HomeMy WebLinkAboutReso. 1984 - 230 - Execution and delivery of an installment payment contract a trust agreement an agency agreement a pledge agreement a certificate purchase agreement • 411
CITY OF REDDING
RESOLUTION NO. $y-0210
A RESOLUTION OF THE CITY OF REDDING AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INSTALLMENT PAYMENT
CONTRACT, A TRUST AGREEMENT, AN AGENCY AGREEMENT, A
PLEDGE AGREEMENT, A CERTIFICATE PURCHASE AGREEMENT,
A REMARKETING AGREEMENT, A REIMBURSEMENT AGREEMENT,
A TERM NOTE, A VARIABLE RATE INDEXING AGENT
AGREEMENT, A FIXED RATE INDEXING AGENT AGREEMENT AND
AN OFFICIAL STATEMENT AND CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the City of Redding, a general law city
and municipal corporation duly organized and existing under
and pursuant to the Constitution and laws of the State of
California (the "City" ) , is authorized under provisions of
the Constitution and laws of the State of California to
operate an electric system and acquire such property therefor
as the City may determine is necessary or proper; and
WHEREAS, all acts, conditions and things required
by the Constitution and laws of the State of California to
exist, to have happened and to have been performed precedent
to and in connection with the consummation of the financing
authorized hereby do exist, have happened and have been
performed in regular and due time, form and manner as
required by law, and the City is now duly authorized and
empowered, pursuant to each and every requirement of law, to
consummate such financing for the purpose, in the manner and
upon the terms herein provided;
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF REDDING AS FOLLOWS:
Section 1. The City hereby specifically finds and
declares that the actions authorized hereby constitute and
are with respect 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 form of Installment Payment
Contract, dated as of October 1, 1984, between the City and
Security Pacific National Bank (the "Corporation" ) , presented
to this meeting and on file with the City Clerk of the City,
is hereby approved. The Mayor and/or the City Manager of the
City are hereby authorized and directed, for and in the name
and on behalf of the City, to execute, acknowledge and
deliver to the Corporation said Installment Payment Contract
in substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 3 . The form of Trust Agreement, dated as
of October 1, 1984, among the City, the Corporation, Bank of
America National Trust and Savings Association, as trustee
(the "Trustee" ) and BankAmerica Trust Company of New York, as
paying agent (the "Paying Agent" ) , presented to this meeting
and on file with the City Clerk of the City, is hereby
approved. The Mayor of the City is hereby authorized and
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directed, for and in the name and on behalf of the City, to
execute and deliver to the Corporation, the Trustee and the
Paying Agent said Trust Agreement in substantially said form,
with such changes therein as such officer may require or
approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 4. The form of Agency Agreement, dated as
of October 1, 1984, between the Corporation and the City,
presented to this meeting and on file with the City Clerk of
the City, is hereby approved. The Mayor and/or the City
Manager of the City are hereby authorized and directed, for
and in the name and on behalf of the City, to execute,
acknowledge and deliver to the Corporation said Agency
Agreement in substantially said form, with such changes
therein as such officers may require or approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Section 5. The form of Pledge Agreement, dated as
of October 1, 1984, among the City, the Corporation and the
Trustee, presented to this meeting and on file with the City
Clerk of the City, is hereby approved. The Mayor of the City
is hereby authorized and directed, for and in the name and on
behalf of the City, to execute, acknowledge and deliver to
the Corporation and the Trustee said Pledge Agreement in
substantially said form, with such changes therein as such
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officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 6. The form of Certificate Purchase
Agreement among the City, the Trustee and E. F. Hutton &
Company Inc and Boettcher & Company, Inc. (the
"Underwriters" ) , presented to this meeting and on file with
the City Clerk of the City, is hereby approved. The Mayor of
the City is hereby authorized and directed, for and in the
name and on behalf of the City, to execute and deliver to the
Trustee and to the Underwriters said Certificate Purchase
Agreement in substantially said form, with such changes
therein as such officer may require or approve, such approval
to be conclusively evidenced by the execution and delivery
thereof.
Section 7 . The form of Remarketing Agreement,
dated as of October 1, 1984, between the City and E. F.
Hutton & Company Inc (the "Remarketing Agent" ) , presented to
this meeting and on file with the City Clerk of the City, is
hereby approved. The Mayor and/or City Manager of the City
are hereby authorized and directed, for and in the name and
on behalf of the City, to execute, acknowledge and deliver to
the Remarketing Agent said Remarketing Agreement in
substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
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Section 8. The form of Reimbursement Agreement,
dated as of October 1, 1984, between the City and
Manufacturers Hanover Trust Company (the "Bank" ) , presented
to this meeting and on file with the City Clerk of the City,
is hereby approved. The Mayor of the City is hereby
authorized and directed, for and in the name and on behalf of
the City, to execute, acknowledge and deliver to the Bank,
said Reimbursement Agreement in substantially said form, with
such changes therein as such officer, may require or approve,
such approval to be conclusively evidenced by the execution
and delivery thereof.
