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HomeMy Public PortalAbout1999.136 (08-26-99)LYNWOOD CITY COUNCIL RESOLUTION NO. 99.136 ' RESOLUTION OF THE- CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING THE ISSUANCE 'AND SALE BY THE •LYNWOOD PUBLIC FINANCING AUTHORITY OF ITS WATER REVENUE BONDS (WATER SYSTEM IMPROVEMENT PROJECT) SERIES 1999; AUTHORIZING THE EXECUTION AND DELIVERY OF A SUPPLEMENT NO.1 TO INSTALLMENT PURCHASE AGREEMENT 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 desires to arrange for the financing of the acquisition .and construction, and equipping of .improvements. to the City's system (the "System") for the treatment and distribution of water (collectively the "1999 Project Improvements"); WHEREAS, the Lynwood Public Financing Authority (the "Authority") was created for the purpose, among others, of accomplishing the financing of public capital improvements such as the 1999 Project Improvements; WHEREAS, the City wishes at this time to authorize and approve all proceedings related to the financing of the 1999 Project Improvements and the execution and delivery of all agreemerits 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; J 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 1999 Project 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 Authority's Water Revenue Bonds (Water System Improvement Project) Series 1999 (the "Bonds") in a principal amount not to exceed $6,000,000, pursuant to an Indenture dated as of September 1, 1999 (the "Indenture") between the Authority and U.S. Bank Trust National Association, as trustee of the Authority adopted on even date herewith and in the Trust Indenture as defined in and approved pursuant to said resolution, are hereby approved. SECTION 3. Approval of Installment Purchase Agreement. The form of Supplement f No. 1 to Installment Purchase Agreement dated as of September 1, 1995, such Supplement No. 1 J . ~ to Installment Purchase A Bement dated as of ~~ ~~ g?' September 1, 1999 (Supplement No. 1 ) presented to this meeting and on file with the City Clerk is 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 Supplement No. 1 in substantially said form, 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 Supplement No. 1 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 Supplement No. 1. 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. / 1080847/ 2 PASSED AND ADOPTED this 26`h day of August, 1999 by the following vote: AYES: COUNCILMEN BYRD, RICHARDS, SANCHEZ NOES: COUNCILMAN REYES ABSENT: COUNCILMAN REA . tii Gil "~" Mayor of the City of Lynam d City Clerk of the City of Lynwood r t - /1080847/ 3