HomeMy WebLinkAboutPFA Res 00-3 2000-05-22 Quint&Thinly-nig LLP
02/14/00
Authority Res Approving Financing 03/16/00
05/16/00
RESOLUTION NUMBERO0-3
RESOLUTION OF THE SEAL BEACH PUBLIC FINANCING AUTHORITY
APPROVING,AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN
INSTALLMENT SALE FINANCING DOCUMENTS AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the Board of Directors (the "Board") of the Seal Beach Public Financing
Authority (the "Authority"), as follows:
WHEREAS, the City of Seal Beach (the "City"), working together with the Authority,
proposes to finance improvements to the City's municipal sewer system (the "Project"), as
more particularly described in the hereinafter defined Installment Sale Agreement, and it is in
the public interest and for the public benefit that the Authority authorize and direct execution
of the Installment Sale Agreement and certain other financing documents in connection
therewith:
WHEREAS, the documents below specified have been filed with the Authority, and the
members of the Authority, with the aid of its staff, have reviewed said documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The below-enumerated documents be and are hereby approved, and the Chair.
Treasurer or Executive Director is hereby authorized and directed to execute said documents,
with such changes, insertions and omissions as may be approved by such official, and the
Secretary of the Authority is hereby authorized and directed to attest to such official's
signature:
(a) an installment sale agreement, relating to the Project, between the Authority, as
seller, and the City, as purchaser (the "Installment Sale Agreement");
(b) a trust agreement, by and among the Authority, the City and BNY Western Trust
Company. as trustee (the "Trustee"), relating to the financing and the execution and delivery of
certificates of participation in installment payments to be made by the City under the
Installment Sale Agreement; and
(c) an assignment agreement, by and between the Authority and the Trustee, pursuant to
which the Authority will assign certain of its rights under the Installment Sale Agreement.
including its right to receive installment payments thereunder, to the Trustee.
Section 2. The Chair, Treasurer, Executive Director, Secretary and other officials of the
Authority are hereby authorized and directed to execute such other agreements, documents and
certificates as may be necessary to effect the purposes of this resolution and the installment sale
financing herein authorized.
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19040.01
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Seal Beach
ty Public Financing Authority on the 22 (iay of May, 2000, by the following vote.
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AYES: Boardmembe.7 , � A ! 1�, �,,� ,
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NOES: Boardmembers -
ABSENT: Boardmembers
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ATTEST:
Joanne M. Yeo, Secretar
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I,Joanne M. Yeo, Secretary of the Seal Beach Public Financing Authority, do hereby certify that
the foregoing resolution is the original copy of Resolution NumberOO_.3 on file in the office of
the Secretary, passed, approved, and adopted, y the Seal Beach Public(iancing Authority, at
a regular meeting thereof held on the ..:67;71._,,t day of r�
2000. t '
SecreK ry
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