HomeMy WebLinkAboutResolution No. 4752 RESOLUTION NO. 4752
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING PREPARATION AND DISTRIBUTION OF PRELIMINARY OFFICIAL
STATEMENT AND APPOINTING SPECIAL LEGAL COUNSEL AND UNDERWRITER
IN CONNECTION WITH REFINANCING OF CITY OBLIGATIONS UNDER 1984 FACILITY LEASE
WHEREAS, the City has heretofore financed the acquisition,
construction, improvement and equipping of certain civic center improvements
and land, including City administrative offices, library facilities and public
parking facilities (the "Project "), pursuant to that certain Facility Lease
dated as of February 1, 1984, (the "Facility Lease ") by and between the City
as lessee and the City of Downey Civic Center Corporation, a nonprofit
corporation organzied and existing under the laws of the State of California
(the "Corporation "), as lessor; and
WHEREAS, the City has determined that it will realize substantial
interest cost savings by refinancing a portion of the obligations of the City
under the Facility Lease, and to that end the City proposes at this time to
enter into an amendment of the Facility Lease between the City and the
Corporation with respect to such refinancing, and has duly introduced an
ordinance approving the form and execution of such an amendment; and
WHEREAS, the City proposes entering into a Trust Agreement among the
City, the Corporation and First Interstate Bank of California as trustee (the
"Trustee ") relating to such refinancing, under which the Trustee agrees to
execute and deliver Refunding Certificates of Participation in the aggregate
principal amount of not to exceed $20,000,000 (the "Certificates ")
representing the proportionate interests of the owners thereof in lease
payments to be made by the City under such amendment to the Facility Lease;
and
WHEREAS, in connection with such refinancing proceedings the City
wishes to engage the services of special legal counsel and underwriter; and
WHEREAS, subject to final approval of the documents relating to such
refinancing proceedings, the City Council wishes to authorize the underwriter
if and as it may deem necessary to prepare and distribute a preliminary
official statement describing the Certificates;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Downey as follows:
SECTION 1. Appointment of Special Legal Counsel and Underwriter.
The City Council hereby appoints the firm of Jones, Hall, Hill & White, A
Professional Law Corporation, to act as special legal counsel to the City, and
the firm of Goldman, Sachs & Co. to act as underwriter, in connection with
said refinancing proceedings.
SECTION 2. Authorization to Prepare and Distribute Preliminary
Official Statement. The City Council hereby authorizes Goldman, Sachs & Co.,
as underwriter in connection with said refinancing proceedings, to prepare and
distribute to prospective purchasers of the Certificates a Preliminary
Official Statement describing the Certificates. Sale of the Certificates to
said underwriter shall be subject to approval by the City Council of an
appropriate form of purchase agreement among the City, the corporation, the
trustee and said underwriter, and all other agreements to which the city is a
party relating to the sale of the Certificates.
SECTION 3. Effective Date. This Resolution shall take effect from
and after the date of its passage and adoption.
Resolution No. 4752
Page Two
SECTION 4. The City Clerk shall certify to the adoption of this
Resolution and provide for appropriate distribution thereof.
APPROVED AND ADOPTED this 13th day of May, 1986.
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Bob Davila, Mayor
ATTEST:
_,..
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by
the City Council of the City of Downey at a regular meeting hereof, held on
the 13th day of May, 1986 by the following vote, to wit:
AYES: 5 COUNCIL MEMBERS: Santangelo, Boggs, Cormack, Barb, Davila
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
ity Clerk