HomeMy WebLinkAboutResolution No. 02-C142RESOLUTION NO. 02-C 142
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA AMENDING RESOLUTION NO. 02-C133 WHICH
AUTHORIZED THE ISSUANCE OF SPECIAL TAX BONDS FOR
CITY OF AZUSA COMMUNITY FACILITIES DISTRICT NO.
2002-1
WHEREAS, the City Council of the City of Azusa (the ("City") has
heretofore (i) undertaken proceedings, declared the necessity to issue bonds (the
"Bonds") on behalf of the City of Azusa Community Facilities District No. 2002-1
(Mountain Cove), County of Los Angeles, State of California (the "Community Facilities
District") pursuant to the terms and conditions of the Mello -Roos Community Facilities
Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the
Government Code of the State of California (the "Act") and (ii) authorized the issuance
of the Bonds pursuant to Resolution No. 02-C 133 adopted by the City Council on
November 18, 2002 (the "Authorizing Resolution"); and
WHEREAS, the Authorizing Resolution authorized the execution of a
Purchase Contract by the City and established certain parameters with respect to the
amount of the Underwriter's discount and the original issue discount; and
WHEREAS, E.J. de la Rosa, the Underwriter for the Bonds, has informed
the City that to price the Bonds in the most economic fashion, it is necessary to
amend the Resolution as it relates to the amount of discount associated with the
Bonds;
NOW, THEREFORE, the City Council of the City of Azusa resolves as
follows:
Section 1. Findings. The City Council finds that it is prudent to amend
the Authorizing Resolution to allow for a more economic pricing of the Bonds.
Section 2. Amendment to Authorizing_ Resolution. The Authorizing
Resolution is hereby amended by deleting Section 6 thereof and by replacing said
Section 6 as follows:
"Section 6. City Manager Authorized to Establish Final Terms of
the Sale of the Bonds. The City Manager or Assistant City Manager,
upon such advice of staff as they 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 $10,000,000 including Bonds which may be issued at
an original issue discount, (ii) the final amounts of the various maturities
and sinking fund payments of the Bonds the final maturity of such Bonds
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to be no later than September 1, 2032, (iii) the final interest rate on the
Bonds, which rate shall not exceed seven percent (7%) per annum for
any maturity of the Bonds, and (iv) the Underwriter's discount for the
purchase of the Bonds, which shall not exceed two percent (2.0%) of the
aggregate principal amount of the Bonds excluding any original issue
discount."
Section 3. Other Acts. All actions heretofore taken by officers and
agents of the City and the Community Facilities District with respect to the sale and
issuance of Bonds are hereby approved, confirmed and ratified, and the City Manager
or Assistant City Manager and the City Clerk and other appropriate officials of the City
and the Community Facilities District are hereby authorized and directed to take any
actions and execute and deliver any and all documents as are necessary to
accomplish the issuance, sale and delivery of the Bonds in accordance with the
provisions of this Resolution.
PASSED, APPROVED, AND ADOPTED this 16`" day of,December, 2002.
Mayor
ATTEST:
I, Vera Mendoza, City Clerk of the City of Azusa, do hereby certify that the
foregoing resolution was duly adopted at a regular meeting of the City Council on the
16`h day of December, 2002, by the following vote, to wit:
AYES: COUNCILMEMBERS: HARDISON, STNAFORD, CHAGNON, ROCHA, MADRID
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
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City of Azusa, California
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