HomeMy WebLinkAbout1984 058 CC RESO1984 058 CC RESO (Ìì é Í
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF BALDWIN PARK
PROVIDING FOR THE BORROWING OF FUNDS FOR
FISCAL YEAR 1984 AND THE ISSUANCE AND SALE OF
1984 TAX AND REVENUE ANTICIPATION NOTES THEREFOR
RESOLUTION NO. 84-58
WHEREAS/ pursuant to Sections 53850 et seq. of the
California Government Code the Government Code")/ this City
Council the City Council") has found and determined that
the sum of Two Million Four Hundred Thousand Dollars
$2/400/000) is needed for the requirements of the City of
Baldwin Park the City") to satisfy obligations payable from
the General Fund of the City/ and that it is necessary that
said sum be borrowed for such purpose at this time by the
issuance of temporary notes therefor in anticipation of the
receipt of taxes/ income/ revenue/ cash receipts and other
moneys to be received by the City for the General Fund of the
City during or attributable to Fiscal Year 1984-1985; and
WHEREAS/ the City intends to borrow/ for the
purposes set forth above/ Two Million Four Hundred Thousand
Dollars $2/400/000) by the issuance of its Tax and Revenue
Anticipation Notes/ the issuance of which is hereby
authorized by this City Council; and
WHEREAS/ it appears/ and the City Council hereby
finds and determines/ that said sum of Two Million Four
Hundred Thousand Dollars $2/400/000)/ when added to the
interest payable thereon/ does not exceed eighty-five per
cent 85%) of the estimated amount of the uncollected taxes/
income/ revenue/ cash receipts and other moneys of the City
for the General Fund of the City attributable to Fiscal Year
1984-1985/ and available for the payment of the principal of
said Notes and the interest thereon; and
WHEREAS/ pursuant to Section 53856 of the
Government Code/ certain moneys which will be received by the
City for the General Fund of the City during and attributable
to Fiscal Year 1984-1985 can be pledged for the payment of
the principal of said Notes and the interest thereon as
hereinafter provided);
WHEREAS/ Paine Webber Incorporated the
Underwriter") has submitted an offer to purchase said Notes
and has submitted a form of Contract of Purchase the
Contract of Purchase") to the City Council;
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1984 058 CC RESO (Ìì é Í
NOW/ THEREFORE/ the City Council of the City of
Baldwin Park hereby finds/ determines/ declares and resolves
as follows:
Section 1. All of the recitals herein set forth
are true and correct/ and the City Council so finds and
determines.
Section 2. Solely for the purpose of anticipating
taxes, income/ revenues/ cash receipts and other moneys to be
received by the City for the General Fund of the City during
or allocable to Fiscal Year 1984, and not pursuant to any
common plan of financing/ the City hereby determines to and
shall borrow the aggregate principal sum of Two Million Four
Hundred Thousand Dollars $2/400/000)/ by the issuance of
temporary notes under Sections 53850 et seq. of the
Government Code/ designated City of Baldwin Park/
California/ 1984 Tax and Revenue Anticipation Notes" the
Notes")/ to be numbered from 1 consecutively upward in order
of issuance/ to be in the denominations/ as specified by the
Underwriter as provided in the Contract of Purchase/ to be
dated their date of delivery which shall not be later than
August 31/ 1984)/ to mature without option of prior
redemption) one year after the date of delivery thereof/ and
to bear interest/ payable at maturity and computed upon the
basis of a 360-day year/ consisting of twelve 30-day months/
at the rate or rates determined in accordance with the
Contract of Purchase. Both the principal of and interest on
the Notes shall be payable/ only upon surrender thereof/ in
lawful money of the United States of America/ at the
principal office of the Fiscal Agent as hereinafter defined)
of the City/ Security Pacific National Bank/ in Los Angeles/
California.
Section 3. The Notes shall be issued without
coupons and shall be substantially in the form and substance
set forth in Exhibit A attached hereto and by reference
incorporated herein/ the blanks in said form to be filled in
with appropriate words and figures.
Section 4. The City Treasurer of the City the
Treasurer") or her designee is hereby authorized and
directed to execute and deliver the Contract of Purchase for
the purchase of the Notes/ substantially in the form
presented to the City Council at this meeting/ and such other
documents required to be executed and delivered thereunder/
for and in the name and on behalf of the City/ provided/
however/ that the rate of interest on the Notes shall not
exceed 12% per annum/ and the purchase price of the Notes
shall not be less than $2/357/500.
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Section 5. The moneys so borrowed shall be
deposited in the General Fund of the City and used and
expended by the City for any purpose for which it is
authorized to expend funds from the General Fund of the City.
