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HomeMy WebLinkAboutReso 93-223 - Approve form of installment sale agreement for acquisition & auth execution & delivery & approve RJPFA aggregate principal amt of Water revenue bonds I II RESOLUTION NO. 93- 2�:2 3 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE FORM OF AN INSTALLMENT SALE AGREEMENT FOR THE ACQUISITION OF CERTAIN MUNICIPAL WATER SYSTEM IMPROVEMENTS AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF, AND APPROVING THE ISSUANCE BY THE REDDING JOINT POWERS FINANCING AUTHORITY OF NOT TO EXCEED $19, 500 , 000 AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS AND RELATED ACTIONS AND MATTERS. I WHEREAS, Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California authorizes :i 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 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 j 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 l the purpose of, among other things, issuing bonds to finance and refinance public capital improvements, including but not limited to the municipal water system of the City (the "Water System") ; j I and WHEREAS, the City has determined that it is desirable and furthers the public purpose and that there are significant '� LU ,I SF2-16694.3 'I i� public benefits to be derived from securing the assistance of the Authority in financing and refinancing portions of the Water System, in that the City and the Authority will benefit from demonstrable savings in the cost of financing the Water System as a result of their participation in the Authority; and i WHEREAS, in order to achieve such public purpose, the City desires to approve the Authority's issuance of not to exceed $19 , 500, 000 aggregate principal amount of the Redding Joint Powers Financing Authority Water Revenue Bonds, 1993 Series A (the "Bonds") to provide funds to refund and retire the City's 1979 Water Revenue Bonds (the "Prior Bonds") , to prepay in full a loan from the California Department of Water Resources (the "Loan") , and to provide funds for the design, acquisition and construction of certain improvements to the Water System (the 111993 Water Project") ; and WHEREAS, there has been presented to this meeting a proposed form of 1993 Installment Sale Agreement dated as of June 1, 1993 (the "Agreement") , by and between the City and the Authority, pursuant to which the Authority will agree to design, acquire and construct the 1993 Water Project, sell the 1993 Water Project to the City and provide for the refunding of the Prior Bonds and the prepayment in full of the Loan, and the City will agree to make payments to the Authority for the purchase of the 1993 Water Project; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as follows: SF2-16694.3 2 Section 1. The City hereby finds and determines that I the foregoing preambles are true and correct. Section 2 . The City hereby approves the issuance of �I the Bonds by the Authority in an aggregate principal amount not to exceed $19 , 500, 000. I Section 3 . The Agreement, in substantially the form on file with the City Clerk and incorporated by reference as if i fully set forth herein, is hereby approved. The Mayor or City Manager is hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Agreement, in I substantially said form with such changes therein as shall be ,i approved by the City Attorney and the Mayor or City Manager executing the same with such execution to constitute conclusive evidence of such officers' approval and the City's approval of any changes or revisions therein from the form of the Agreement on file with the City Clerk. Section 4 . The approval of the Bonds and the '! authorization of the execution and delivery of the Agreement is subject to the following conditions precedent: 1. The final maturity date of the Bonds shall not be later than June 15, 2023 ; j2 . The Bonds shall be issued in an aggregate principal amount not to exceed $19, 500 ,-000; and 3 . The true interest cost of the Bonds (including any bond insurance premiums) shall not exceed 6. 50%. Section 5. The officers, employees and agents of the City are hereby authorized and directed, jointly and severally, i SF2-16694.3 3 ,I to do 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 financing and refinancing of the Water System and the 1993 Water Project, the refunding of the Prior Bonds, the prepayment of the Loan, and the 'I issuance of the Bonds by the Authority, 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. Section 6. This resolution shall take effect immediately upon its adoption. I SF2-16694.3 4 i 'I 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 1st day of June , 1993 , and was duly adopted at said meeting by the following vote: AYES: Anderson, Kehoe, Moss and Arness NOES: None ABSENT: Dahl ABSTAIN: None I 'I Carl Arness Mayor [SEAL] Attest: Connie Stroh er City Clerk ,i FORM APPROVAL: j Randall A Hays City Attorney I I SF2-16694.3 Jr CERTIFICATE OF THE CITY CLERK I, CONNIE STROHMAYER, City Clerk of the City of Redding "City") ,� (the hereby certify that the foregoing Resolution No. 93- 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 1993 , 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 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 760 Parkview Avenue, Redding, California 96001-3396, a location freely accessible to members of the public, and a brief general description of said resolution appeared on said agenda. I Dated: , 1993 . City Clerk of the City of Redding i i ,i .I SF2-16694 3 6