HomeMy WebLinkAbout2001-11-13 - RESOLUTIONS - PARKLAND ACQUISITION (2)RESOLUTION NO. JPA 01-1
A RESOLUTION OF THE BOARD OF THE SANTA CLARITAPUBLIC
FINANCING AUTHORITY APPROVING CERTAIN DOCUMENTS IN
CONNECTION WITH THE EXECUTION AND DELIVERY OF $3,200,000
CERTIFICATES OF PARTICIPATION (PARKLAND ACQUISITION)
SERIES 2001
WHEREAS, the Santa Clarita Public Financing Authority (the "Authority") is a
Joint Powers Authority (a public body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all under and pursuant to the Joint
Exercise of ,Powers Act (Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the
California Government Code), including the power and authority to assist the City of Santa
Clarita, California (the "City"), with the acquisition and construction of various public
facilities for the use, benefit and enjoyment of the public; and
WHEREAS, the City has requested the assistance of the Authority to finance a
portion of the acquisition cost of certain real property (the "Property") to be developed as
parkland for the City (the "Project") through the execution and delivery of certain
certificates of participation (the "Certificates") to Zions First National Bank (the
"Purchaser") pursuant to a commitment letter dated October 5, 2001, as amended (the
"Commitment Letter"); and
WHEREAS, the City will lease to the Authority its interest in the Property pursuant
to a Site Lease and the Authority, concurrently with the execution of the Site Lease, will
leaseback the Property to the City pursuant to a Lease Agreement (the "Lease"), in
consideration for base rental payments equal to the principal and interest components
coming due with respect to the Certificates; and
WHEREAS, the documents below specified have been filed with the Authority and
the members of the Board of the Authority, with the aid of its staff, have reviewed said
documents;
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE BOARD OF THE
SANTA CLARITA PUBLIC FINANCING AUTHORITY AS FOLLOWS:
SECTION 1. The below enumerated documents (collectively, the Transaction
Documents") are hereby approved, and a Responsible Officer (as defined below) is hereby
authorized and directed to execute the Transaction Documents in substantially the forms
hereto presented, with such revisions, amendments and completions as shall be approved
by such Responsible Officer with the advice of Special Counsel to the City, such approval to
be conclusively evidenced by the execution and delivery by such Responsible Officer. A
Responsible Officer shall include any member of the Board, the Executive Director, the
Treasurer or any officer of the Authority designated by the President or the Executive
Director as a Responsible Officer and the Secretary is hereby authorized and directed to
attest to such official's signature.
(a) a Site Lease, by and between the City, as lessor, and the Authority, as lessee,
pursuant to which the Authority will lease the Property from to the City;
(b) a Lease Agreement, by and between the Authority, as lessor, and the City, as
lessee (the "Lease Agreement"), pursuant to which the Authority will leaseback the
Property to the City; and
(c) a Trust Agreement, by and among the Authority, the City and BNY Western
Trust Company, as trustee (the "trustee"), relating to the execution and delivery of the
Certificates, evidencing the direct, undivided, fractional interests of the owners thereof in
lease payments to be made by the City under the Lease Agreement (the "Trust
Agreement").
SECTION 2. Any Responsible Officer of the Authority, and each of them, is hereby
authorized and directed to execute and deliver the Transaction Documents and.any and all
other documents and instruments and to do and cause to be done any and all acts and
things necessary or proper for carrying out the transactions contemplated by this
Resolution.
SECTION 3. This Resolution shall take effect from and after the date of its passage
and adoption.
PASSED, APPROVED AND ADOPTED this 13'h day of November 2001.
SANTA CLARITA PUBLIC FINANCING
AUTHORITY
ATTEST:
1� y -q- , . N/
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF SANTA CLARITA)
I, Sharon L. Dawson, Secretary of the Santa Clarita Public Financing Authority, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Board of the
Santa Clarita Public Financing Authority, at a meeting thereof, held on the 13' day of
November, 2001 by the following vote of the Board:
AYES: AUTHORITY MEMBERS: Ferry, Smyth, Darcy, Kellar, Weste
NOES: AUTHORITY MEMBERS: None
ABSENT: AUTHORITY MEMBERS: None
SECRETARY
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