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HomeMy WebLinkAboutResolution No. 77654532H • RESOLUTION NO. 7765 • JHHW:ACH:ea 06/22/85 :cmw 08/01/85 A RESOLUTION APPROVING AND DIRECTING THE EXECUTION OF A LEASE -PURCHASE AGREEMENT BETWEEN THE CITY OF AZUSA AND E M LEASING CORPORATION RELATING TO THE CITY'S MUNICIPAL FACILITIES PROJECT, APPROVING AND DIRECTING THE EXECUTION OF A TRUST AGREEMENT PROVIDING FOR THE EXECUTION AND DELIVERY OF CERTIFICATES OF PARTICIPATION IN THE LEASE PAYMENTS TO BE PAID BY THE CITY PURSUANT TO THE LEASE -PURCHASE AGREEMENT, APPROVING AND DIRECTING THE EXECUTION OF A PURCHASE AGREEMENT FOR THE SALE OF SUCH CERTIFICATES, SUBJECT TO CERTAIN TERMS AND CONDITIONS, AND A FINAL OFFICIAL STATEMENT RELATING TO SUCH CERTIFICATES AND APPROVING AND DIRECTING THE EXECUTION OF A REIMBURSEMENT AGREEMENT BETWEEN THE CITY OF AZUSA AND THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA PROVIDING FOR THE PAYMENT BY THE AGENCY OF CERTAIN TAX REVENUES TO THE CITY IN REIMBURSEMENT OF SUCH LEASE PAYMENTS AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO CITY OF AZUSA RESOLVED, by the City Council of the City of Azusa, as follows: WHEREAS, E M Leasing Corporation (the "Leasing Company") as lessor, and the City of Azusa (the "City"), as lessee, propose to enter into a Lease -Purchase Agreement pursuant to which the City will lease a senior citizen's center and certain improvements to Azusa City Hall (herein referred to as the "Municipal Facilities Project") which the Leasing Company will cause to be constructed with the proceeds of certain Certificates of Participation to be repaid with the City's rental payments under the Lease -Purchase Agreement; WHEREAS, the Certificates of Participation will be in the principal amount of $3,700,000 and will be executed and delivered pursuant to a Trust Agreement to be entered into among the Leasing Company, the City and the Trustee under such Trust Agreement; WHEREAS, the Redevelopment Agency of the City of Azusa (the "Agency") proposes to enter into a Reimbursement Agreement with the City providing for payment by the Agency of certain Tax Increment Revenues (as that term is defined in the Reimbursement Agreement) to offset rental payments to be made by the City under the Lease -Purchase Agreement; WHEREAS, the Lease -Purchase Agreement, the Trust Agreement and the Reimbursement Agreement are before the City for approval, in form to be amended and supplemented, not in substance, but solely to conform to details relating to the implementation of the financing of the Municipal Facilities Project and the Certificates; WHEREAS, the Certificates may now be sold and delivered and, in this regard, Miller & Schroeder Municipals, Inc. has presented to the City a Purchase Agreement providing for the purchase of $3,700,000 principal amount of Certificates of Participation (Municipal Facilities Project) on the terms and conditions in the Purchase Agreement set forth; WHEREAS, Miller & Schroeder Municipals, Inc. has also prepared and presented to the City for its review and approval a form of final Official Statement containing, among other things, information relating to the Certificates and to the City; and WHEREAS, the forms of the Lease -Purchase Agreement, the Trust Agreement and the Reimbursement Agreement and the forms of the Purchase Agreement and the final Official Statement have been reviewed by the City with the aid of its staff and the public interest will be served by the approval and execution of the foregoing described Agreements and Official Statement; NOW, THEREFORE, IT IS HEREBY ORDERED, as follows: 1. The Lease -Purchase Agreement, the Trust Agreement and the Reimbursement Agreement are hereby approved and the Mayor shall execute each of such Agreements on behalf of the City and the City Clerk shall attest his signature thereto and shall affix thereto the corporate seal of the City; provided however, that the Mayor shall not execute the Agreements unless and until the Agency shall execute the Reimbursement Agreement. 2. The Purchase Agreement for purchase of the $ 3,700,000 principal amount of Certificates of Participation (Municipal Facilities Project) is hereby approved and the Mayor shall execute each of such Agreements on behalf of the City and the City Clerk shall attest his signature thereto and shall affix thereto the corporate seal of the City, provided, however, that the net effective interest rate on the Certificates of Participation shall not exceed /Q % and the discount of the principal amount f Certificates of Participation payable to the underwriter shall not exceed %. 3. The final Official Statement to be dated July 8, 1985, substantially in the form submitted to the City, is hereby approved for distribution by Miller & Schroeder Municipals, Inc. to purchasers of the Certificates, or with such changes as may be approved by the Mayor and the Mayor shall be authorized and directed to execute a certificate regarding such final Official Statement. 4. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the Certificates are hereby -2- approved, confirmed and ratified, and the Mayor, City Clerk, City Manager and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, and the execution and delivery of any and all certificates, requisitions, agreements, including confirmation of all documents to conform to the requirements of the Purchase Contract, and to the description of the Certificates set forth in the Official Statement and including execution of any applicable agreement for investment of the proceeds of the Certificates, and other documents, including, but not limited to, those described in the Purchase Agreement and the Lease -Purchase Agreement, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Certificates in accordance with the Purchase Agreement, the final Official Statement, the Lease -Purchase Agreement, the Trust Agreement, this Resolution, and all related documents. This Resolution shall take effect from and after its adoption. PASSED AND ADOPTED on August 5, 1985, by the following vote: AYES: COUNCILMEMBERS: COOK, CAMARENA,__M0SES NOES: COUNCILMEMBERS: CRUZ ABSENT: COUNCILMEMBERS: LATTA ( S E A L) Attest: X/ City Clerk -3- N