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HomeMy WebLinkAbout1992-11-24 - RESOLUTIONS - BOND PURCHASE AGMT (2)29162-02 JHHW:DJD:bd 11/19/92 RESOLUTION NO. 92-232 A RESOLUTION OF THE CITY COUNCIL OF SANTA CLARITA APPROVING BOND PURCHASE AGREEMENT, OFFICIAL STATEMENT AND RELATED DOCUMENTS AND AUTHORIZING ACTIONS WITH RESPECT THERETO CITY OF SANTA CLARITA ASSESSMENT DISTRICT NO. 92-2 (Golden Valley Road) WHEREAS, on this date, PaineWebber Incorporated (the "Underwriter") has presented to this Council, a form of agreement (the "Bond Purchase Agreement") for the purchase of not to exceed $879,432 par value of City of Santa Clarita Assessment District No. 92-2 (Golden Valley Road), Limited Obligation Improvement Bonds, Series 1992, (the "Bonds") to be issued by the City in proceedings undertaken pursuant to Resolution No. 92-81, a Resolution of Intention to Make Acquisitions and Improvements, adopted by the Council on April 21, 1992; WHEREAS, Fieldman, Rolapp & Associates, as financial advisor to the City (the "Financial Advisor") has prepared an Official Statement describing the Bonds, a preliminary form of which is on file with the City Clerk; WHEREAS, the Council has considered the Bond Purchase Agreement and Preliminary Official Statement and finds them acceptable subject to the conditions set forth in this resolution; and WHEREAS, the public interest and convenience will be served by entering into the Bond Purchase Agreement and authorizing the Preliminary Official Statement; NOW THEREFORE, IT IS ORDERED as follows: Section 1. The Bond Purchase Agreement is hereby approved and the City Manager or the Director of Finance of the City, or such other official of the City as may be designated by the Council (the "Authorized Official"), is hereby authorized and directed to execute and deliver the Bond Purchase Agreement, for and on behalf of the City, substantially in the form of the Bond Purchase Agreement presented to the Council, with any changes, insertions and deletions as may be approved by the Authorized Official in consultation with the Underwriter, the Financial Advisor and Jones Hall Hill & White, A Professional Law Corporation, as bond counsel, with respect to these assessment proceedings, such approval to be conclusively evidenced by the execution of the Bond Purchase Agreement by Authorized Official. Section 2. The foregoing approval is hereby expressly conditioned upon the satisfaction of the following: (i) the total principal amount of the Bonds shall not exceed $879,432; (ii) the average interest cost of the Bonds shall not exceed nine percent (9%) per annum; (iii) the Underwriter's discount for the Bonds shall not exceed one and seven -tenths percent (1.7%) of the principal amount of the bonds, and (iv) the Bonds shall mature not later than thirty (30) years. Section 3. Upon execution of the Bond Purchase Agreement by the City, the Bonds shall be printed, authenticated and delivered, all in accordance with the applicable terms of the Bond Purchase Agreement and the Authorized Official and other responsible City officials are hereby authorized and directed to take such actions as are required under the Bond Purchase Agreement to complete all actions required to evidence the delivery of the bonds and the receipt of the purchase price thereof from the Underwriter. Section 4. The Council hereby approves the Preliminary Official Statement describing the financing described herein, in substantially the form on file with the Authorized Official, together with any changes therein or additions thereto deemed advisable by the Authorized Official. The Council approves and authorizes the distribution by the Underwriter of the Preliminary Official Statement to prospective purchasers of the Bonds, and authorizes and directs the Authorized Official on behalf of the City to deem "final' pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"), the Preliminary Official Statement prior to its distribution to prospective purchasers of the Bonds. The execution of the final Official Statement, which shall include such changes and additions thereto deemed advisable by the Authorized Official and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the final Official Statement by the City. Section 5. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the assessment district and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, contract, and other document described in the documents herein approved. Section 6. This resolution shall take effect from and after its adoption. 1j PASSED AND ADOPTED by the City Council of the City of Santa Clarita at a regular meeting held on the 24th day of November , 1992. 1 HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 24th day of November , 1992, by the following vote of the Council: AYES: COUNCILMEMBERS Boyer, Darcy, Heidt, Pederson, Klajic NOES: COUNCILMEMBERS None ABSENT: COUNCILMEMBERS None 1=2r� "� 1�/� CITY CLERIC - 3 -