HomeMy WebLinkAboutCC RESO 98-115RESOLUTION NO. 93-115
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING PREPARATION OF DOCUMENTS IN CONNECTION WITH
REFUNDING OF 1991 LEASE REVENUE BONDS, AUTHORIZING PREPARATION
AND DISTRIBUTION OF PRELIMINARY OFFICIAL STATEMENT IN
CONNECTION WITH SALE OF REFUNDING BONDS, AND AUTHORIZING AND
DIRECTING OFFICIAL ACTION.
WHEREAS, the National City Joint Powers Financing Authority (the "Authority")
issued its Lease Revenue Bonds, Series 1991 (City of National City Police Facilities Project) in
the aggregate principal amount of $6,950,000 (the "1991 Bonds") for the purpose of financing
the acquisition and construction of certain police facilities (the "Project"), which improvements
are being 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 "1991 Lease Agreement");
and
WHEREAS, interest savings will be realized if the 1991 Bonds are refunded with the
proceeds of refunding bonds (the "Refunding Bonds") to be issued by the Authority; and
WHEREAS, the Refunding Bonds are to be issued pursuant to a Trust Indenture,
dated as of October 1, 1998 (the "Indenture"), by and between the Authority, and a trustee to
be chosen by the Authority (the "Trustee"); and
WHEREAS, MBIA Muni Financial has, at the direction of the City, begun the
preparation of a Preliminary Official Statement describing the Refunding Bonds, the Project,
the City and the Authority;
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of National
City as follows:
Section 1. Approval of Preparation and Distribution of Preliminary Official
Statement; Final Official Statement. The City hereby approves the preparation and
distribution of a preliminary Official Statement (the "Preliminary Official Statement")
describing the Refunding Bonds, the Project, the City and the Authority. The City Manager
and Finance Director are hereby separately 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 Refunding Bonds,
or to the proceedings of the Authority or the City.
The City Manager and Finance Director are hereby separately 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 (which shall be deemed an
original part thereof for the purpose of such statement) were, at the time of sale of the
Refunding 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
Refunding 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 2. Appointment of Bond Counsel. Jones Hall, A Professional Law
Corporation, is hereby appointed as bond counsel for the financing of the Project and the
issuance of the Bonds. Bond counsel's compensation to be its customary fee for such services
(not to exceed $40,000) plus expenses.
Section 3. 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 the preparation of
distribution of the Preliminary Official Statement, including 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 purposes of this resolution, and
the City Council ratifies any actions heretofore taken by the City
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PASSED AND ADOPTED this 22"d day of September 1998.
CITY OF NATIONAL CITY
George 1
Waters, Mayor
Attest:
Mic ael R. Dalla/
City Clerk
Approved as to Form:
George H. Eiser, III, City Attorney
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