HomeMy Public PortalAbout95-118 CITY OF CARSON
CITY COUNCIL
RESOLUTION NO. 95-118
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARSON AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$2,500,000 AGGREGATE PRINCIPAL AMOUNT OF CITY OF
CARSON, ASSESSMENT DISTRICT NO. 85-1 (WILMINGTON
AVENUE), LIMITED OBLIGATION REFUNDING IMPROVEMENT
BONDS, SERIES 1995 AND THE EXECUTION AND DELIVERY
OF AN INDENTURE, A CONTINUING DISCLOSURE
AGREEMENT, A PURCHASE CONTRACT AND AN OFFICIAL
STATEMENT AND APPROVING A PRELIMINARY OFFICIAL
STATEMENT IN CONNECTION THEREWITH
RECITALS:
A. On December 5, 1995, the City Council of the City of Carson (the "City
Council') adopted its Resolution No. 95-116 (the "Resolution of Intention") declaring its
intention to levy reassessments, and to issue refunding bonds upon the security
thereof, within Assessment District No. 85-1 (Wilmington Avenue) (the "Assessment
District") under and pursuant to the Refunding Act of 1984 for 1915 Improvement Act
Bonds, Division 11.5 of the Streets and Highways Code, commencing with Section
9500 (the "1984 Refunding Act").
B. As set forth in Resolution No. 95-117, adopted by the City Council on
December 5, 1995, the City Council has duly considered the written report prepared by
Albert A. Webb Associates, prepared in connection with the proposed refunding and
reassessment pursuant to Section 9523 of the 1984 Refunding Act (the 'Report"), has
made the findings required by Section 9525 of the 1984 Refunding Act, and has
approved, confirmed and adopted the Report and the reassessment and reassessment
diagram presented therewith.
C. The City Council is now authorized under the 1984 Refunding Act to
authorize, issue and sell refunding bonds (the 'Refunding Bonds").
The City Council of the City of Carson hereby finds and resolves:
Section 1. The above recitals are all true and correct.
Section 2. The issuance of not to exceed $2,500,000 principal amount of City
of Carson, Assessment District No. 85-1 (Wilmington Avenue), Limited Obligation
Refunding Improvement Bonds, Series 1995, is hereby approved. The form of
Indenture, dated as of December 6, 1995, by and between the City and the Fiscal
Agent appointed in Section 3 hereof, presented to this meeting and on file in the office
of the City Clerk of the City of Carson, is hereby approved and the Mayor is hereby
authorized and directed to execute and deliver the Indenture in substantially the form
on file with the City Clerk and presented to this meeting, with such changes as may be
CARSON CITY COUNCIL RESOLUTION NO. 95-118
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approved by the Mayor in consultation with bond counsel (such approval to be
conclusively evidenced by such execution and delivery).
Section 3. First Trust of California, National Association, is hereby appointed
as Fiscal Agent under the Indenture.
Section 4. The form of Purchase Contract relating to the Refunding Bonds
by and between the City of Carson and Prager, McCarthy & Sealy (the "Underwriter"),
on file with the City Clerk and presented to this meeting, is hereby approved. The
Mayor is hereby authorized and directed, for and in the name and on behalf of the City,
to accept the offer of the Underwriter to purchase the Refunding Bonds as reflected in
the Purchase Contract and to execute and deliver the Purchase Contract in
substantially the form on file with the City Clerk and presented to this meeting, with
such additions thereto or changes or insertions that hereafter become necessary in the
interest of the City and which are approved by the Mayor in consultation with Bond
Counsel (with such approval to be conclusively evidenced by such execution and
delivery; provided, however, that such additions, changes or insertions in the Purchase
Contract shall not specify a principal amount greater than $2,500,000, an average
interest rate in excess of 7.5 percent (7.5%) per annum, an underwriter's discount in
excess of two percent (2.0%) or a final maturity later than September 2, 2007.
Section 5. The form of preliminary official statement relating to the Refunding
Bonds, on file with the City Clerk and presented to this meeting, is hereby approved.
