HomeMy Public PortalAbout86-156 (12-02-86)~-..~ _ _
RESOLUTICN N0. 86-156
A RESOLUTION OF THE CITY COLTICIL OF THE CITY OF LYNWOGD
APPROVING THE PARTICIPATION OF THE CITY OF ALHAI~IBR~,
CALIFORNIA IN THE ICRb1A CAPITALIZED POOLED LIABILITY
SELF-INSURANCE PROGRAM P.ND AUTHORIZING THE E2rECUTION
AND DELIVERY OF A PURCHASE AGREEMENT AND AN OFFICIAL
STATEMENT AND CERTAIN OTHER ACTIONS iN CONPIECTIOD?
THEREWITH
`.WHEREAS, the City of Lynwood (the "City") is a
municipality duly organized and existing under the
Constitution and laws of the State of. California (the
"State"1;
WHEREAS, the Independent Cities Risk Management
Authority (the "Provider" ) is a joint exercise of powers
agency of which the City is a member;
WHEREAS, the Provider has previously determined to
assist the City and certain other cities which are members
of the Provider to obtain self-insurance for liability risks
(the "Coverage") through and on the terms set forth in the
Liability Risk Coverage Agreement (the "Agreement"), in
substantially the form previously approved by this Council,
by and among the Provider, and the Cities of Arcadia, Azusa,
Baldwin Park, Bell, Culver City, Downey, E1 Monte, Glendora,
Hawthorne, Hermosa Beach, Huntington Park, Indio, Inglewood,
Lynwood, Ma:inattan Beach, Monterey Park, Redondo Beach, San
Fernando, South Gate, Vernon, West Covina and 'r7l:ittier,
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California (each of the City and such Cities set forth in
this paragraph being referred to herein individually as a
"Providee" and collectively as the "Providees");
WHEREAS, this Council has previously authorized the
execution of the Agreement for the purpose of providing
Coverage for the City for the benefit of the City's
residents and taxpayers and for the health and safety of the
public;
WEiEREF.S, the City has previously authorized the sale
and delivery pursuant to the Trust Agreement (the "Trust
Agreement") in substantially the form previously authorized
by this Council, with an effective date of the date of
execution thereof, among the Provider, the Providees and
Seattle-First National Bank (the "Trustee"), of Certificates
of Participation (the "Certificates") evidencing undivided
and proportionate interests in Basic Premium to be paid by
the City and the other Providees under the Agreement in
order to fund reserves initially in an amount determined
sufficient to pay Settlements (as defined in the Agreement)
when due and to provide the Coverage described in the terms
set forth in the Agreement and in the Memorandum of
Liability Coverage attached thereto at Exhibit B (the
"Memorandum");
WHEREAS, the City of Alhambra, California ("Alhambra"),
which is a member of ICRMA, has amended the terms of its
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~,` approval to be conclusively evidenced by t're execution and
_~ delivery thereof; provided, however, that the aggregat=_
principal amount of the Certificates to be sold shall not
exceed $30,450,000, and that the principal amount of the
Certificates allocated to the City shall not exceed
S835,000; and provided further, that the interest rate with
respect to the Certificates shall not exceed 8.75% and the
underwriter's discount shall not exceed 3.0%.
SECTION 4. Preliminary Official Statement. The form
of Preliminary Official Statement ("Preliminary Official
Statement") relating to the Certificates presented to this
meeting and on file with the Clerk of the City Council, is
hereby approved. The Preliminary Official Statement in
substantially said form, with such changes as the
above-described officers may require or approve, which
approval shall be conclusively evidenced by the execution
and delivery thereof shall hereinafter be referred to as the
"Official Statement". The above-described officers or any
such officer's designee are hereby authorized and directed,
for and in the name and on behalf of the City, to execute
and deliver to the Underwriter said Official Statement. The
Underwriter is hereby authorized to distribute copies o£ the
Preliminary Official Statement and the Official Statement to
persons who may be interested in the purchase of the
Certificates and is directed to deliver copies of any final
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Official Statement to all actual p~~rchasers of the
Certificates.
SECTION 5. Attestation and Seal. The Clerk of the
City Council is hereby authorized and directed to attest the
signature of the authorized signatory, and to affix and
attest the seal of the City, as may be required or
appropriate in connection with the execution and delivery o£
said Purchase Agreement and Official Statement.
SECTION 6. Further Actions. Officers of the City
Council and the Mayor, City Manager and Finance Director and
any other officer or official of the City authorized by the
Mayor, 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 proceed with the execution and
delivery of the Purchase Agreement and the Official
Statement and the sale, execution and delivery of the
Certificates by the Trustee and otherwise to carry out, give
effect to and comply with the terms and intent of this
resolution, the Purchase Agreement and the Official
Statement. Such actions heretofore taken by such officers
are hereby ratified, confirmed and approved.
SECTION 7. Effective Date. This resolution shall take
effect immediately upon its passage.
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PASSED Ai~TD ADOPTED this 2nd day of December 1986 by
the following vote:
AYES; MEMBERS MORRIS, RICHARDS, HENNING, WELLS
NOES: NONE
ABSENT: MEMBER BYORK
Mayor
[SEAL]
Attest:
~~1ti-G0.- ~ ~H-y"~'.i`--~
Clerk
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CLER.R'S CERTIFICATE
T Andrea Hooper Clerk cf the City Council of the
City of Lynwood, hereby certify as follows:
The following is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the City
Council of said City duly and regularly and legally held at
the regular meeting place thereof or December 2 1985, of
which meeting all of the members of the City Council cf said
City had due notice and at which a quorum was present.
I have carefully compared the same with the original
minutes of said meeting on file and of record in the Clerk's
office and the foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered
in said minutes.
Said resolution has not been amended, modified or
rescinded since the date of its adoption, and the same is
now in full force and effect.
Dated: December 2 L986.
Clerk of the City Coun it
{Seal)
CIT°
Alhambra
Arcadia
Azusa
Baldwin Park
Bell
Culver City
Downey
E1 Monte
Glendora
Hawthorne
Hermosa Beach
Huntington Park
Indio
Inglewood
Lynwood
Manhattan Beach
Monterey Park
Redondo Beach
San Fernando
South Gate
Vernon
West Covina
Whittier
Note: Percentages may not
EXHIBIT A
ALLOCABLE
PROPORTION
6.64%
3.09%
3.72%
4.40%
3.10%
5.OSo
3.29%
6.81%
4.25%
7.374
3.55%
3.44%
2.96%
2.65%
2.753
3.41%
4.60%
7.57%
2.51%
5.10%
2.89%
7.12%
3.70%
add to 100% due to rounding.