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HomeMy WebLinkAboutResolution No. 87840 0 RESOLUTION NO. 8784 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA, CALIFORNIA APPROVING THE ISSUANCE, SALE AND DELIVERY OF THE LOCAL AGENCY REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $13,000,000, OF THE AZUSA PUBLIC FINANCING AUTHORITY (A JOINT POWERS AGENCY); FOR THE PURPOSE OF PROVIDING LOANS TO REFINANCE CERTAIN INDEBTEDNESS PREVIOUSLY AUTHORIZED BY THE CITY OF AZUSA AND TO PAY THE COSTS OF CERTAIN CAPITAL IMPROVEMENT PROJECTS FOR THE BENEFIT OF THE CITY, AUTHORIZING AND APPROVING CERTAIN DOCUMENTS IN CONNECTION THEREWITH; AUTHORIZING THE BORROWING OF FUNDS BY THE CITY FROM THE AUTHORITY AND AUTHORIZING CERTAIN OTHER ACTIONS RELATED THERETO. WHEREAS, the Azusa Public Financing Authority (A Joint Powers Agency) (the "Authority") was established pursuant to a Joint Exercise of Powers Agreement dated as of January 2 _, 199° between the City of Azusa, California (the "City") and the Azusa Redevelopment Agency pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the Government Code of the State of California (the "Act") in accordance with the provisions of the Marks -Roos Local Bond Pooling Act of 1985, being Article 4 of the Act (commencing with Section 6584) (the "Bond Law"), for the purpose of providing funds to purchase Local Obligations within the meaning of the Bond Law, to pay the costs of acquiring, constructing, repairing, improving and equipping public capital improvements to benefit local agency members of the Authority and to make secured or unsecured loans to Authority members for said purposes and in addition, to refinance their indebtedness incurred in connection with public capital improvements undertaken and completed; and WHEREAS, the City hereby finds and determines that it is of significant public benefit and within the powers conferred upon the City by the Constitution and Statutes of the State of California and the Bond Law to borrow funds from the Authority (i) for the purpose of refinancing the indebtedness represented by the 1985 Municipal Facilities Project, (ii) for the purpose of acquiring, constructing, repairing, extending and improving the City's water system in accordance with the 1990 Water System Project, and (iii) for the purpose of acquiring, constructing, repairing, extending and improving the City's sewerage system in accordance with the 1990 Sewerage System Project; and WHEREAS, the City hereby finds and determines that the issuance, sale and delivery by the Authority of its 1990 Local Agency Revenue Bonds, Series A in the aggregate principal amount of not to exceed $13,000,000 (the "Bonds") for the purposes stated by the Authority is of significant public benefit in accordance with Section 6586 of the California Government Code and should be approved by the City; and WHEREAS, all acts, conditions and things required by the Constitution and laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of the transactions authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such transactions for the purpose, in the manner and upon the terms herein provided. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF AZUSA, CALIFORNIA, AS FOLLOWS: SECTION 1. Declaration of City Council. The City Council hereby specifically finds and declares that the statements, findings and determinations of the City set forth in the WHEREAS clauses hereinabove and in the documents approved herein are true and correct. SECTION 2. _Approval of Issuance, Sale and Delivery of Bonds. The issuance, sale and delivery of the Bonds in the aggregate principal amount of not to exceed $13,000,000 by the Authority for the purposes as proposed by the Authority for the benefit of the City is hereby approved. SECTION 3. Authorization of the Borrowing of Funds. The City is hereby authorized and directed to borrow sufficient funds from the Authority for the purpose of refinancing the indebtedness represented by the City's 1985 Municipal Facilities Project, to acquire, construct, repair, extend and improve the City's water system, represented by the City's 1990 Water System Project and to acquire, construct, repair, extend and improve the City's sewerage system, represented by the City's 1990 Sewerage System Project and to pay the costs associated therewith. The Mayor, the City Administrator and any other duly authorized officer of the City are hereby authorized and directed, for and in the name and on behalf of the City to execute and deliver any and all documents necessary to evidence the borrowing of said funds, including but not limited to the Preliminary Official Statement, the Indenture, the City 1985 Municipal Facilities Loan Agreement, the City 1990 Water System Loan Agreement, the City 1990 Sewerage System Loan Agreement, the Lease -Purchase Agreement, the Escrow Deposit Agreement, the Purchase Contract and the Official Statement, the authenticity and accuracy of said documents and the approval by the City thereof to be conclusively evidenced by their execution and delivery, all subject to Bond Counsel approval. SECTION 4. Attestation. The City Clerk is hereby authorized and directed to attest the signature of the authorized signatory, as may be required or appropriate in connection with the execution and delivery of the documents and agreements approved by this Resolution. SECTION 5. Further Actions. City officers are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate, carry out, give effect to and comply with the terms and intent of this Resolution. Any such actions heretofore taken by such officers are hereby ratified, confirmed and approved. SECTION 6. Effective Date. This Resolution shall take effect upon its adoption. SECTION 7. The City Clerk shall certify the adoption of this Resolution. PASSED, APPROVED AND ADOPTED this zndday of January , 1990. ATTEST: CITY OF AZUSA, CALIFORNIA i I HEREBY CERTIFY that the foregoing Resolution was Council of the City of Azusa at a regular meeting thereof, 1989, by the following vote of the Council: -2- duly adopted by the City held on the 2ncklay of AYES: NOES: COUNCILMEMBERS AVILA., STEw.P-Tc i, NARANJO, IATPA., MOSES COUNCILMEMBERS NONE ABSENT: COUNCILMEMBERS NC -3- 0 0 CERTIFICATE 1, Adolph A. Solis City Clerk of the City of Azusa, California, hereby certify as follows: The following is a full, true and correct copy of the Resolution duly adopted at a regular meeting of the City Council duly, regularly and legally held at the regular meeting place thereof on January 2nd, 1990, at which meeting all of the members of the City Council had due notice and at which a quorum was present. I have carefully compared the same with the original minutes of said meeting on file and of record in the City Clerk's office and the foregoing is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes. The 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 as of this 2nd day of January, 1990. (SEAL) CITY OF AZUSA, CALIFORNIA -4-