The execution by the Mayor of a certificate deeming said preliminary official statement
final as of its date, except for certain final pricing and related information, pursuant to
Securities and Exchange Commission Rule 15c2-12, is hereby authorized. The
Underwriter is hereby authorized to distribute said preliminary official statement as so
deemed final to prospective purchasers of the Refunding Bonds. The Mayor is hereby
authorized and directed, for and in the name and on behalf of the City, to execute a
final official statement in substantially the form of such deemed final preliminary official
statement, including such final pricing and related information and with such additions
thereto or changes therein as may be approved by the Mayor in consultation with Bond
Counsel, such approval to be conclusively evidenced by the execution and delivery of
such official statement. The Underwriter is hereby authorized to distribute copies of
said final official statement to all actual purchasers of the Refunding Bonds.
Section 6. As presented to this meeting and on file in the office of the City
Clerk, the form of the Continuing Disclosure Agreement relating to the Refunding
Bonds, by and between the City and the Fiscal Agent, is hereby approved and the
Mayor is hereby authorized and directed, for and in the name and on behalf of the City
to execute such Continuing Disclosure Agreement and deliver it to the Fiscal Agent
substantially in the form hereby approved, with such changes therein as the Mayor may
approve in consultation with Bond Counsel (such approval to be conclusively evidenced
by such execution and delivery).
Section 7. The officers of the City are hereby authorized and directed, jointly
and severally, to do any and all things and to execute and deliver any and all
documents which they may deem necessary or advisable in order to effectuate the
purposes of this Resolution, the Indenture, the Official Statement, the Purchase
CARSON CITY COUNCIL RESOLUTION NO. 95-118
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Contract and the Continuing Disclosure Agreement, and any such actions previously
taken by such officers are hereby ratified and confirmed.
Section 8. The total aggregate principal amount of the Refunding Bonds is
the total amount of all "tax-exempt bonds" and all "qualified tax-exempt obligations"
(within the meaning of such terms under Sections 148(f)(4)(D) and 265(b)(3),
respectively, of the Internal Revenue Code) reasonably expected or anticipated to be
issued by the City and all other subordinate entities of the City during this calendar
year. The City is a governmental unit with general taxing powers. No Bond is a
"private activity bond" within the meaning of that term under Section 141 of the Code.
Ninety-five percent or more of the net proceeds of the Refunding Bonds are to be used
for local governmental activities of the City. Neither the City nor any other subordinate
entities of the City have issued any such qualified tax-exempt obligations during this
calendar year and it is reasonably expected and anticipated that none will be issued,
other than the Refunding Bonds. Thus, the total aggregate principal amount of such
tax-exempt bonds and qualified tax-exempt obligations issued or reasonably expected
and anticipated to be issued during this calendar year by the City and any other
subordinate entities of the City does not exceed either$5,000,000 or$10,000,000. The
Bonds are hereby designated as "qualified tax-exempt obligations."
Section 9. This Resolution shall take effect immediately upon adoption.
PASSED, APPROVED and ADOPTED this 5th day of December, 1995.
ATTEST:
LA I Y CLERK r MA OR
APPRO/VED� AS TO FORM:
ASSISTANT CITY ATTORNEY
CARSON CITY COUNCIL RESOLUTION NO. 95-118
REGULAR MEETING Page 3 of 3 December 5, 1995
951121 C1380-00001 rdh 16723201
Resolution No. 95-118/Page 4 of 4
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF CARSON )
I, Helen S. Kawagoe, City Clerk of the City of Carson, California, do hereby certify that the whole
number of members of the City Council is five; that the foregoing resolution, being Resolution No. 95-118
was duly and regularly adopted by said Council at a regular meeting duly and regularly held on the 5th day of
December, 1995, and that the same was passed and adopted by the following vote:
AYES: COUNCIL MEMBERS: Mitoma, Olaes, and Fajardo
NOES: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Calas and O'Neal
4
City Clerk, City of Carson, Cali Drum