HomeMy WebLinkAbout1986 116 CC RESO1986 116 CC RESO ø RESOLUTION NO. 86-116
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK APPROVING THE
PARTICIPATION OF THE CITY OF ALHAMBRA,
CALIFORNIA IN THE ICRMA CAPITALIZED
PROGRAM AND AUTHORIZING THE EXECUTION
AND DELIVERY OF A PURCHASE AGREEMENT
AND AN OFFICIAL STATEMENT AND CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Baldwin Park the City") is a
municipality duly organized and existing under the Constitution
and laws of the State of California the State");
WHEREAS, the Independent Cities Risk Management Authority
the Provider") is a joint exercise of powers agency of which the
City is a member;
WHEREAS, the Provider has previously determined to assist the
City and certain other cities which are members of the Provider to
obtain self-insurance for liability risks the Coverage") through
and on the terms set forth in the Liability Risk Coverage
Agreement the Agreement"), in substantially the form previously
approved by this Council, by and among the Provider, and the
Cities of Arcadia, Azusa, Baldwin Park, Bell, Culver City, Downey,
El Monte, Glendora, Hawthorne, Hermosa Beach, Huntington Park,
Indio, Inglewood, Lynwood, Manhattan Beach, Monterey Park, Redondo
Beach, San Fernando, South Gate, Vernon, West Covina and Whittier,
California each of the City and such Cities set forth in this
paragraph being referred to herein individually as a Providee"
and collectively as teh Providees");
WHEREAS, this Council has previously authorized the execution
of the Agreement for the purpose of providing Coverage for the
City for the benefit of the City's residents and taxpayers and for
the health and safety of the public;
WHEREAS, the City has previously authorized the sale and
delivery pursuant to the Trust Agreement the Trust Agreement")
in substantially the form previously authorized by this Council,
with an effective date of the date of execution thereof, among the
Provider, the Providees and Seattle-First National Bank the
Trustee"), of Certificates of Participation the Certificates")
evidencing undivided and proportionate interestes in Basic Premium
to be paid by the City and the other Providees under the Agreement
in order to fund reserves initially in an amount determined
sufficient to pay Settlements as defined in the Agreement) when
due and to provide the Coverage described in the terms set forth
in the Agreement and in the Memorandum of Liability Coverage
attached thereto at Exhibit B the Memorandum");
WHEREAS, the City of Alhambra, California Alhambra")/ which
is a member of ICRMA, has amended the terms of its City Charter by
the requisite popular vote at the general election on November 4,
1986 in order to participate with the Providees in obtaining the
Coverage, and desires to be a party to the Agreement and Trust
Ogreement, and this Council hereby finds and determines that the
advantages of risk-sharing and pooling of losses support the
addition of Alhambra as Providee;
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1986 116 CC RESO ø Resolution No. 86-116
Page 2
WHEREAS, all acts, conditions and things required by the
Constitution and laws of the State to exist, to have happened and
to have been performed precedent to and in connection with the
consummation of the financing authorized hereby do exist, have
happened and have been performed in regular and due time, form and
manner as required by law, and the City is now duly authorized and
empowered, pursuant to each and every requirement of law, to
consummate such financing for the purpose, in the manner and upon
the terms herein provided;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK AS FOLLOWS:
SECTION 1. Declaration of Council. This Council hereby
specifically finds and declares that the actions authorized hereby
constitute and are with respect to public affairs of the City, and
that the statements, findings and determinations of the City set
forth in the preambles above and of the documents approved herein
are true and correct.
SECTION 2. Approval of Alhambra; Allocable Proportion. The
participation of Alhambra in the capitalized pooled liability
self-insurance program contemplated by the Agreement and the Trust
Agreement, and inclusion of Alhambra as a party to such agreement
in substantially the forms previously approved by this Council,
and as a Provides as that term is used hereinafter, are hereby
approved As a result of the participation of Alhambra, the
Allocable Proportions as that term is used in the Agreement) for
each Providee, which equal the percentages payable by each City of
total interest and principal represented by the Certificates
previously authorized to be sold pursuant to the terms of the
Trust Agreement, will be as set forth in Exhibit A hereto.
