HomeMy WebLinkAbout1994 046 CC RESO1994 046 CC RESO (Ìì ´ RESOLUTION NO. 94 46
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF BALDWIN PARK, CALIFORNIA,
APPROVING THE BOND PURCHASE
AGREEMENT AND TAKING OTHER ACTIONS
RELATING THERETO
WHEREAS, the City of Baldwin Park the City"), is a municipal corporation
and general law city organized under the laws of the State of California, and the Baldwin
Park Financing Authority the Authority") is a joint exercise of powers authority duly
organized and existing under Articles 1 through 4 commencing with Section 6500) of
Chapter 5, Division 7, Title 1 of the California Government Code the Government
Code"), and pursuant to a Joint Exercise of Powers Agreement, dated as of April 1,1988,
by and between the City and the Baldwin Park Redevelopment Agency; and
WHEREAS, the City and the Authority desire to institute proceedings to
refinance certain capital improvements consisting of a project commonly known as the
Baldwin Park Community Center the Project"), by entering into an amended and
restated lease agreement the Lease Agreement"), dated as of June 15,1994, pursuant
to which the City would lease the Project which consists of the land, as more particularly
described in the Lease Agreement, and all improvements located thereon) to the Authority
and the Authority would lease back the Project to the City; and
WHEREAS, pursuant to the Lease Agreement the City proposes to pay
certain lease payments to the Authority in the amounts and at the times sufficient to
provide for the payment of principal and interest and premium, if any, on the Baldwin
Park Financing Authority 1994 Lease Revenue Refunding Bonds Community Center
Project) the Bonds") to be issued by the Authority to refinance the Project; and
WHEREAS, for the sale of the Bonds the Authority will cause to be
distributed a preliminary official statement the Preliminary Official Statement") and an
Official Statement that describes the Authority and the Bonds; and
WHEREAS, there has been filed with the City forms of the following
documents, all in substantially final form:
1. A form of bond purchase agreement the Bond Purchase
Agreement") by and among the Authority, the City, and Pryor, McClendon, Counts & Co.,
Inc. the Underwriters"); and
2. A form of Preliminary Official Statement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK DOES RESOLVE AS FOLLOWS:
Section 1. The City hereby approves the form and content of the Bond
Purchase Agreement. The Director of Administrative Services is hereby authorized to
enter into such Bond Purchase Agreement, with such changes therein as such persons
executing the same, with the advice of counsel, may require or approve, such approval
to be conclusively evidenced by the execution and delivery thereof.
Section 2. The City hereby authorizes and directs the officers, employees
and agents of the City, with the advice of counsel, to assist in providing information on
the City and the Bonds to be included in the Preliminary Official Statement, to take
whatever action is necessary to complete such portions of such Preliminary Official
Statement and Official Statement, and to deem such Preliminary Official Statement final
II A 3
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1994 046 CC RESO (Ìì ´ RESOLUTION NO.94 46
PAGE TWO
for purposes of Rule 15c2-12 of the Securities and Exchange Commission, subject to
revision and completion in an Official Statement in accordance with such Rule.
Section 3. Official Action. The Mayor, the Director of Administrative
Services, the City Clerk, the City Attorney and any and all other officers of the City are
* each hereby 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, that they or any of them might deem
* necessary or appropriate in order to consummate the lawful execution and delivery of the
necessary legal documents and notices by the City and the authorization, sale and
delivery of the Bonds.
Section 4 This Resolution shall take effect from and after its
adoption.
PASSED, APPROVED AND ADOPTED this 4th day of May, 1994
MAYOR
* ATTEST
ClTY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk for the City of Baldwin Park do hereby certify that the
foregoing Resolution was duly and regularly approved and adopted by the Baldwin Park
City Council at a regular meeting thereof, held on the 4th day of May, 1994 by the
following vote:
AYES: COUNCILMEN MUSE,MARTINEZ,GALLEGOS, LOWES, MAYOR VARGAS
NOES: COUNCILMEN NONE
ABSTAIN: COUNCILMEN NONE
ABSENT: COUNCILMEN NONE
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MAY-U05
4-U05
1994-U05