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HomeMy WebLinkAbout93-048 - ResolutionsRESOLUTION NO. 93-048 A RESOLUI~ON OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING AND PROVIDING FOR THE ISSIU~CE OF REFUNDING BONDS, APPROVING FORMS OF BOND IND~qTURE, BOND PURC~iASE ODNTRACT, SPECIAL COUNSEL AG~k~NT AND P~.rMINARY OFFICIAL STA~ WHEREAS, the · CITY COUNCIL of the CITY OF RANCHO CUCAMONGA, CALIFORNIA, barn undertaken proceedings pursuant to the "Refunding Act of 1984 for 1915 Improvement Act Bonds" ("R~funding Law"), being Division 11.5 of the Streets and Highways Code of the State of California, and will confirm reassessments upon lands within a special assessment district, said special district known and designated as ASSESS~qT DISTRICT NO. 85-PD-R (REFONDING) (hereinafter referred to as the "Refunding District"); and, WHEREAS, said proceedings will provide for the issuance of bonds pursumnt to the "Refunding Act of 1984 for 1915 Improvement Act Bonds", being Division 11.5 of said Code, and, WHEREAS, at this time, but subject to the confirmation of the reassessments, this legislative body is desirous to set forth all formal terms and conditions relating to the authorization, issuance and administration of said bonds; and, WHERFAS, there has been presented, considered and ready for approval a bond indenture setting forth formal terms and conditions relating to the issuance and sale of bonds; and, WHERFAS, there has also been presented for consideration by this legislative body a form of Escrow Agreement, and a Special Counsel Agreement submitted by Brown, Diven & Hentschke to provide bond counsel services in connection with the proceedings and the issuance and sale of the bonds; and, WHEREAS, there h~s now been presented for consideration by this legislative body a preliminary Official Statement containing information including but not limited to the Refunding District and the type of bonds, including terms and conditions thereof. NOW, THEREFORE, the City Council of the city of Rancho Cucamonga does hereby resolve as follows: RECITALS SECTION 1. That the above recitals are true and correct. BOND ALri~ORI ZATION SECTION 2. This legislative body approves and authorizes, subject to a determination by this City council tb~t all conditions set forth in Streets and Highways Code Section 9525 are satisfied, approval of the report prepared pursuant to Streets and Highways Code Section 9523 and confirmation of the reassessments, the issuance, sale and delivery of refunding bonds in the aggregate principal amount not to exceed the aggregate reassessment confirmed by the legislative code, which refunding bonds shall be issued upon the security of unpaid reassessments confirmed in accordance with the Refunding R~solution No. 93-048 Page 2 Law and under and pursuant to the proceedings to be undertaken and also pursuant to the specific terms and conditions as set forth in the Bond Indenture presented herein. SECTION 3. That the Bond Indenture is approved substantially in the form presented herein, subject to the terms of a Bond Purchase Contract to be sukmitted and to modifications as necessary and as approved by the Treasurer. Final approval of the Bond Indenture shall be conclusively evidenced by the signature of the Treasurer. A copy of said Bond Indenture shall be kept on file with the transcript of these proceedings and open for public inspection. SPECIAL (/DUNSEL SECTION 4. Tb~t the Special Counsel Agreement as sukmitted by BROWN, DIV~ & H~FfSC~, Attorneys at Law, to provide bond counsel services, is hereby accepted and approved for execution. ESCROW AG~FW~T SECTION 5. That the form of Escrow Agreement as suk~it~ herewith is approved substantially in the form presented herein, subject to modifications as necessary and as approved by the Treasurer. FiDel acceptance of the Escrow Agreement shall be evidenced by the signature of the Treasurer on behalf of the City. PR~.D4INARY OFFICIAL STAT~T SECTION 6. That the Preliminary Official Statement is approved substantially in the form presented, subject to modifications as necessary and as approved by the City Manager, and execution and distribution of the Prel'~ Official Statement and the corresponding final Official Statement is hereby authorized. The City Manager is further authorized to execute and deliver any certificate regarding the finality of the Prel'nninary Official Statement as may be necessary or appropriate for purposes of complying with Section 240.15C2-12 in C~apter II of Title 17 of the Code of Federal R~gulations ("Rule 15C2-12"). A copy of the Preliminary Official Statement and Final Official Statement shall be kept on file with the transcript of these proceedings and ramain open for public inspection. SUPER/OR COURT FORECLOSURE S~CTION 7. This legislative body does further specifically covenant for the benefit of the bondholders to c~nnce and prosecute to completion foreclosure actions regarding delinquent installments of the assessments in the manner, within the time limits and pursuant to the terms and conditions as set forth in the Bond Indenture as sutanitted and approved through the adoption of this Resolution. Resoltion No. 93-048 Page 3 OTHER ACTS S~CTION 8. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the Treasurer 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 things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, agreements and other documents, which the Treasurer may deem neoessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. PASSED, APP~0V~D, and ADOPTSD this 17th day of March, 1993. Alexander, Buquet, Gutierrez, Stout, Williams NOES: None ABSENT: None Dennis L. Stout, Mayor ~m~, City Clerk I, DEBRA J. ADAMS, CITY CI.F~{ 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 March, 1993. Executed this 18th day of March, 1993, at Rancho Cucamonga, California. , City Clerk