HomeMy WebLinkAbout5654_CCv0001.pdf RESOLUTION NO. 5654
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS APPROVING FORM AND SUBSTANCE OF
INSTALLMENT SALE AGREEMENT, AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF;
APPROVING THE FORM OF PRELIMINARY OFFICIAL
STATEMENT; APPROVING THE FORM OF CONTINUING
DISCLOSURE AGREEMENT; AND AUTHORIZING
RELATED ACTIONS AND EXECUTION OF RELATED
DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, the City of Redlands (the "City") has requested assistance from the
Redlands Financing Authority (the "Authority") in the refinancing of certain additions,
betterments, extensions and improvements to the City's water system (the "Prior Project"); and
WHEREAS, the Authority intends to issue its Water Revenue Refunding Bonds, Series
1999A (the "Series 1999A Bonds") pursuant to a Trust Agreement, dated as of June 1, 1999 (the
"Trust Agreement"), by and between the Authority and U.S. Bank Trust National Association
(the "Trustee"), to provide funds for the refinancing of the Prior Project, to fund a reserve fund
and to pay costs of issuance; and
WHEREAS, the City finds and determines that the Authority's issuance and sale of the
Series 1999A Bonds will result in significant public benefits, including demonstrable savings in
effective interest rate, bond preparation, bond underwriting discount, original issue discount or
bond issuance costs and more efficient delivery of local agency services to residential and
commercial development; and
WHEREAS, in furtherance of implementing the proposed financing, there has been filed
with the City Clerk for consideration and approval by this City Council the following documents
(collectively, the "Financing Documents"):
(a) a 1999 Water Installment Sale Agreement, under the terms of which the City will
refinance the Prior Project;
(b) a Preliminary Official Statement, describing the Series 1999A Bonds and the
refinancing of the Prior Project; and
(c) a Continuing Disclosure Agreement, for the purpose of making undertakings to
provide certain annual financial information and notice of material events as required by
Securities Exchange Commission Rule 15c2-12;
WHEREAS, being fully advised in the matter of the proposed refinancing of the Prior
Project, this City Council wishes to approve the form and substance of the Financing Documents
and to authorize execution thereof on behalf of the City;
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NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands, as
follows:
Section 1. The foregoing recitals are true and correct, and this City Council so finds
and determines.
Section 2. The form and substance of the 1999 Water Installment Sale Agreement is
hereby approved. The Mayor, the City Manager or the Finance Director (each an "Authorized
Officer") are each hereby authorized, acting singly, to execute the 1999 'Vater Installment Sale
Agreement, and to approve modifications and changes to the 1999 Water Installment Sale
Agreement not inconsistent with its essential terms, such approval to be conclusively established
by execution thereof.
Section 3. The form and substance of the Preliminary Official Statement is hereby
approved. Each Authorized Officer, acting singly, is hereby authorized to approve modifications
and changes to the Preliminary Official Statement not inconsistent with its essential terms.
Section 4. The form and substance of the Continuing Disclosure Agreement is hereby
approved. Each Authorized Officer, acting singly, is hereby authorized to execute the
Continuing Disclosure Agreement, and to approve modifications and changes to the Continuing
Disclosure Agreement not inconsistent with its essential terms, such approval to be conclusively
established by execution thereof
Section 5. The officers and employees of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all agreements,
documents and certificates which they may deem necessary or advisable in order to consummate
the refinancing of the Prior Project, including, but not limited to, obtaining municipal bond
insurance, and otherwise to carry out, give effect to and comply with the terms and intent of this
resolution, including the amendment of any document relating to the Prior Project necessary or
desirable to further the purposes of this resolution and the documents mentioned herein. Such
actions heretofore taken by such officers are hereby ratified, confirmed and approved.
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Section 6. This resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this June 1, 1999.
Mayo
(SEAL)
ATTEST:
J��J
City Jerk of
the City of Redlands
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CLERK'S CERTIFICATE
1, Lorrie Poyzer, City Clerk of the City of Redlands, do hereby certify as follows:
The foregoing resolution 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 held at the regular meeting
place thereof on June 1, 1999, of which meeting all of the members of said City Council had due
notice and at which a majority thereof were present; and that at said meeting said resolution was
adopted by the following vote:
AYES: Councilrnernbers Banda, Gilbreath, George, Freedman;
Mayor Cunningham
NOES: None
ABSENT: None
ABSTAINED: None
I have carefully compared the foregoing with the original minutes of said meeting on file
and of record in my 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: June 1 1999.
City C rk of the 0 kgf Redlands
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