SECTION 3. Purchase Agreement. The form of Purchase
Agreement, among the Providees, the Provider and Drexel Burnham
Lambert Incorporated the Underwriter"), presented to this
meeting and on file with the Clerk of the City Council, is hereby
approved. The Mayor, City Manager and City Clerk and any other
City officer or official of the City authorized by the Mayor are
hereby authorized and directed, for and in the name and on behalf
of the City, to execute, acknowledge and deliver to the
Underwriter said Purchase Agreement in substantially said from
with such changes therein as such officer may require or approve,
such approval to be conclusively evidenced by the execution and
delivery thereof; provided, however, that the aggregate principal
amount of the Certificates to be sold shall not exceed
$30/450/000, and that the principal amount of the Certificates
allocated to the City shall not exceed $1,340/000; and provided
further, that the interested rate with respect to the Certificates
shall not exceed 8.75% and the underwriter's discount shall not
exceed 3.0%.
SECTION 4. Preliminary Official Statement. The form of
Preliminary Official Statement Preliminary Official Statement")
relating to the Certificates presented to this meeting and on file
with the Clerk of the City Council, is hereby approved. The
Preliminary Official Statement in substantially said form/ with
changes as the above-described officers may require or approve,
which approval shall be conclusively evidenced by the execution
and delivery thereof shall hereinafter be referred to as the
Official Statement". The above-described officers or any such
officers's designee are hereby authorized and directed, for and in
the name and on behalf of the City, to execute and deliver to the
Underwriter said Official Statement. The Underwriter is hereby
authorized to distribute copies of the Preliminary Official
Statement to persons who may be interested in the purchase of the
Certificates and is directed to deliver copies of any final
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1986 116 CC RESO ø Resolution No. 86-116
Page 3
Official Statement to all actual purchasers of the Certificates.
SECTION 5. Attestation and Seal. The Clerk of the City
Council is hereby authorized and directed to attest the signature
of the authorized signatory, and to affix and attest the seal of
the City, as may be required or appropriate in connection with the
execution and delivery of said Purchase Agreement and Official
Statement.
SECTION 6. Further Actions. Officers of the City Council
and the Mayor, City Manager and City Clerk and any other officer
or official of the City authorized by the Mayor, are hereby
authorized and directed, jointly and severally, to do any all
things and to execute and deliver any and all documents which may
deem necessary or advisable in order to proceed with the execution
and delivery of the Purchase Agreement and the Official Statement
and the sale, execution and delivery of the Certificates by the
Trustee and otherwise to carry out, give effect to and comply with
the terms and intent of this Statement. Such actions heretofore
taken by such officers are hereby ratified, confirmed and
approved.
SECTION 7. Effective Date. This resolution shall take
effect immediately upon its passage.
PASSED and APPROVED this 18th day of December, 1986.
/^^^ol-
MAYOR
ATTEST:
LINDA L. GAIR, 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 was duly and
regularly approved and adopted by the City Council of the City of
Baldwin Park at its adjourned regular meeting of the City Council
on the 18th day of December, 1986, by the following vote:
AYES COUNCILMEN GIBSON, IZELL, KING AND MAYOR WHITE_________
NOES COUNCILMEN NONE_________________________________________
ABSENT: COUNCILMEN NONE
LINDA L. GAIR, CITY CLERK
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1986 116 CC RESO ø EXHIBIT A
CITY ALLOCABLE PROPORTION
Alhambra
Arcadia
Azusa
Baldwin Park
Bell
Culver City
Downey
El Monte
Glendora
Hawthorne
Hennosa Beach
Huntington Park
Indio
Inglewood
Lynwood
Manhattan Beach
Monterey Park
Redondo Beach
San Fernando
South Gate
Vernon
West Covina
Whittier
6.64%
3.09%
3.72%
4.40%
3.10%
5.08%
3.29%
6.81%
4.25%
7.37%
3.55%
3.44%
2.96%
2.65%
2.75%
3.41%
4.60%
7.57%
2.51%
5.10%
2.89%
7.12%
3.70%
Note: Percentages may not add to 100% due to rounding
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