HomeMy WebLinkAbout2018 301 CC RESO RESOLUTION NO. 2018-301
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN
PARK APPROVING THE FORM AND AUTHORIZING DISTRIBUTION
OF A PRELIMINARY OFFICIAL STATEMENT AND APPROVING THE
FORM AND AUTHORIZING THE EXECUTION OF A BOND
PURCHASE AGREEMENT, ALL IN CONNECTION WITH THE
OFFERING AND SALE OF TAXABLE PENSION OBLIGATION
BONDS, AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS
WITH RESPECT THERETO
WHEREAS, the City has previously elected to become a contracting member of
the California Public Employees' Retirement System ("PERS"); and
WHEREAS, the Public Employees' Retirement Law (commencing with section
20000 of the California Government Code) and the contract (the "PERS Contract")
between the Board of Administration of PERS and the City Council of the City (the "City
Council") obligate the City to (i) make contributions to PERS to fund pension benefits for
certain City employees, (ii) amortize the unfunded accrued actuarial liability with respect
to such pension benefits, and (iii) appropriate funds for the foregoing purposes; and
WHEREAS, the City desires to authorize the issuance of its City of Baldwin Park
2019 Taxable Pension Obligation Bonds (the "Bonds"), in a principal amount not to
exceed $55,000,000, pursuant to the provisions of Articles 10 and 11 of Chapter 3 of Part
1 of Division 2 of Title 5 of the California Government Code, commencing with section
53570 of said Code, for the purpose of refunding all or a portion of the City's obligation to
PERS, as evidenced by the PERS Contract, to pay the unfunded accrued actuarial liability
of the City with respect to pension benefits under the Public Employees' Retirement Law,
and paying the costs of issuance of the Bonds; and
WHEREAS, on August 15, 2018, the City adopted its Resolution No. 2018-286
authorizing issuance of the Bonds and approving the form and authorizing execution of
the various documents prepared in connection therewith; and
WHEREAS, a preliminary official statement to be used in connection with the
offering and sale of the Bonds has been prepared and it is appropriate at this time for the
Council to approve the form thereof and its distribution to prospective purchasers of the
Bonds.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN PARK
DOES HEREBY RESOLVE AND ORDER AS FOLLOWS:
Section 1. Approval of the Preliminary Official Statement. The Council hereby
approves and deems final within the meaning of Rule 15c2-12 of the Securities Exchange
Act of 1934 except for permitted omissions, a preliminary official statement describing the
Bonds in the form on file with the City Clerk (the "Preliminary Official Statement").
Distribution of the Preliminary Official Statement by Ramirez & Co., Inc. (the
"Underwriter") to prospective purchasers of the Bonds is hereby approved. The Mayor,
the Chief Executive Officer and the Director of Finance (each, an "Authorized Officer"),
each acting alone, are hereby authorized to execute the final form of an official statement,
including as it may be modified by such additions thereto and changes therein as an
Authorized Officer shall deem necessary, desirable or appropriate (the "Final Official
Statement"), and the execution of the Final Official Statement by a Authorized Officer
shall be conclusive evidence of the approval of any such additions and changes. The
Council hereby authorizes the distribution of the Final Official Statement by the
Underwriter. The Final Official Statement shall be executed in the name and on behalf of
the City by an Authorized Officer.
Section 2.Approval of Bond Purchase Agreement. The Council hereby authorizes
the sale of the Bonds to the Underwriter so long as the true interest cost does not exceed
5.50% per annum and Underwriter's discount, excluding original issue discount which
does not constitute compensation to the Underwriter, does not exceed 0.50%. The form
of bond purchase and agreement, by and between the City and the Underwriter (the
"Bond Purchase Agreement"), in the form on file with the City Clerk, is hereby approved
and the Authorized Officers, each acting alone, are hereby authorized and directed, for
and in the name and on behalf of the City, to execute and deliver the Bond Purchase
Agreement in such form together with such changes therein, deletions therefrom and
additions thereto as the Authorized Officer executing the same shall approve, such
approval to be conclusively evidenced by the execution and delivery of the Bond
Purchase Agreement. The Council hereby authorizes the delivery and performance of the
Bond Purchase Agreement.
Section 3. Approval of Continuing Disclosure Certificate. The continuing
disclosure certificate, in the form on file with the City Clerk (the "Continuing Disclosure
Certificate"), is hereby approved and any Authorized Officer is hereby authorized and
directed, for and in the name and on behalf of the City, to execute and deliver the
Continuing Disclosure Certificate in such form together with such changes therein,
deletions therefrom and additions thereto as the Authorized Officer executing the same
shall approve, such approval to be conclusively evidenced by the execution and delivery
of the Continuing Disclosure Certificate. The Council hereby authorizes the delivery and
performance of the Continuing Disclosure Certificate.
Section 4. Official Actions. The Mayor, the Chief Executive Officer, the Director of
Finance, the City Clerk, and all other officers of the City are each authorized and directed
in the name and on behalf of the City to make any and all assignments, certificates,
agreements, notices, consents, instruments of conveyance and other documents, which
they or any of them might deem necessary or appropriate in order to consummate the
issuance of the Bonds, and any of the other transactions approved or contemplated by
this Resolution. 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 is absent or unavailable.
Sectio_n 7. Effective Date. This Resolution shall take effect from and after its
adoption.
PASSED, APPROVED, AND ADOPTED thi 14th day of November, 2018.
MANUELLOZANO
MAYOR
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF BALDWIN PARK
I, ALEJANDRA AVILA, City Clerk of the City of Baldwin Park do hereby certify that the
foregoing Resolution No. 2018-301 was duly adopted by the City Council of the City of
Baldwin Park at a special meeting thereof held on November 14, 2018 and that the same
was adopted by the following vote to wit:
AYES: COUNCIL MEMBERS: Baca, Lozano, Pacheco
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Garcia and Rubio
ABSTAIN: COUNCIL MEMBERS: None
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ALEJAND A V LA
CITY CLE'K