HomeMy Public PortalAbout95-4 LPFALYNWOOD PUBLIC FINANCING AUTHORITY
LOS AFdGEli,ES COUNTY, CALIFORNIA
RESOLUTION NO. 95-4
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCING
AUTHORITY AUTHORIZING AND APPROVING THE
ISSUANCE AND SALE OF REVENUE BONDS (WATER
SYSTEM IMPROVEMENT PROJECT) SERIES 1995,
AUTHORIZING THE EXECUTION AND DELIVERY OF AN
OFFICIAL STATEMENT, A PURCHASE CONTRACT, AN'
INST.ALL.'vIENT PURCHASE AGREEMENT, AND A TRUST
INDENTURE, AND AUTHORIZING OTHER ACTIONS IN
f`.(?*7h,FrT~nwt ~rcr~n~sa~r
WHEREAS, the City of Lynwood, California, a municipal corporation duly organized and
existing under and by virtue of the laws of the State of California (the "City") desires to
undertake the improvement, betterment, renovation and expansion of certain facilities within its
water distribution system (the "1995 Project Improvements"); and
WHEREAS, the Lynwood Public Financing Authority (the "Authority") was duly
established as a joint exercise of powers authority pursuant to Section 6500 et seq. of the
Government Code of the State of California and pursuant to the Joint Exercise of Powers
Agreement, dated as of Mazch 16 ,1993. by and between the City of Lynwood and the Lynwood
Redevelopment Agency; and
WHEREAS, the Joint Exercise of Powers Agreement provides that the Authority may
exercise any of the powers set forth in Article 4, Chapter 5, Division 7 of Title 1 of the
Govemment Code of the State of California, including the power to issue revenue bonds
thereunder; and '
WHEREAS, the City has requested that the Authority sell Bonds (described below) to
provide funds to (i) acquire and construct the 1995 Project Improvements (tbr "1995 Pm;ect"l;
(ii) esiablis:; a reasonably required reserve fitnd; a:,d (iii) pay the costs of issuance associated with
the Bonds; and
WHEREAS, the Authority desires to assist the City in financing the acquisition and
construction of the 1995 Project Improvements for the City; and
WHEREAS, the Authority and the City have determined that it would be in the best
interests of the City, the Authority and citizens of the community to authorize the prepazation,
sale and delivery of Revenue Bonds (Water Systetii Improvement Project) Series 1995 (the
"Bonds") in an aggregate principal amount not to exceed $4,500,000; and
WHEREAS, the City and the Authority desire to enter into that certain Installment
Purchase Agreement, dated as of September 1, 1995, by and between the City and the Authority
(the "Installment Purchase Agreement"), the form of which has been presented to the governing
r Board of the Authority (the "Boazd") at this meeting, pursuant to which the City will agree to
purchase the 1995 Project Improvements (as described in the Installment Purchase Agreement)
from the Authority and to pay certain Installment Payments (as defined in the Installment
Purchase Agreement) which will be pledged to the owners of the Bends by the Authority
pn*suant to a Tntst Indenture„ t;a*ed as of September 1, 1995 (the "Tnut Indenture"), by and
a::;~i~g tae ?.-w.-t;;c ."~SaITieO tiiet~::n (u,e -° i'ilisiee"), Uie City 2e31d "u_~: ii:i:~:~iii~j, ai,e foriit of wiiicil
has been presented to this Boazd at this meetittg; and
WHEREAS, all acts, conditions and things required by the laws of the State to exist, to
have happened and to have been performed precedent to and in connection with the
consummation of the financing authorized hereby do exist, have happened and have been
performed in regu?az and due time, form and manner as required by law, and the Authority is
now duly authorized and empowered, pursuant to each and every requirement of law, to
consumtnate such financing for the purpose, in the manner and upon the terms herein provided;
NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED, AS FOLLOWS:
SECTION 1. Findines. The above recitals are true and correct.
SECTION 2. Authorization of Bonds. The Boazd hereby authorizes the issuance and sale
of Revenue Bonds (Water System Improvement Project) Series 1995 (the "Bonds") in an amount
not to exceed $4,500,000 in accordance with the terms of the Trust Indenture. The Bond
proceeds will be used to finance the 1995 Project. The Bonds may be issued in one or more
series and the President or such other officer as may be designated by the President is hereby
authorized and directed to determine the final terms of the Bonds, including the prepazation,
execution and delivery of additional financing documents relating to the issuance of the Bonds,
including credit enhancement if necessary or desirable.
