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HomeMy WebLinkAbout93-086 - ResolutionsRESOLUTION NO. 93-086 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMDNGA, CAT~FORNIA, MAKINGAWARD FOR SATR OF REFUNDING BONDS ANDPRDVIDINGFORTHEESTABLISHMt~TOF A R~DtlMPTION WHt~REAS, the CITY COUNCIL of the CITY OF RANCID C~3CAMONGA, CALIFORNIA, did previously undertake proceedings and confirm assessments in a special assessment district pursuant to the terms and provisions of the "Landscaping and Lighting Act of 1972", being Part 2 of Division 15 of the Streets and Highways Code of the State of California, said special assessment district known and designated as ASSES~4M~T DISTRICT NO. 85-PD (hereinafter referred to as the "~ssessment District"); and WHERFAS, improvement bends representing the unpaid assessments within said Assessment District were issued and sold in the manner provided in the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California; and, WHEREAS, at this time, this legislative body has initiated proceedings to refund all outstanding improvement bonds pursuant to the "Reftlnding Act of 1984 for 1915 Improv~t Act Bonds", being Division 11.5 of the Streets and Highways Code of the State of California, said refunding bonds and district to be designated as ASSESSMENT DISTRICT NO. 85-PD-R (REFUNDING) (hereinafter referred to as the "Refunding District"); and, WHEREAS, there has now been received, in proper form, a Bond Purchase Agreement (hereinafter the "Purchase Agreement") for the purchase of said refunding bonds to issue under said proceedings, which is considered to best serve the interests of owners of land included within the Refunding District and should be accepted. NOW, %~EREFORE, the City Council of the City of Rancho Cucamoga does hereby resolve as follows: S~/CION 1. That the above recitals are all true and correct. S~"TION 2 This legislative body hereby approves the sale of the refunding bonds by negotiation with the Underwriter, pursuant to the Purchm~e Agreement by and between the City and the Underwriter, in substantially the form on file with the City Clerk. The City Manager is hereby authorized and directed to execute and deliver the Purchase Agreement for and in the name and on behalf of the City with such additions, changes or corrections therein as the City Mzmager may, in his discretion, approve as being in the best interests of the City, such approval to be conclusively evidenced by the execution thereof. In connection with the execution and delivery of the Purcbm~e Agreement, the City Manager is further authorized and directed to negotiate the price and the interest rates for the refunding bonds to be sold pursuant to such Purchase Agreement such that (i) the refunding bonds shall be sold to the Underwriter at a discount not exceeding 1.5% and (ii) the interest rate shall not exceed the rate per annum of 7.5%. Resolution No. 93-086 Page 2 SECTION 3. The City Manager is hereby authorized to accept the c~mHtment, if any, to provide municipal bond insurance and to provide municipal bond debt service reserve fund policy for the refunding bonds. The City Manager is further authorized to execute the c~m,~tment letter of any such bond insurer and to do any and all other things and to deliver any and all documents necessary and advisable in order to obtain the municipal bond insurance and municipal bond debt service reserve fund policy, if any, for the refunding bonds. SECTION 4. That said sale is subject to all the terms and conditions as set forth in the Bond Indenture and in the Purchase Agreement. SECTION 5. That the Treasurer be, and hereby is, directed to have the refunding bonds printed immediately and said Treasurer shall then have said refunding bonds signed and delivered upon receipt of the amount of monies due pursuant to said Purchase Agreement and upon the performance of all the conditions as set forth in the Purchase Agreement. S~CTION 6. That the Treasurer is hereby authorized and directed to keep a redemption fund designated by the name of the proceedings, into which he shall place all sums received for the collection of the reassessents and the interest thereon, together with all peDalties, if applicable, thereon and from which he shall disburse such funds to the registrered owner. Under no circumstances shall the said bonds or interst thereon be paid out of any other fund except as provided by law. Said fund shall be known as the RED~fION FUND, and shall be designated by the name of this Refunding District. SECTION 7. That the Treasurer shall transfer monies as necessary frc~ the SPECIAL RESERVE FUND in the manner and form as authorized by law. PASSt~3, APPROVED, and ADOPTED this 21st day of April, 1993. Alexander, Gutierrez, Stout, Williams NOES: None Dennis L. Stout, Mayor De_}_-~-a J. ~9~t~, City Clerk Resolution No. 93-086 Page 3 I, DEBRA J. ADAMS, CITY CLk~K 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 21stday of April, 1993. Executed this 22nd day of April, 1993, at Rancho Cucamonga, California. J. City Clerk