Section 6. The principal amount of the Notes/
together with the interest thereon/ shall be payable from
taxes/ income/ revenue/ cash receipts/ and other moneys
which are received by the City for the General Fund of the
City for the Fiscal Year 1984-1985. As security for the
payment of the principal of and interest on the Notes the
City hereby pledges: i) on February 15/ 1985/ an amount
equal to one-fifth 1/5) of the total principal of and
interest payable on the Notes from unrestricted revenues;
ii) on March 15/ 1985/ an amount equal to one-fifth 1/5) of
the total principal of and interest payable on the Notes
plus the amount of any deficiency in the amount deposited in
the Repayment Fund on February 15/ 1985) from unrestricted
revenues; iii) on April 15/ 1985/ an amount equal to
one-fifth 1/5) of the total amount of principal of and
interest payable on the Notes plus the amount of any
deficiency in the amount deposited in the Repayment Fund on
March 15/ 1985) from unrestricted revenues; iv) on May 15/
1985/ an amount equal to one-fifth 1/5) of the total
principal of and interest payable on the Notes plus the
amount of any deficiency in the amount deposited in the
Repayment Fund on April 15/ 1985) from unrestricted revenues/
and v) on June 15/ 1985/ an amount equal to one-fifth 1/5)
of the total amount of the principal of and interest payable
on the Notes plus the amount of any deficiency in the amount
deposited in the Repayment Fund on May 15/ 1985)/ net of
earnings or moneys in the Repayment Fund/ from unrestricted
revenues such pledged amounts being hereinafter called the
Pledged Revenues")/ and the principal of the Notes and the
interest thereon shall constitute a first lien and charge
thereon and shall be payable from the Pledged Revenues/ and
to the extent not so paid shall be paid from any other moneys
of the City lawfully available therefor. In the event that
there are insufficient moneys received by the City to permit
the deposit into the Repayment Fund/ as hereinafter defined/
of the full amount of the Pledged Revenues to be deposited on
the aforementioned dates such dates being hereinafter called
the Deposit Dates")/ then the amount of any deficiency shall
be satisfied and made up from any other moneys of the City
lawfully available for the payment of the principal of the
Notes and interest thereon such other pledged amounts being
hereinafter called Other Pledged Moneys"). The term
unrestricted revenues" shall mean taxes/ income/ revenue/
cash receipts/ and other moneys/ intended as receipts for the
General Fund of the City and which are generally available
for the payment of current expenses and other obligations of
the City.
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Section 7. A) The Pledged Revenues shall be
deposited by the City/ on or before each Deposit Date/ in a
special fund designated 1984 Tax and Revenue Anticipation
Note Repayment Fund" the Repayment Fund") to be held in
trust by the Fiscal Agent/ as hereinafter appointed, and
applied as directed in this Resolution. Other Pledged Moneys
shall be deposited by the City on the first business day
following the Deposit Date on which any deficiency in the
amount deposited in the Repayment fund will have occurred/
and at intervals of at least five 5) business days
thereafter/ until such deficiency will have been satisfied.
Any money deposited in the Repayment Fund shall be for the
benefit of the holders of the Notes/ and until the Notes and
all interest thereon are paid or until provision has been
made for the payment of the Notes at maturity with interest
to maturity/ the moneys in the Repayment Fund shall be
applied only for the purposes for which the Repayment Fund
was created.
B) The moneys in the Repayment Fund shall be
used/ to the extent necessary/ to pay the principal of and
interest on the Notes. Any moneys remaining in the Repayment
Fund after the Notes and the interest thereon have been paid/
or provision for such payment has been made/ shall be
transferred to the General Fund of the City.
C) Moneys in the Repayment Fund shall be invested
as permitted by Section 53601 of the Government Code/
provided that no moneys shall be invested in investments
permitted by subsections c) and i) of said Section 53601/
and no such investments shall have a maturity date later than
the maturity date of the Notes. The proceeds of any such
investments shall be retained by the Fiscal Agent in the
Repayment Fund until all of the notes have been fully paid or
until provision has been made for the payment of the
principal of the Notes and the interest thereon to maturity/
at which time any excess amount shall be transferred to the
General Fund of the City.
Section 8. The Treasurer or one or more deputies
to the Treasurer are hereby authorized to sign the Notes
manually or by manual or facsimile signature/ and the City
Clerk of the City is hereby authorized to countersign/
manually or by facsimile signature/ the Notes and to affix
the seal of the City thereto by manual or facsimile
impression thereof. Said officers are hereby authorized to
cause the blank spaces in Exhibit A to be filled in as may be
appropriate.
