HomeMy WebLinkAboutPFA Res 08-02 2009-01-12RESOLUTION NUMBER FA 08-02
A RESOLUTION OF THE SEAL BEACH PUBLIC FINANCING
AUTHORITY DESIGNATING THE LEASE REVENUE BONDS AS
QUALIFIED TAX-EXEMPT OBLIGATIONS AND AUTHORIZING
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, the City of Seal Beach (the "City") and the Redevelopment
Agency of the City of Seal Beach (the "Agency") have heretofore executed and
delivered a joint exercise of powers agreement, dated May 8, 2000 (the "Joint
Powers Agreement"), by and between the City and the Agency, which Joint
Powers Agreement created and established the Seal Beach Public Financing
Authority (the "Authority"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of
the Government Code of the State of California and the Joint Powers
Agreement, the Authority is authorized to issue bonds for financing costs of
certain public capital improvements; and
WHEREAS, the Authority desires to issue a new series of bonds (the
"Series 2009 Bonds") to finance the costs with respect to certain public capital
projects, including the construction of a fire station; and
WHEREAS, in connection with the issuance of the Series 2009 Bonds,
the Authority desire to designate the Series 2009 Bonds as "qualified tax-exempt
obligations"; and
NOW, THEREFORE, THE GOVERNING BOARD OF THE SEAL BEACH
PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE
AND ORDER AS FOLLOWS:
Section 1. Recitals. The above recitals, and each of them, are true and
correct.
Section 2. Qualified Tax-Exempt Obligations. The Series 2009 Bonds
are hereby designated by the Authority as "Qualified Tax-Exempt Obligations" for
purposes of Section 265(b)(3) of the Internal Revenues Code of 1986, as
amended. In that connection, the Authority represents and covenants that it,
together with all its subordinate entities or entities that issue obligations on its
behalf, or on behalf of which it issues obligations, during the current calendar
year, (i) has not issued and will not issue tax-exempt obligations designated as
Qualified Tax-Exempt Obligations in an aggregate amount, including the Series
2009 Bonds, exceeding $10,000,000, and (ii) has not issued, does not
reasonably anticipate issuing, and will not issue, tax-exempt obligations in an
aggregate amount exceeding $10,000,000 (including the Series 2009 Bonds, but
excluding (a) private activity bonds that are not qualified 501(c)(3) Bonds and
(b) current refunding issues to the extent that the amount of the current refunding
issue does not exceed the outstanding amount of the prior issue), unless the
Authority first obtains a written opinion of the bond counsel approving the Series
2009 Bonds that such designation or issuance, as applicable, will not adversely
affect the status of the Series 2009 Bonds as Qualified Tax-Exempt Obligations.
The Authority represents and covenants that, during any time or in any manner
as might affect the status of the Series 2009 Bonds as Qualified Tax-Exempt
Obligations, no entity has been or will be formed or availed of in order to avoid
the purposes of subparagraph (C) or (D) of Section 265(b)(3) of the Internal
Revenues Code of 1986, as amended. The Authority further represents that the
Series 2009 Bonds are not being issued as part of a direct or indirect composite
issue that combines issues or lots of tax-exempt obligations of different issuers.
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Resolution Number FA OS-02
Section 3. Other Acts. The officers of the Authority are hereby authorized
and directed, jointly and severally, to do any and all things and to execute and
deliver any and all instruments which they may deem necessary or proper in
order to effectuate the purposes of this Resolution, and the issuance, sale and
delivery of the Series 2009 Bonds and any such actions previously taken by such
officers are hereby ratified and confirmed.
Section 4. Effective Date. This resolution shall take effect from and after
its passage and adoption by the Authority.
PASSED, APPROVED AND ADOPTED by the Public Financing Authority of Seal
Beach, at a special joint meeting hereof held on the 12th day of January ,
2009 by the following vote:
AYES: COUNCILM
NOES: COUNCILM
ABSENT: COUNCILM
ABSTAIN: COUNCILMEMBERS YIYf/n/
Chairman
A EST:
it Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, City Clerk of Seal Beach, California, do hereby certify that the
foregoing resolution is the original copy of Resolution Number FA 08-02 on file
in the office of the City Clerk, passed, approved, and adopted by the Public
Financing Authority of the City of Seal Beach, at a special joint meeting thereof
held on the 12th day of January , 2009
ec etary/City Clerc
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