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HomeMy WebLinkAboutReso 2008-021 - Lease Revenue Bonds . . CITY COUNCIL OF THE CITY OF REDDING RESOLUTION NO. 2008 - 21 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT OF MASTER SITE LEASE AND QUITCLAIM DEED AND AN AMENDMENT OF MASTER FACILITIES LEASE IN ORDER TO RELEASE CERTAIN PROPERTY RELATING TO THE REDDING JOINT POWERS FINANCING AUTHORITY LEASE REVENUE BONDS (2007 CAPITAL PROJECTS); MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH AND AUTHORIZING RELATED ACTIONS WHEREAS, Article I of Chapter 5 of Division 7 of Title I 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 I 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, in order to achieve such public purpose, the City approved the Authority's issuance of not to exceed $25,000,000 aggregate principal amount of the Redding Joint Powers Financing Authority Lease Revenue Bonds (2007 Capital Projects), 2007 Series A (the "Bonds"); and WHEREAS, in connection with the issuance of the Bonds, the City authorized the execution and delivery of (i) a Master Site Lease, dated as of March 1,2007, by and between the ~ 8 ~ Q> OHS West:260346464.4 - . . City and the Authority (the "Site Lease"), pursuant to which the City leased to the Authority certain interests in real property, including seven of the City's fire stations and its Enterprise Park (the "2007 Property"), as more completely described in the Site Lease; and (ii) a Master Facilities Lease, dated as of March I, 2007, by and between the City and the Authority (the "Facilities Lease"), pursuant to which the Authority leased back to the City the 2007 Property; WHEREAS, the City has determined that a portion of the 2007 Property should be transferred and used for other purposes in accordance with California law and therefore , should be removed from the 2007 Property (the "Parcel to be Released") and the City now desires to revise the description of the 2007 Property contained in the Site Lease and Facilities Lease in order to remove the Parcel to be Released; WHEREAS, there has been presented to this meeting proposed forms of (i) an Amendment of Master Site Lease and Quitclaim Deed by and among the City, the Authority and U.S. Bank National Association, as trustee (the "Trustee") under that certain Trust Agreement, dated as of March I, 2007, between the Trustee and the Authority (the "Amendment of Site Lease and Quitclaim Deed"), and (ii) an Amendment of Master Facilities Lease by and among the City, the Authority and the Trustee (the "Amendment of Facilities Lease") which, when duly executed, delivered and recorded, shall remove the Parcel to be Released and any interest therein from the 2007 Property under the Site Lease or the Facilities Lease; 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 foregoing preambles are true and correct. The City Council further finds and determines that the execution and delivery of the Amendment of Site Lease and Quitclaim Deed and the Amendment of Facilities Lease and the recording ofthe Quitclaim Deed shall not materially adversely affect the owners of the Bonds in that (i) the Parcel to be Released should be transferred and used for other purposes in accordance with California law and therefore should be removed from the 2007 Property and is not required in order for the City to be fully obligated to make all required -2- OHS West:260346464.4 . . payments of rental and otherwise perform all of its obligations under the Facilities Lease, and (ii) after the execution and delivery of the Amendment of Site Lease and Quitclaim Deed and the Amendment of Facilities Lease and the recording of the Quitclaim Deed, the City acknowledges, confirms and agrees that it shall continue to be fully obligated to make all payments of Base Rental, Additional Rental and all other amounts due and payable pursuant to the Facilities Lease without any reduction, off-set or other adjustment. Section 2. The Amendment of Site Lease and Quitclaim Deed, 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 Manager or Deputy City Manager (each, an "Authorized City Representative") are hereby authorized to execute, and the City Clerk is hereby authorized to attest and deliver, the Amendment of Site Lease and Quitclaim Deed 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 such agreement now on file with the City Clerk. Section 3. The Amendment of 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 and deliver, the Amendment of 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 such lease amendment now on file with the City Clerk. Section 4. 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 -3- OHS West:260346464.4 . . (including, without limitation, recording the Quitclaim Deed) in order to consummate the execution and delivery of the Amendment of Site Lease and Quitclaim Deed and the Amendment of Facilities Lease, 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 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 4th day of March, 2008, and was duly adopted at said meeting by the following vote: AYES: NOES: ABSENT: ABSTAIN: COUNCIL MEMBERS: COUNCIL MEMBERS: COUNCIL MEMBERS: COUNCIL MEMBERS: Bosetti, Dickerson, Jones, Murray, and Stegall None None None n ATTEST: "'" " '-<' ~ '1 ".. -r.....1 JI} (. ( \.. . - \. '~1~\', "" .,~..... .. ,," . J' 1 I APPROVED AS TO FORM: ity Clerk ~ -:/..,~ '- (. .~ "7f ~ ". .,f'_ "'",-,." 7''\ -, -4- OHS West:260346464.4