Section 9. Security Pacific National Bank in Los
Angeles/ California/ is hereby appointed fiscal agent for the
4
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1984 058 CC RESO (Ìì é Í
Notes the Fiscal Agent"). The Fiscal Agent Agreement
between the City and the Fiscal Agent, in substantially the
form presented to this meeting is hereby approved. The
Treasurer or her designee is hereby authorized and directed
to execute and deliver said Fiscal Agent Agreement in
substantially said form and to execute and deliver any other
document required to be executed thereunder. Funds held by
the Fiscal Agent in the Repayment Fund shall be held pursuant
to the Fiscal Agent Agreement.
Section 10. The Official Statement relating to the
Notes/ in substantially the form presented to the City
Council at this meeting/ is hereby approved with such
additions/ changes and corrections as the Treasurer or her
designee may approve upon consultation with the City's
attorney/ and the Treasurer or her designee is hereby
authorized to execute and deliver said Official Statement in
substantially said form. The Treasurer or her designee is
hereby also authorized to distribute copies of said Official
Statement in connection with the offering and sale of the
Notes.
Section 11. It is hereby covenanted and warranted
by the City that all representations and recitals contained
in this resolution are true and correct/ and that the City/
and its appropriate officials/ have duly taken all
proceedings necessary to be taken by them/ and will take any
additional proceedings necessary to be taken by them/ for the
levy/ collection and enforcement of the taxes/ income/
revenue/ cash receipts and other moneys pledged hereunder in
accordance with law and for carrying out the provisions of
this ordinance.
Section 12. The City Council/ as issuer of the
Notes/ here'-y covenants that it will make no use of the
proceeds or che Notes which would cause the Notes to be
arbitrage bonds" under Section 103(c) of the Internal
Revenue Code of 1954/ as amended; and/ to that end/ so long
as any of the Notes are outstanding/ the issuer/ with respect
to the proceeds of the Notes/ and all officers having custody
or control of such proceeds/ shall comply with all
requirements of said section and the regulations of the
United States Department of the Treasury thereunder/ to the
extent that such regulations are/ at the time/ applicable and
in effect/ so that the Notes will not be arbitrage bonds."
Section 13. The Treasurer or an authorized Deputy
of the Treasurer and the City Clerk of the City are hereby
authorized and directed to execute and deliver the Notes to
the Underwriter/ pursuant to the terms and conditions of the
Contract of Purchase. All actions heretofore taken by the
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1984 058 CC RESO (Ìì é Í
officers and agents of the City or the City Council with
respect to the sale and issuance of the Notes are hereby
approved/ confirmed and ratified and the officers and agents
of the City and this City Council are hereby authorized and
directed, for and in the name and on behalf of the City/ to
do any and all things and take any and all actions and
execute any and all certificates/ agreements and other
documents which they/ or any of them/ may deem necessary or
advisable in order to consummate the lawful issuance and
delivery of the Notes in accordance with this resolution.
PASSED AND ADOPTED by the City Council of the City
of Baldwin Park this 18th day of July____/ 1984/ by the
following vote:
AYES: Council Members Leo W. King,
and Mayor Jack B. Nnite
NOES: Council Members
Richard Giteon, Bobbie W. Izell
ABSENT: Council Members Robert H. McNeill
Deputy City Treasurer of the
City of Baldwin Park
Seal)
Attest
City QYerk of the
City of Baldwin Park
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1984 058 CC RESO (Ìì é Í
EXHIBIT A
CITY OF BALDWIN PARK/ CALIFORNIA
1984 TAX AND REVENUE ANTICIPATION NOTE
No.
$
Date:
FOR VALUE RECEIVED/ the City of Baldwin Park the
City")/ California/ acknowledges itself indebted to and
promises to pay to the bearer hereof/ at the principal office
of the paying agents of the City/ Security Pacific National
Bank in Los Angeles/ California the principal sum of
DOLLARS $_________)
in lawful money of the United States of America/ on July 17/
1985/ together with interest thereon at the rate of
PER CENT %)
per annum/ computed on the basis of a 360-day year/
consisting of twelve 30-day months/ in like lawful money from
the date hereof until payment in full of said principal sum.
Both the principal of and interest on this Note shall be
payable only upon surrender of this Note as the same shall
fall due; provided/ however/ no interest shall be payable for
any period after maturity during which the holder hereof
fails to properly present this Note for payment.
