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Home My WebLink AboutReso. 1989-066 - Approving the form of an equipment lease' I . . .. , . . . . . . . . . . . . .. . . . . . : . I S� . ,I, ,` • • � � ' � �� , , I RESOLUTION NO. 89-�(� RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE FORM OF AN EQUIPMENT LEASE, AN AGENCY AGREEMENT, A DECLARATION OF PAYING AGENCY, A CERTIFICATE PURCHASE � � AGREEMENT, AND AN OFFICIAL STATEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF; AND AUTHORIZING CERTAIN OTHER , ACTIONS IN CONNECTION WITH A LEASE PURCHASE FINANCING . � WHEREAS, the City of Redding (the "City" ) and the Housing Authority of the City of Redding (the "Housing Authority" ) have created and established, pursuant to the laws � i of the State of California, the Redding Joint Powers Financing j I Authority (the "Authority" ) for the purposes stated in the I Joint Exercise of Powers Agreement , dated December 6 , 1988 (the "Joint Powers Aqreement" ) , by and between the City and the Housing Authority; and r . WHEREAS, pursuant to the Joint Powers Agreement as i amended by the First Supplemental Agreement thereto, dated � December 20 , 1988, the Authority is authorized to assist the City in financing the acquisition of certain equipment and other personal property (the "Equipment" ) (a portion of such �� Equipment to be acquired from vendors who currently lease it II to the City) ; and � VI WHEREAS, the City has determined that it is I � � desirable and furthers the public purpose and that there are I , significant public benefits to be derived from securing the � � assistance of the Authority in financing the acquisition of �t ' i the Eguipment in that the City and the Housing Authority will �� i, ' benefit from demonstrable savings in the cost of financing i� � � �� i Ri! ` _ Mh . � � � � �� ,�i� i such acquisition as a result of their participation in the � ;+ Authority; and I �i .� WHEREAS, in order to achieve such public purpose, the City desires to authorize the execution and delivery of I i ; documents and authorize certain other actions in connection � � with the lease purchase financing of the acquisition of the '� i 'j Equipment for the City; � il � r � NOW, THEREFORE, BE IT RESOLVED by the City Council ' i ; o-f the Gity o€ Redding as follows : ',. '� Section l . The City Council hereby finds and ' , determines that the execution and delivery of the documents � described below and the consummation of the transactions � i contemplated therein shall result in significant public benefits to the City in that the City expects to benefit from � demonstrable savings in costs related to financing the ; 1 I � acquisition of the Equipment . ' � ; Section 2 . The proposed form of Equipment Lease, �I i dated as of February 15 , 1989 (the "Equipment Lease" ) , between � ;i the City and the Authority, presented to this meeting , is � ,i �� hereby approved. The City Council hereby specifically finds !f � and declares that the representations of the City set forth in ' i Ij Section 2 . 01 of the Equipment Lease are true and correct . The � li Mayor, the City Manager or the Director of Finance, each � li�� I i acting alone, is hereby authorized and directed, for and in , the name and on behalf of the City, to execute and deliver the Equipment Lease in substantially said form, arovided that the i 2 � I12 ]_4b5 �!i . ' I • • I =�. , ! total principal components of the rental payments specified in Exhibit B thereof does not exceed $3 , 750, 000 and with such other changes therein as such officer and the City Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof . The payment I, dates, interest com onents, terms of I p prepayment and other , � terms of said rental payments shall be as provided in the j '� I i Equipment Lease, as finally executed. � ,� � � Section 3 . The proposed form of Agency Agreement , I dated as of February 15 , 1989 (the "Agency Agreement" ) , �i between the Authority and the City, presented to this meeting, � ; ., is hereby approved. The Mayor, the City Manager or the I , , Director of Finance, each acting alone, is hereby authorized i and directed, for and in the name and on behalf of the City, ; i ' to execute and deliver the Agency Agreement in substantially � � � ' said form, with such other changes therein as such officer and .� ; � the City Attorney may require or approve, such approval to be � � conclusively evidenced by the execution and delivery thereof . � � ( , ,, ; Section 4 . The proposed form of Declaration of Paying Agency, dated as of February 15 , 1989 (the I I � "Declaration" ) , made by U. S . Trust Company of California, � i � N.A. , as paying agent (herein called the "Paying Agent") , i which shall be approved and consented to by the City, presented to this meeting, is hereby approved. The Mayor, the � City Manaqer or the Director of Finance, each acting alone, is f �I i I, hereby authorized and directed, for and in the name and on � � G� h� I , I� � I ; 4 3 � ' 1214b5 , li � � behalf of the City, to approve, consent to and deliver the Declaration in substantially said form, with such changes therein as such officer and the City Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof . Section 5 . The proposed form of Certificate Purchase Agreement (the "Certificate Purchase Agreement" ) to be executed by Bateman Eichler, Hill Richards, Incorporated, as purchaser (herein called the "Purchaser" ) , and to be accepted and agreed to by the City and the Authority and received and acknowledged by the Paying Agent, presented to this meeting, is hereby approved . The Mayor , the City Manage7 �r the Director of Finance, each acting alone, is hereby authorized and directed to execute and deliver to the Purchaser the Certificate Purchase Agreement in substantially said form, evidencing such approval by the City, with such �hanges therein as such officer or the City Attorney may require or approve, such approval to be conclusively evidencec by the execution and delivery thereof ; provided that the aeighted average coupon of the certificates of participation sold thereby (as determined by the Director of Finance) not �xceed 7 . 25% per annum. Section 6 . The proposed form of Preliminary �fficial Statement relating to the lease purchase financing, presented to this meeting , and the previous �istribution thereof by the Purchaser , are hereby ratified, confirmed and 4 � � i �n� i . , . • �► � � . � 4 � G approved. The Mayor , the City Manager or the Director of I � � ' Finance, each acting alone, is hereby authorized and directed, I for and in the name and on behalf of the City, to execute and deliver an official statement (the "Official Statement" ) in substantially the form of the Preliminary Official Statement, i f with such changes therein as such officer and the City ` Attorney may require or approve, such approval to be i conclusively evidenced by the execution and delivery thereof . The Purchaser is hereby directed to deliver copies of the Official Statement to all actual purchasers of the certificates of participation executed pursuant to the 1 I Declaration. � Section 7 . Forms of the proposed Equipment Lease, � 'I I Agency Agreement, Declaration, Certificate Purchase Agreement , and Pr lim" �� e inary Official Statement are on file in the office � of the City Clerk. � Section 8 . The City Clerk is hereby authorized and � � ,,� ;i directed to attest the signature of the Mayor, the City �. i Manager or the Director of Finance and to affix and attest the seal of the City as may be required in connection with the execution and delivery of the Equipment Lease, Agency � Agreement , Declaration, Certificate Purchase Agreement and '� Official Statement in accordance with this resolution. � Section 9 . The officers of the City are hereby I authorized and directed, jointly and severally, to do any and � � all things and to execute and deliver any and all documents , � ' 5 1 ? l �h�i . . . i . .� � i , . . . i including any document necessary to transfer title to the Equipment to the Authority, which they may deem necessary or advisable in order to consummate the executio*� and delivery of � the documents approved in this resolution and otherwise to i �i carry out, give effect to and comply with the terms and intent , of this resolution and the documents approved hereby. � I Section 10 . This resolution shall take effect I�i i � immediately upon its adoption. � I ' � PASSED AND ADOPTED by the City Council of the City I of Redding on February 21, 1989 , by the following vote: + ;� AYE S : Carter, Fulton, & Johannessen � NOES : None �� ABSTENTIONS : None � ABSENT: Buffum, Dahl , , � .� �� , �r �'� l�lG � � M yor of the City of Redding i K�iP�auri ce Johannessen '� ;' (SEAL) � ' ATTEST: u ,� ; j� ��:�i.t�i � �� City Clerk of . the City of Reddinq ' � Ethel A. Nichols' � , � h i� 4. i ; � � , , ( � � ; i ' l i � ,�I � i 6 1214b5 , � � , • � , _� � � � � � , . , . . . I � i CITY CLERK' S CERTIFICATE � I , Ethel A. Nichols , City Clerk of the City of i Redding, California , (the "City" ) , do hereby certify as ' follows : � ;j I The foregoing resolution is a full , true and correct � copy of a resolution duly adopted at a regular meeting of the , City Council of the City duly and legally held at the regular I meeting place thereof on February 21, 1989 , of which meeting � said members had due notice, by the following vote: � AYES: Carter, Fulton, & Johannessen � i♦ NOES: None , � ABSTENTIONS: None ; ABSENT: Buffum, Dahl � i I An agenda of said meeting was posted at least i 72 hours before said meeting at 760 Parkview Avenue, Redding , � California 96001 , a location freely accessible to members of � the public, and a brief description of said resolution I appeared on said agenda . ' I have carefully compared the same with the original � minutes of said meeting on file and of record in my office and said resolution is a full , true and correct copy of the j original resolution adopted at said meeting and entered in j said minutes ; and '� ; Said resolution has not been amended, modified or f rescinded since the date of its passage and the same is now in i full force and effect . � � iDated: February 21 , 1989 . � II �� I ��`�r��t•�.�.� � . Ethel A. Nichols ; City Clerk of the City of Redding �i � �� I I � i� � � II �; I �iji ��.' �I I � � � I 1214b5 i