HomeMy Public PortalAbout2010.065 (04-06-10)RESOLUTION NO. 2010.065
A RESOLUTION OF THE CITY COUNCIL OF LYNWOOD AUTHORIZING THE
COMMENCEMENT OF PROCEEDINGS IN CONNECTION WITH THE ISSUANCE OF
LEASE REVENUE BONDS TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENT TO
THE CIVIC CENTER COMPLEX AND REFUND THE AUTHORITY'S OUTSTANDING
'I999 LEASE REVENUE BONDS, APPOINTING A FINANCIAL ADVISOR, BOND
COUNSEL, DISCLOSURE COUNSEL, UNDERWRITERS AND A TRUSTEE IN
CONNECTION THEREWITH
WHEREAS, the Lynwood Public Financing Authority (the "Authority") anticipates
the issuance of its lease revenue bonds (the "Bonds") to finance and refinance certain
capital improvements for the City of Lynwood including the refunding, on a current
basis, of the Authority's outstanding Lynwood Public Financing Authority Lease
Revenue Bonds, Series 1999; and
WHEREAS, it is desirable to appoint a financial advisor, bond counsel,
disclosure counsel, underwriters and a trustee in connection with the issuance of the
Bonds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD,
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Council hereby authorizes issuance of the Bonds by the
Authority. Officers and officials of the City~ are authorized to proceed with the
preparation of the necessary documents in connection with the issuance of the Bonds,
subject to the final approval thereof by the Board of Directors of the Authority and by the
Council at subsequent meetings. ~
Section 2. Gardner, Underwood & Bacon LLC, Los Angeles, California, is hereby
designated as financial aduiso.r .to the Authority and the City in connection with the
issuance of the Bonds. The Mayor, the City Manager and the Assistant City
Manager/Administrative and Community Services, or the designee thereof, are each
hereby authorized and directed in the name and on behalf of the City to execute an
Agreement for Financial Advisory Services with such firm at a fee of $35,000.
Section 3. Quint & Thimmig LLP, San Francisco, California, is hereby
designated as bond counsef and as disclosure counsel to the Agency in connection with
the issuance of the Bonds. The Mayor, the City Manager and the Assistant City
Manager/Administrative and Community Services, or the designee thereof, are each
hereby au#horized and directed in the name and on behalf of the City to execute an
Agreement for Legal Services with such firm at a fee of $67,000.
Section 4. Wedbush Securities, Inc., Los Angeles, California, and Southwest
Securities, Inc., Irvine, California, are hereby designated as underwriters to the Authority
and the City in connection with the issuance of the Bonds at a fee not to exceed $5.90
per $1,000 of bonds issued.
Section 5. U.S. Bank Nationaf Association, Los Angeles, California, is hereby
designated as trustee in connection with the issuance of the Bonds at an annual fee of
$400.
Section 6. The Mayor, the City Manager, the Assistant City
Manager/Administrative and Community Services, #he City Clerk and other appropriate
officers and officials of the City are hereby authorized and directed #o take such action
and to execute such documents as may be necessary or desirable to effectuate the
intent of this resolution.
Section 7. This Resolution shall take effect from and after the date of its passage
and adoption.
Section 8. The City Clerk shall certify as to the adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 6t~ day of April, 2010.
GZ~~ -~s---
Maria T. Santiflan, Mayor
ATTEST:
r ~
Maria Quinonez, City Clerk
Roger L. Haley, ity Manager
APPROV D AS TO FORM:
,
Fred Galante, City Attorney
APPROVED AS TO CONTENT:
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~
Robert S. Torrez, Assistant City Manager-
Admin & Community Services
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
i, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the 6t" day of April, 2010.
AYES: COUNCIL MEMBERS FLORES,~ MORTON, RODRIGUEZ, CASTRO,
AND SANTILLAN
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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aria Quinonez, City Clerk
L
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2010.065 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 6th day of April, 2010.
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aria Quinonez, ity Clerk