The URL can be used to link to this page

Home My WebLink AboutCC Res 4387 1995-06-29 RESOLUTION NO.~ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH, CALIFORNIA, AUTHORIZING ISSUANCE OF TAXABLE BONDS AND APPROVING BOND DOCUMENTS FOR A SPECIAL ASSESSMENT DISTRICT WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, the CITY COUNCIL of the CITY OF SEAL BEACH, CALIFORNIA, is conducting proceedings for the installation of certain public improvements in a special assessment district pursuant to the terms and provisions of the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, said special assessment district known and designated as ASSESSMENT DISTRICT NO. 94-1 (SURFSIDE COLONY) (hereinafter referred to as the "Assessment District"); and, I this legislative body has previously declared in its Resolution of Intention to issue bonds to finance said improvements, said bonds to issue pursuant to the terms and provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code; and, at this time this legislative body is desirous to set forth the general terms and conditions relating to the authorization, issuance and administration of said bonds; and, this legislative body anticipates that the interest payable on the bonds will be included in income for federal income tax purposes, but exempt from personal income taxation by the State of California; and, there .has been presented, considered and ready for approval a bond indenture setting forth certain terms and conditions relating to the issuance and sale of bonds; and, I there has also been presented for consideration by this legislative body a form of Bond Purchase Contract authorizing the sale of bonds to SUTRO & CO., the designated underwriter; and, there has also been presented for consideration by this legislative body a form of Preliminary Official Statement containing information including but not limited to the Assessment District and the type of bonds, including terms and conditions thereof; and, this legislative body hereby further determines that the unpaid assessments shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessments as certifie9~by and on file with the Treasurer, and for particulars as to the amount of said unpaid assessments, said Certificate and list shall control and govern. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES I HEREBY RESOLVE AS FOLLOWS: RECITALS SECTION 1. That the above recitals are true and correct. BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of limited obligation improvement bonds in an aggregate principal amount not to exceed the aggregate principal amount of the unpaid assessments pursuant to the terms I I I Resolution Number ~~J1 and provisions of the "Improvement Bond Act of 1915", being Division 10 of the streets and Highways Code of the state of California, and also pursuant to the specific terms and conditions as set forth in the Bond Indenture presented herein. BOND INDENTURE SECTION 3. That the Bond Indenture is approved substantially in the form presented herein. The City Manager, city Treasurer, or either one of them, is hereby authorized and directed for and on behalf of the City to execute the Bond Indenture with such additions thereto or changes therein as may be approved by the City Manager, City Treasurer, or either one of them, subject to the review of Bond Counsel, such approval by the city Manager, city Treasurer, or either one of them, to be conclusively evidenced by the execution and delivery thereof. A copy of said Bond Indenture shall be kept on file with the transcript of these proceedings and open for public inspection. BOND PURCHASE CONTRACT SECTION 4. That the Bond Purchase Contract as submitted by SUTRO & CO., the designated underwriter, is hereby approved substantially in the form presented herein. The City Manager, City Treasurer, or either one of them, is hereby authorized and directed for and on behalf of the City to evidence the city's acceptance of the terms and provisions of the Bond Purchase Contract in the form presented to the city Council at this meeting, with such changes therein as are approved by the City Manager, City Treasurer, or either one of them, subject to the review and approval of Bond Counsel, such approval by the city Manager, City Treasurer, or either one of them, to be conclusively evidenced by the execution and delivery thereof; provided, however, the S shall execute the Bond Purchase Contract only if the aggregate principal amount of the Bonds is equal to the unpaid assessments within the Assessment District, the underwriter's discount does not exceed one and one-half percent (1.5%) and the interest rate on the Bonds shall not exceed the maximum rate per annum permitted by law. PRELIMINARY OFFICIAL STATEMENT SECTION 5. The officers of the City and their authorized representatives are each hereby directed to prepare or cause to be prepared a preliminary official statement (the "Preliminary Official Statement") and a final official statement (the "Official Statement") relating to the Bonds. The underwriter is authorized to distribute copies of the Preliminary Official Statement to persons who may be interested in the purchase of the Bonds from the underwriter acting in such capacity. Prior to the distribution of the Preliminary Official Statement, the S of the City is authorized to certify to the underwriter that the Preliminary Official Statement is deemed final as of its date within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. The officers of the City and their authorized representatives are, and each of them acting alone and with the concurrence of Bond Counsel to the city is, hereby authorized and directed, for and in the name of the City, to execute the Official Statement with such revisions from the Preliminary Official Statement as are reasonable and customary to describe accurately the Bonds and matters contained in the Purchase Agreement and the Bond Indenture. Such approval shall be evidenced by the execution thereof. Resolution Number IJIJ 7 FINAL BOND DELIVERY SECTION 6. No further action will be required by this legislative body if the bonds are priced, sold and delivered on or before September 1, 1995. FINAL ASSESSMENTS SECTION 7. That the certificate of Paid and Unpaid Assessments, as certified by the Treasurer, shall remain on file in that office and be open for public inspection for all particulars as it relates to the amount of unpaid assessments to secure bonds for this Assessment District. I SUPERIOR COURT FORECLOSURE SECTION 8. This legislative body does further specifically covenant for the benefit of the bondholders to commence and prosecute to completion foreclosure actions regarding delinquent installments of the assessments in' the manner, within the time limits and pursuant to the terms and conditions as set forth in the Bond Indenture as submitted and approved through the adoption of this Resolution. OTHER ACTS ~ECTION 9. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the City Manager, City Treasurer, and any and all other officers 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 I actions relating to the execution and delivery of any and all certificates, requisitions, agreements and , other documents, which may be deemed necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. NOES: Councilmembers p PASSED, APPROVED and ADOPTED by the Seal Beach at a meeting ther of held 1995, by the following vote.6 AYES: Councilmember ABSENT: Councilmembers cr~,~ ;;;, Cloy Clerk ~ f/ ~'~''''\\''\, .s:" ~ SEAL 8 \11 :- 0 ..,..", 1',. 1'1 ::........ ,'fo,POIr..;" ~J\ ~~ ...,01> '0.011>>-' * . ~'l.~~' ~*:. . ~ ~ . .....z ~ o' :...~ ~,o~o ,__, ~.!if ~"V "..... ..::::. .,~. o~:; 'l'f,.'O ""... 1/1 Q...,".:. /1 ,q..o ~~ 'tl~ ~."t."'JI"",-~':-~ 1\1\\ OlJ,.g'l.~ \\\"'~ c_~~.... I Resolution Number ~~j1 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS STATE OF CALIFORNIA ) I I, Joanne M. Yeo, city Clerk of the city of Seal Beach, California, do hereby certifY that t~~~egOing resolution is the original copy of Resolution Number on file in the office of the city clerk, p~ ed, approved, and adopted by the City Council of~~ City of Sea Beach at a regular meeting thereof held on the ~ da , 1995. I I