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HomeMy WebLinkAbout92-079 - Resolutions RESOLUTION NO. 92-079 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO ~, CALIFORNIA, AUTHOR/ZING ISSUANCE OF 1992 REFUNDING SPECIAL TAX BONDS, DR~.FGATING TO THE CITY MANAGER AUTHORITY TO DETERMINE THE FINAL PRICING OF THE BONDS, AND APPROVING THE FORM OF THE BONDS, BOND IND~W3RE, AND Rk~ATED ~S PERTAINING TO THE SAT.R AND Dk~.rVERY OF ~HE BONDS ALL ON BEHALF OF COMMUNITY FACILITIES DISTRICT NO. 84-1, AND AUTHOR/ZING A RESTATED AND AMSNDED LOAN AND PT.F~GE AGRk~IT R~ATED THERETO WHEREAS, the City Council (hereinafter referred to as the "Legisla- tive Body") of the City of Rancho Cucamonga, California, (the "City"), acting as the governing body of Co'~unity Facilities District No. 84-1 (the "District") conducted proceedings for the construction of certain public improvements in the District pursuant to the terms and provisions of the 'SHello-Roos Co~,u,,unity Facilities Act of 1982", beir~ Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the "Act"); and WHEREAS, this Legislative Body previously issded the District's Special Tax Bonds Series "A" in the original principal amount of $18,000,000.00 (the "Prior Bonds") to finance said improvements pursuant to the terms and provisions of the Act; and WHEREAS, at this time this Legislative Body, as the legislative body of the District, is desirous to refund the Prior Bonds by the issuance of the District's 1992 Refunding Special Tax Bonds (the "Refunding Bonds"); and WHEREAS, there has been presented, considered and ready for approval a format of the Bond Indenture and Escrow Agreement for the Refunding Bonds setting forth formal terms and conditions relating to the issuance and sale of Refunding Bonds and the use of the proceeds derived from the sale; and WHEREAS, there has been presented and considered a form of the Restated and Amended Loan and Pledge Agreement between the City and the Redevelopment Agency of the City; and WHEREAS, there has also been presented and considered a form of Bond Purchase Contract authorizing the sale of the Refunding Bonds to Stone & Youngberg, the designated underwriter, it being determined that a private sale will result in a lower overall cost; and WHEREAS, there has also been presented forms of the Preliminary Official Statement containing information including, but not limited to, information about the District and the type, terms and conditions of the NOW, T~55~EFORE, the City Council of the City of Rancho Cucamonga does hereby resolve as follows: Resolution No. 92-079 Page 2 · RECITALS SECTION 1: The above recitals are true and correct. BOND AUTHORIZATION SECTION 2: This Legislative Body on behalf of the District and the City does authorize the issuance of the Refunding Bonds pursuant to the terms and provisions of the Bond Indenture, the Bond Purchase Contract and the ACt. SECTION 3: The Bond Indenture is 'approved substantially in the form presented, subject to modifications as necessary and as approved by the City Manager or his designee. Final approval of the Bond Indenture shall be conclusively evidenced by the signature of the City Manager or his designee upon the final Bond Indenture. A copy of the Bond Indenture shall be kept on file with the transcript of these proceedings and open for public inspection. SECTION 4: The Bond Purchase Contract sukmtitted by Stone & Youngberg, the designated underwriter, is hereby approved substantially in the form presented herein, subject to modifications as necessary and as approved by the City Manager or his designee and with '-'~he final pricing of the Refunding Bonds being delegated to the City Manager or his designee (provided that no modifications shall authorize an aggregate principal amount of Refunding Bonds in excess of $18,000,000.00, authorize an underwriter's discount in excess of 2.25% of the principal of Refunding Bonds issued, or result in a total net interest cost to maturity on the Refunding Bonds which, when added to the principal amount of the Refunding Bonds, exceeds the total net interest cost to maturity on the Prior Bonds plus the principal amount of the Prior Bonds to be refunded). Acceptance of the final Bond Purchase Contract shall be evidenced by the signature of the City Manager or his designee. PP~.TMINARY OFFICIAL STATEMSNT SECTION 5: The Preliminary Official Statement is approved substantially in the form presented, subject to modifications as necessary and as approved by the City Manager or his designee, .and execution and distribution of the Preliminary Official Statement and the corresponding Official Statement is hereby authorized. The City Manager or his designee is ftuT_her authorized to execute and deliver any certificate regarding the finality of the Preliminary Official Statement as may be necessary or appropriate for purposes of complying with Section 240.15C2-12 in Chapter II of Title 17 of the Code of Federal Regulations ("Rule 15C2-12"). A copy of the Preliminary Official Statement shall be kept on file with the transcript of these proceedings and remain open for public inspection. Resolution No. 92-079 Page 3 OTHER ACTS SECTION 6: All actions heretofore taken by the officers and agents of the District and the City with respect to the sale and issuance of the Refunding Bonds are hereby approved, confirmed and ratified, and the Mayor, the Chair of the Council, the City Clerk, the City Manager, any Deputy City Manager, the Administrative Services Director and the Treasurer and any and all other officers of the District and the City are hereby authorized and directed, for and in the name and on behalf of the District, 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, including the Escrow Agreement, which they or any of them may deem necessary or advisable in order to consunm~te the lawful issuance and delivery of the Refunding Bonds in accordance with this Resolution. LOAN AND PLFDGE AG~k~T SECTION 7: The Restated and Amended Loan and Pledge A~3reement is approved substantially in the form presented subject to modifications as deemed necessary by the Mayor. Final terms of the Agreement shall be conclusively evidenced by the signature of the Mayor, who is hereby authorized to execute and deliver the Agreement. PASSED, APPROVED, and ADOPTED this 1st day of April, 1992. AYES: Alexander, Buquet, Stout, Williams NOES: None Dennis L Stout, Mayor ATTEST: a~~J. A~~City Clerk I~ DEBRA $. AD32,IB~ CITY _cn'.~'~K of the City of Rancho Cucamonga~ California, cio herol:~ certify that the forecj'oing Resolution was duly passed, approved, and adopt_.~ by the City Council of the City of Range Cucaraonga, California, at a rocjular mootJ.~ of said City Council held on the ist day of April, 1992. Executed this 2nd day of April, 1992, at Rancho Cucamonga, California.