Loading...
HomeMy WebLinkAboutReso 93-224 - Approve issuance by RJPFA of NTE $ aggregate principal of lease revenue bonds RESOLUTION NO. ,I A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE ISSUANCE BY THE REDDING JOINT POWERS FINANCING AUTHORITY OF NOT TO EXCEED $4,000,000 AGGREGATE PRINCIPAL AMOUNT OF LEASE 1 REVENUE BONDS; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT, A FACILITIES LEASE AND A PURCHASE CONTRACT RELATING TO THE BONDS; AND APPROVING THE TAKING OF NECESSARY ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Redding (the "City") and the Housing Authority of the City (the "Housing Authority") have I heretofore executed a Joint Exercise of Powers Agreement, dated December 6, 1988, as amended and supplemented by a First Supplemental Agreement to Joint Exercise of Powers Agreement, dated December 20, 1988 (the "Joint Powers Agreement") , by and I between the City and the Housing Authority, which Joint Powers ,i Agreement creates and establishes the Redding Joint Powers Financing Authority (the "Authority") ; and WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of ,I California (the "Marks-Roos Local Bond Pooling Act of 198511) and the Joint Powers Agreement, the Authority is authorized to issue bonds for financing public capital improvements whenever there 'I are significant public benefits; and WHEREAS, the City has determined that it is desirable and furthers the public purpose for the Authority to assist in the financing of public capital improvements within the City of Redding; and SF2-16864.2 I WHEREAS, in order to achieve such public purpose, the City desires to approve the Authority's issuance of not to exceed $4, 000, 000 in aggregate principal amount of Redding Joint Powers Financing Authority Lease Revenue Bonds (Capital Improvement t Projects) , Series 1993 (the "Bonds") ; and i WHEREAS, there has been presented to this meeting a ' proposed form of Acquisition Agreement, dated as of June 1, 1993 (the "Acquisition Agreement") , by and between the City and the Authority; and WHEREAS, there has been presented to this meeting a proposed form of Facilities Lease, dated as of June 1, 1993 (the "Facilities Lease") , by and between the Authority and the City; I i and WHEREAS, there has been presented to this meeting a i proposed form of Purchase Contract (the "Purchase Contract") by and among the City, the Authority and J.P. Morgan Securities Inc. , as underwriter; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as follows: Section 1. The City Council hereby approves the issuance of the Bonds by the Authority, in an aggregate principal amount not to exceed $4, 000, 000. Section 2 . The proposed form of Acquisition Agreement on file with the City Clerk of the City and incorporated by reference as if fully set forth herein is hereby approved. The Mayor or Vice-Mayor of the City is hereby authorized and directed for and in the name and on behalf of the City to i SF2-16864.2 2 i execute, acknowledge and deliver and the City Clerk of the City is hereby authorized and directed to attest, seal and deliver the Acquisition Agreement in substantially said form, with such i changes therein as shall be approved by the officer executing 'i such agreement, 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 Acquisition Agreement on file with the Clerk of the City. �I Section 3 . The proposed form of Facilities Lease on I j file with the City Clerk of the City and incorporated by reference as if fully set forth herein is hereby approved. The Mayor or Vice-Mayor is hereby authorized and directed, for and in 'I the name and on behalf of the City to execute, acknowledge and deliver and the City Clerk of the City is hereby authorized and .i directed to acknowledge, attest, seal and deliver the Facilities Lease in substantially said form, with such changes therein as shall be approved by the officer executing such agreement, 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 Facilities Lease on file with the City Clerk of the City; provided that the maximum annual Base ,j Rental payable under the Facilities Lease shall not exceed $325, 000 and the term of the Facilities Lease shall end not later 'i than June 1, 2024. ,I Section 4 . The proposed form of Purchase Contract on file with the City Clerk of the City and incorporated by jreference as if fully set forth herein is hereby approved. The SF2-16864.2 3 7 Mayor or Vice-Mayor is hereby authorized and directed, for and in the name and on behalf of the City to execute and deliver said I 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 i delivery thereof. i Section 5. The officers and staff 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 I which they may deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this i 'j resolution, including taking all actions required to be performed by the City in connection with the issuance of the Bonds. I it g SF2-16864.2 4 1 e Section 6. This Resolution shall take effect immediately upon its adoption. i PASSED AND ADOPTED on June 1, 1993, by the following vote: AYES: Anderson, Kehoe, Moss and Arness NOES: None ABSENT: Dahl �K CARL Amsms, Mayor of the City Council of the City of Redding ATTEST: 'I City Clerk of the City of Red ing APPROVED AS TO FORM: By: City At orney I SF2-16864.2 5