HomeMy WebLinkAbout91-021 - Resolutions RESOI//fIC~ NO. 91-021
A RESOLUI~ON OF THE CITY COL~CIL OF THE CITY OF RAN~
~, CALIFORNIA, ~ZING ~HE LEASING OF CEREAIN
CAPITAL ~AUmM~ ~ ~E WEST ~D C~%~ICATIONS
OF A T~ASE AG~~ AND A S%~LEASE, APPROVING SALE OF
BONDS AND AN OFFICIAL ~, AND ~ZING OFFICIAL
ACTIONS
WHEREAS, the City Council of the City of Rancho Cucamonga (the
"City") does hereby resolve as follows:
WHEREAS, the City, the City of Chino, California, the City of
Ontario, California, and the Rancho Cucamonga Fire Protection District
(collectively, the '9~nbers") have heretofore entered into a Joint Exercise of
Powers Agreement dated February 21, 1990, as amended and restated on February
7, 1991, establishing the West End C~t~unications Financing Authority (the
"Authority") for the purpose, among others, of issuing its bonds to be used to
provide financial assistance to the Members; and
WHERFAS, the Authority proposes at this time to issue its West Er~
C~mt~nications Financing Authority 1991 Revenue Bonds, Series A (800 MHz
~quipment Financing Projects) in an aggre=3ate principal amount of not to
exceed $10,420,000.00 (Ten Million Four Hundred and Twenty Thousand Dollars)
(the "Bonds") for the purpose of providing funds to acqu/re certain communi-
cations equipment for lease to the City (the "Project") and to the other
Members; and
WHEREAS, Stone & Youngberg (the "Underwri~,,) b~-~ been directed to
prepare a preliminary official statement oontaining information material to
the offering and sale of the Bonds; and
WHEREAS, the City has duly considered such transactions and wishes at
this time to approve said transactions in the public interests of the City.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby order and determine as follc~s:
S~IfION 1: Approval of Lease. The City Council hereby authorizes
and approves the lease of the Project from the Authority pursuant to and in
accordance with the terms of the Lease A&3reement, dated as of March 1, 1991,
by and between the Authority and the City (tb~ "Agreement"). The City Council
hereby approves the Agreement in substantially the form on file with the City
Clerk together with any additions thereto or dmanges therein deemed necessary
or advisable by the Mayor, the City Manager, any Assistant City Manager or the
Finance Director. The Mayor, the City Manager, any Assistant City Manager or
the Finanoe Director 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, the final form of the Agreement for and in the name and on behalf
of the City. The City Council hereby authorizes the delivery and performance
of the Agreement.
Resolution No. 91-021
Page 2
SECTION 2: Approval of Sublease. The City Council hereby authorizes
and approves the sublease of a portion of the Project to the Rancho Cucamonga
Fire Protection District (the "District") pursuant to and in accordance with
the terms of t/he Sublease, dated as of March 1, 1991, by and betw~m~ the City
and thee District (the "Sublease"). The City Council hereby approves the
Sublease in substantially the form on file with the City Clerk together with
any additions thereto or changes therein deemed necessary or advisable by the
Mayor, the City Manager, any Assistant City Manager or the F~ Director.
The Mayor, t_he City Manager, any Assistant City Manager or the Finance
Director 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,
the final form of the Sublease for and in the name and on behalf of' the City.
The City Council hereby authorizes the delivery and performanc~ of the
Sublease.
SECTION 3: Sale of Bonds. The City hereby approves the sale of the
Bonds by the Authority by negotiation with the Ur~iter, so long as the
aggregate principal amount of Bonds attributable to the City does not exceed
$2,010,000.00 (Two Million and Ten Thousand Dollars), so long as the average
interest rate on the Bonds does not exceed seven percent (7%) per annum and so
long as the Underwriter's discount does not exceed one and c~e-half percent
(1-1/2%).
SECTION 4: Official Statement. The City Council hereby appz-oves the
Prelim/nary Official Statement describing the financing, in substantially the
form on file with the City Clerk.
SECTION 5: Official Actions. The Mayor, the City Manager, any
Assistant City Manager, the Finance Director, the City Clerk 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 ~ and take any and all
actions, including execution and delivery of any and all assignments, certifi-
cates, requisitions, agreements, notices, consents, i~str~ents of c~veyance,
warrants and other docu~erfcs which they, or any'of them, may dean necessary or
advisable in order to consulate the lawful issuance and sale of the Bonds.
SECTION 6: Effective Date. ~his Resolution shall take effect frc~
and after the date of its passage and adoption.
PASS~D, ~, ar~ ADO~ this 16th day of Jar~mry, 1991.
AYES: Alexander, Buquet, Stout, Williams, Wright
Resolution No. 91-021
Page 2
Dennis L. Stout, Mayor
Debra J. amams, City Clerk
I, DWRRA J. ADAMS, CITY c~.VRK 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 16th day of
January, 1991.
Executed this 17th day of January, 1991 at Rancho Cucamonga, California.
D~-~,-_~-a J. ~ City Clerk~---