It is hereby certified/ recited and declared that
this Note is one of an authorized issue of Notes entitled
City of Baldwin Park/ California/ 1984 Tax and Revenue
Anticipation Notes" the Notes")/ in the aggregate principal
amount of Two Million Four Hundred Thousand Dollars
$2/400/000)/ all of like tenor/ made/ executed and given
pursuant to and by authority of an ordinance of the City
Council of the City duly passed and adopted under and by
authority of Article 7.6 commencing with Section 53850) of
Chapter 4/ Part I/ Division 2/ Title 5 of the California
Government Code/ and that all acts/ conditions and things
required to exist/ happen and be performed precedent to and
in the issuance of this Note have existed/ happened and been
performed in regular and due time/ form and manner as
required by law/ and that this Note/ together with all other
indebtedness and obligations of the City/ does not exceed any
limit prescribed by the Constitution or statutes of the State
of California.
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The principal amount of the Notes/ together with
the interest thereon/ shall be payable from taxes/ income/
revenue/ cash receipts/ and other moneys which are received
by the City for the General Fund of the City for the Fiscal
Year 1984-1985. As security for the payment of the principal
of and interest on the Notes the City hereby pledges: i) on
February 15/ 1985/ an amount equal to one-fifth 1/5) of the
total principal of the Notes from unrestricted revenues;
ii) on March 15/ 1985/ an amount equal to one-fifth 1/5) of
the total principal of and interest payable on the Notes
plus the amount of any deficiency in the amount deposited in
the Repayment Fund on February 15/ 1985) from unrestricted
revenues; iii) on April 15/ 1985/ an amount equal to
one-fifth 1/5) of the total amount of principal of and
interest payable on the Notes plus the amount of any
deficiency in the amount deposited in the Repayment Fund on
March 15/ 1985) from unrestricted revenues; iv) on May 15 /
1985/ an amount equal to one-fifth 1/5) of the total
principal of and interest payable on the Notes plus the
amount of any deficiency in the amount deposited in the
Repayment Fund on April 15/ 1985) from unrestricted revenues
and v) on June 15/ 1985/ an amount equal to one-fifth 1/5)
of the total amount of the principal of and interest payable
on the Notes plus the amount of any deficiency in the amount
deposited in the Repayment Fund on May 15/ 1985)/ net of
earnings or moneys in the Repayment Fund such pledged
amounts being hereinafter called the Pledged Revenues") from
unrestricted revenues and the principal of the Notes and the
interest thereon shall constitute a first lien and charge
thereon and shall be payable from the Pledged Revenues/ and
to the extent not so paid shall be paid from any other moneys
of the City lawfully available therefor. In the event that
there are insufficient moneys received by the City to permit
the deposit into the Repayment Fund/ as hereinafter defined/
of the full amount of the Pledged Revenues to be deposited on
the aforementioned dates such dates being hereinafter called
the Deposit Dates")/ then the amount of any deficiency shall
be satisfied and made up from any other moneys of the City
lawfully available for the payment of the principal of the
Notes and interest thereon such other pledged amounts being
hereinafter called Other Pledged Revenues"). The term
unrestricted revenues" shall mean taxes/ income/ revenue/
cash receipts/ and other moneys/ intended as receipts for the
General Fund of the City and which are generally available
for the payment of current expenses and other obligations of
the City.
IN WITNESS WHEREOF/ the City of Baldwin Park has
caused this note to be executed by the Deputy City Treasurer
of the City and countersigned by the Clerk of the City
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CERTIFICATE OF CLERK OF THE
CITY OF BALDWIN PARK
I/ Linda L. Gair/ City Clerk of the City of Baldwin
Park/ hereby certify that the foregoing is a full/ true and
correct copy of a resolution duly adopted at a meeting of the
City Council of the City of Baldwin Park duly and regularly
held in Baldwin Park/ California/ on July 18/ 1984, of which
meeting ail of the members of said City Council had due
notice.
I further certify that I have carefully compared
the foregoing copy with the original minutes of said meeting
on file and of record in my office; that said copy 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 in any
manner since the date of its adoption/ and the same is now in
full force and effect.
IN WITNESS WHEREOF/ I have executed this
certificate and affixed the seal of the City of Baldwin Park
hereto this 18th day of July 1984.
Linda L. Gair/ City Clerk of
the City of Baldwin Park
Ci^f Clerk
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1984 058 CC RESO (Ìì é Í
Council of the City/ and caused its official seal to be
affixed hereto this 18th day of July____/ 1984.
CITY OF BALDWIN PARK
By
beputy City Treasurer of the
City of Baldwin Park
Seal)
Countersigned:
yy
w^
/gjjp^i \v-_ i^_ / * y-y'
/City Cler^ of the"City of
Raldwj n Park
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