HomeMy WebLinkAboutResolution No. 93-C095RESOLUTION NO. 93-C95
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
RATIFYING ACTION TAKEN IN FURTHERANCE OF THE ACQUISITION OF
SHARES OF AZUSA VALLEY WATER COMPANY AND THE ISSUANCE AND SALE
OF NOT TO EXCEED $30,000,000 PRINCIPAL AMOUNT OF REVENUE BONDS
RELATING TO SUCH ACQUISITION
WHEREAS, the City of Azusa (the "City") and the Redevelopment
Agency of the City have entered into a Joint Exercise of Powers
Agreement dated January 2, 1990, establishing the Azusa Public
Financing Authority (the "Authority");
WHEREAS the City and the Authority have taken steps to enable
the City to acquire (the "Acquisition") the right to operate the
water system of Azusa Valley Water Company, a business corporation
("AVWC");
WHEREAS, to further the Acquisition, the Authority has caused
the formation of Azusa Public Improvement Corporation, a nonprofit
public benefit corporation ("Newco I"), which in turn has caused
the formation of Azusa Public Financing Corporation, a business
corporation ("Newco II");
WHEREAS, to effectuate the Acquisition, Newco I, the
Authority, the City and AVWC, have entered into the Agreement Re
Tender Offer dated as of April 15, 1993, pursuant to which Newco I
has made a tender offer for all of the shares of common stock of
AVWC;
WHEREAS, for the purpose of providing funds for the
Acquisition, the Authority has taken steps to issue its Azusa
Public Financing Authority Revenue Bonds, Series A (City of Azusa
Water System Acquisition Project), in an aggregate principal amount
not to exceed $30,000,000 (the "Bonds"), pursuant to the Indenture
of Trust dated as of June 1, 1993 by and between First Interstate
Bank of California, as Trustee, and the Authority;
WHEREAS, to date officers, directors and agents of the City,
the Authority, Newco I and Newco II have each taken steps in
furtherance of the Acquisition and the issuance and sale of the
Bonds;
NOW, THEREFORE, the City Council of the City of Azusa,
California, does hereby resolve, determine and order:
Section 1. Ratification of Past Actions. All lawful
actions taken to date by any officer, director or agent of the
City, the Authority, Newco I or Newco II, on behalf of the City,
the Authority, Newco I or Newco II, including but not limited to,
the execution and delivery of documents, in the furtherance of the
Acquisition and the issuance and sale of the Bonds, are hereby
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ratified and approved.
Section 2. Official Actions. The Mayor, the City
Administrator and any and all other proper officers and agents 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, including execution of documents, which they, or
any of them, may deem necessary or advisable in order to lawfully
further the Acquisition and the issuance and sale of the Bonds.
Section 3. Effective Date. This Resolution shall take
effect from and after the date of its passage and adoption.
PASSED AND ADOPTED at a regular meeting of the City Council of
the City of Azusa, held this 19th day of July, 1993, on the
following vote:
0, AM I I m- RE
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I HEREBY CERTIFY the foregoing Resolution was duly adopted by
the City Council of the City of Azusa, at a regular meeting thereof
held on the 19th day of July, 1993.
AYES: COUNCILMEMBERS: MADRID, NARANJO, ALEXANDER, MOSES
NOES: COUNCILMEMBERS NONE
ABSENT: COUNCILMEMBERS: DANGLEIS
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