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Home My WebLink AboutResolution No. 4355 RESOLUTION NO. 4355 OF THE CITY OF DOWNEY APPROVING THE FINAL TERMS AND CONDITIONS OF THE CITY OF DOWNEY CIVIC CENTER PROJECT AND AUTHORIZING THE ISSUANCE OF THE 1984 REFUNDING CERTIFICATES OF PARTICIPATION (CITY OF DOWNEY CIVIC CENTER PROJECT) WHEREAS, the City of Downey has by Ordinance No. 738, adopted October 31, 1983 and effective November 30, 1983, authorized the City to participate in a lease financing in which certificates of participation evidencing undivided interests in rental payments made by the City will be executed and delivered; WHEREAS, the City of Downey has in said Ordinance approved the form of and authorized the execution of a Facility Lease, Site Lease, Agency Agreement, Trust Agreement and Assignment subject to certain conditions; WHEREAS, the City of Downey has by Resolution No. 4345 adopted on January 10, 1984 and effective as of that date, authorized the execution and delivery of a Preliminary Official Statement, a final Official Statement and any other documents necessary to consummate the sale, issuance and delivery of the Certificates of Participation subject to certain limitations specified within said Resolution; WHEREAS, the City of Downey has by said Resolution, determined that the conditions specified in Ordinance No. 738 relating to receipt of governmental approvals and a default judgment had been fulfilled; WHEREAS, Ordinance 738 specifies that the City of Downey City council must approve the final terms and conditions of the lease financing as a condition to the issuance of the Certificates of Participation; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Downey, as follows: 1. The schedule of rental payments, contained in the Facility Lease and attached hereto as Exhibit A and incorporated by reference as if fully set forth herein, is approved. RESOLUTION NO. 4355 2. The execution and delivery of $ 15,110,000 aggregate principal amount of 1984 Refunding Certificates of Participation (City of Downey Civic Center Project), payable in the years and in the amounts, with an interest component with respect thereto at the rates as will be reflected in the Official Statement and in Section'2.O3 of the Trust Agreement is approved, as set forth in Exhibit B hereto, which is incorporated by reference as if fully set forth herein. 3. The City Manager and the are hereby authorized and directed to consummate the issuance, sale and delivery of the 1984 Refunding Certificates of Participation (City of Downey Civic Center Project) in accordance with the final terms hereinbefore approved; provided, however, in the event of mathematical error in the principal amount, interest rates or rental payments of the Certificates, the Mayor and the City Manager are authorized to revise any and all documents to reflect the correct amounts. 4. The City of Downey hereby approves a rental payment schedule that reflects approximately level debt service throughout the lease term, a reduction in the length of the lease term and approves any and all revisions necessary to conform the Trust Agreement, the Facility Lease and any and all other documents to reflect such revisions. 5. This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED this 7th day of February, 1984, by the following vote: AYES: 4 Council Members: Jackman, Barb, Quinn, Cormack NOES: 0 Council Members: None ABSTAIN: 1 Council Members: Davila f / 7( Mayor, Ci ofo` Attest: re , ,_ : .1 7- ,,, -7 J ' Clerk, City of Downey RESOLUTION NO. 4355 SECRETARY'S CERTIFICATE I, ROBERT L. SHAND, Clerk of the City of Downey, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at an adjourned meeting of the City Council of said City duly and regularly held at the regular meeting place thereof on the 7th day of February, 1984, of which meeting all of the members of said City Council had due notice and at which a majority thereof was present; and that at said meeting said resolution was adopted by the following vote: AYES: 4 Council Members: Jackman, Barb, Quinn, Cormack NOES: 0 Council Members: None ABSTAIN: 1 Council Members: Davila