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HomeMy WebLinkAbout88-518 - Resolutions RESOLUTION NO. 88-518 A RESOLUTION OF THE CIT~ COUNCIL OF THE CIT~ OF RANCHO CU CAMONGA, CALIFORNIA, APPROVING, AUTHORIZING. AND DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTs, AUTHORIZING AND DIRECTING EXECUTION 0~< A PURCHASE AGREEMENT, APPROVING THE 'FORM AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL.. STATEMENT.. IN CONNECTION WITH THE OFFERING AND SALE OF CERTIFICATES OF PARTICIPATION RELATING THERETO, AND . AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT ~HERETO '~ RESOLVED, by the City Council of the City of Rancho Cucamonga (the "City"): WHEREAS, the City, working together with the Cities of A~water, Burbank and Newman (collectively, the "Participants"), and the California Cities Financing Corporation (the "Corporation"), is proposing to proceed with a joint lease financing; and WHEREAS, in connection therewith, the City proposes to finance certain property described in Exhibit C to the Lease Agreem.ent_(as hereinafte~ defined the "Project) and it is in the public interest an~ for the public benefit that the City authorize and direct execution of the Lease Agreement and certain other financing documents in connection therewith; and WHEREAS, pursuant to the City's authorization, Stone & Youngberg (the '~nderwriter")_proposes to underwrite the financing and has prepared and presented to the City a form of preliminary official statement (the "Preliminary Official Statement") containing information, material;. to the offering and sale of the Certificates of Participation (as hereinafter defined); and WHEREAS, the documents below specified have been filed with the City, and the members of the City Council, with the aid of its staff, have ~eviewed said documents; NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: SECTION 1: The below-enumerated documents be and are hereby approved, and the Mayor, City Manager or Finance Director is hereby authorized and directed to execute said documents, with such changes, insertions and omissions as may be approved by such official, and the City Clerk is hereby authorized and directed to attest to such official's signature:- (a) a site lease, between the City , as lessor, and the Corporation, as lessee; Resolution,No. 88-518 Page 2 (b) a lease agreement, relating to the Project, between the Corporation, as lessor, and the City, as lessee (the "Lease Agreement"), so long as the term of the Lease Agreement does not exceed seven (7) years, so long as the principal amount of the Lease Agreement does not exceed $6,900,000 and so long as the lease payments payable by the City under the Lease Agreement in any twelve-month period beginning on the anniversary of the date of the Lease Agreement in each year and ending on the day prior to the anniversary date of the date of the Lease Agreement in the following year do not exceed $1,400,000; and (c) a trust agreement, by and among the Corporation, the Participants and Bank of America National Trust and Savings Association, San Francisco, California, relating to the financing of the Project, and the execution and delivery of certificates of participation evidencing the fractional interests of the owners thereof in' lease payments to be made by the City under the Lease Agreement and in the lease payments to be made by the other Participants under separate lease agreements (the "Certificates of ParticipatiQn")~ SECTION 2: A purchase agreement by and among the Underwriter and the Participants relating to the purchase by the Underwriter of the Certificates of Participation, be and is hereby approved, and the Mayor, City Manager or Finance Director is hereby authorized and directed to execute said agreement, with such changes, insertions and omissions as may be approved by such official, so long as the interest rate with respect to the Certificates of Participation will not produce annual lease payments payable under the Lease Agreement in any twelve-month period beginning on the anniversary of the date of the Lease Agreement in each year and ending on the day prior to the anniversary date of the date of the Lease Agreement in the following year in excess of $1,400,000, so long as the principal amount of the Certificates of Participation attributable to the City will not exceed $6,900,000 and so long as the Underwriter's discount with respect to the Certificates of Participation does not exceed 2%. SECTION~3: The'Mayor, City Manager, Finance Director, City Clerk and other officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this resolution and the lease financing herein authorized. SECTION 4: To the best of the City's knowledge, information and belief, the Preliminary Official Statement contains no untrue statement of a material fact with respect to the City or omits to state a material fact with respect the the City required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. SECTION 5: The Preliminary Official Statement is approved for distribution in connection with the offering and sale of the Certificates of Participation. Resolution No. 88-518 Page 3 SECTION 6: The Mayor, City Manager or Finance Director is authorized to approve corrections and additions to the Preliminary Official Statement by supplement or amendment thereto, or otherwise as appropriate, provided that any such corrections or additions shall be necessary to cause the information contained therein to conform with facts material to the Certificates of Participation, or to the proceedings of the City or such corrections or additions are in form rather than in substance. ~ SECTION 7: The Mayor, City Manager or Finance Director is authorized and directed to cause the Preliminary Official Statement to be brought into the form of a final official statement (the "Final Official Statement") and to execute said Final Official Statement, dated as of the date of the sale of the Certificates of Participation, and a statement that the facts contained in the Final Official Statement, and any supplement or amendment thereto (which shall be deemed an original part thereof for the purpose of such statement) were, at the time of sale of the Certificates of Participation, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the Certificates of Participation, and does not~ as of ~the date of delivery of the Certificates of Participation, contain any~untrue statement of a material fact with respect to the City or omit to statue material facts with respect to the City required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. The Mayor, City Manager or Finance Direc~o~. shall take such further actions prior to the signing of the Final Offic~s~l Statement as are deemed necessary or appropriate to verify the accuracy thereof. PASSED, APPROVED, and ADOPTED this 17th day of August, 1988. A~ES: Brown, Stout, King, Wright NOES: None ABSENT: Buquet Dennis L. Stout, Mayor ATTEST: Beverly ~. Authelet, City Clerk Resolution No. 88-518 Page 4 I, BEVERLY A. AUT~ELET, 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 17th day of August, 1988. Executed this 18th day of August, 1988 at Rancho Cucamonga, California. ~everly }. elet, City Clerk