Loading...
HomeMy WebLinkAbout92-009 - ResolutionsI~IIIi~ON NO. lind 92-009 A RESOLUTIC~ OF THE BOARD OF DIPaCTCSS OF THE ~ ~ FIRE PROTELTI(~ DISIRICT, CITY OF RANC~O fIEAM~A, C0%NTY OF SAN B~R~DINO, S~ATE OF C~T.Ta3~A, (1) ~ZING IHE ISS[RNCE OF 1992-93 ~RX AND ~ MB~vE AG~RNMBNT, (2) APPROVING PRN~.TMINARY OFFICIAL RESOLVED, by the Board of Directnrs of the Rancho Cucamonga Fire Protection District as follc~s: WHEREAS, pursuant to Sections 53850 et seq. of the ~ Code of the State of California (the "Code"), ccmtaine~____ in Article 7.6 thereof, entitled '~m~0orary Borrowing," on or after the first day (being July 1) of any fiscal year, the Board of Directors of the Pancho Cuc~mcr~ Fire Protection District (the "Board") has found and datermined that borrowing is P=cded for the require- merits of the Rand~ Cucammx/a Fire Protection District (the "District"), a fire protection district duly organized and existing under the laws of the State of California, to satisfy its obligations payable frce its general fund, and that it is appropriate that said ~ing be undertake~ at this time by the issuance of tamporary notes therefor in anticipation of the receipt of taxes, remus and other mor~ya to be received by the District for the general fura of the District during or allocable to the fiscal year 1992-1993. NC~, ~~RE, the Board of Directors of the Rancho Cucamong~ Fire Protection District does hereby find, determine, declare and further resolve as follows: S~'TION 1: Authorization of Issuance of Notes; Terms Thereof. The Board hereby authorizes the ismmnce of its notes in an amount not to exceed $2,200,000.00 principal amount under Section 53850 et seq. of the Code, designated '~ancho Cucamonga Fire Protection District 1992-93 Tax and Revenue Anticipation Notes" (the "Notes"); to be numbered frce 1 oonsecutively upward in order of issuance; to be in the derrninatic~s of $5,000.00 or integral multiples thereof; to be dated the date of delivery thereof; to mature (without option of prior redenlotion) no more than 364 days free said date of delivery; and to bear interest, payable at maturity and c~ on a 30-day month/360 day year basis, at the rats or rates determined at the time of sale thereof, in accordance with the Certificates Purc3~-~e Agreement (hereinafter described), but not in excess of twelve percent (12%) per annum. Both the principal of and interest on the Notes shall be payable, only upon surrena_er thereof, in lawful money of the United States of America at the principal office of the Fiscal Agent as defined herein. SBETION 2: l.~mitation on Maximum Amount of Notes. ~he principal amount of Notes issued pursuant hereto, when added to the interest palruble thereon, shall not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, revemae and other moneys of the District for the General Fund of the District attributable to fiscal year 1992-1993, and available for the payment of the Notes and the interest thereon (as hereinafter provided). Resolutic~ No. FD 92-009 S~'TIC~ 3: Form of Notes. The Notes shall be issued in registered form, registered in the name of the Fiscal/~Jent, and shall be substantially in the form and substance set forth in Exhibit "A" attached hereto and by reference ~ted here/n, the blanks in said form to be filled in with appropriate words and figures. SSCT/C~ 4: Deposit of Note Proceeds. The moneys so borrowed shall be deposited in the General FUnd of the District, to be withdrawn and expended for any lawful purpose for which the District is authorized to expend moneys, discharge of any obligations or indebtedness of the District. SECT/CSq 5: Payment of Notes. (A) Source of Payment. The principal amount of the Notes, together with the ~ ~, shall be payable frce taxes, incume, during fiscal year 1992-1993 and which are available therefor. The Notes shall be a general obligaticm of the District, and to the extent the Notes are not paid frum the Pledged Revenues defined below, the Notes shall be paid with interest there~n free any other moneys of the District lawfully available (B) Pledged Revenues. As security for the payment of the principal of and intarest c~ the Notes, the District hereby pledges an amount equal to fifty percent (50%) of the principal amount of the Notes frum the first unrestricted revenues (as hereina~ter __aefined) received by the District in the month ending February 1993; and an amount equal to fifty percent (50%) of the principal amount of