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HomeMy WebLinkAbout1991-08-27 - AGENDA REPORTS - APOINTMENT CERTAIN CONSULTANTS (2)AGENDA REPORT (SANTA CLARITA PUBLIC FINANCING AUTHORITY) City Manager Approva Item to be presented Andrea Daroca 6 1_.11: -1 DATE: August 27, 1991 SUBJECT: Santa Clarita Public Financing Authority - Appointment of Certain Consultants Finance X4 In order to facilitate the financing of various City capital improvements and projects by the Santa Clarita Public Financing Authority (the "Authority"), it is appropriate and necessary at this time to appoint certain consultants to assist the staff and the City in structuring the proposed financing and to prepare and produce documents relating thereto. Staff has designated certain current and foreseeable projects which it will recommend to the Board to be included in a proposed tax-exempt issue of local agency revenue bonds. Actual authorization and designation of City projects will be placed on a later agenda. The attached resolution provides that Burke, Williams, Sorensen & Gaar be appointed bond counsel, PaineWebber Incorporated be appointed underwriter and Fieldman, Rolapp Associates be confirmed as financial advisor in connection with this financing. In addition, the attached resolution provides for reimbursement from the financing for expenses incurred by the City and the Authority prior to the financing. RECOMMENDATION 1. Board approve the -attached Resolution No. JPA 91-3. Agenda Item:_ _ S-CLR3-07 RESOLUTION NO. JPA 91-3 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SANTA CLARITA PUBLIC FINANCING AUTHORITY PROVIDING FOR REIMBURSEMENT OF PAYMENTS TO BE MADE IN ANTICIPATION OF THE PROPOSED FINANCING OF CERTAIN CURRENT AND FORESEEABLE PROJECTS OF THE CITY AND APPOINTING CERTAIN CONSULTANTS FOR SUCH FINANCING. WHEREAS, the City of Santa Clarita, California (the "City") and the Redevelopment Agency of the City of Santa Clarita (the "Agency") are considering proceedings for the acquisition, construction and equipping of certain property and facilities to be used for municipal purposes of the City. In connection with such proceedings, the City and the Agency have formed a joint exercise of powers authority, the Santa Clarita Public Financing Authority (the "Authority"), pursuant to Article 1 of Chapter 5 of Division 7 of Title 1 of the. Government Code of the State of California in order that the Authority may, in connection with such proceedings, exercise the powers authorized under the Marks -Roos Local Bond Pooling Act of 1985 (Government Code 6584 et sea.) and, in addition, exercise such powers in cooperation with future proceedings of such nature undertaken by the City or the Agency; and WHEREAS, the Authority is considering the issuance of local agency revenue bonds to finance certain current and foreseeable City projects (the "Projects") and has considered- the advisability and necessity of entering into such financing; and WHEREAS, the Authority has ,determined that it is of benefit to the City that the Projects be accomplished through the use of tax-exempt financing and will need certain consultants to accomplish the processing of documentation and conduct of proceedings. NOW, THEREFORE, BE IT RESOLVED, BY THE BOARD OF DIRECTORS OF THE SANTA CLARITA PUBLIC FINANCING AUTHORITY, AS FOLLOWS: SECTION 1. Any payments made by the Authority or by the City from its General Fund in connection with the Project prior to the consummation of the proposed financing with local agency revenue bonds or other tax-exempt financing means are intended to be made strictly in anticipation of reimbursement therefor from the proceeds of such financing. SECTION 2. The law firm of Burke, Williams, Sorensen & Gaar is hereby appointed as bond counsel to the Authority in connection with the Project and the issuance of bonds related thereto. The appropriate officers of the City and/or Authority are hereby authorized to execute, attest and deliver an agreement with said firm for services in connection with the Project and said bonds, the fees of said firm to be payable from the proceeds of such financing. SECTION 3. The firm of PaineWebber Incorporated is hereby appointed as underwriter to the Authority related thereto. The appropriate officers of the City and/or Authority are hereby authorized to execute, attest and deliver an agreement with. said firm for services in connection with the Project and said bonds. SECTION 4. The firm of Fieldman, Rolapp & Associates is hereby confirmed as financial advisor in connection with the Project and the issuance of bonds related thereto. SECTION 5. The appropriate officers of the City and/or Authority, in association with the above -referenced consultants, are hereby authorized and directed to do any and all things and take any and all actions and prepare such documents as shall be necessary or advisable in connection with such financing proceedings and in accordance with this Resolution. SECTION 6. This Resolution shall become effective immediately upon its adoption. PASSED, APPROVED AND ADOPTED by the Board of Directors of the Santa Clarita Public Financing Authority at a regular meeting held on the 27th day of August , 1991. ATTEST: Secretary -2- Chairman I George A. Carava ho , Secretary of the Santa Clarita Public Financing Authority, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Board of Directors of the Santa Clarita Public.Financing Authority at a regular meeting thereof, held on the 27th day of August , 1991, by the following vote: AYES: DIRECTORS: Heidt, Klajic, McKeon, Boyer NOES: DIRECTORS: None ABSENT: DIRECTORS: icy ABSTAIN: DIRECTORS: None -3-