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HomeMy WebLinkAboutCC Res 5832 2009-01-12RESOLUTION NUMBER 5832 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH DESIGNATING THE SEAL BEACH PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS, SERIES 2009 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 City desires to designate the Series 2009 Bonds as "qualified tax-exempt obligations' ; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL ' BEACH 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 City 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 City 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 City 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 City , 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 City 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. Section 3. Other Acts. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver S729G-1123\1 IOi1G5vl doc Resolution Number 5832 any and all instruments which they may deem necessary or proper in order to effectuate the purposes of this Resolution and to assist the Authority with respect to the issuance and sale 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 City. PASSED, APPROVED AND ADOPTED by the City Council of Seal Beach, at a meeting hereof held on the 12th d/a1y of~,J, anuary , 2009 by the followin/g vote: ~,Q~~,, AYES: COUNCILMEMBERSI/n'I~~ I~ ,~ ~i~. ~c~"`v~7 NOES: COUNCILMEMBERS '~/~ ~ ~ ABSENT: COUNCILMEMBERS / / rl.~n1 ABSTAIN: COUNCILMEMBERS ~~~ ~~,~ ATTEST: Elt Jerk 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 5832 on file in the office of the City Clerk, passed, approved, and adopted by the City Council of the City of Seal Beach, at a regular meeting thereof held on the 12th day of January , 2009 ity Jerk S7296-1123~I 1054G5~•1 dnc