Loading...
HomeMy WebLinkAbout88-685 - Resolutions RESOLUTION NO. 88-685 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAFDNGA. CALIFORNIA. APPROVING. AUTHORIZING ' AND DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS. AUTHORIZING AND DIRECTING EXECUTION OF A ?PURCHASE AGREEMENT. APPROVING A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO ~he City Council of the City of Rancho Cucamonga (~he "city") does hereby resolve as follows: WHERF~, the City, working together with the Rancho Cucamonga Public Improv?me~t Corporation (the "Corp6ration"), is proposing to proceed with a lease financing; and ~ WHEREAS, in connection~ therewith, the City proposes to finance the acquisition of certain real property for development'as the Northeast Community Park and it is in the public interest and 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 & ¥oungberg (the "Underwriter") proposes to underwrite the financing and has..prepared and presented to the City a form of preliminary official statement containing information material to the offering and sale of the certificates~ of participation described below (the "Preliminary Official Statement"); and WHEREAS, the documents below specified have been fiied with the City, and the members of the City Council, with the aid of its staff, have reviewed said documents; . NOW, THEREFORE, it is hereby ORDERED and DETERMINED as follows: SECTION i. The below-enumeratedfdoeumentsbe and are ~ereby approved, and the Mayor, the City Manager or the Finance Manager is hereby authorized and directed to execute said documents, with such changes, insertions and' omissions as may be appr?ed 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.. Sessor, and the Corporation, as lessee: (b) a lease agreement between the Corporation, as .lessor, and the City,~as lessee (the ~"Lease Agreement"), so long as the-stated term of the Lease Agreement does not exceed ten (10) years, so long as the principal amount of the Lease Agreement does not exceed $3,800,000 and so lbng as the lease payments payable by the City under the'Lease Resolution No. 88-685 Page 2 Agreement in any twelve-month period, beginning on December 2 and ending on the succeeding December 1, do not exceed $550,000; and (c) a trust agreement, by and among the Corporation, the City and Bank of America National Trust and Savings Association, Los Angeles, California, as trustee (the "Trustee"), relating to the financing 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 (the "Certificates of Participation"). SECTION 2. A purchase agreement by and between the Underwriter and the City relating to the purchase by the Underwriter of the Certificates of Participation, be and is hereby approved, and the Mayor, the City Manager or the Finance Manager is hereby authorized and directed to execute said agreement, with such changes, insertions and emissions as may be approved'by such 6fficial, 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 December 2 and ending on the sOcdeeding December 1, in excess of $550,000, sO.long as the principal amount of the Certificates of Participation will not exceed $3,800,000 and so long as the Underwrlter's discount with respect to the Certificates does not exceed 2%. SECTION 3. The Mayor, the City Manager, the Finance Manager, the 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 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. SECTION 5. The Preliminary Official Statement .is approved for dis'~ribution in connection with the offering and sale of the C~tificates of Participation. SECTION 6. The Mayor, the City Manager or the Finance Manager is authorized to approve corrections and additions to the Preliminary Official Statement by supplement or amendment thereto, or otherwise as appropriate, pr~;ided that any such corrections or additions shall be ne~essary~to cause the information contained therein to conform with facts materials 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, the City Manager or the Finance Manager is aut'horized 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 the Mayor is authorized end directed to execute e statement that the facts contained in the Final Resolution No. 88-685 Page 3 Official Statement, and any supplement or amendment thereto (which shall be deemed an original part thereof for the purpose bf such statement) werQ, 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 material ~act wit~ respect to the City ,or omit to state material facts with respect to the City required to be stated where necessary to make any statement made therein not misleading in the llgbt of the circumstances under which it was made. The Mayor, the City Manager or the Finance Manager shall take such further additions prior to the signing of the Final Official Statement as are deemed necessary or appropriate to verify the accuracy thereof. SEOTION 8. The Final Official Statement, when prepared, is approved for distribution in connection with the offering and sale of the Certificates of Participation. PASSED, ~PROVED, and ADOPTED this 16th day of November, 1988. AYES: Brown, Buquet, Stout, King, Wright NOES: None AB SENT: None Dennis L. Stout, Mayor ATTEST: Beverly AfAuthel~t, Ci~-Cl~k I, BEVERLY A. AUTHRLET, CITY (IuERK 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 November, 1988. Reso:tutlom No. 88-685 Page 4 Executed .this 17th day of November, . 1988 at Rancho Cucamonga., Galif ornia. Beverly AfAuthelet, City Glerk i