HomeMy WebLinkAboutReso 92-401 - Approve form of an installment sale agreement for the acquisition of certain muni Wastewater System Impro & authorize Execution by RJPFA RESOLUTION NO. 92-
A
2-A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF REDDING APPROVING THE FORM OF AN
INSTALLMENT SALE AGREEMENT FOR 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 $27,000, 000
AGGREGATE PRINCIPAL AMOUNT OF WASTEWATER
REFUNDING REVENUE BONDS, 1992 SERIES A.
I
WHEREAS, Article 1 of Chapter 5 of Division 7 of Title 1
j of the Government Code of the State of California authorizes and
I
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
i
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,
'j working capital, liability and other insurance needs or projects,
including but not limited to the engineering, design, acqusition,
installation, and improvement of the municipal wastewater system of
' the City (the "Project" ) ; and
WHEREAS, the City has determined that it is desirable and
N
furthers the public purpose and that there are significant public '
O
i
'I
i
benefits to be derived from securing the assistance of the
Authority in refinancing the Project and providing for the
defeasance and retirement of the Authority' s Wastewater Revenue
Bonds, 1989 Series A (the "Prior Bonds" ) , in that the City and the
jAuthority 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
$27,000,000 in aggregate principal amount of the Authority' s
Redding Joint Powers Financing Authority Wastewater Refunding
Revenue bonds, 1992 Series A (the "Bonds" ) to refund and effect the
defeasance of the Prior Bonds; and
WHEREAS, there has been presented to this meeting a
I
proposed form of 1992 Installment Sale Agreement dated as of
September 15, 1992, (the "Agreement" ) , by and between the City and
the Authority, pursuant to which the City will transfer the Project
to the Authority, and the Authority will sell 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;
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
i
j the foregoing preambles are true and correct.
Section 2 . The City hereby approves the issuance of the
i
i
i
Bond by the Authority, in an aggregate principal amount not to
exceed $27, 000,00.0 provided that the net present value savings to
be achieved by the issuance of the Bonds and the refunding of the
Prior Bonds shall not be less than $500,000.
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 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
it
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. This resolution shall take effect
i
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 15th day of September 19 92 and was duly
adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Anderson, Dahl & Moss
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Arness
ABSTAIN: COUNCIL MEMBERS: None
i
CH SS, Mayor
I
ATTEST: FORM APPROVAL:
cbfiNIE STROHMAYRR, Cityj1115Vk R ALL A. HAYS City Attorney
J
1
i
�I
,I
i
.i
�I
i
�I
.I
i1
CERTIFICATE OF THE CITY CLERK
I, Connie Strohmayer, City Clerk of the City of Redding
(the "City" ) , hereby certify that the foregoing Resolution, No.
92- , 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 , 1992, 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 1313 California 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.
'I
j Dated: 1992
i
City Clerk of the City of Redding
:i
,i
d
i
i