I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that the foregoing resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. WITNESS my hand and the seal of the City of Downey this 14th day if February , 1984. ,,' / f '� , _ // //4, . Robert L. Shand City Clerk of Downey RESOLUTION NO. 4355 EXHIBIT A SCHEDULE OF RENTAL PAYMENTS �+ ' 23:53 M 02/06/84 Debt Service Schedule >elivery Date 03/06/84 TO ta1 Dept Date P r i n c i p a l Rate Interest Service (Z18/01/84 - 683, 336. ;Z-25( 683,236.27.i 02/01/85 195,000 6.000 683, 236.25 878, 236.2 5 08/01/85 - 677, 386.25 677, 386.25 02/01/86 215,000 6.500 677, 386.2 5 892, 386.25 08/01/86 - 670, 3 98.75 670, 398.75 02/01/87 225, 000 7. 000 670, 398. 75 895, 398. 75 08/01/87 - 662, 5`3.75 662, 5`3.75 02/01/88 240,000 7.250 662, 5`3.75 902, 523.75 08/01/98 - 653,8E3.75 653,9E3.75 02/01/89 260,000 7.500 653, 823.75 913, 823.75 08/01/89 - 644, 073.75 644, 073.75 02/01/90 280,000 7.750 644, 073.75 924, 073.75 08/01/90 - 633,223.75 633,223.75 02/01/91 300,000 8.000 633, 223.75 933, 223. 75 08/01/91 - 621, 223. 75 621, 223. 75 )2/01/92 325,000 8.250 621,2E.'3.75 946,2:23.75 )8/01/92 - 607, 817.50 607, 817.50 02/01/93 350,000 8.500 607, 817. 50 957, 817.50 08/01/93 - 592, 942. 50 592, 942.50 02/01/94 380, 000 8.750 592,942.50 972, 942.50 08/01/94 - 576, 317. 50 576, 317. 50 02/01/95 415,000 8.900 5:'6, 317. 50 991, 317. 50 08/01/95 - 557, 850. 00 557, 850. 00 02/01/96 450, 000 9.000 557, 850. 00 1, 007, 850. 00 08/01/96 - 537, 600.00 537, 600. 00 02/01/97 490,000 9.100 537,600.00 1, 027, 600. 00 08/01/97 - 51.5,305.00 515,305.00 02/01/98 540,000 9.150 515, 305. 00 1, 055, 305. 00 08/01/98 - 490, 600.00 490, 600. 00 02/01/99 585,000 9.250 490, 600. 00 1,075, 600. 00 08/01/99 - 463, 543.75 463, 543.75 02/01/00 635,000 9.250 4E3,543.75 1, 098, 543.75 08/01/00 - 434, 175. 00 434, 175.00 02/01/01 700,000 9.250 434, 175.00 1, 134, 175.00 08/01/01 - 401, 800.00 401, 800.00 II RESOLUTION NO. 4355 04:29:14 PM 02/06/84 02/01/02 7E5,000 9.250 401, 800.00 1,166,800.00 08/01/02 - 366, 418.75 366, 418.75 02/01/03 830,000 9.250 366, 418.75 1, 1'36, 418.75 ;Z18/01103 - 328,031.25 3`8, 031.25 Z'2/01 /04 915,000 9.250 328, 031.25 1,243,031.25 D8/01/04 - 285,712.50 285,712.50 02/01/05 995,000 9.500 285, 712.50 1, 280, 712.50 08/01/05 - 238, 450.00 238, 450.00 02/01/06 1. 090, 000 9.500 238, 450. 00 1, 328, 450.00 08/01/06 - 13E, 675.00 186, 675. 00 02/01/07 1,190,000 9.500 186, 675.00 1, 376, 675.00 08/01/07 - 130, 150.00 130, 150.00 02/01/08 1,305,000 9.500 130,150.00 1,435,150.00 08/01/08 - 68, 162.50 63,1E2.50 02/01/09 1,435,000 9.500 63,1E2.50 1,503,1E2.50 Total : 15,110,000 24,054,882.50 39, 1 64, 882.50 Accrued : 132, 851.49 132, 851.49 Net Cost : 23, 922, 031.01 39,032,031.01 (1) To be paid from the Lease Fund. ,I� RESOLUTION NO. 4355 EXHIBIT B 04 :29:44 PM 02/06/84 Debt Service Schedule elivery Date 03/06/84 Total Debt Date P r i n c i p a l Rate Interest Service 02/01/85 195,000 6.000 1,366,472 1,561,472 02/01/86 215,000 6. 5000 1,354,772 1,569,772 02/01/87 225,000 7.000 1,340,798 1,565,798 02/01/88 240,000 7. `50 1,325,048 1,565,048 02/01/89 260,000 7.500 1,307,647 1,567,647 02/01/90 280,000 7.750 1,288,147 1,5E8,147 02/01/91 300,000 8.000 1,266,447 1,5E6,447 02/01/92 325,000 8.250 1,242,447 1,5E7,447 02/01/93 350,000 8.500 1,215,635 1,5E5,635 02/01/94 380,000 8.750 1,185,885 1,565,885 02/01/95 415,000 8.900 1,152,635 1, 567, 635 02/01/96 450,000 9.000 1,115,700 1 , 565, 700 02/01/97 490,000 9.100 1,075,200 1, 565,200 02/01198 540,000 9.150 1,030,610 1,570,610 02/01/99 585,000 9.250 981,200 1,5E6,200 2/01/00 4 635,000 9.250 927,088 1,562,038 2/01 /01 700,000 9.250 868,350 1,5E8,350 02/01 /02 04 te,�..� 765,000 '3.250 803,600 1,568,600 02/01/03 830,000 9.250 732,838 1,562,838 02/01/04 915,000 9.250 656,063 1, 571, 06.E 02/01/05 995,000 9.500 571,425 1,566,425 02/01/06 6,0(5,000 1, 090, +00101 9.500 476,900 1,5E6,900 02/01/07 , 1, 190,000 9.500 373,350 1,563,350 02/01/08 ()ti 141,"`'" 1,305,000 9.500 260,300 1,565,300 02/01/09 1,435,000 9.500 1.36, 325 1,571,325 I T o t a l : 15,110,000 24, 054, 882 39, 164, 832 Accrued: 132,851 132,851 Net Cost : 23, 922, 031 39,032,031 •