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HomeMy WebLinkAbout91-378 - Resolutions RESOLUTION NO. 91-378 A RESOLUI~ON OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFOrnIA, AUTHORIZING ISSUANCE OF BONDS, FINAL PRICING OF THE BONDS, AND APPROVING THE FO~( OF THE TO THE S~T.R AND D~.rVERY OF THE BONDS IN ~ FACILITIES DISTRICT NO. 88-2 ~, the City Council of tb~ City of P~m~%o Cucamonga (herein- after referred to as the "legislative body of the local A~ency"), is conduct- ing prooeedir~s for the construction of certain public impro%mm~=fcs in a c~,~nity facilities district pursuant to the terms and provisions of the '~ello-Pmos O'~t~t~ulity Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Govek~,tent Code of the State of California, said c~,,unity facilities district known and designated as ~ FAC77.TTIES DISTRICT NO. 88-2 (hereinafter referred to as the "District"); and WHEREAS, this legislative body has previously declared in its Resolution of Intention to issue bonds to firkan(~ said improvements, said bonds to issue pursuant to the terms and provisions of the '94ello-Roos C~m,~nity Facilities Act of 1982"; and WHEREAS, at this time this legislative body is desirous to set forth all formal terms and conditions relating to the authorization, issuance and administration of said bonds; and WHEREAS, there has been presented, considered and ready for approval a format of the Bond Indenture for the bonds setting forth the formal terms and conditions relating to the issuance and sale of bonds; and WHEREAS, there ban also been presented for consideration by this legislative body a form of Bond Purchase Contract authorizing the sale of bonds to Stone & Youngberg, the designated underwriter, which sale is to be made without advertising for bids, as authorized by Section 53360.4 of the Gove~].~nt Code of the State of California, it being the determination of this legislative body that such a sale will result in the lowest overall cost to the District; and WHEREAS, there b~-~ also been presented a form of the preliminary Official Statement containing information including, but not limited to, information about the District and the type, terms and conditions of the NOW, T~{EREFORE, the City Council of the City of Rancho Cucamonga does hereby resolve as follows: S~/fION 1: That the above recitals are true and correct. Resolution No. 91-378 Page 2 S~CION 2: That this legislative body does authorize the issuance of the bonds in the aggregate principal amount not to exoeed $4,000,000.00 pursuant to the terms and provisions of the Bond Indentures and the '94ello- Roos C~m~nity Facilities ~t of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Goverrm~nt Code of the State of California. S~CION 3: That the execution and delivery of Bond Indenture is hereby approved substantially in the form presented, subject to modifications as necessary and as approved by the City Manager, with the concurrence of Bond Counsel. Final approval of the Bond Indenture shall be conclusively evidenced by the signature of the City Manager upon the final Bond Indenture. A copy of the Bond Indenture shall be kept on file with the transcript of these proceed- ings and open for public inspection. BOND PURCHASE CONTRACT S~CTION 4: ~nat the execution and delivery of the Bond Purcba~e Contract ~, ~h~i'tted by Stone & Youngberg, the designated underwriter, is hereby approved substantially in the form presented, subject to modifications as deemed necessary and as approved by the City Manager and with the fimal pric- ing of the bonds being delegated to City Manager Acceptance of the final Bond Purchase Contract shall be evidenced by the signature of the City Manager. P~IMINARY OFFICIAL ST~ S~CTION 5: That the Preliminary Official Statement is hereby approved substantially in the form presented, subject to the modifications as deemed necessary and as approved by the City Manager, and execution and distribution of the Preliminary Official Statement and the corresponding Official Statement is hereby authorized. The City Manager is further authorized to execute and deliver any certificate regarding the finality of the Preliminary Official Statement as may be necessary or appropriate for ~ of cc~plyir~ with Section 240.15C2-12 in Chapter II of Title 17 of the Code of Federal Regulations ('q~ule 15C2-12"). A copy of the Preliminary Official Statement shall be kept on file with the transcript of these proceed- ings and remain open for public inspection. OTHER ACTS S~CION 6: Ail actions heretofore taken by the officers and agents of the District and the City with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the City Manager, City Clerk, the Treasurer and any and all other officers of the District and the City are hereby authorized and directed, for and in the name and on behalf of the District and 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 they, or any of them, may deem necessary or advisable in order to consunm~te the lawful issuance and delivery of the bonds in accordance with this Resolution. Resolution No. 91-378 Page 3 PASS~D, ~, and ADOPI~D this 4th day of December, 1991. AYES: Alexander, Buquet, Stout, Williams, Wright NOES: None ABSENT: None D~_bra J. A~am~ City Clerk I, DEBRA J. ADAMS, CITY CLF~K of the City of Ratio 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 rec3ular meeting of said City Council held on the 4th day of Deoember, 1991. Executed this 5th day of December, 1991 at Rancho Cucamonga, California. Deh~a J. A~m~, City Clerk