 2003-A Fiscal Agent Agreement, the "Fiscal Agent Agreements"), on file with the City Clerk and incorporated herein by reference, is hereby approved. The Mayor and the City Manager, or either of them, is hereby authorized and directed to execute and deliver the Series 2003-B Fiscal Agent Agreement in substantially the form hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of the Series 2003-B Fiscal Agent Agreement). SECTION 4: The form of Continuing Disclosure Agreements regarding each series of Bonds (collectively, the "Continuing Disclosure Agreements"), by and between the District and Wells Fargo Bank, National Association, as Dissemination Agent, on file with the City Clerk and incorporated herein by reference, are hereby approved. The Mayor and the City Manager, or either of them, is hereby authorized and directed to execute and deliver each Continuing Disclosure Agreement in substantially the form hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of the Continuing Disclosure Agreement). Resolution No. 03-125 Page 3 of 6 SECTION 5: The form of the Disclosure Agreement (the "Disclosure Agreement for the Series 2003-A Bonds") by and between the District and FC Victoria Gardens-C, Inc., a California Corporation and LC Cucamonga Commercial, Inc., a California Corporation, on file with the City Clerk and incorporated herein by reference, is hereby approved. The Mayor and the City Manager, or either of them, is hereby authorized and directed to execute and deliver the Disclosure Agreement for the Series 2003-A Bonds in substantially the form hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of the Disclosure Agreement for the Series 2003-A Bonds). SECTION 6: The forms of the Disclosure Agreements (collectively, the "Disclosure Agreements for the Series 2003-B Bonds" and together with the Disclosure Agreement for the Series 2003-A Bonds, the "Disclosure Agreements') by and between the District and Church Gardens, LLC, a California Limited Liability Company or its successors in interest, and by and between the District and Foothill Crossing, LLC, a California Limited Liability Company, on file with the City Clerk and incorporated herein by reference, are hereby approved. The Mayor and the City Manager, or either of them, is hereby authorized and directed to execute and deliver the Disclosure Agreements for the Series 2003-B Bonds in substantially the forms hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of the Disclosure Agreements for the Series 2003-B Bonds). SECTION 7: The form of Purchase Contract relating to the Bonds between the District and Stone & Youngberg, LLC (the "Underwriter"), on file with the City Clerk and incorporated herein by reference, is hereby approved. The Mayor and the City Manager, or either of them, is hereby authorized and directed to accept the offer of the Underwriter to purchase the Bonds as reflected in the Purchase Contract and to execute and deliver the Purchase Contract in substantially the form hereby approved, with such additions, changes, deletions and insertions in the interest of the District as may be approved by the such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of the Purchase Contract); provided, however, that such additions, changes or insertions in the Purchase Contract shall not result in (a) a principal amount of Series 2003-A Bonds in excess of $16,000,000 or a principal amount of Series Resolution No. 03-125 Page 4 of 6 2003-B Bonds in excess of $4,000,000, (b) an average interest rate on the Series 2003-A Bonds in excess of 7.25% per annum or an average interest rate on the Series 2003-B Bonds in excess of 7.25% per annum, (c) an underwriter's discount in excess of 1.9% with respect to the Series 2003-A Bonds or an underwriter's discount in excess of 1.9% with respect to the Series 2003-B Bonds, or (d) a final maturity later than September 1, 2035 with respect to the Series 2003-A Bonds or a final maturity later than September 1, 2035 with respect to the Series 2003-B Bonds. SECTION 8: The form of Preliminary Official Statement relating to the Bonds, on file with the City Clerk and incorporated herein by reference, is hereby approved with such additions, changes, deletions and insertions in the interest of the District as may be approved by the Mayor or City Manager in consultation with Bond Counsel and Best, Best & Krieger, as Underwriter's Counsel, and the Mayor and the City Manager, or either of them, is hereby authorized to execute a certificate deeming such Preliminary Official Statement final as of its date, except for certain final pricing and related information, pursuant to Securities and Exchange Commission Rule 15c2-12 (with the execution of such certificate by the Mayor or City Manager constituting conclusive evidence of approval of any such additions, changes or insertions thereto). The Underwriter is hereby authorized to distribute said Preliminary Official Statement as so deemed final to prospective purchasers of the Bonds. The Mayor and the City Manager, or either of them, is hereby authorized and directed, for and in the name and on behalf of the District, to execute a final Official Statement in substantially the form of such deemed final Preliminary Official Statement, including such final pricing and related information and with such additions thereto or changes therein as hereafter become necessary in the interest of the District and which are approved by such officer in consultation with Bond Counsel (such approval to be conclusively evidenced by such officer's execution of such Official Statement). The Underwriter is hereby authorized to distribute copies of such final Official Statement to all purchasers of the Bonds. SECTION 9: The Mayor, the City Clerk and the City Manager are, and each of them hereby is, authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the issuance of the Bonds and the transactions contemplated by the Fiscal Agent Agreements, the Continuing Disclosure Agreements, the Disclosure Agreements, the Purchase Contract, the Official Statement and this Resolution. Resolution No. 03-125 Page 5 of 6 SECTION 10: All actions heretofore taken by the Mayor, the City Clerk and the City Manager with respect to the issuance and sale of the Bonds, or in connection with or related to any of the agreements referenced herein, are hereby approved, confirmed and ratified. SECTION 11: This Resolution shall become effective immediately upon adoption. PASSED, APPROVED, AND ADOPTED this 215` day of May 2003. AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams NOES: None ABSENT: None ABSTAINED: None illiam Mayor ATTEST: Debra J. Adams, MC, City Clerk Resolution No. 03-125 Page 6 of 6 I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 21"day of May 2003. Executed this 22nd day of May 2003, at Rancho Cucamonga, California. ebra J. Adam CMC, City Clerk