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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, 1 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 _~ 2 ~,` 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 W 5 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. 6 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 7 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.