HomeMy WebLinkAboutReso. 1988-437 - Approving the form of an installment sale agreement for acquisition installation and improvement , 4111 110 .
RESOLUTION NO. Ar8-407
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE FORM OF AN INSTALLMENT SALE AGREEMENT FOR
ACQUISITION, INSTALLATION AND IMPROVEMENT OF THE MUNICIPAL
SEWER SYSTEM AND AUTHORIZING THE EXECUTION AND DELIVERY
THEREOF; APPROVING THE FORM OF A JOINT EXERCISE OF POWERS
AGREEMENT AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF;
AND APPROVING THE ISSUANCE BY THE REDDING JOINT POWERS
FINANCING AUTHORITY OF NOT TO EXCEED $24 ,605, 000 AGGREGATE
PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, 1989 SERIES A.
WHEREAS, Article 1 of Chapter 5 of Division 7 of
Title 1 of the Government Code of the State of California
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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 (the
"Marks-Roos Local Bond Pooling Act of 1985" ) 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
1 Housing Authority of the City of Redding (the "Housing
Authority" ) desire to create and establish, 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 public capital improvements, working
capital, liability and other insurance needs or projects,
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including but not limited to the engineering, design,
acquisition, installation and improvement of the municipal
sewer system of the City (the "Project" ) ; and
WHEREAS, there has been presented to this meeting a
proposed form of Joint Exercise of Powers Agreement, dated
December 6, 1988 (the "Joint Powers Agreement" ) , by and
between the City and the Housing Authority, which Joint Powers
Agreement creates and establishes the Authority; and
WHEREAS, the City has determined that it is
desirable and furthers the public purpose and that there are
significant public benefits to be derived from securing the
assistance of the Authority in financing the Project ( and, to
better secure such financing, to provide for the defeasance
and retirement of the City' s Sewer Revenues Bonds, Series A,
in accordance with the terms and conditions of the documents
providing for such financing) in that the City and the Housing
Authority will benefit from demonstrable savings in the cost
of financing the Project as a result of their participation in
the Authority and 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 $24, 605, 000 in aggregate principal amount of the
Authority' s Redding Joint Powers Financing Authority Sewer
Revenue Bonds, 1989 Series A (the "Bonds" ) ; and
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WHEREAS, there has been presented to this meeting a
proposed form of Installment Sale Agreement dated as of
January 1, 1989 ( the "Agreement" ) , by and between the City and
the Authority, pursuant to which the Authority will provide
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; and
WHEREAS, there has been presented to this meeting a
proposed form of Letter of Instructions (the "Letter of
Instructions" ) , from the City to Bank of America National
Trust and Savings Association, as fiscal agent, for the City' s
Sewer Revenue Bonds, Series A, pursuant to which the City will
provide for the defeasance and retirement of said bonds and
thereby enhance the security for and otherwise satisfy the
requirements of the terms and conditions of the Agreement;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Redding as follows:
Section 1 . The City Council hereby finds and
determines that the execution and delivery of the Joint Powers
Agreement and the consummation of the transactions
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 Project.
Section 2 . The proposed form of Joint Powers
Agreement, on file with the City Clerk of the City (the "City
Clerk" ) and incorporated by reference as if fully set forth
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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 Joint Powers
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 Joint Powers Agreement on file with the
City Clerk.
Section 3 . The City hereby approves the issuance of
the Bonds by the Authority, in an aggregate principal amount
not to exceed $24 ,605 , 000.
Section 4. 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.
Section 5 . The Letter of Instructions, in
substantially the form on file with the City Clerk and
incorporated by reference as if fully set forth herein, is
hereby approved.
Section 6. This resolution shall take effect
immediately upon its adoption.
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PASSED AND ADOPTED on December 6, 1988, by the
following vote:
AYES: Buffum, Carter, Dahl , Fulton, & Johannessen
NOES: None
ABSENT: None
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N,ayor o' Cthe City of Redding
K. Maurice Johannessen
[ Seal ]
Attest:
City Clerk of the
City of Redding
Ethel A. Nichols
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CITY CLERK' S CERTIFICATE
I , , City Clerk of the City of
Redding, do hereby certify as follows :
The foregoing resolution is a full, true and
correct copy of a resolution duly adopted by a vote of a
majority of the members of the City Council of the City of
Redding at a regular meeting of said Council duly and
regularly and legally held at the City of Redding,
California, on December 6, 1988, of which all of such members
had due notice, as follows:
AYES:
NOES:
ABSENT:
An agenda of said meeting was posted at least
72 hours before said meeting at , Redding,
California , a location freely accessible to members of
the public, and a brief description of said resolution
appeared on said agenda.
I have carefully compared the foregoing with the
original minutes of said meeting on file and of record in my
office, and the foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered
in said minutes.
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Said resolution has not been amended, modified or
rescinded since the date of its adoption and the same is now
in full force and effect.
Dated: , 1988.
City Clerk of the
City of Redding
[ Seal ]
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