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HomeMy WebLinkAboutResolution No. 5689 RESOLUTION NO. 5689 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOW N EY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,000,000 AGGREGATE PRINCIPAL AMOUNT OF LOS ANGELES COUNTY -DOW N EY REGIONAL PUBLIC RECREATION AREA AUTHORITY 1993 LEASE REVENUE BONDS, APPROVING THE FORMS OF A NOTICE INVITING BIDS, A NOTICE OF INTENTION TO SELL AND AN INDENTURE AND THE PREPARATION OF AN OFFICIAL STATEIM ENT AND O TH ER MATTERS RELATED THERETO WHERAS, the City of Downey (the "City ") is authorized under the provisions of the City Charter and other provisions of the laws of the State of California to acquire and dispose of real and personal property as the City Council of the City may deem necessary or advisable; WHEREAS, the Los Angeles County - Downey Regional Public Recreation Area Authority (the "Authority ") has leased to the City certain real property located in the City, and the buildings and facilities located thereon, constituting the Rio Hondo Country Club (the "Facility ") pursuant to the Downey Recreation Facilities Lease, dated as of June 1, 1970; WHEREAS, the City desires to reconstruct and rehabilitate the portion of the Facility constituting the golf course by acquiring, constructing and installing certain improvements thereon (the "Project ") ; WHEREAS, in order to provide the funds necessary to pay the costs of the Project, the Authority has determined to issue its 1993 Lease Revenue Bonds (the "Bonds") pursuant to and secured by an Indenture of Trust (the "Indenture") between the Authority and Bank of America National Trust and Savings Association; WHEREAS, in order to provide a source of revenues to enable the Authority to pay the principal of and interest and premium (if any) on the Bonds when due, the City will sublease the Facility to the Authority pursuant to a Sublease (the "Sublease ") , and the Authority will sublease the Facility to the City pursuant to a Facility Lease (the "Facility Lease ") , and the City will pay semiannual lease payments in consideration thereof, all in the manner and terms provided in the Facility Lease; WHEREAS, there has heretofore been introduced an Ordinance of the City approving and authorizing and directing the execution and delivery of the Sublease and the Facility Lease; and WHEREAS, there have been prepared and submitted to this meeting forms of: (1) the Indenture; (2) the Notice Inviting Bids to be used in connection with the solicitation of bids for the Bonds (such Notice Inviting Bids in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Notice Inviting Bids ") ; (3) the Notice of Intention to Sell relating to the Public sale of the Bonds (such Notice of Intention to Sell in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Notice of Intention to Sell ") ; and (4) the Preliminary Official Statement to be used in connection with the offering and sale of the Bonds (such Preliminary Official Statement in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Preliminary Official Statement "); and WHEREAS, the City desires to authorize the performance of such acts as may be necessary or desirable to effect the offering, sale and issuance of the Bonds; NOW, THEREFORE, BE I T RESOLVED by the City Council of the City of Downey as follows: Section 1. Subject to the provisions of Section 2 hereof, the issuance of the Bonds, in the aggregate principal amount of not to exceed $5,000,000, on the terms and conditions set forth in, and subject to the limitations specified in, the Indenture, is hereby authorized and approved. The Bonds shall be dated, shall mature on the date, shall be issued in the form, and shall be as otherwise provided in the Indenture, as the same shall be completed as provided in this Resolution. The Bonds shall bear interest at the rate established by offering the Bonds at public sale pursuant to the Notice Inviting Bids. Section 2. The Indenture, in substantially the form submitted to this meeting and made a part herof as though set forth in full herein, be and the same is hereby approved, with such changes, insertions and omissions as the Mayor, or such member of the City Council as the Mayor may designate, the City -- Manager, the Director of Finance of the City or the Assistant City Manager (collectively, the "Authorized Officers") may require or approve; provided, however, that such changes, insertions and omissions shall be consistent with the terms of the Bonds established by offering the Bonds at public sale pursuant to the Notice Inviting Bids. Section 3. The Notice Inviting Bids, in substantially the form submitted to this meeting and made a part hereof as though set forth in full her in , be and the same is hereby approved . The Authorized Officers are hereby authorized and directed, for and in the name of the City, to furnish or cause to be furnished to prospective bidders for the Bonds the Notice Inviting Bids in the form presented to this meeting, with such changes, insertions and omissions as may be required or approved by an Authorized Officer. Section 4. The terms and conditions of the offering and sale of the Bonds shall be as specified in the Notice Inviting Bids. Sealed bids for the purchase of the Bonds shall be received at the time and place set forth in the Notice Inviting Bids. The Authorized Officers, and each of them, is hereby authorized and directed, for and in the name of the City, to accept the lowest bid for the Bonds, or to reject all bids therefor, in accordance with the terms of the Notice Inviting Bids. Section 5. The Notice of Intention to Sell, in the form submitted to this meeting and made a part hereof as though set forth herein, be and the same is hereby approved. The Assistant City Manager is hereby authorized and directed, for and in the name of the City, to cause the Notice of Intention to Sell, in the form presented to this meeting, to be published once in The Bond Buyer (or in such other financial publication generally circulated throughout the State of California or reasonably expected to be disseminated among prospective bidders for the Bonds as the Assistant City Manager shall approve as being in the best interests of the City) at least 15 days prior to the date set for the opening of bids in the Notice Inviting Bids, with such changes, insertions and omissions as the Assistant City Manager may require or approve, such requirement or approval to be conclusively evidenced by such publishing of the Notice of Intention to Sell. Section 6. The Preliminary Official Statement, in substantially the form presented to this meeting and made a part hereof as though set forth in f u l l herein, with such changes therein as may be approved by an Authorized Officer, be and the same is hereby approved, and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. Section 7. The preparation and delivery of a final Official Statement (the "Official Statement"), and its use in connection with the offering and sale of the Bonds, be and the same is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be approved by an Authorized Officer. Section 8 The Authorized Officers are hereby authorized and directed to furnish, or cause to be furnished, to prospective bidders for the Bonds, a reasonable number of copies of the Preliminary Official Statement, and the Authorized Officers are also authorized and directed, after any proposal for the purchase of the Bonds has been accepted, to furnish or cause to be furnished to the purchaser in connection with the resale of the Bonds, as many copies of the Official Statement as said purchaser shall need, provided that no charge shall be imposed for the first 500 copies of the Official Statement. Section 9 The Authorized Officers and all other officers of the City are each authorized and directed in the name and on behalf of the City to make any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they or any of them might deem necessary or appropriate in order to consummate any of the transactions contemplated by this Resolution. Section 10. This Resolution shall take effect from and after the date of its passage and adoption. APPROVED AND ADOPTED THIS 22ND DAY OF JUNE, 1993. ATTEST: Diane P. Boggs , Ma J'd ith E. McDonnel , City Cler `-/ I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the g g y p y City Council of the City of Downey at a regular meeting thereof, held on the 22nd day of June, 1993 by the following vote, to wit: AYES: 5 COUNCIL MEMBERS: Riley, Brazelton, Lawrence, McCaughan, Boggs NOES: 0 COUNCIL MEMBERS: None ABSENT: 0 COUNCIL MEMBERS: None rrate,11: .L .ith E., McDo ne 1, City Clerk