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Home My WebLink AboutReso 97-54 - Approve the issuance by the Redding Joint Powers Financing Auth of not to Exceed $ Aggregate principal amt of Civic center project lease revenue bonds; approve the forms of & authorize execution & delivery of agreement •� } • � CITY COUNCIL OF THE CITY OF REDDING RESOLUTION NO. 97-54 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE 'ISSUANCE BY THE REDDING JOINT POWERS FINANCING AUTHORITY OF NOT TO EXCEED $13 ,700,000 AG�REGATE PRINCIPAL AMOUNT OF CIVIC CENTER PROJECT LEASE REVENUE BONDS; APPROVING THE FORMS OF AND AUTHORIZING EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT, A FACILITIES LEASE AND A PURCHASE CONTRACT IN CONNECTION WITH CERTAIN MUNICIPAL IMPROVEMENTS; AND AUTHORIZING RELATED ACTIONS AND MATTERS 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 authorizes and empowers such an authority to issue bonds for the purpose of financing 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, among other things, issuing bonds to finance �� public capital improvements, including, but not limited to, � general municipal improvements; and � WHEREAS, the City has determined that the issuance of � Bonds (defined below) by the Authority is desirable and furthers � _. ... .. .......... .. ... _. ..... - .. ... ... .. ... ... ... . _. _. . SF2-64013.7 , , . • • the public purpose and that there are significant public benefits to be derived from securing the assistance of the Authority in financing the design, acquisition, construction and equipping of a civic center project and related improvements (the "Improvements") , in that the City will benefit from demonstrable savings in the cost of financing the Improvements; and WHEREAS, in order to achieve such public purpose, the City desires to approve the Authority's issuance of not to exceed $13 ,700, 000 aggregate principal amount of the Redding Joint Powers Financing Authority Lease Revenue Bonds (Civic Center Project) , 1997 Series A (the "Bonds") ; and - WHEREAS, there has been presented to this meeting a proposed form of Acquisition Agreement by and between the City and the Authority (the "Acquisition Agreement") , pursuant to which the City will sell to the Authority certain interests in real property, namely, the City's convention center site and the improvements thereon (the "Convention Center Site") , as more completely described in the Acquisition Agreement; and WHEREAS, there has been presented to this meeting a proposed form of Facilities Lease by and between the City and the Authority (the "Facilities Lease") , pursuant to which the Authority will lease back to the City the Convention Center Site; 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. sFz-6aoi3.� 2 _ ... ... . .. . .. . � � • � Section 2 . The City hereby approves the issuance of the Bonds by the Authority in an aggregate principal amount not to exceed $13,700, 000. Section 3 . The Acquisition 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, Vice-Mayor, City Manager or Assistant City Manager are hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Acquisition Agreement in substantially said form with such changes therein as shall be approved by the City Attorney and such officer executing the - same, with such execution to constitute conclusive evidence of such officer's approval and the City's approval of any changes or revisions therein from the form of the Acquisition Agreement now on file with the City Clerk. Section 4 . The Facilities Lease, 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, Vice- Mayor, City Manager or Assistant City Manager are hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Facilities Lease in substantially said form with such changes therein as shall be approved by the City Attorney and such officer executing the same, with such execution to constitute conclusive evidence of such officer's approval and the City's approval of any changes or revisions therein from the form of the Facilities Lease now on file with the City Clerk. sr�z-6aoi3.� 3 � . . , . � Section 5. The approval of the Bonds and the authorization of the execution and delivery of the Acquisition Agreement and the Facilities Lease is subject to the following conditions precedent: 1. The final maturity date of the Bonds shall not be later than March 1, 2026; 2. The Bonds shall be issued in an aggregate principal amount not to exceed $13 ,700, 000; and 3. The true interest cost of the Bonds (including any bond insurance premiums) shall not exceed six percent (6�) . Section 6. The proposed form of Purchase Contract on file with the City Clerk and incorporated by reference as if fully set forth herein is hereby approved. The Mayor, Vice- Mayor, City Manager or Assistant City Manager is hereby authorized and directed to execute and deliver to the Underwriter said purchase contract in substantially said form, with such changes as shall be approved by the officer executing such agreement, such approval to be conclusively evidenced by the execution and delivery thereof. Section 7 . The officers, employees and agents of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents, certificates and other instrwnents which they may deem necessary or advisable (including, without limitation, a continuing disclosure agreement, a tax certificate and a financial guaranty agreement relating to any reserve fund surety) in order to consummate the financing of the Improvements, the sFn-6aois.� 4 , . - , . � � execution and delivery of the Acquisition Agreement and the Facilities Lease and the issuance of the Bonds by the Authority, and the procurement of a policy of municipal bond insurance or reserve fund surety, if available, all as authorized herein, 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. sFz-baots.� 5 .: ... ..:: .. ... . ... ... .. .. � � � Section 8 . 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 the 18th day of March 1997, and was duly adopted at said meeting by the following vote: AYES: R. Anderson, Murray and McGeorge NOES: Kehoe ABSENT: P. Anderson ABSTAIN: None . C or [SEALJ P�.ttest: ;� . ,/. , ��--y�% � � __ /�q-� '`-, , C , _.._. \1�cS��,u�-f—Cit Clerk APPROVED AS TO FORM: � ,�, � ��6��- � City A�torney .. ... ... ... ... .. . sF2-baoi3.� 6 .