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HomeMy WebLinkAbout1983 062 CC RESO1983 062 CC RESO(ÌìëCRESOLUTION NO. 83-62 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK SELLING $2,750,000 PRINCIPAL AMOUNT OF BALDWIN PARK 1983 TAX REVENUE ANTICIPATION NOTES, AUTHORIZING OFFICIAL ACTION AND AMENDING RESOLUTION NO. 83-52 WHEREAS, the City of Baldwin Park the City") by its Resolution 83-52 adopted June 29. 1983, the Resolution") duly authorized the issuance of $2,750,000 principal amount of its notes designated as City of Baldwin Park 1983 Tax and Revenue Anticipation Notes" the Notes"), and duty authorized the sale of the Notes at public sale, and WHEREAS, notice of the sate of the Notes has been duty given in the manner prescribed by law, and the following bids were and are the only bids received by the City: Net Interest Name of Bidder Cost to City Bank of America National Trust and Savings Association 6.917% First Interstate Bank of California 7.000% Smith Barney Harris Upham & Co. and 7.748% WHEREAS, the bid of Bank of America National Trust and Savings Asso- ciation is the best bid for the Notes, considering the interest rate specified and the premiums and discount bid; and WHEREAS, in connection with the sate of the Notes it is desirable to amend the Resolution in certain respects: NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Baldwin Park, as follows: SECTION 1. Said bid of Bank of America National Trust and Savings Association for $2,750,000 principal amount of the Notes is hereby accepted and the Director of Administrative Services is hereby authorized and directed to deliver the Notes to said purchaser thereof upon payment to said Director of Administrative Services of the purchase price, namely, said par value thereof. The Notes shall bear interest at the rate of 6.92% per annum, payable at the times set forth in the Resolution. SECTION 2. All bids except the bid of Bank of America National Trust and Savings Association are hereby rejected, and the Director of Administra- tive Services is hereby directed to return to the unsuccessful bidders their several checks accompanying their respective bids. SECTION 3. Jones Hall Hi11 & White, A Professional Law Corporation, as bond counsel to the City, is directed to cause suitable Notes to be prepared showing on their face that the same bear interest at the rate aforesaid, and to cause the blank spaces therein to be fitted in to comply with the provisions of the Resolution, and to procure their execution by the proper officers, and to cause the Notes to be delivered when so executed to the purchaser or purchasers thereof upon the receipt of the purchase price by the Director of Administrative Services. The Mayor, Director of Administrative Services and City Cterk, or any of them, are further authorized and directed to make, execute and deliver to the purchaser of the Notes a) a certificate in the form customarily required purchaser of bonds of public corporations generally, certifying to the BIB] 37677-U01 1983-U02 062-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10346-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04 1983 062 CC RESO(ÌìëCgenuineness and due execution of the Notes, b) a receipt in similar form evidencing the payment of the purchase price of the Notes, which receipt shall be conclusive evidence that said purchase price has been paid and has been received by the City, and c) a certificate attesting to the use of the proceeds of the Notes, the investment thereof, and any other matters relating to the tax exemption of the Notes pursuant to Section 103(c) of the Internal Revenue Code of 1954, as amended. Any purchaser or subse- quent taker or holder of the Notes is hereby authorized to rely upon and shall be justified in relying Lipon any such certificate or receipt with respect to the Notes. Such officers and any other officers of the City are hereby authorized to execute any and all other documents required to consummate the sale and delivery of the Notes. SECTION 4. In connection with the monthly transfers to repay the Notes pursuant to the Resolution, the City Council hereby authorizes and directs that, promptly following each disbursement from the General Fund of the City to make such monthly transfers, amounts then on deposit in special funds of the City available for such purpose shall be withdrawn therefrom and transferred to the General Fund to the extent required to reimburse each such transfer. SECTION 5. A final form of Official Statement describing the Notes having been submitted to the City Council by Miller & Schroeder Municipals, Inc. said form of Official Statement is hereby approved together with any changes thereto deemed advisable by the Director of Administrative Services, and the Mayor is hereby authorized and directed to execute said final Official Statement for and in the name and on behalf of the City. SECTION 6. The Resolution is hereby amended in its entirety to read as set forth in Exhibit A attached hereto and by this reference incorporated herein. PASSED AND ADOPTED this 20th day of July, 1983, by the following vote: AYES: COUNCILMEN: IZELL, KING, AGUILAR, McNEILL AND MAYOR WHITE NOES: COUNCILMEN: NONE ABSENT:601^011-^^ NONE ABSTAIN:601^11-^^ NONE LINDA L. WR, CITY CLERK STATE OF CALIFORNIA COUNTY OF LOS ANGELES ss. CITY OF BALDWIN PARK I, LINDA L. GAIR, City Clerk of the City of Baldwin Park, do hereby certify that the foregoing Resolution No. 83-62 was duty adopted by the City Council of the City of Baldwin Park and approved by the Mayor at a regular meeting thereof held on the 20th day of July, 1983 and that the same was adopted by the above vote, LINDA L^AIR, CITY CLERK BIB] 37677-U01 1983-U02 062-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10346-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04