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HomeMy WebLinkAboutCC RES 94-076941-013 RESOLUTION NO. 94-76 ASSESSMENT DISTRICT NO. 94-1 (BIGHORN) RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT AUTHORIZING THE ISSUANCE OF THE LIMITED OBLIGATION IMPROVEMENT BONDS, ASSESSMENT DISTRICT NO. 94-1 (BIGHORN), 1994 SERIES A, APPROVING A FISCAL AGENT AGREEMENT, AN OFFICIAL STATEMENT AND A BOND PURCHASE AGREEMENT, AUTHORIZING THE CITY MANAGER AND DIRECTOR OF FINANCE TO SET THE FINAL TERMS FOR THE SALE OF THE BONDS, AUTHORIZING THE PAYMENT OF COSTS OF ISSUING THE BONDS, AND MAKING CERTAIN DETERMINATIONS RELATING THERETO WHEREAS, on April 14, 1994, the City Council (the "City Council") of the City of Palm Desert (the "City") adopted Resolution No. 94-42, a resolution of intention (the "Resolution of Intention," to order the acquisition and construction of certain public improvements (the "Public Improvements") within and for Assessment District No. 94-1 (Bighorn) (the "Assessment District"), pursuant to the provisions of Division 12 of the Streets and Highways Code of the State of California, the Municipal Improvement Act of 1913, and the Resolution of Intention was amended by Resolution No. 94-57 adopted by the City Council on May 25, 1994; and WHEREAS, the Resolution of Intention provides for the issuance of bonds in the manner provided by Division 10 of the Streets and Highways Code of the State of California, the Improve- ment Bond Act of 1915, to represent and be secured by unpaid assessments levied on parcels of property within the Assessment District; and WHEREAS, the City proposes to issue not to exceed $7,200,000 aggregate principal amount of the Limited Obligation Improvement Bonds, Assessment District No. 94-1 (Bighorn), 1994 Series A (the "Bonds"), the proceeds of which will be used to finance the costs of the Public Improvements; and WHEREAS, there has been presented to the City Council a form of Fiscal Agent Agreement providing for the issuance of the Bonds; and WHEREAS, there has also been presented to the City Council a form of preliminary official statement relating to the Bonds and a bond purchase agreement between the City and Prager, McCarthy & Sealy (the "Underwriter") pursuant to which the Underwriter has offered to purchase the Bonds from the City all on the terms and conditions set forth therein; and WHEREAS, the City is authorized to sell the Bonds on a negotiated basis pursuant to Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) of the Streets and Highways Code of the State of California; NOW, THEREFORE, the City Council of the City of Palm Desert, California, DOES HEREBY RESOLVE as follows: Section i. Approval of Issuance of Bonds. The issuance of not to exceed $7,200,000 aggregate principal amount of the Bonds in order to finance the Public Improvements is hereby authorized and approved. Section 2. Fiscal Aaent Agreement. The form of Fiscal Agent Agreement dated as of August 1, 1994 by and between the City and Bank of America National Trust and Savings Association, as fiscal agent (the "Fiscal Agent Agreement"), presented at the meeting at which this resolution is adopted is hereby approved and the Mayor of the City and the City Clerk are hereby authorized and directed, for and in the name of and on behalf of the City, to execute, acknowledge and deliver the Fiscal Agent Agreement in substantially the form presented at said meeting with such changes thereto as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. Appointment of Fiscal Agent. Bank of America National Trust and Savings Association is hereby appointed as Fiscal Agent (the "Fiscal Agent") pursuant to the Fiscal Agent Agreement, to take any and all action provided for therein to be taken by the Fiscal Agent. Section 4. Official Statement. The form of preliminary official statement relating to the Bonds and presented to this meeting is hereby approved. The preparation of a final official statement relating to the Bonds is hereby approved and the City Manager or the Director of Finance is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver a final official statement containing such changes from the preliminary official statement as may be approved by the officer executing the same and the distribution of such preliminary and final official statements in connection with the sale of the Bonds is hereby authorized. Either the City Manager or the Director of Finance is authorized to certify to the Underwriter that the preliminary official statement is in "final" form for purposes of Rule 15c2-12 of the Securities and Exchange Commission (Section 240.15c2-12 in Chapter II of Title 17 of the Code of Federal Regulations), and to execute an appropriate certificate stating the City's determination that the preliminary official statement has been deemed final within the meaning of such Rule. Section 5. Form of Bonds. The form of the Bonds as set forth in the Fiscal Agent Agreement is hereby approved. The City Treasurer and City Clerk are hereby authorized and directed to execute by manual or facsimile signature, in the name and on behalf of the City and under its seal, the Bonds in either temporary BJS219481 -2- and/or definitive form and to deliver the Bonds as provided in the Fiscal Agent Agreement to the Underwriter in accordance with the terms and provisions of the Fiscal Agent Agreement. ,Section 6. Bond Purchase Agreement. The form of Bond Purchase Agreement (the "Bond Purchase Agreement") as presented at the meeting at which this resolution is adopted to be entered into between the City and the Underwriter, and the sale of the Bonds pursuant thereto and upon the terms and conditions set forth therein is hereby approved and, subject to such approval and subject to the provisions of Section 7 hereof, the City Manager or the Director of Finance is hereby authorized and directed to evidence the City's acceptance of the offer made by the Bond Purchase Agreement by executing and delivering the Bond Purchase Agreement in said form with such changes therein as the officer executing the same may approve and such matters as are authorized by Section 7 hereof, such approval to be conclusively evidenced by the execution and delivery thereof. Section 7. City Manager or Director of Finance Authorized to Establish Final Terms of Sale of_ Bonds. The City Manager or the Director of Finance, based on such advice as he may deem necessary, is hereby authorized and directed to act on behalf of the City to establish and determine (i) the final principal amount of the Bonds, which amount shall not exceed $7,200,000; (ii) the final interest rates on various maturities of the Bonds, provided that the average of such rates shall not exceed _8.00 percent per annum; (iii) the Underwriter's discount for the purchase of the Bonds, which amount shall not exceed 2.00 percent of the aggregate principal amount of the Bonds (exclusive of any original issue discount); and (iv) original issue discount, which shall not exceed 2.00 percent of the aggregate principal amount of the Bonds. Section 8. Requisitions. The City Manager, or his designee, is hereby authorized and directed to execute one or more requisitions authorizing the Fiscal Agent to pay the costs of issuing the Bonds from the proceeds of the Bonds, all pursuant to the Fiscal Agent Agreement. Section 9. Filina of CpAC Notice. The City Council hereby approves the filing by bond counsel, Best, Best & Krieger, of a notice of the City's intent to sell the Bonds with the California Debt Advisory Commission pursuant to Section 8855 of the California Government Code. Section 10. Other Acts. The officers and staff of the City are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all docu- ments, which in consultation with staff, counsel to the City and bond counsel, they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds or other- wise effectuate the purposes of this resolution, and any and all BJS219481 -3- efts such actions previously taken by such officers or staff members are hereby ratified and confirmed. ,Section 11. Effective Date. This resolution shall take effect upon adoption. PASSED, APPROVED AND ADOPTED this 14th day of July, 1994 by the following vote: AYES: BENSON, CRITES NOES: SNYDER, WILSON ABSENT: NONE ABSTAINED: NONE KELLY Sheila R. i igan, ,C y Clerk City of Palm Desert6 alifornia ay W4, n,-" Mayor ty of Palm Desert, z!/:///// alifornia BJS219481 -4-