HomeMy WebLinkAbout4079_CCv0001.pdf RESOLUTION NO. 4079
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF REDLANDS PROVIDING FOR
THE ISSUANCE AND SALE OF 1985-86 TAX
AND REVENUE ANTICIPATION NOTES IN AN
AMOUNT NOT TO EXCEED $1 , 650 ,000 AND
APPROVING A NOTE PURCHASE AGREEMENT AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, funds are needed by the City of Redlands ,
California ( the "City" ) for the purposes authorized by
Section 53852 of the Government Code of the State of Cali-
fornia ( the "Government Code" ) ; and
WHEREAS, the City may borrow for said purposes ,
such indebtedness to be represented by a note or notes
issued pursuant to Article 7 . 6 , Chapter 4, Part 1, Division
2, Title 5 of the Government Code, being Government Code
Sections 53850 through 53859 , inclusive, as amended and
supplemented ( the "Act" ) ; and
WHEREAS, such indebtedness in an aggregate prin-
cipal amount not to exceed $1 , 650, 000 is to be evidenced by
1985-86 Tax and Revenue Anticipation Notes ( the "Notes" )
authorized hereby; and
WHEREAS Merrill Lynch Capital Markets ( the "Under-
writers" ) have submitted an offer to purchase the Notes and
have submitted a for:: of Note Purchase Agreement to this
City Council; and
WHEREAS, the uncollected taxes, income, revenue '
cash receipts and other moneys to be received by during the
fiscal year 1985-1986 which will be available for the pay-
ment of the Notes and all other notes issued by the City
under the Act in such fiscal year and the interest thereon
are reasonably estimated to be in excess of $6 , 620 , 000 ;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Redlands as follows :
SECTION 802 . General Authorization. The Treasurer
and City Manager and the other officers of the City or
deputies thereof shall be, and each of them hereby is
authorized to execute any and all documents and do and per-
form any and all acts and things, from time to time, consis-
tent with this Resolution necessary or appropriate to carry
the same into effect and to carry out its purposes .
SECTION 803 . Effective Date. This Resolution
shall take effect immediately.
ADOPTED, SIGNED AND APPROVED THIS 2nd day of July,
1985.
Mayor of the City of Redlands
ATTEST:
City lerk ofe City of
Redly ds , Cao t ornia
I , Lorrie Poyzer , City Clerk , City of Redlands, hereby
certify that the foregoing resolution was duly adopted by
the City Council at a regular meeting thereof held on the
2nd day of July, 1985 , by the following vote :
AYES: Councilmembers Johnson, Larson, DeMirjyn;
Mayor Beswick
NOES: None
ABSENT: Councilmember Martinez
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