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HomeMy WebLinkAboutCC Reso No 1999-05~,_ , , RESOLUTION NO. 99-5 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE AND SALE OF REFUNDING BONDS FOR ASSESSMENT DISTRICT NO. 86-1 WHEREAS, the City of Lake Elsinore (the "City") has heretofore issued bonds for Northwest Sewer Assessment District No. 86-1(the "Assessment District") and such bonds remain outstanding in the aggregate principal amount of not more than $4,000,000 (the "Outstanding Bonds"); and WHEREAS, the City Council of the Ciry (the "City Council") has conducted proceedings pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division I1.5 (commencing with Section 9500) of the Streets and Highways Code of the State of California (the "Refunding Act"), and has adopted a resolution approving a report prepazed pursuant to Section 9523 of the Sueets and Highways Code of the State of Califomia and confirming a reassessment contained therein, and all acts required by the. Refunding Act with respect to the confirmation of such reassessment have been accomplished; and WHEREAS, the City Council has deternuned that it is in the best interests of the City and the owners of properiy within the Assessment District that the mahuity of the Outstanding Bonds be advanced and that the Outstanding Bonds be defeased, refunded and redeemed, and that refunding bonds be issued pursuant to the Refunding Act for that purpose; and WHEREAS, in order to accomplish the advancement of the mahuity of and the defeasance, refunding and redemption of the Outstanding Bonds, it is proposed that the City will issue not to exceed $4,000,000 aggregate principal amount of refunding bonds to be designated "City of Lake Elsinore, Limited Obligation Refunding Improvement Bonds, Assessment District No. 86-1, Series 1999" (the "Bonds"); and WHEREAS, there has been presented to the City Council a form of Fisca] Agent Agreement providing for the issuance of the Bonds; and WHEREAS, there has also been presented to the City Council a form of Continuing Disclosure Agreement to be entered into by and between the City and Union Bank of Califomia, N.A., as dissemination agent, for the benefit of the owners of the Bonds and in order to assist the purchaser of the Bonds in complying with Rule ISc2-12(b)(5) of the Securities and Exchange Commission; and WHEREAS, the City Council has determined that it is in the best interests of the owners of properiy within the Assessment District that the Bonds be issued and sold on the terms and conditions hereinafter specified; DK09720/988055/528776.4 r~/ ~ I ~ NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City of Lake Elsinore as follows: Section 1. Approval of Issuance of Bonds. The issuance of not to exceed $4,000,000 aggregate principal amount of the Bonds in order to defease, refund and redeem the Outstanding Bonds is approved. Section 2. Fiscal A e~ nt A~seement. The form of Fiscal Agent Agreement to be entered into by and between the City and Union Bank of California, N.A., as fiscal agent (the "Fiscal Agent AgreemenY'), presented at the meeting at which this resolurion is adopted is approved and the Mayor, the Mayor Pro Tem, the City Manager or the Director of Finance is authorized to execute and deliver said agreement in substantially the form presented at said meeting with such changes thereto as they may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Apoointment of Fiscal A~ent. Union Bank of Califomia, N.A. is appointed as Fiscal Agent pursuant to the Fiscal Agent Agreement, to take any and all action provided for therein to be taken by the Fiscal Agent. Section 4. Deliverv of Bonds. The form of the Bonds as set forth in the Fiscal Agent Agteement, which shall be in fully registered form and dated on or after the date of the recording of the reassessment, is approved. The City Treasurer and City Clerk are authorized and directed to execute by manual or facsimile signature, in the name and on behalf of the City, the Bonds and to deliver the Bonds to the Purchaser (as hereinafter identified) in accordance with the terms and provisions of the Fiscal Agent Agreement. Section 5. Sale of Bonds. The Mayor, the Mayor Pro Tem, the City Manager or the Director of Finance is authorized to execute and deliver a bond gurchase agreement to be entered into between the City and the Lake Elsinore Public Financing Authority providing for the sale and purchase of the Bonds and containing such provisions with respect thereto as aze recommended by Rod Gunn Associates, Inc., the Financial Advisor to the City and approved by Fulbright & Jaworski L.L.P., Bond Counsel with respect to the Bonds, ifthe execution and delivery of such an agreement is determined by Bond Counsel to be necessary or desirable. Section 6. Terms of Sale of Bonds. The City Manager or the Director of Finance, based on such advice as he or she maydeem necessary, is authorized and directed to act on behalf of the City to establish and determine: (i) the final aggregate principal amount of the Bonds, which shall not exceed $4,000,000; (ii) the final maturity date of the Bonds, which shall not be later than September 2, 2015; (iii) the final interest rates on the various maturities of the Bonds, which shall not exceed 8.75% per annum for any of the Bonds; and (iv) the purchase price to be paid by the Purchaser for the purchase of the Bonds, which shall not be less than 95% of the aggregate principal amount of the $onds. DK097201988055/528776.4 2 _ ___ ~ __ f, t _ ~ r > ~ . Section 7. Continuing Disclosure Aereement. The form of the Continuing Disclosure Agreement to be entered into by and between the City and Union Bank of California, N.A., as dissemination agent, presented at the meeting at which this resolution is adopted is approved, and the Mayor, the Mayor Pro Tem, the City Manager ot the Director of Finance is authorized to execute and deliver said agreement in substantially the form presented at said meeting with such changes thereto as the officer executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof Section 8. No City Obli ag tion. The City Council determines, pursuant to Section 8769 of the Streets and Highways Code of the State of Califomia, that the City will not obligate itself to advance available funds from the City Treasury to cure any deficiency which may occur in the redemption fund for the Bonds. Section 9. Other Acts. The officers and staffof the City aze authorized and directed, j ointly and severally, to do any and all things and to execute and deliver any and all documents which, in consultation with the City Attomey, Bond Counsel, Disclosure Counsel and the Financial Advisor, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds and the defeasance, refunding and redemption of the Outstanding Bonds or to otherwise accomplish the purposes of this resolution, and any and all such actions previously taken by such officers or staff inembers aze ratified and confirmed. Section 10. Effective Date. This resolution shall become effective upon its adoption. DK09720/988055/528776.4 3 ~ ~ > _ _ _' ___._ _ ___._. PASSED, APPROVED AND ADOPTED ttus 26th day of January, 1999. CITY OF LAKE ELSINORE By: ~ ~ Titl . A ST. ~ City ~1erk of the City of Lake Elsinore UPON THE FOLLOWING ROLL CALL VOTE: AYES: COUNCILMEMBERS: ARINLEY, METZE, PAPE, KELLEY NOES: COiJNCILMEMBERS: NoNE ABSENT: COUNCILMEMBERS: vACnNT ABSTAIN: COLTNCILMEMBERS: rroNE APPROVED AS TO CITY ATTORNEY DK09720/988055/528776.4 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council of the City of Lake Elsinore at a Regular Meeting of said Council on the 26"' day of January, 1999, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, METZE, PAPE, KELLEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: VACANT ABSTAIN: COUNCILMEMBERS: NONE r ~~~~~ VIt;I~ KASAD, CITY CLERK CITY OF LAKE ELSINORE (SEAL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a fuil, true and correct copy of Resolution No. 99-5 of said Council, and that the same has not been amended or repealed. DATE: February 3, 1999 r ~(~ ~ /~~ S~I~KI I{ASAID, CITY CLERK CiTY OF LAKE ELSINORE (5~~~,}