the Notes, plus an amount sufficient to pay interest c~ the Notes, frc~n the first unrestricted revenues received by the District in the x~3rfch e May 1993 (sl/ch pledged atomrots being hereirk3fter called the "Pledged Revenues"). Tba term 'kn~estricted revenues" shall _me~_n taxes, inccee, revenue, c~-~h receipts, and other m~ley of the District as provided in Section 53856 of the Code, which are intended as receipts for the geaeral fund of the District and which are generally available for the payment of current expenses and other obligations of the District. The principal of the Notes and the interest theteen shall be a first lien and charuJe against and shall be paTable free the first moneys received by the District frce such Pledged Revenues, as ~-c~ided by law. In the event that there are insufficient unrestricted revenues received by the District to permit the deposit into the Repayment Fur~, as hereinafter defined, of the District of the full amount of Pledc3ed Revenues to be deposited from unrestricted revenues in a month, then the amount of any deficiency shall be satisfied and made up frum the first additional moneys of the District lawfully available for the repayment of the Notes and the interest ~he Pledged Revenues will not be pledged to secure any irdebted- ness other than the Notes. Nc~e of the Pledged S~venues shall be available for the payment of principal and interest with respect to any tax and revenue anticipation notes attrikut~hle to any of the Participants, as hereinafter Resolution No. FD 92-009 Page 3 defined, ara the District acknc~ledges and agrees that it shall not be entitled to any payment of principal and interest on the Notes frcm the revemaes of any par cimnto (C) Deposit of Pledged Revenues in Repayment Fund. There is hereby create~__ a special fund to be held by the District designated the "1992-93 Tax and Revenue Anticipation Notes Repayment Fund" (herein called the '~apayment Fund") and applied as directed in this Resoluticm. Any mcr~5~ placed in the Repayment FUnd shall be for the sole benefit of the holders of the Notes, and made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repaymeat Fund shall be applied only for the purpose for which the (D) DishEsement; lnves~mnt of Moneys in Repayment Fund. From the date this Resolution takes effect, all Pl_~_w~ed~ Revermes shall, when transferred to the Fiscal A~ent, as registered owner of the Notes, for remittal in accordance with the Fiscal Agent Agreement. Any moneys remaining in the semEed at all times by bonds or other obligations which are authurized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Repayment Fund shall, to the greatest extent possible, shall be invested in investments authorized for public agencies pursuant to Section 53601 of the ~ Code of California, and the proceeds of any such investments shall be deposited in the Repayment Fund. SE~fION 6: Fiscal Agent A~reement: Authorized Officers: Re~t Agreement. ~he Notes shall be delivered and placed in trust with U.S. Trust CUreparty, as fiscal agent or paying agent (the "Fiscal Agent") pursuant to a fiscal agent agreement or a paying agent and servicing agreenent (the "Fiscal Agent Agreenent"). ~he Fiscal Agent, pursuant to the Fiscal Agent Agreement, will execute and deliver certificates of participation (the "Certificates"), each repreeent~ the proportional, urrlivided ownership interest of the owner thereof in the Notes and other notes of the other public agencies who are signatories to the Fiscal Agent A~reement (the "Participants"). The City Manager, Administrative Services Director, F~ial Officer and Fire Chief are hereby each designated as an aUt/KEiZed officer of the District (the "Authorized Officer"), and are hereby authorized and directed to enter into a Fiscal Agent Agreement with the foregoing provisions on behalf of the District. The District and other Participants may decide to provide for credit enhancement for the Certificates in the form of a letter of credit or similar instr~nent. Should the District so decide, the Authorized Officers are hereby authorized to enter into a re]/nbarsemer~ ageeuelt in the form on file with the Secretary of the Board. Resolutic~ No. FD 92-009 Page 4 S~/F/ON 7: Executi~l of the Notes. ~3e Authorized Officers are hezeby authorized to execute the Notes by manual or facsimile signature, and the Secretary is hereby authorized to countersign the same by manual or facsimile signature