HomeMy WebLinkAboutResolution No. 94-P37�
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11024-06
(Sewer)
(Sewer)
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AZUSA PUBLIC FINANCING AUTHORITY
RESOLUTION NO. 94-P3
10/08/93
01/14/94
01128/94
02/02/94
02/07/94
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF
CERTAIN INSTALLMENT SALE FINANCING DOCUMENTS AND AUTHORIZING
AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the Azusa Public Financing Authority (the "Authority"):
WHEREAS, the City of Azusa (the "City"), working together with the Authority, has
heretofore entered into a City Sewer Loan Agreement, dated as of February 1, 1990 (the
"Prior Agreement");
WHEREAS, payments of principal of, premium (if any) and interest on the Prior
Agreement, together with payments under two additional City obligations, are applied
to the payment of the Authority's $11,545,000 aggregate principal amount of 1990 Local
Agency Revenue Bonds, Series A (the "Prior Bonds'), of which $2,895,000 is allocable to the
Prior Agreement;
WHEREAS, a portion of the proceeds of the Prior Bonds were used to finance the
construction of certain improvements to the City's municipal sewer system (the
"Project');
WHEREAS, the City, working together with the Authority, proposes to refinance
the Project, as more particularly described in the hereinafter defined Installment Sale
Agreement, and it is in the public interest and for the public benefit that the Authority
authorize and direct execution of the Installment Sale Agreement and certain other
financing documents in connection therewith;
WHEREAS, the documents below specified have been filed with the Authority,
and the members of the Authority, with the aid of its staff, have reviewed said
documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The below -enumerated documents be and are hereby approved, and the
Chairman, Vice Chairman, Treasurer or Executive Director is hereby authorized and
directed to execute said documents, with such changes, insertions and omissions as may
be approved by such official, and the Secretary of the Authority is hereby authorized and
directed to attest to such official's signature:
(a) an acquisition agreement, relating to the Project, by and between the City, as
seller, and the Authority, as purchaser;
(b) an installment sale agreement, relating to the Project, between the Authority,
as seller, and the City, as purchaser (the "Installment Sale Agreement');
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(c) a trust agreement, by and among the Authority, the City and Bank of America
National Trust and Savings Association, as trustee (the "Trustee"), relating to the
financing and the execution and delivery of certificates of participation in installment
payments to be made by the City under the Installment Sale Agreement;
(d) an assignment agreement, by and between the Authority and the Trustee,
pursuant to which the Authority will assign certain of its rights under the Installment
Sale Agreement, including its right to receive installment payments thereunder, to the
Trustee; and
(e) an escrow trust and deposit agreement, by and among the Authority, the City
and First Interstate Bank of California, as trustee for the Prior Bonds and as escrow bank,
pursuant to which provision will be made for the payment and prepayment of the Prior
Agreement and pursuant to which the Prior Bonds allocable to the Prior Agreement will
be defeased.
Section 2. The Chairman, Vice Chairman, Treasurer, Executive Director, Secretary
and other officials of the Authority are hereby authorized and directed to execute such
other agreements, documents and certificates as may be necessary to effect the purposes
of this resolution and the installment sale financing herein authorized.
Section 3. The Secretary shall certify the adoption of this resolution.
PASSED, APPROVED AND ADOPTED this 7th day of February, 1994.
HAIRMAN
I HEREBY CERTIFY that the foregoing Resolution No. 94-P3 was duly adopted by
the Azusa Public Financing Authority, at a regular meeting thereof, held on the 7th day
of February, 1994, by the following vote of the Authority:
AYES: AUTHORITY MEMBERS: DANGLEIS, MADRID, NARANJO, ALEXANDER,
MOSES
NOES: AUTHORITY MEMBERS: NONE
ABSENT: AUTHORITY MEMBERS: NONE
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