HomeMy Public PortalAbout92-130 (08-11-92)RES0LUT11N NO. 92 -130
1SOLUTION OF MINT (.F THE '01Tr COUNCIL OF THE
CITY OF LINWOOD, STATE OF CALIFORNIA
TO PROVIDE FOR THE ISSUANCE AND SALE OF
CITY OF LINWOOD
1992 REFUNDING CERTIFICATES OF PARTICIPATION
WHEREAS, pursuant to the Government Code of the State of 'California
(the "Code "), the City Council of the City of Lynwood (the "Council ") has
found and determined that it is necessary to issue City of Lynwood 1992
Refunding Certificates of Participation (the "Certificates ") for the City
of Lynwood, California (the "City ") to refund its $2,260,000 certificates
of participation executed and delivered as part of the $13,235,000
Certificates of Participation Evidencing Undivided Fractional Interests of
the Owners Thereof in Lease Payments to be Made by One or More of the
Cities of Hermosa Beach, Lynwood and Vernon (California) to the
Independent Cities Lease Finance Au:hc, ^ityt and
WHEREAS, the Council intends :o borrow, f ^s the purposes set forth
above, a sum to be determined by tte Council, as specified in a resolution
of the Council and the Contract of Purchase ;as hereinafter described,` by
the execution and delivery of the Certificates; and
NOW, THEREFORE, the Council hereby finds, determines, declares ar_d
resolves as follows:
SECTION 1. Recitals True and Correct All of the recitals herein set
forth are true and correct and the Council so finds and determines.
SECTION 3. Selection of Bond Counsel The Council does hereby
approve the selection of Brown f, Wood and Wilson & Becks as Co -Bond
Counsel to the Council in connection with the sale of the Certificates.
Brown & Wood and Wilson & Becks Shall be paid a fee contingent upon a
successful sale and delivery of the Certificates snd such fee and expenses
of Brown & Wood and Wilson & Backe related to the issuance of the
Certificates shall be payable f.7om the proceeds of the sale of the
Certificates.
SECTION 4. Selection
approve the selection of
advisor to the Council in
the Interim City Manager
and deliver a Financial
approved by the Council.
of Pinmhcial Advisor The Council does hereby
Clayton Brown & Associates, Inc. as financial
connection with the sale of the Certificates and
or the Treasurer is hereby authorized to execute
Advisor Agreement in such form as shall be
SECTION 5. Further Actions Authorized It is hereby covenanted that
the City, and its appropriate officals, have duly taken all proceedings
' necessary to be taken by them, and will take any additional proceedings
necessary to be taken, including the execution of any documents by them,
for carrying out the provisions of this Resolution.
SECTION 6. Erfective Date This Resolution shall be effective
immediately.
SECTION 2. Selection of
Underwriter
Grigsby Brandford & Co., Inc.
is hereby authorized to serve
as underwriter
to the Council for the sale
of the Certificates and the
Interim City
Manager or the Treasurer is
hereby authorized to execute
and deliver a
Contract of Purchase in such
form as shall be approved by the Council.
SECTION 3. Selection of Bond Counsel The Council does hereby
approve the selection of Brown f, Wood and Wilson & Becks as Co -Bond
Counsel to the Council in connection with the sale of the Certificates.
Brown & Wood and Wilson & Becks Shall be paid a fee contingent upon a
successful sale and delivery of the Certificates snd such fee and expenses
of Brown & Wood and Wilson & Backe related to the issuance of the
Certificates shall be payable f.7om the proceeds of the sale of the
Certificates.
SECTION 4. Selection
approve the selection of
advisor to the Council in
the Interim City Manager
and deliver a Financial
approved by the Council.
of Pinmhcial Advisor The Council does hereby
Clayton Brown & Associates, Inc. as financial
connection with the sale of the Certificates and
or the Treasurer is hereby authorized to execute
Advisor Agreement in such form as shall be
SECTION 5. Further Actions Authorized It is hereby covenanted that
the City, and its appropriate officals, have duly taken all proceedings
' necessary to be taken by them, and will take any additional proceedings
necessary to be taken, including the execution of any documents by them,
for carrying out the provisions of this Resolution.
SECTION 6. Erfective Date This Resolution shall be effective
immediately.
THIS RESOLUTION WAS ADOPTED 11th, A'g—"# 1992 BY THE FOLLOWING VOTE:
Ally. RICHARDS, WELLS, HEINE
ABSMU. BYRD
NOS4: REA
ASWAN. NONE
Attest:
��� mil, 9d�
City Clerk
o-
"'firerim City Manager ofl ie
City of Lynwood
I certify that the foregoing is a full, true and correct copy of a
Resolution passed by the City of Lynaood California on 1992.
O>> 1 k 4 - .
Ciry Clerk