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HomeMy WebLinkAboutReso 93-366 - Approve issuance by the RJPFA issue bonds for purpose of financing public capital improvements, working capital, liability and other ins needs RESOLUTION NO. 93--.36/p RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE ISSUANCE BY THE REDDING JOINT POWERS FINANCING AUTHORITY OF NOT TO EXCEED $33 , 000, 000 AGGREGATE PRINCIPAL AMOUNT OF SOLID WASTE AND CORPORATION YARD REVENUE BONDS; APPROVING THE FORMS OF AND AUTHORIZING EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT, A FACILITIES LEASE AND THREE INSTALLMENT SALE AGREEMENTS FOR THE LEASING AND ACQUISITION OF 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 improvements to the municipal wastewater, water and solid waste systems of the City; and (}�� SF2-21965.2 WHEREAS, the City has determined that it is desirable and furthers the public purpose and that there are significant 'I public benefits to be derived from securing the assistance of the Authority in financing the design, acquisition, construction and equipping of a municipal corporation yard, a solid waste transfer station and recycling facility, landfill closure and related improvements (the "Improvements") , in that the City and the Authority will benefit from demonstrable savings in the cost of financing the Improvements as a result of their participation in the Authority; and - WHEREAS, in order to achieve such public purpose, the City desires to approve the Authority's issuance of not to exceed $33 , 000, 000 aggregate principal amount of the Redding Joint Powers Financing Authority Solid Waste and Corporation Yard Revenue Bonds, 1993 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 real property (the "Demised Premises" and, together with the Improvements, the "Facilities") on which the Improvements are to be constructed; 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 to the City an undivided interest in a portion of the Facilities; and SF2-21965.2 2 WHEREAS, there has been presented to this meeting a proposed form of 1993 Wastewater Installment Sale Agreement, by and between the City and the Authority (the "Wastewater Installment Sale Agreement") , pursuant to which the Authority I will sell to the City an undivided interest in a portion of the Facilities, and the City will agree to make payments to the Authority for the purchase of such undivided interest; WHEREAS, there has been presented to this meeting a proposed form of 1993 Water Installment Sale Agreement, by and between the City and the Authority (the "Water Installment Sale Agreement") , pursuant to which the Authority will sell to the City an undivided interest in a portion of the Facilities, and the City will agree to make payments to the Authority for the purchase of such undivided interest; WHEREAS, there has been presented to this meeting a proposed form of 1993 Solid Waste Installment Sale Agreement, by and between the City and the Authority (the "Solid Waste Installment Sale Agreement" and, together with the Wastewater Installment Sale Agreement and the Water Installment Sale Agreement, the "Installment Sale Agreements") , pursuant to which the Authority will sell to the City an undivided interest in a portion of the Facilities, and the City will agree to make payments to the Authority for the purchase of such undivided interest; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redding as follows: SF2-21965.2 3 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 $33 , 000, 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 or City Manager is 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 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 Acquisition Agreement 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 i if 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 Facilities Lease in substantially said form with such changes therein as shall be 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 Facilities Lease on file with the City Clerk. SF2-21965.2 4 Section 5. The Wastewater Installment Sale 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 is hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Wastewater Installment Sale Agreement in substantially said form with such changes therein as shall be approved by the City Attorney and the Mayor or City Manager i 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 Wastewater Installment Sale Agreement on file with the City Clerk. Section 6. The Water Installment Sale Agreement, in substantially the form on file with the City Clerk and i incorporated by reference as if 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 Water Installment Sale Agreement in substantially said form with such changes therein as shall be 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 Water Installment Sale Agreement on file with the City Clerk. Section 7. The Solid Waste Installment Sale Agreement, in substantially the form on file with the City Clerk and incorporated by reference as if fully set forth herein, is hereby SF2-21965.2 5 approved. The Mayor or City Manager is hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Solid Waste Installment Sale Agreement in substantially said form with such changes therein as shall be 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 Solid Waste Installment Sale Agreement on file with the City Clerk. Section 8 . The approval of the Bonds and the authorization of the execution and delivery of the Installment Sale Agreements is subject to the following conditions precedent: 1. The final maturity date of the Bonds shall not be later than January 1, 2025; 2 . The Bonds shall be issued in an aggregate principal amount not to exceed $33 , 000, 000; and 3 . The true interest cost of the Bonds (including any bond insurance premiums) shall not exceed 6. 25%. Section 9 . 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 instruments which they may deem necessary or advisable in order to consummate the financing of the Facilities, the execution and delivery of the Acquisition Agreement, the Facilities Lease and the Installment Sale Agreements, and the issuance of the Bonds by the Authority, and the procurement of a policy of municipal bond insurance or SF2-21965.2 6 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. Section 10. 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 5th day of October 1993, and was duly adopted at said meeting by the following vote: AYES: Anderson, rioss and Arness NOES: Dahl and Kehoe ABSENT: None ABSTAIN: None Carl Arness Mayor [SEAL] Attest: Connie Stro a er City Clerk FORM APPROVAL: Randall . Hays City Attorney SF2-21965.2 7 CERTIFICATE OF THE CITY CLERK I , CONNIE STROHMAYER, City Clerk of the City of Redding (the "City") , 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. Dated: , 1993 . City Clerk of the City of Redding SF2-21965.2