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Home My WebLink About2001 076 CC RESO2001 076 CC RESO¹òw @˜Š¯2001 RESO 2001-076–"[HmÅRESOLUTION NO. 2001-076 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK, CALIFORNIA, AUTHORIZING THE ISSUANCE OF BONDS, APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT, AUTHORIZING SALE OF BONDS AND APPROVING OFFERING MEMORANDUM AND OTHER RELATED DOCUMENTS AND ACTIONS WITH RESPECT THERETO Bogart Avenue Assessment District No. 99-1 WHEREAS, This Council has conducted proceedings under and pursuant to Resolution of Intention No. 99-79, adopted September 15, 1999 the Resolution of Intention"), to form the Bogart Avenue Assessment District No. 99-1 the Assessment District"), to authorize the levy of special assessment upon the land within the District, and to issue bonds secured by said special assessment the proceeds of which are to be used to finance certain public improvements the Improvements"), all as described therein; and WHEREAS, Pursuant to the Resolution of Intention, this Council has provided for the issuance of improvement bonds pursuant to the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of the State of California the Bond Law"); and WHEREAS, Notice of recordation of the assessments and the right to have thirty 30) days within which to pay assessment in cash has been duly given to all owners of land within the Assessment District and there is on file with the Finance Director of the City a fist of all the assessments which remain unpaid the List of Unpaid Assessments"); and WHEREAS, There have been submitted to this Council certain documents providing for the issuance of the bonds by the City for the District, including the forms of Fiscal Agent Agreement and Bond Purchase Contract, and this Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, There has also been submitted to this Council a form of Preliminary Offering Memorandum in connection with the marketing of such bonds and the Council, with the aid of its staff, has reviewed the Preliminary Offering Memorandum to assure proper disclosure of all material facts relating to such bonds that are in the personal knowledge of the Council Members and the City staff; and WHEREAS, All conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special assessment as contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Bond Law. BIB] 37209-U01 2001-U02 RESO-U02 2001-076-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 BIB] 37425-U01 2001-U02 076-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 2001 076 CC RESO¹òw @˜Š¯2001 RESO 2001-076–"[HmÅResolution No. 2001-076 Page 2 NOW THEREFORE, the City Council of the City of Baldwin Park does hereby resolve as follows: Section 1. Unpaid Assessments. The assessments that remain unpaid are as shown on the List of Unpaid Assessments, which is hereby approved and incorporated herein by this reference. The total amount of the unpaid assessments is $83,648. For a particular description of the lots, pieces and parcels of land bearing the respective assessment numbers set forth in the List of Unpaid Assessments, reference is hereby made to the assessment and to the diagram, and any amendments thereto approved by this Council, all as recorded in the office of the Superintendent of Streets of the City. Section 2. Bonds Authorized. Pursuant to the Bond Law, this Resolution and the Fiscal Agent Agreement hereafter defined), improvement bonds of the City for the District designated as Limited Obligation Improvement Bonds, City of Baldwin Park, Bogart Avenue Assessment District No. 99-1 the Bonds") in an aggregate principal amount not to exceed $83,648 are hereby authorized to be issued. Section 3. Fiscal Agent Agreement. The proposed form of Fiscal Agent Agreement the Fiscal Agent Agreement") with respect to the Bonds in the form presented to this Council at this meeting, is hereby approved. The City Manager or such other official of the City as may be designated by the Council the Authorized Official") is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in substantially said form, with such additions thereto or changes therein as are approved by the Authorized Official upon consultation with Jones Hall, A Professional Law Corporation, the City's bond counsel Bond Counsel"), including such additions or changes as are necessary or advisable, provided that no additions or changes shall authorize an aggregate principal amount of Bonds in excess of $83,648, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the Authorized Official. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. Section 4. Sale of Bonds. The sale of the Bonds to Seidler-Fitzgerald Public Finance the Underwriter") is hereby approved and the Authorized Official is hereby authorized and directed to execute the Bond Purchase Contract on behalf of the City in substantially the form presented to the City Council at this meeting with such additions thereto or changes therein as are approved by the Authorized Official upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Bond Purchase Contract by the Authorized Official, provided, however, that no additions or changes shall result in an average interest rate on the bonds in excess of six percent per annum 6%) or result in the Underwriter's discount for the Bonds in excess of $5,000. BIB] 37209-U01 2001-U02 RESO-U02 2001-076-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 BIB] 37425-U01 2001-U02 076-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 2001 076 CC RESO¹òw @˜Š¯2001 RESO 2001-076–"[HmÅResolution No. 2001-076 Page3 Section 5. Bonds Printed and Delivered. Upon execution of the Bond Purchase Contract by the City, the Bonds shall be printed, authenticated and delivered, all in accordance with the applicable terms of the Bond Purchase Contract and the Fiscal Agent Agreement and the Authorized Official and other responsible City officials are hereby authorized and directed to take such actions as are required under the Bond Purchase Contract and the Fiscal Agent Agreement to complete all actions required to evidence the delivery of the Bonds upon the receipt of the purchase price thereof from the Underwriter. Section 6. Offering Memorandum. The Council hereby approves the Preliminary Offering Memorandum describing the financing described therein, in substantially the form on file with the Authorized Official, together with any changes therein or additions thereto deemed advisable by the Authorized Official. Pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 the Rule") the Preliminary Offering Memorandum is hereby deemed final and the Authorized Official is hereby authorized and directed to provide written certification thereof. The execution of the final Offering Memorandum, which shall include such changes and additions thereto deemed advisable by the Authorized Official, in consultation with the Underwriter and Bond Counsel, and such information permitted to be excluded from the Preliminary Offering Memorandum pursuant to the Rule, shall be conclusive evidence of the approval of the final Offering Memorandum by the City. Section 7. Actions. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the assessment district and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, 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 Bonds in accordance with this resolution, and any certificate, agreement, contract, and other document described in the documents herein approved. Section 8. Effective Date. This resolution shall take effect from and after its adoption. PASSED, APPROVED AND ADOPTED by the City Council of the City of Baldwin Park this 18th day of July, 2001. MAN U 0- LOZANO,MAYOR BIB] 37209-U01 2001-U02 RESO-U02 2001-076-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 BIB] 37425-U01 2001-U02 076-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 2001 076 CC RESO¹òw @˜Š¯2001 RESO 2001-076–"[HmÅResolution No. 2001-076 Page 4 ATTEST: STATE OF CALIFORNIA COUNTY OF LOS ANGELES ss: CITY OF BALDWIN PARK I, Rosemary M. Ramirez, Chief 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 its regular meeting of the City Council on July 18, 2001, by the following vote: AYES: COUNCIL MEMBERS: NOES: COUNCIL MEMBERS: ABSENT: COUNCIL MEMBERS: ABSTAIN: COUNCIL MEMBERS: Bill Van Cleave, Marlen Garcia and Mayor Pro Tern, Linda Gair None Ricardo Pacheco and Mayor Manuel Lozano None y f—————————— Rosemary M. Ramirez, CMC Chief Deputy City Clerk BIB] 37209-U01 2001-U02 RESO-U02 2001-076-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04 BIB] 37425-U01 2001-U02 076-U02 CC-U02 RESO-U02 LG1-U03 LI3-U03 FO8417-U03 FO8418-U03 DO8468-U03 C6-U03 RESO-U03 11/14/2001-U04 ADMIN-U04