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HomeMy WebLinkAbout1997-08-26 - RESOLUTIONS - CERTIFICATES OF PARTICIPATION (2)RESOLUTION NO. 97-101 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING A CONVEYANCE AND ASSIGNMENT AGREEMENT IN CONNECTION WITH THE EXECUTION, SALE AND DELIVERY OF $19,670,000 REFUNDING CERTIFICATES OF PARTICIPATION WHEREAS, the City of Santa Clarita, California (the "City") is a municipal corporation and general law city, organized and existing under the laws of the State of California; and WHEREAS, the City and the Redevelopment Agency of the City of Santa Clarita (the "Agency") have entered into a Joint Exercise of Powers Agreement, dated July 9, 1991 (the "Agreement'), creating the Santa Clarita Public Financing Authority (the "Authority") for the purpose of aiding in their financing objectives; and WHEREAS, pursuant to Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California Government Code (the "Act') and the Agreement, the Authority is authorized to assist the City in financing public capital improvements, working capital, liability and other insurance needs or projects whenever there are significant public benefits, as determined by the Agency or the City; and WHEREAS, the City financed and/or refinanced certain capital improvement projects (the "Projects"); and WHEREAS, for the purpose of financing the Projects, the City, as lessor, and the Agency, as lessee, entered into a Base Lease dated as of October 1, 1991, and amended on December 24, 1991 (the "1991 Base Lease"), whereby the City granted to the Agency a leasehold interest in certain real estate and facilities, and the Agency, as lessor, and the City as lessee, entered into a leaseback of the real estate and facilities pursuant to a Lease Agreement dated as of October 1, 1991 and amended on December 24, 1991 (the "1991 Lease Agreement'); and WHEREAS, pursuant to Resolution No. 91-145 of the City, adopted on September 10, 1991, the City sold and delivered its Certificates of Participation (Capital Improvement Projects) Evidencing a Proportionate Interest of the Owners Thereof in Lease Payments to be Made by the City of Santa Clarita to the Redevelopment Agency of the City of Santa Clarita (the "1991 Certificates") in the original principal amount of $22,940,000, of which $18,800,000 remains outstanding, for the purpose of financing the Projects; and WHEREAS, pursuant to Resolution No. JPA 91-5 of the Authority, adopted on September 10, 1991, the Certificates were purchased on November 12, 1991, by the Authority using proceeds from the sale of its Local Agency Revenue Bonds, Series 1991 (the "1991 Bonds"), which 1991 Bonds were issued in the original principal amount of $22,940,000, and of which $18,800,000 remains outstanding; and WHEREAS, pursuant to Resolution No. 97-93, the City has determined to refinance the Projects through the advance refunding of the 1991 Certificates and the 1991 Bonds, has approved the execution and delivery of Refunding Certificates of Participation (the "Certificates"), and has approved the execution and delivery of certain documents, including an Amended and Restated Base Lease dated as of August 1, 1997 (the "Base Lease"), by and between the City, as lessor, and the Authority as lessee, and an Amended and Restated Lease Agreement dated as of August 1, 1997 (the "Lease Agreement"), by and between the Authority, as lessor, and the City as lessee; and WHEREAS, in order to facilitate the Authority's participation in the refunding, the City wishes to acknowledge and consent to the assignment of the Agency's rights and the delegation of the Agency's duties under the 1991 Base Lease and 1991 Lease Agreement to the Authority; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, AS FOLLOWS: Section 1. Recital . The foregoing recitals are true and correct and this City Council so finds and determines. Section 2. Approval and Authorization of Conveyance and Assignment Agreement. The City hereby consents to (a) the assignment of the Agency's rights under the 1991 Base Lease and the 1991 Lease Agreement to the Authority and (b) the assumption of the Agency's duties under the 1991 Base Lease and the 1991 Lease Agreement by the Authority. The proposed form of the Conveyance and Assignment Agreement dated as of August 1, 1997 (the "Conveyance and Assignment Agreement"), by and among the Agency, the Authority and the City, which was presented to the City Council and is on file with the City Clerk, is hereby approved. The Mayor, City Manager or Director of Administrative Services and City Clerk (or written designee of any of them) is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Conveyance and Assignment Agreement and to make or approve such changes therein or additions thereto as shall be necessary or appropriate. The approval of any additions or changes in such forms shall be conclusively evidenced by such execution and delivery of the Conveyance and Assignment Agreement. Section 3. Official Actions. All actions heretofore taken by the officers and agents of the City with respect to the delivery of the Certificates, the execution of the Conveyance and Assignment Agreement and the refunding of the 1991 Certificates and the 1991 Bonds are hereby approved, confirmed and ratified. The Mayor, Vice -Mayor, City Manager, Director of Administrative Services, City Clerk, and any and all other officers or consultants of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the execution, sale and delivery of the Certificates pursuant to previously approved documents. Section 4. Effective Date. This Resolution shall take effect and be in full force from and after its adoption by the City Council. Y i1NNM11NYNNNY Adopted by the City Council of the City of Santa Clarita, California, this 26thday of August 1997. (SEAL) ATTEST: City Clerk CITY OF SANTA CLARITA, CALIFORNIA By. �✓ ay r I, HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by the City Council of the City of Santa Cla6ta, California, at a regular meeting held on the 26th day of August , 1997, by the following vote: AYES: Councilmembers: Heidt, Klaj Lc, Boyer, Darcy, Smyth NOES: Councilmembers: None ABSENT: Councilmembers: None City Cleric