HomeMy WebLinkAbout2001 077 CC RESO2001 077 CC RESO¹òw @˜ Š ´ 2001 RESO 2001-077–"[HmÊRESOLUTION 2001-077
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
Baldwin Avenue Assessment District No. 2000-1
WHEREAS, This Council has conducted proceedings under and pursuant to
Resolution of Intention No. 2000-90, adopted September 20, 2000 the Resolution of
Intention"), to form the Baldwin Avenue Assessment District No. 2000-1 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 will be on file with the Finance Director of the City a list 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 will 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.
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2001 077 CC RESO¹òw @˜ Š ´ 2001 RESO 2001-077–"[HmÊResolution No. 2001-077
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 will be 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 not to exceed
$142,235. 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, Baldwin
Avenue Assessment District No. 2000-1 the Bonds") in an aggregate principal amount not
to exceed the lesser of $142,235 or the amount to be shown on the List of Unpaid
Assessments, 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 the lesser of $142,235 or the amount to be shown on the List of Unpaid
Assessments, 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.
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2001 077 CC RESO¹òw @˜ Š ´ 2001 RESO 2001-077–"[HmÊResolution No. 2001-077
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 18, 2001.
MANGEL LOZANO' MAYOR
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2001 077 CC RESO¹òw @˜ Š ´ 2001 RESO 2001-077–"[HmÊResolution No. 2001-077
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
Rosemarym^amlrez, CMC
Chief Deputy CrtyClerk
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