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HomeMy WebLinkAbout2003 086 CC RESO2003 086 CC RESO(Ììÿ;RESOLUTION NO. 2003-086 A RESOLUTION OF THE CITY OF BALDWIN PARK AUTHORIZING THE ISSUANCE OF NOT TO EXCEED IN AGGREGATE $8,000,000 TAX ALLOCATION REFUNDING BONDS SERIES 2003 PUENTE MERGED REDEVELOPMENT PROJECT) AND APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO WHEREAS, the City of Baldwin Park the City") is a public corporation organized and existing pursuant to the laws of the State of California; and WHEREAS, the Baldwin Park Public Financing Authority the Authority") is a public body corporate and politic organized and existing under the laws of the State of California; and WHEREAS, the Authority previously issued the Baldwin Park Public Financing Authority Revenue Tax Allocation) Bonds, 1990 Series B the Prior Obligations") and loaned the proceeds thereof to the Baldwin Park Redevelopment Agency the Agency"); and WHEREAS, the Agency has requested that the Authority, and the Authority desires to, refund the Prior Obligations with the issuance of the Authority's not to exceed $8,000,000 Tax Allocation Bonds Refunding Bonds Series 2003 Puente Merced Redevelopment Project) the Bonds"); and WHEREAS, the Bonds will be issued pursuant to the Indenture of Trust dated as of December 1. 2003 the Indenture"), and the Bonds shall be secured by Pledged Tax Revenues as the term Pledged Tax Revenues is defined in the Indenture) and certain other revenues of the Agency as defined in the Indenture; and WHEREAS, Chilton & Associates, Inc., as prospective underwriter of the Bonds the Underwriter") has informed the Authority that it intends to submit an offer to purchase the Bonds and shall cause the Disclosure Counsel as herein defined) to prepare a Preliminary Official Statement and an Official Statement relating to such Bonds, as may be necessary in the sale and marketing of the Bonds, the form of which Preliminary Official Statement is presently on file with the City Clerk; and WHEREAS, the City has considered the terms of the transaction as contemplated herein and desires at this time to approve the terms of said transaction in the public interests. NOW, THEREFORE, THE CITY OF BALDWIN PARK HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. Issuance of the Bonds: Approval of Form of Indenture. The City authorizes the issuance of the Bonds under and pursuant to the Indenture in the aggregate principal amount of not to exceed $8,000,000. BIB] 38001-U01 2003-U02 086-U02 CC-U02 RESO-U02 LI3-U03 FO8417-U03 FO9347-U03 DO35401-U03 C6-U03 RESO-U03 1/15/2004-U04 ROBIN-U04 2003 086 CC RESO(Ììÿ;Resolution 2003-086 Page 2 Section 2. Official Action. The Mayor, City Manager, City Clerk and any and all other officers of the City 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, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds as described herein, including the distribution of the Preliminary Official Statement to any prospective purchasers when the same shall become available for distribution. Whenever in this Resolution any officer of the City is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable. The City hereby appoints its Mayor and City Manager as agents of the City for purposes of executing any and all documents and instruments which any officer of the City is authorized to execute hereunder. Section 3. Effective Date. This Resolution shall become effective immediately upon adoption. PASSED, APPROVED AND ADOPTED this 17th day of December, 2Q&3. Mayor ATTEST: STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF BALDWIN PARK I, KATHLEEN SESSMAN, Deputy 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 a regular meeting of the City Council on December 17, 2003, by the following vote: AYES: COUNCILMEMBERS: Marlen Garcia, David Olivas, Ricardo Pacheco, Mayor Pro Tern Bill Van Cleave and Mayor ManuelLozano NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None ABSTAIN: COUNCILMEMBERS: None oJ^L AQL^. i^L^ *n^? ii ITHLEEN R.''SES^MAN DEPUTY CITY CLERK BIB] 38001-U01 2003-U02 086-U02 CC-U02 RESO-U02 LI3-U03 FO8417-U03 FO9347-U03 DO35401-U03 C6-U03 RESO-U03 1/15/2004-U04 ROBIN-U04