and to affix the seal of the District thereto either manually or by facsimile impressic~ thereof, and said officers are hereby authorized to cause the blank spaces thereof to be filled in as my be a~2~x4~riate. S~"T/C~ 8: Approval of Sale of Notes and Certificates. ~he sale of the Notes and the sale of the Certificates are hereby aut/xEized pursuant to the terms of a Certificates Purchase/~3reement relating thereto to be presented to the District by Sutro & Co. Inu~porated (the '~nderwriter"). ~he Authorized Officer is hereby authorized to execute said Certificates ~ Agreement and the Secretary is he~ authorized to attest to his or her signature so long as the intarest rate on the Notes does not exceed eight percent (8%) and so lc~g as (11/2%) of the par amount of the Notes. ~he Authorized Officer is further authorized to determine the maw/mum principal amount of Notes to be sold to the ~iters, not to e)cceed $2,200,000.00. Sl~3T/ON 9: A~o~ of Bond Counsel. Bucba]ter, Nemer, Fields & Younger, a ProfessioPal Law CcTpo~ation, is hereby a~ as Be3d CouPr~_l for theissuanceoftheNotes. SECTION 10: Authorization of Preliminary Official Statement and Official Statement. The facts cc~ta~ in the Preliminary Official Statenent on file with the Sec~ are true and correct in all material respects and the Preliminary Official Sta~ ceite no statement of a material fact to make the Preliminary Official Statement not misleading in light of the circumstanoee under which it w~s made; provided, however, that the Preliminary Official Statement does not contain final interest rates with respect to the Notes and that amounts set forth therein are subject to changes. The Authorized Officer is authorized to approve corrections and additions to the Preliminary Official Statement, acting with the advice of the Underwriter and bc~d counsel, either that any suc~ corrections or additions shall be ~~y to cause the information ccrfcained in the Preliminary Official Statement to conform with facts material to the Notes or to requirements of ~rcceedings of the District, or that such corrections or additions are of form rather than of substance. SECT/ON 11: Distr]/Rfcion of Preliminary Official Statement and Official Statement. The Urf~e~riter is authcTized and directed to cause a Prelimirklry Official Statement and an Official Statement relating to the Notes used in c~-ection with the offerir~/and sale of the Notes and the Certificates which shall be in ce~plianoe with Rule 15c2-12 of the Securities and Exchange O..,,,~-~ion under the Securities Exshange Act of 1934, as ~_. S~CTION 12: General. All actions heretofore taken by the officers and agents of District with respect to the Notes are hezeby aperoved, c~nfirmed and ratified. Ihe Authorized Officer and other proper officers of the District are hereby authorized and d/rected to do any and all things and take any and all of them, may deem n~ces~y or advisable in order to cor~mm~ate the lawful issuance and delivery of the Notes in acoc~nce with this Resolution. Resolution No. FD 92-009 Page 5 SECTION 13: No Arbitrage; Tax Exemption. ~he District shall not take, nor permit nor suffer to be ta~an by the Fiscal/~3ent or otherwise, any action with respect to the proceeds of the Notes which would cause the Notes of be or h~cr~e "arbitrage bonds" within the meaning of Sectic~ 148(a) of the Internal Revenue Code of 1986, as amended (the '~dX Code"). In addition, the District shall not take, nor permit nor suffer to be taken by the Fiscal Agent or otherwise, any actic~ which would cause the Code. SI.=iTf/ON 14: Federal Guarantee Prch/bition. ~he District shall take no action nor permit nor suffer any action to be taken if the result of the same would be to cause the Notes to be "federally ~m~anteed" within the meaning of Section 149(b) of the Internal Pavehue COde of 1986, as amended (tba "Tax Code"). SEETION 15: Exemption from Rebate. ~he District intends to qualify under the "small gov~tal unit" exception of Section 148 (f) (4) (C) of the Tax Code to be exempt free the rebate req~ of Section 148(f)(2) of the Tax Code and, therefore, the aggregate face amount of all tax-exempt obligations (other than private activity bonds) issued by the District (and all subcrd/nate entities thereof) during 1992, which is the caleDd~v year in which the Notes are issued, is not ree~-~onably expected to exEBed $5,000,000.00. SBCTION 16: COvenants and Warranties. It is hereby covertanted