SECTION 3. Preliminary Official Statement. The form of Preliminary Official Statement
relating to the Bonds presented to this Boazd at this meeting is hereby approved (the "Preliminary
Official Statement"). The Preliminary Official Statement in substantially said form with such
changes as the President may require or approve, such approval to be conclusively evidenced by
the execution and delivery thereof, is hereinafter referred to as the "Official Statement." The
President or such other officer as may be designated by the President is hereby authorized and
directed, for and in the name and on behalf of the Authority, to execute, approve and deliver to
the Underwriter the Official Statement and to certify that the Official Statement is, as of its date,
"deemed final" by the Authority for purposes of Rule 15c2-12 of the Securities and Exchange
Commission. The Underwriter is hereby authorized to distribute copies of the Official Statement
to persons who may be interested in the purchase of the Bonds and is directed to deliver copies
of any final Official Statement to all actual purchasers of the Bonds.
SECTION 4. Purchase Contract. The form of Purchase Contract, by and among the
Authority, the City and Grigsby Brandford & Co., Inc., as Underwriter, presented to this
governing Boazd at this meeting, is hereby approved. The President or such other officer as may
be designated by the President is hereby authorized and directed, for and in the name and on
behalf of the Authority, to execute and deliver to the Underwriter the Purchase Contract in
substantially said form, with such changes therein as such officer may require or approve, such
approval to be conclusively evidenced by the execution and delivery thereof; provided that the
Underwriter's discount (exclusive of original issue discount) shall not exceed 1.5% of the
principal amount of the Bonds.
SECTION :i. Installment Purchase Agreement. The form of the Installment Purchase
Agreement, by and between the City acid the Authority, presented to this governing Board at this
meeting is hereby approved. The President or such other officer as may be designated by the
President is hereby authorized and directed, for and in the name and on behalf of the Authority,
to execute and deliver to the City the Installment Purchase Agreement in substantially said form,
with such changes therein as such officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
SECTION 6. Trust Indenture. The form of;Trust Indenture, by and among the Trustee,
the City and the Authority, presented to this Boazd at this meeting, is hereby approved. The
President or such other officer as may be designated by the President is hereby authorized and
directed, for and in the name and on behalf of the Authority, to execute and deliver to the Trustee
said Trust Indenture in substantially said form, with such changes therein as such officer may
require or approve, such approval to be conclusively evidenced by the execution and delivery
4 thereof.
SECTION 7. Additional Action. The President, Vice-President, Treasurer/Auditor and
Secretary of the Authority aze 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 necess~*.y or
u. htiivia. iii Gi(itf :~ .._l..~~s!ata': ule eXCCitn0I1, sate and delivery of the Bonds In o.e or more
series, to finance the 1995 Project, to purchase credit enhancement, including letters of credit or
municipal bond insurance if so determined, and otherwise to effectuate the purposes of this
resolution, and such actions previously taken by such officers aze hereby ratified and approved.
The Treasurer/Auditor, upon consultation with General Counsel, Bond Counsel and the
Underwriter, is hereby authorized and directed to complete and finalize the terms of the Trust
Indenture with respect to maturity schedule, interest rates, discounts, prepayment provisions, bond
insurance (if applicable), together with such other matters concerning the Bonds as he may
determine aze in the best interest of the City, the Authority and the 1995 Project, and are not
inconsistent with this resolution.
SECTION 8. Attestations. The Secretary is hereby authorized and directed to attest the
signature of the President or such other officers, as may be required or appropriate in connection
with the execution and delivery of the Purchase Contract, the Trust Indenture, the Installment
Purchase Agreement and related documents.
SECTION 9. Other Actions. Tlie oiicers of ute Authority aze hereby authorized and
directed, jointly and severally, to do any and all thifxgs azeEj to execute and deliver any and all
documents which they may deem necessary or advisable in order to consummate the offer and
sale of the Bonds executed in one or more series and otherwise to carry out, give effect to and
comply with zhe terms and intent of this Resolution and the Bonds. Such actions heretofore taken
by such officers are hereby ratified, confirmed and approved.
r . • s t
The foregoing Resolution No. ~~~ was passed and adopted by the governing Board
of the Lynwood Public Financing Authority at the meetitag thereof held on Rkte 19th day of
September, 1995, by the following vote:
AYES: MEMBER HEINE, HENNING, REA, RICHARDS, BYRD
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
President
A t?est:
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Secretary
Approved as to Form:
1~~u1.....:. ~. i2..d~
General Counsel
80030100005UOOSO.Z
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Finance Authority, do hereby certify that the above and
foregoing resolution was duly adopted by the said Agency at a
regular meeting therefor held in the City Hall of the City of
Lynwood on the 19th day of September, 1995, and passed by the
following vote:
AYES: MEMBER HEINE, HENNING, REA, RICHARD, BYRD
NOES: NONE
ABSENT: NONE 1
ill
r¢t~ry
Lynwood Finance Authority
STATE OF CALIFORNIA )
SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Finance Authority, do hereby certify that the above and
foregoing is a full, true and correct copy of Resolution
No. LFA 95-4 on file in my office and that said resolution
was adopted on the date and by the vote therein stated.
DATED this 19th day of September, 1995.
Secretary
Lynwood Finance Authority