Section 9. The form of Term Note to be executed by
the City and delivered to the Bank, presented to this meeting
and on file with the City Clerk of the City, in aggregate
principal amount not to exceed $19, 916, 712 .33, is hereby
approved. The Mayor of the City is hereby authorized, upon
the agreement of the Bank to make the term .loan contemplated
by Section 2 . 3 of the Reimbursement Agreement, for and in the
name and on behalf of the City, to execute, acknowledge and
deliver to the Bank, said Term Note in substantially said
form and in aggregate principal amount not to exceed
$19, 916, 712 .33, with such changes therein as such officer may
require or approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
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Section 10. The form of Variable Rate Indexing
Agent Agreement between the City and E. F. Hutton & Company
Inc (the "Variable Rate Indexing Agent" ) , presented to this
meeting and on file with the City Clerk of the City, is
hereby approved. The Mayor and/or City Manager of the City
are hereby authorized and directed, for and in the name and
on behalf of the City, to execute, acknowledge and deliver to
the Variable Rate Indexing Agent said Variable Rate Indexing
Agent Agreement in substantially said form, with such changes
therein as such officers may require or approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Section 11. The form of Fixed Rate Indexing Agent
Agreement between the City and Kenny Information Systems (the
"Fixed Rate Indexing Agent" ) , presented to this meeting and
on file with the City Clerk of the City, is hereby approved.
The Mayor and/or City Manager of the City are hereby
authorized and directed, for and in the name and on behalf of
the City, to execute, acknowledge and deliver to the Fixed
Rate Indexing Agent said Fixed Rate Indexing Agent Agreement
in substantially said form, with such changes therein as such
officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 12. The form of Official Statement
relating to certificates of participation (the
"Certificates" ) in the installment payments to be made by the
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City pursuant to said Installment Payment Contract, presented
to this meeting and on file with the City Clerk of the City,
is hereby approved. The Mayor of the City and the Director,
Electric Department of the City, are hereby authorized and
directed, for and in the name and on behalf of the City, to
execute and deliver to the Underwriters said Official
Statement in substantially said form, with such changes as
such officers may require or approve, such approval to be
conclusively evidenced by the execution and delivery
thereof. The Underwriters are hereby authorized to
distribute copies of said Official Statement to persons who
may be interested in the purchase of the Certificates and are
directed to deliver such copies to all actual purchasers of
the Certificates. Distribution heretofore by the
Underwriters of the Preliminary Official Statement, dated
October 17, 1984, relating to the Certificates, is hereby
ratified, confirmed and approved.
Section 13 . The City Clerk of the City is hereby
authorized and directed to attest the signature of the Mayor
of the City and/or the Director, Electric Department of the
City, . and to affix and attest the seal of the City, as may be
required or appropriate in connection with the execution and
delivery of said Installment Payment Contract, Trust
Agreement, Agency Agreement, Pledge Agreement, Certificate
Purchase Agreement, Remarketing Agreement, Reimbursement
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Agreement, Term Note, Variable Rate Indexing Agent Agreement,
Fixed Rate Indexing Agent Agreement and Official Statement.
Section 14. 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 sale, execution and delivery of the
Certificates by the Trustee and otherwise to carry out, give
effect to and comply with the terms and intent of this
resolution, the Certificates, said Installment Payment
Contract, Trust Agreement, Agency Agreement, Pledge
Agreement, Certificate Purchase Agreement, Remarketing
Agreement, Reimbursement Agreement, Term Note, Variable Rate
Indexing Agent Agreement, Fixed Rate Indexing Agent Agreement
and Official Statement. Such actions heretofore taken by
such officers are hereby ratified, confirmed and approved.
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Section 15 . This resolution shall take effect
immediately upon its passage.
PASSED AND ADOPTED this 22nd day of October, 1984,
by the following vote:
AYES: Councilmembers Fulton, Gard, Pugh, & Kirkpatrick
NOES: None
ABSENT: Demsher
I / ^
Mayor' of the ity of Redding
(SEAL)
Attest:
f�Gc.�/ a. 1
City Clerk of the City of Redding
Form Approved:
/et
ek;efira' ir
fCit Attorney
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