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HomeMy Public PortalAbout1999.135 (08-26-99)LYNWOOD CITY COUNCIL RESOLUTION NO. 99.135 RESOLUTION OF -THE CITY COUNCIL OF, THE CITY OF LYNWOOD APPROVING THE ISSUANCE AND SALE BY THE LYNWOOD PUBLIC FINANCING AUTHORITY OF ITS -LEASE REVENUE BONDS SERIES 1999; AUTHORIZING . .THE EXECUTION 'AND DELIVERY OF "A LEASE AGREEMENT AND ' SITE LEASE IN CONNECTION THEREWITH; AND" ( AUTHORIZING CERTAIN OTHER RELATED MATTERS WHEREAS; the City of Lynwood (the _ "City ") is a municipal corporation organized and existing,under the laws of the State of California; WHEREAS, the 'City, presently .owns certain "unencumbered real property in the City commonly known as the Lynwood Community /Transit Center (the "Leased Property"); WHEREAS, the City desires to arrange for the financing of the design, construction, and equipping of a certain public capital" improvements within the City (collectively the "Project ") and for the refunding of its outstanding Lease Revenue Bonds (Civic Center Project),. Series 1996 (the "Prior Bonds"); WHEREAS, the Lynwood Public Financing Authority (the "Authority ") was created for the purpose, among others, of accomplishing the financing and refinancing of public capital improvements within the City such as the Project; WHEREAS, to finance the Project and refund the Prior Bonds, the City desires to lease. the Leased Property to the Authority and.shall.in return sublease the Leased Property from the Authority; " WHEREAS, the City wishes at this time to authorize and approve all proceedings related to - the . financing of the Project and the execution and delivery of all agreements and documents related thereto; and WHEREAS, all acts, conditions, and things required by the laws of the State of California, to exist, to have happened, and to have" been performed- precedent to and in connection with'the foregoing do or will 'exist, have happened or will happen, and have been ,or will be performed in regular and due time, form and manner as required by law NOW, . THEREFORE, ; THE COUNCIL OF THE CITY OF LYNWOOD DOES RESOLVE AS FOLLOWS: SECTION 1. Municipal Affairs and Findings ".The Council hereby specifically finds and. declares .that the actions approved and authorized hereby constitute and are with respect to municipal affairs of the City and that -the statements, findings and determinations of the Council set forth in the preambles above_ and in the Sections below are true, and correct. The Council hereby additionally finds that the financing of the public improvements through the use of the Authority will result. in demonstrable savings in effective interest rate, bond preparation, bond underwriting, and/or bond issuance costs. SECTION 2. Issuance of Bonds The issuance and sale of the Bonds in a principal amount not to.exceed $4,000,000, as provided in a resolution of the Authority adopted on even ` date herewith and in the Trust Indenture as. defined . in and approved pursuant to said resolution, l are hereby approved. SECTION 3. AR12r6val of Lease Agreement and Site Lease. The forms of (1) the Lease Agreement and (2) Site Lease (such documents collectively referred to as the "City Documents ") with respect to the subleasing and leasing of the Leased Property presented to this meeting and on file with the City Clerk are hereby approved. The City Manager, designee of the City Manager or the Director of Finance (the "Authorized Officers ") is each authorized and directed, for and in the name and on behalf of the City, to execute and deliver the City Documents in substantially said forms, with such changes' therein as such Authorized Officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the term of the Lease Agreement shall end not later than 30 years after the date of issuance of the Bonds. SECTION 4. Attestations The City Clerk is hereby authorized and directed to attest the signature of the Authorized Representatives and to affix and attest the seal of the City, as may be required or appropriate in.connection with the execution and delivery of the City Documents. SECTION 5. Official Statement The form of preliminary official statement (the "Preliminary Official Statement ") related to the Bonds presented to this meeting and on file with the City Clerk is approved. The delivery of the Preliminary Official Statement in substantially said form, with such changes thereto as the authorized officers of the Authority may require or approve, such approval to be conclusively evidenced by the Authority's delivery thereof, is hereby approved. • The Authorized Officers are each authorized (1) to certify that with respect to the City the Preliminary Official Statement (as finally delivered) is "deemed final" as of its date for purposes of Rule 15c2 -12 of the Securities and Exchange Commission and (2) to cause to be prepared and executed for and.on behalf of the Authority a final official statement. SECTION 6. Other Actions The Authorized Officers and such other proper officers and employees of the City are each 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 consummate the. sale, issuance and delivery of the Bonds and otherwise to carry out, give effect to and comply with the terms and intent of this'Resolution, the Bonds and the City Documents. SECTION 7. Effect This Resolution shall take effect immediately. /1090694/ 2 0