HomeMy WebLinkAboutReso 2002-142 - Joint Powers Authority e
RESOLUTION NO. 02- /t/
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING APPROVING THE FORM OF AN AMENDED AND
RESTATED INSTALLMENT SALE AGREEMENT AND A
CONTINUING DISCLOSURE AGREEMENT CONCERNING
THE ACQUISITION OF CERTAIN MUNICIPAL
WASTEWATER SYSTEM IMPROVEMENTS AND
AUTHORIZING THE EXECUTION AND DELIVERY
THEREOF; AND APPROVING THE ISSUANCE BY THE
REDDING JOINT POWERS FINANCING AUTHORITY OF
NOT TO EXCEED $25,000,000 AGGREGATE PRINCIPAL
AMOUNT OF WASTEWATER REFUNDING REVENUE
BONDS, 2002 SERIES A.
WHEREAS, Article 1 of Chapter 5 of Division 7 of Title 1 of the Government
Code of the State of California authorizes and empowers local agencies to form a joint powers
authority and Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State
of California (the "Mark-Roos Local Bond Pooling Act of 1985") authorizes and empowers such
an authority to issue bonds for the purpose of financing and refinancing public capital
improvements, working capital, liability and other insurance needs, or projects whenever there
are significant public benefits, as determined by the local agency; and
WHEREAS, the City of Redding (the "City") and the Housing Authority of the
City of Redding have created and established, pursuant to the laws of the State of California, the
Redding Joint Powers Financing Authority (the "Authority") for the purpose of issuing bonds to
finance and refinance public capital improvements, working capital, liability and other insurance
needs or projects, including but not limited to the engineering, design, acquisition, installation,
and improvement of certain facilities for the municipal wastewater system of the City which
were refinanced with the proceeds of the Prior Bonds defined below(the "Project"); and
WHEREAS, the City has determined that it is desirable and furthers the public
purpose and that there are significant public benefits to be derived from securing the assistance
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of the Authority in refinancing the Project and providing for the defeasance and retirement of the
Authority's Wastewater Refunding Revenue Bonds, 1992 Series A and a portion of the
Authority's Solid Waste and Corporation Yard Revenue Bonds, 1993 Series A (the "Prior
Bonds"), in that the City and the Authority will benefit from demonstrable savings in the cost of
financing the Project as a result of the issuance of bonds by the Authority pursuant to the Marks-
Roos Local Bond Pooling Act of 1985; and
WHEREAS, in order to achieve such public purpose, the City desires to approve
the Authority's issuance of not to exceed $25,000,000 in aggregate principal amount of the
Authority's Redding Joint Powers Financing Authority Wastewater Refunding Revenue Bonds,
2002 Series A (the "Bonds")to refund and defease the Prior Bonds; and
WHEREAS, there has been presented to this meeting a proposed form of 2002
Amended and Restated Installment Sale Agreement, dated as of September 1, 2002, (the
"Agreement"), by and between the City and the Authority, pursuant to which the City will restate
the terms of the transfer of the Project to the Authority, and the Authority will restate the terms
of the sale of the Project to the City and provide for the defeasance of the Prior Bonds, and the
City will agree to make payments to the Authority for the purchase of the Project, as the terms of
such payments are amended and restated in the Agreement;
WHEREAS, there has been presented to this meeting a proposed form of
Continuing Disclosure Agreement, dated as of September 1, 2002, (the "Continuing Disclosure
Agreement"), by and between the City and U.S. Bank, N.A., as trustee and dissemination agent,
whereby the City will provide certain information concerning the Wastewater System of the City
to the holders of the Bonds in accordance with Rule 15c-2-12 of the United States Securities and
Exchange Commission;
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Redding as follows:
Section 1. The City hereby finds and determines that the foregoing preambles
are true and correct.
Section 2. The City hereby approves the issuance of the Bonds by the
Authority, in an aggregate principal amount not to exceed $25,000,000, provided that the net
present value savings to be achieved by the issuance of the Bonds and the refunding of the Prior
Bonds, as determined by the Finance Officer of the City, shall not be less than four percent(4%).
Section 3. The Agreement, in substantially the form on file with the City
Clerk and incorporated by reference as if fully set forth herein is hereby approved. The Mayor or
City Manager or an Assistant City Manager or a Deputy City Manager is hereby authorized to
execute, and the City Clerk is hereby authorized to attest, seal, and deliver, the Agreement in
substantially said form with such changes therein as shall be approved by the City Attorney and
the Mayor or City Manager or Deputy City Manager or Assistant City Manager executing the
same, with such execution to constitute conclusive evidence of such officers' approval and the
City's approval of and changes or revisions therein from the form of the Agreement on file with
the City Clerk.
Section 4. The Continuing Disclosure Agreement, in substantially the form
on file with the City Clerk and incorporated by reference as if fully set forth herein is hereby
approved. The Mayor or City Manager or a Deputy City Manager or an Assistant City Manager
is hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal, and
deliver, the Continuing Disclosure Agreement in substantially said form with such changes
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therein as shall be approved by the City Attorney and the Mayor or City Manager or Deputy City
Manager or Assistant City Manager executing the same, with such execution to constitute
conclusive evidence of such officers' approval and the City's approval of and changes or
revisions therein from the form of the Continuing Disclosure Agreement on file with the City
Clerk.
Section 5. The officers and agents of the City are hereby authorized and
directed, jointly and severally, to any and all things and to execute and deliver any and all
documents, certificates and other instruments which they may deem necessary or advisable in
order to consummate the transaction contemplated in this resolution, all as authorized herein and
described in the Official Statement relating to the Bonds, and otherwise to carry out, give effect
to, and comply with the terms and intent of this resolution and the documents herein approved
and authorized to be executed.
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Section 6. This resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was introduced and read at a
regular meeting of the City Council of the City of Redding on September 17, 2002, and was duly
adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Cibula, McGeorge, Pohlmeyer, Stegall and Kight
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
Mayor
ATTEST: FORM APPROVAL:
City Clerk 0,cafity Attorney
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CERTIFICATE OF THE CITY CLERK
I, Connie Strohmayer, City Clerk of the City of Redding (the "City"), hereby
certify that the foregoing Resolution, No.02-142 , is a full, true, and correct copy of a
resolution duly adopted at a regular meeting of the City Council of the City duly held in
Redding, California, on September 17, 2002, of which meeting all of the members of said City
Council had due notice.
I further certify that I have carefully compared the foregoing copy with the
original minutes of said meeting on file and of record in my office; that said copy is a full, true,
and correct copy of the original resolution adopted at said meeting and entered in said minutes,
and that said resolution has not been amended, modified, rescinded, or revoked in any manner
since the date of its adoption, and the same is now in full force and effect.
An agenda of said meeting was posted at least 72 hours before the meeting at 777
Cypress Street, Redding, California 96001, a location freely accessible to members of the public,
and a brief general description of said resolution appeared on said agenda.
Dated: , 2002
City Clerk of the City of R-;ii ing
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