HomeMy WebLinkAbout1993-03-23 - AGENDA REPORTS - GOLDEN VALLEY (2)w
AGENDA REPORT
City Manager
Item to be pr
CONSENT CALENDAR Ken P lsk
DATE: March 23, 1993
SUBJECT: Assessment District No. 92-2, Golden Valley Road
Authorizing Execution of Fiscal Agent Agreement
Resolution Number: 93-38
DEPARTMENT: City Manager
BACKGROUND
On April 21, 1992, the City. Council passed and adopted Resolution of Intention
No. 92-81 relating to the acquisition and/or construction of public improvements
pursuant to the provisions of the Municipal-Improvement.Act of 1913. By said
Resolution of Intention, the Council provided for the issuance of serial and/or
term bonds to acquire and/or construct such improvements.
Several procedural steps have taken place to. facilitate the issuance of the
bonds. On November 29, 1992, the Council approved Resolution No. 92-231,
authorizing the execution of a Fiscal Agent Agreement and Resolution No. 92-232,
approving the Bond Purchase Agreement and Official Statement. The previous
Fiscal Agent. Agreement provided for a phased bond issue, the first phase
including only AMCAL. The revised Fiscal Agent Agreement under Resolution No.
93-38 provides for only one bond issue with all of the developers included.
Therefore, Resolution No. 93-38 rescinds Resolution No. 92-231 and authorizes
the.execution of a new Fiscal Agent Agreement by the Director of Finance.
The Fiscal Agent Agreement provides for the Fiscal Agent to perform the actions
and duties required under the Agreement for the authentication, transfer,
registration, and payment of the bonds.
Remaining procedural steps for the issuance of the bonds include the pricing of
the bonds, execution of the Bond Purchase Agreement, and the closing.of the Bond
sale. It is anticipated that the closing of the bonds will occur prior to the
end of April.
RECOMMENDATION
That the City Council approve Resolution No. 93-38 rescinding Resolution No.
92-231 and authorizing the execution of a Fiscal Agent Agreement.___
ATTACHMENT Adopted: 3-j
Resolution No. 93-38
Fiscal Agent Agreement
AgEl f" It
•• 29162-02 J11RW:DJ0:mgf 3/10/93
RESOLUTION NO. 93-38
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
AUTHORIZING EXECUTION OF A FISCAL AGENT AGREEMENT AND
RESCINDING RESOLUTION NO. 92-98
CITY OF SANTA CLARITA
ASSESSMENT DISTRICT NO. 92-2
(Golden Valley Road)
WHEREAS, on April 21, 1992, this Council passed and adopted Resolution of Intention
No. 92-81 (the "Resolution of Intention") relating to the acquisition and/or construction of public
improvements under and pursuant to the provisions of the Municipal Improvement Act of 1913.
By said Resolution of Intention, this Council provided that serial and/or term bonds would be
issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, Division 10 of
the Streets and Highways Code of California and reference to said Resolution of Intention is
hereby expressly made for further particulars;
WHEREAS, on July 23, 1992 this Council adopted Resolution No. 92-98, A Resolution
of the City Council of the City of Santa Clarita Determining Unpaid Assessments, Authorizing
Issuance of Bonds and Providing for Execution of Fiscal Agent Agreement With Respect Thereto;
WHEREAS, on November 24, this Council adopted Resolution No. 92-231, A
Resolution Of The City Council Of The City Of Santa Clarita Authorizing Execution Of A Fiscal
Agent Agreement;
WHEREAS, the fiscal agent agreement authorized by said Resolution No. 92-231, has
not been executed and the Council wishes to rescind resolution No. 92-98 and to authorize and
approve a different form of Fiscal Agent Agreement providing for issuance of bonds upon the
security of a portion of such unpaid assessments;
NOW, THEREFORE, BE IT RESOLVED, by the City Council (the "Council') of
the City of Santa Clarita, California (the "City") as follows:
Section 1. Designation of Agent. The fiscal agent shall be as designated in the
Fiscal Agent Agreement to act as the Fiscal Agent to perform the actions and duties required under
the Fiscal Agent Agreement for the authentication, transfer, registration, and payment of the bonds.
The Finance Director of the City is hereby authorized and directed to enter into agreements with the
Fiscal Agent in furtherance of the actions and duties of the Fiscal Agent under this Resolution and
the Fiscal Agent Agreement for such authentication, transfer, registration and payment of the
bonds.
Section 2. Approval and Authorization of Fiscal Agent Agreement. The
Fiscal Agent Agreement, in the form this day presented to this Council, which Agreement
provides, in substance, for the provisions of the issuance and payment and covenants relating to
the bonds or the series thereof, is hereby approved. The Finance Director of the City is hereby
authorized and directed to execute the Fiscal Agent Agreement on behalf of the City, with such
changes thereto as may be approved by the Bond Counsel to the City with respect to the
proceedings for said assessments for the purposes of the issuance of the bonds, the approval of
such changes to be conclusively evidenced by the execution of the Fiscal Agent Agreement by the
Finance Director. The Fiscal Agent Agreement may provide for the issuance of one or more series
of bonds in and for said assessment district.
Section 3. Rescinding Authority For Prior Agreement. Resolution No. 92-231,
approving a prior form of fiscal agent agreement, is hereby rescinded.
PASSED AND ADOPTED by the City Council of the City of Santa Clarita at a regular
meeting held on the day of , 1993.
MAYOR
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council
of the City of Santa Clatita at a regular meeting thereof, held on the day of
1993, by the following vote of the Council:
AYES: COUNCILMEMBERS
NOES: COUNCILMEMBERS
ABSENT: COUNCILMEMBERS
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CITY CLERK