and warranted by the District that all representations and recitals contained in this Resolution are true and correct, and its aUpropriate officials, have duly taken all proceedings nece~ry to be taken by them, and will take any additional proceedings ~~ry to be taken by them, for the levy, collection and enforcenent of the secured property taxes pledged under this Resolution in aocordanoe with the law and for carrying out the provisions of this Resolution. StaTION 17: COsts and Expenses. The District cove and agrees to pay its share of the costs and expenses incurred in connection with the execution and delivery of the Notes and the Certificates. PASSED, ~, and ADOPTED this 20th day of May, 1992. AI~, Stout, Wright AYES: NOES: None ~: Buquet, Williams Resolution No. FD 92-009 Page6 I, DMtRA J. ADAMS, SEIRETARY of the Rancho O~amonga Fire Protection District do hereby certify that the foregoing Resolutic~ was duly passed, approved, and adopted by the Board of Directors of the Rancho O~ramr~lga Fire Protection District, at a regular meeting of said Board held on the 20th day of May, 1992. Executed tb{-~ 21st day of May, 1992, at Rancho Cucamonga, California. Resolution No. FD 92-009 Page 7 EXHIBIT A RANCHO CUCAMONGA FIRE PROTECTION DISTRICT, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA 1992-93 TAX AND REVENUE ANTICIPATION NOTE No. ,1992 Principal Amount: $ FOR VALUE RECEIVED, the Rancho Cucamonga Fire Protection District (the "District"), County of San Bemardino, State of California, acknowledges itself indebted to and promises to pay to the [Fiscal Agent], at the principal office of the [Fiscal Agent], [ ], California, the principal sum of Dollars ($ ) in lawful money of the United States of America, on , together with interest thereon at the rate of percent ( %), per annum in like lawful money of the United States of America from the date hereof until maturity. Both the principal of and interest on this note shall be payable only upon surrender of this note as the note shall fall due; provided, however, that no interest shall be payable for any period after maturity during which the holder hereof fails properly to present this note for payment. It is hereby certified, recited and declared that this note is made, executed and given pursuant to and by authority of a resolution duly passed and adopted on 1992, by the Board of Directors of the Rancho Cucamonga Fire Protection District {th~ "District") under and by authority of Article 7.6 {commencing with Section 53850) of Chapter 4, Part 1, Division 2, Title 5, California Government Code, and that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of this note have existed, happened and been performed in regular and due time, ~cXsur~o\~cno~2.REs -1- Resolution No. FD 92-009 Pages form and manner as required by law, and that this note, together with all other indebtedness and obligations of the District, does not exceed any limit prescribed by the Constitution or laws of the State of California. The principal amount of the notes, together with the interest thereon, shall be payable from taxes, income, revenue, cash receipts and other moneys which are received by the District during Fiscal Year 1992-93. As security for the payment of the principal of and interest on the notes, the District hereby pledges an amount equal to fifty percent (50%) of the principal amount of the Notes from the first unrestricted revenues (as hereinafter defined) received by the District in the month ending February 1993; and an amount equal to fifty percent (50%) of the principal amount of the Notes, plus an amount sufficient to pay interest on the Notes, from the first unrestricted revenues received by the District' in the month ending May, 1993 (such pledged amounts being hereinafter called the "Pledged Revenues"), and the principal of the notes and the interest thereon shall be payable from the Pledged Revenues, and to the extent not so paid shall be paid from any other moneys of the District lawfully available therefor. IN WITNESS WHEREOF, the Board of Directors of the Rancho Cucamonga Fire Protection District has caused this note to be executed by its and by the of the and countersigned by the , or their duly designated deputies, which signatures may be facsimile signatures (provided that one of such signatures shall be manually affixed) and has caused a facsimile of its official seal to be printed hereon this __day of ,1992. Countersigned: A-2