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HomeMy WebLinkAboutReso 92-095 - Approve the form & authorize the distribution of a preliminary official statement, authorize the procurement of a policy of bond insurance & certain other actions in connection with Electric System Revenue series 1992A RESOLUTION NO. � RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE FORM AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING THE PROCUREMENT OF A POLICY OF BOND INSURANCE AND CERTAIN OTHER ACTIONS IN CONNECTION WITH ELECTRIC SYSTEM REVENUE CERTIFICATES OF PARTICIPATION, SERIES 1992Ae I I I WHEREAS, the City of Redding, a General Law City and Municipal I Corporation duly organized and existing under and pursuant to the Constitution and the laws of the State of California (the "City" ) , is authorized under provisions of the Constitution and the laws of the State of California to operate an Electric System and to acquire such property therefor as the City may determine is necessary or proper; and WHEREAS, the City and the Redding Capital Services Corporation (the "Corporation11 ) propose to enter into a 1992 Installment Sale Agreement relating to the City' s 1992 Electric System Project (the Project" ) whereby the City will purchase improvements to its Electric System; and y , Ii WHEREAS, the City, the Corporation, and Security Pacific National Bank as Trustee propose to enter into a Trust Agreement providing for the issuance of City of Redding Electric System Revenue Certificates of Participation, Series 1992A (the "Certificates" ) , the proceeds from the sale of which will be used I to finance the Project; and WHEREAS, there has been resented to this meeting a proposed { P g P P form of Preliminary Official Statement (the "Preliminary Official Statement" ) relating to the Certificates; u i NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of the City, of Redding as follows: I Section 1. City hereby specifically finds and declares that the actions authorized hereby constitute and are with respect i d to public affairs of the City, and that the statements, findings, and determinations of the City set forth in the preambles of the documents approved herein are true and correct. Section 2. The proposed form of Preliminary Official Statement relating to the Certificates presented to this meeting, iin 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 of the City is hereby authorized fo.r and in the name and on behalf of the City to approve the distribution of a Preliminary Official Statement relating to the Certificates, in substantially said form, and to certify that such Preliminary Official Statement is, as of its date, "deemed final" by the City for purposes of Rule 15c2-12 of the Securities and Exchange Commission. Section 3. The Mayor or City Manager of the City is hereby authorized, upon a determination by such officer that the procurement of such Policy is in the best interests of the City, to procure and maintain a Policy of Municipal Bond Insurance for the benefit of the registered owners of one or more maturities of the j Certificates in such form and on such terms and conditions as such officer shall require or approve, such approval to be conclusively evidenced by the execution and delivery of a Commitment Letter for 2 i I 0 • and on behalf of the City to the Issuer of such Municipal Bond Insurance Policy. Section 4. The officers 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 which they may deem necessary or advisable in order to consummate the purchase of the Project, and otherwise to carry out, give effect to, and comply with the terms and intent of this Resolution. Section 5. 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 3rd day of March, 1992 , and was duly adopted at said meeting by the following vote: AYES: COUNCIL MEMBERS: Arness, Carter, Fulton & Moss NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: Dahl ABSTAIN: COUNCIL MEMBERS: None CHARLIE MOSS, Vice-Mayor City of Redding A ST: FORM PROVED: ��'�� CONNIE STROHMAYER, r ity Clerk ALL A. HAYS, ity Attorney 3 i CERTIFICATE OF THE CITY CLERK ICONNIE STROHMAYER I 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 March 3 , 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 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: March _, 1992 . City Clerk of the City of Redding 2471Z