Loading...
HomeMy WebLinkAboutCC RESO 91-131RESOLUTION NO. 91-131 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY APPROVING PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND DIRECTING THE EXECUTION OF A LEASE AGREEMENT AND A PURCHASE AGREEMENT WHEREAS, the City Council of the City of National City (the "City") has heretofore introduced Ordinance No. 91-2014 , entitled "Ordinance of the City Council of the City of National City Approving the Public Leaseback of Certain Facilities with the National City Joint Powers Financing Authority" (the "Ordinance"); and WHEREAS, the National City Joint Powers Financing Authority (the "Authority") is scheduled to authorize the issuance of its Lease Revenue Bonds, Series 1991 (City of National City Police Facilities Project) in the aggregate principal amount of not to exceed $6,950,000 (the "Bonds") for the purpose of financing the acquisition and construction of certain police facilities (the "Project"), which improvements are to be leased by the Authority to the City pursuant to a Lease Agreement, dated as of October 1, 1991, by and between the Authority and the City (the "Lease Agreement"); and WHEREAS, the Bonds are to be issued pursuant to a Trust Indenture, dated as of October 1, 1991 (the "Inden- ture"), by and between the Authority and a trustee to be chosen by the Authority (the "Trustee"); and WHEREAS, the Bonds are to be secured by an assign- ment by the Authority to the Trustee of the Authority's rights to receive lease payments under the Lease Agreement, pursuant to the terms of the Indenture; and WHEREAS, the Authority is scheduled to acquire and construct the Project pursuant to that certain Turn Key Building Agreement, dated as of June 1, 1991, by and between Starboard Development Corporation, a California corporation (the "Turn Key Builder") and the Authority (the "Turn Key Building Agreement"); and WHEREAS, Stone & Youngberg (the "Underwriter") has, at the direction of the Authority and the City, prepared and presented to this City a Preliminary Official Statement describing the Bonds, the Project, the City and the Authority; Continued on Page Two Resolution No. 91-131 Page 2 of 3 NOW, THEREFORE, BE IT RESOLVED by the City Counsel of the City of National City as follows: Section 1. Approval of Lease Agreement. The City Council hereby approves the lease of the Project to the City pursuant to the Lease Agreement, in substantially the form on file with the City Clerk, together with any changes or additions therein or additions thereto deemed advisable by the City Attorney. Subject to the final adoption and effective date of the Ordinance, the Mayor is hereby authorized and directed to execute, and the City Clerk is authorized and directed to attest, and affix the seal of the City to, the Lease Agreement for and in the name of the City. Section 2. Sale of Bonds. The Bonds shall be sold to the Underwriter pursuant to the Contract of Purchase, dated as of the date of the sale of the Bonds, by and among the Underwriter, the Authority and the City (the "Purchase Agreement") and the Mayor is directed to execute the Purchase Agreement, in substantially the form on file with the City Clerk, so long as the principal amount of the Bonds will not exceed $6,950,000, so long as the average stated annual interest rate on the Bonds does not exceed 8%, and so long as the Underwriter's discount on the Bonds does not exceed 2-1/2% of the principal amount of the Bonds. Section 3. Approval of Preliminary Official Statement; Final Official Statement. The City hereby approves the preliminary Official Statement (the "Preliminary Official Statement") in substantially the form on file with the City Clerk. The City Manager is hereby authorized and directed to approve corrections and additions to the Preliminary Official Statement by supplement or amendment thereto, or otherwise as appropriate, provided that any such corrections or additions shall be necessary to cause the information contained therein to conform with facts material to the Bonds, or to the proceedings of the Authority or the City. The City Manager is authorized and directed to cause the Preliminary Official Statement to be brought into the form of a final official statement (the "Final Official Statement") and to execute a statement that the facts contained in the Official Statement, and any supplement or amendment thereto Continued on Page Three Resolution No. 91-131 Page 3 of 3 (which shall be deemed an original part thereof for the purpose of such statement) were, at the time of sale of the Bonds, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the Bonds, and does not, as of the date of delivery of the Bonds, contain any untrue statement of a material fact with respect to the City or omit to state material facts with respect to the City required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. The City Manager shall take such further actions prior to the signing of the Final Official Statement by the Mayor on behalf of the City as are deemed necessary or appropriate to verify the accuracy thereof. Section 4. Official Actions. The Mayor, City Manager, Finance Director and City Clerk of the City, and any other officers of the City, are hereby authorized and directed to take all actions and do all things necessary or desirable hereunder with respect to entering into the Lease Agreement, including but not limited to the execution and delivery of any and all agreements, certificates, instruments and other documents, which they, or any of them, may deem necessary or desirable and not inconsistent with the purpose of this resolution, and the City Council ratifies any actions hereto- fore taken by the City. PASSED and ADOPTED this 18th day of June, 1991. George H. [haters, Mayor ATTEST: tY1A l lL-120-pia4/), Lo i Anne Peoples City Clerk APPROVED AS TO FORM: Geor'ge H. iser, III City Attorney