HomeMy WebLinkAbout91-021A - Resolutions RESOLUTI(~ NO. 91-02iA
A RESOI//fI(~ OF THE CITY ~ OF ~{E CITY OF RANCID
CT~AMC~, CALIPO~F/A, AM~qD~ RESOLUTI(~ NO. 91-021,
ADO~ ~ 16, 1991, ~ZING ~ LEASING OF
TIffS FINANCING ~, ~ZING AND DIRECTING
~ON OF A r,FASE AGt~~ AND A SUBLEASE, APPROV]I~
SAr.F. OF ~ AND AN OFFICIAL ~, AND ~ZING
OFFICIAL ACTIONS
RESOLVED, by the City Council of the City of Rancho Cucamonga,
California, (the "City"), as follows:
WHEREAS, the City, the City of (~no, California, the City of
Ontario, California, and the Rancho Cucamonga Fire Protection District
(collectively, the '9~_rs") have heretofore entered into a Joint Exercise of
Powers A~ dated F~_b~uary 21, 1990, as amended and restated on Feb~
7, 1991, establishing the West End C~nications Financing Authority (the
"Authority") for the purpose, among others, of issuing its bonds to be used to
provide financial assistance to the Members; and
WHEREAS, the Authority proposes at this time to issue its West End
C~,,t~nications Financing Authority 1991 Revem/e Bonds, Series A (800 ~
~qui~ment Financing Projects) in an aggregate principal amount of not to
exceed $10,710,000.00 (the "Bonds") for the purpose of providing fu~4~ to
acquire certain c~L,,~nications equipment for lease to the City and to the
WHEREAS, the City has heretofore adopt~__ Resolution No. 91-021 on
January 16, 1991, (the "Original Resolution") approvir~ the Bonds and
authorizing tb~ execution of various lease financing documents prepared in
connection therewith; and
~3~S, market conditions require that the City amend the Original
Resolution to increase the parameters within which the Bonds may be delivered;
WHEREAS, the City has duly c~sidered ~___~h matters and wishes at this
time to amend the Original Resolution in the public interests of the City.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby order, determine and resolve as follows:
S~CTION 1: Amendment of Original Resolution. Section 3 of the
Original Resolution is hereby amended in full as foll~s:
S~.~TION 3. Sale of Bonds. The City hereby approves the sale of
the Bonds by the Authority by negotiation with the Underwri~, so
long as the aggreqate principal amount of Bonds attributable to the
City does not exceed $2,300,000.00, so long as the average interest
rate on the Bonds does not exceed seven and one-half percent (7-1/2%)
one and c~e-half percent (1-1/2%).
Resolution No. 91-021A
~2
S~L~ON 2: Official Actions. The Mayor, the City Manager, any
Assistant city Manager, the Finance Director, the city Clerk 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, including execution, and delivery of any and all assigrmm_nts,
certificates, requisitions, ac~, notioes, consents, ir~ of
c0~v~yance, warrants and other documents which they, or any of them, my deem
necessary or advisable in ~-der to consulate the lawful issuance and sale of
S~CTION 3: Effective Date: This Resolution shall take effect frc~
and after the date of its passage and adoption.
PASS~D, APPROVED, and ADOPTED this 7th day of Au~, 1991.
AYES: Alexander, Buquet, Stout, Williams, Wright
De~-a J. ~ ,ms, city Clerk
I, D~]H~A J. ADAMS, CITY ~RK of ~ Ci~ of ~ ~,
~1~~, ~ ~ ~ ~t ~ f~~ ~1~ ~ ~y ~,
~, ~ ~ ~ ~ ci~ ~i~ of ~ ci~ of ~ ~,
~1~~, at a ~ ~~ of ~d Ci~ ~il ~ld ~ ~ 7~ ~y of
~, 1991.
~~ ~ ~ ~y of ~, 1991 at ~ ~,
City C~erk