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Home My WebLink AboutReso 2004-186 - Joint Powers Authority . . ~" CITY COUNCIL OF THE CITY OF REDDING RESOLUTION NO. 2004-186 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE ISSUANCE BY THE REDDING JOINT POWERS FINANCING AUTHORITY OF NOT TO EXCEED $23,000,000 AGGREGATE PRINCIPAL AMOillH OF REDDING JOINT POWERS FINANCING AUTHORITY LEASE REVENUE BONDS (2004 CIVIC CENTER REFUNDING AND PARKS PROJECTS), 2004 SERIES B; APPROVING THE FORMS OF AND AUTHORIZING EXECUTION AND DELIVERY OF AN ACQUISITION AGREEMENT, A FACILITIES LEASE, AN OFFICIAL STATEMENT AND A PURCHASE CONTRACT IN CONNECTION WITH CERTAIN MUNICIPAL IMPROVEMENTS; AND AUTHORIZING RELATED ACTIONS AND MATTERS WHEREAS, Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California 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 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 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, among other things, issuing bonds to finance public capital improvements, including, but not limited to, general municipal improvements; and WHEREAS, the City has determined that the issuance of Bonds (defined below) by the Authority 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 (i) financing the design, acquisition, construction and equipping of certain recreational improvements within the City, including four soccer fields located at the City Sports Complex and other parks and recreational ~ o o ~ , - q<:) ~ DOCSSFI :779139.3 . . facilities as may be designated by the City in the future and related improvements, and (ii) refinancing certain municipal civic center facilities and related improvements (collectively, the "Improvements"), in that the City will benefit from demonstrable savings in the cost of financing and refinancing the Improvements; and WHEREAS, in order to achieve such public purpose, the City desires to approve the Authority's issuance of not to exceed $23,000,000 aggregate principal amount of the Redding Joint Powers Financing Authority Lease Revenue Bonds (2004 Civic Center Refunding and Parks Projects), 2004 Series B (the "Bonds"); and WHEREAS, there has been presented to this meeting a proposed form of Acquisition Agreement by and between the City and the Authority (the "Acquisition Agreement"), pursuant to which the City will sell to the Authority certain interests in real property, namely, (a) the Redding Convention Center; and (b) any other municipal property needed to establish a valuation of2004B Property that is not less than (nor materially greater than) the principal amount of the Bonds (the "2004B Property"), as more completely described in the Acquisition Agreement; and WHEREAS, therl~ has been presented to this meeting a proposed form of Facilities Lease by and between the City and the Authority (the "Facilities Lease"), pursuant to which the Authority will lease back to the City the 2004B Property; and WHEREAS, there has been presented to this meeting a proposed form of Preliminary Official Statement describing the Bonds and the financing of the Improvements and other information (the "Preliminary Official Statement") and a proposed form of Bond Purchase Contract relating to the sale of the Bonds (the "Purchase Contract"), by and among the Authority, the City and A.G. Edwards & Sons, Inc. (the "Underwriter"); and 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 the foregoing preambles are true and correct. -2- DOCSSFl :779139.3 . . Section 2. The City hereby approves the issuance of the Bonds by the Authority in an aggregate principal amount not to exceed $23,000,000. Section 3. The Acquisition 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, City Manager, Assistant City Managers or Deputy City Manager (each, an "Authorized City Representative") are hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Acquisition Agreement in substantially said form with such changes therein as shall be approved by the City Attorney and such Authorized City Representative executing the same, with such execution to constitute conclusive evidence of such Authorized City Representative's approval and the City's approval of any changes or revisions therein from the form of the Acquisition Agreement now on file with the City Clerk. Section 4. The Facilities Lease, in substantially the form on file with the City Clerk and incorporated by reference as if fully set forth herein, is hereby approved. Any Authorized City Representative is hereby authorized to execute, and the City Clerk is hereby authorized to attest, seal and deliver, the Facilities Lease in substantially said form with such changes therein as shall be approved by the City Attorney and such Authorized City Representative executing the same, with such execution to constitute conclusive evidence of such Authorized City Representative's approval and the City's approval of any changes or revisions therein from the form of the Facilities Lease now on file with the City Clerk. Section 5. The approval of the Bonds and the authorization of the execution and delivery of the Acquisition Agf(~ement and the Facilities Lease is subject to the following conditions precedent: (A) The final maturity date of the Bonds shall not be later than March 1,2026; (B) The Bonds shall be issued in an aggregate principal amount not to exceed $23,000,000; and (C) The true interest cost of the Bonds (including any bond insurance premiums) shall not exceed four and forty-three one hundredths percent (4.43%). -3- DOCSSFI :779139.3 . . Section 6. The Preliminary Official Statement relating to the Bonds, in substantially the form on file with the City Clerk and incorporated by reference as if fully set forth herein, is hereby approved, and the Underwriter is hereby authorized and directed to distribute the Preliminary Official Statement in connection with the offering and sale of the Bonds in substantially said form with such changes therein as an Authorized City Representative may require or approve. Any Authorized City Representative is hereby authorized to certify that such Preliminary Official Statement is "deemed final" by the City for purposes of Rule 15c2-12 of the Securities Exchange Commission. Section 7. Any Authorized City Representative is hereby authorized and directed 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, with such changes therein as such Authorized City Representative may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. The Underwriter is hereby authorized and directed to distribute copies of said fmal official statement, as finally executed, to all actual purchasers of the Bonds. Section 8. The proposed form of Purchase Contract on file with the City Clerk and incorporated by reference as if fully set forth herein is hereby approved. Any Authorized City Representative is hereby authorized and directed to execute and deliver to the Underwriter said purchase contract in substantially said form, with such changes as shall be approved by the Authorized City Representative executing such agreement, such approval to be conclusively evidenced by the execution and delivery thereof. Section 9. The officers, employees and agents 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, certificates and other instruments which they may deem necessary or advisable (including, without limitation, a continuing disclosure agreement, a tax certificate, an escrow agreement and a financial guaranty agreement, if any, relating to any reserve fund surety) in order to consummate the fmancing and refinancing of the Improvements, the execution and -4- IX>CSSFl :779139.3 . . . > <... delivery of the Acquisition Agreement and the Facilities Lease and the issuance of the Bonds by the Authority, and the procurement of a policy of municipal bond insurance or reserve fund surety, if available or deemed by any of them to be desirable, all as authorized herein, and otherwise to carry out, give effect to and comply with the terms and intent of this resolution and the documents herein approved and authorized to be executed. Section 10. 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 16th day of November 2004, and was duly adopted at said mc~eting by the following vote: AYES: NOES: ABSENT: ABSTAIN: COUNCIL MEMBERS: COUNCIL MEMBERS: COUNCIL MEMBERS: COUNCIL MEMBERS: Kight, Mathena, Stegall, and Pohlmeyer None Cibula N / Form Approved: Attest:, "" ~;"'~ /1',:9 .-' ~ ,"" ./'~(' ( - I'9u..I~A:""---~) ~ CONN E STItO~ity atk ,.,. ~" ~/ r . .\ .< '''', .-, ,." ~ \.... -5- DOCSSFl:779139.3