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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 REGULAR MEETING Page 1 of 3 December 5, 1995 951121 C1380-00001 rdh 16723201 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 REGULAR MEETING Page 2 of 3 December 5, 1995 951121 C1380-00001 rdh 16723201 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