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HomeMy WebLinkAboutORD 1246ORD 1246LÐL³²ORDINANCE NO. 1246 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK, CALIFORNIA APPROVING THE ACT OF ENTERING INTO AN AMENDED LEASE AGREEMENT BETWEEN THE CITY AND THE BALDWIN PARK FINANCING AUTHORITY WHEREAS, the City of Baldwin Park the City") is a municipal corporation and general law city organized and existing under the laws of the State of California; and WHEREAS, the Baldwin Park Financing Authority the Authority") is a public body corporate and politic organized and existing under the laws of the State of California; and WHEREAS, pursuant to an Amended Lease Agreement dated as of June 1. 1994 the 1994 Amended Lease"), the City leased certain property commonly known as the Baldwin Park Community Center the Community Center") to the Authority and the Authority leased said property back to the City; and WHEREAS, the Authority previously issued the $8.610,000 Baldwin Park Financing Authority 1994 Lease Revenue Refunding Bonds Community Center Project) the Prior Bonds"), which Prior Bonds were secured by the lease payments made by the City to the Authority under the 1994 Amended Lease; and WHEREAS, the City desires i) to refund the Prior Bonds and ii) fund additional development costs in and around the City, and has requested that the Authority issue its not to exceed $11,500.000 Lease Revenue Refunding Bonds Series 2004 Community Center Project) the Bonds") and loan the proceeds thereof to the City pursuant to an Amended Lease Agreement the Amended Lease Agreement") dated as of October 1. 2004;and WHEREAS, the Bonds will be issued pursuant to the Indenture of Trust dated as of October 1. 2004 the Indenture") and the Bonds will be secured by the Revenues as that term is defined in the Indenture) which primarily constitute lease payments to be made by the City to the Authority; and WHEREAS, Chilton & Associates, as prospective underwriter of the Bonds the Underwriter") has informed the City that it intends to submit an offer to purchase the Bonds and shall cause the disclosure counsel to prepare a Preliminary Official Statement and an Official Statement relating to such Bonds, as 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 is required by Article 9 of Chapter 5 of Part 1 of Division 2 of the Government Code commencing with Section 54240) to approve the act of entering into the Amended Lease Agreement by ordinance which is subject to referendum; and BIB] 38356-U01 ORD-U02 1246-U02 LI2-U03 FO8535-U03 FO38917-U03 DO59385-U03 C5-U03 ORDINANCES-U03 1/3/2005-U04 ROBIN-U04 ORD 1246LÐL³²Ordinance No. 1246 Page 2 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 of the City and its community. NOW, THEREFORE. THE CITY OF BALDWIN PARK HEREBY DOES ORDAIN AS FOLLOWS; Section 1. Findings: Issuance of Bonds: Approval of Amended Lease Agreement. The City hereby finds and determines that entering into the Amended Lease Agreement serves the common benefit of the City and its residents and is necessary and proper for its municipal purposes. The City hereby authorizes the issuance of the Bonds under and pursuant to the laws of the State of California and the Indenture in the aggregate principal amount of not to exceed $11,500,000 and the preparation of certain financing documents related thereto which are necessary to carry out the issuance of the Bonds. The City hereby approves the Amended Lease Agreement in the form presently on file with the City Clerk with such changes thereto as may be approved by the Mayor or Chief Executive Officer and as necessary to incorporate the principal amount, interest rate, maturity and redemption dates and such other terms and conditions with respect thereto when such terms and conditions have been ascertained. The City hereby further authorizes and directs that the form of Amended Lease Agreement presently on file with the Secretary be converted into the final form of Amended Lease Agreement together with such changes or modifications as deemed necessary or desirable by the Mayor or Chief Executive Officer, upon the recommendation of Lewis Brisbois Bisgaard & Smith LLP Bond Counsel"). The Mayor, Administrator or such other authorized officer of the City is hereby authorized and directed to execute and deliver, and the City Clerk or Assistant City Clerk is hereby authorized and directed to attest to, the final form of the Amended Lease Agreement when the same has been prepared for and in the name of the City. and such execution and delivery shall be deemed to be conclusive evidence of the approval thereof. The City hereby authorizes the delivery and performance of the obligations under the Amended Lease Agreement to accomplish the financing as contemplated herein. Section 2. Approval of Bond Purchase Contract The City hereby approves the purchase of the Bonds by the Underwriter in the aggregate principal amount of not to exceed $11,500,000 pursuant to that certain Bond Purchase Agreement on file with the City Clerk the Purchase Agreement"). The City hereby further authorizes the form of Purchase Agreement as presently on file with the City Clerk, together with any changes therein or additions thereto approved by the Mayor. Chief Executive Officer or an authorized representative of the Mayor and as necessary to incorporate the principal amount, the interest rate, the purchase price and such other terms and conditions when such terms and conditions have been ascertained. Section 3. Official Statement. The City hereby approves the form of the Preliminary Official Statement the Preliminary Official Statement") presently on file with the City Clerk. The City further authorizes the distribution of the Preliminary Official Statement as shall be necessary or required in connection with the sale of the Bonds to prospective purchasers thereof. The City hereby authorizes and directs that the BIB] 38356-U01 ORD-U02 1246-U02 LI2-U03 FO8535-U03 FO38917-U03 DO59385-U03 C5-U03 ORDINANCES-U03 1/3/2005-U04 ROBIN-U04 ORD 1246LÐL³²Ordinance No. 1246 Pages Preliminary Official Statement be converted to a final Official Statement either as a single document or in several documents as may be required under the circumstances to fully provide for the sale and delivery of the Bonds, together with such changes or modifications as deemed desirable or necessary in the sale and marketing of the Bonds and as approved by the Mayor or Chief Executive Officer upon the recommendation of Bond Counsel and the Underwriter. The City hereby authorizes distribution of the Preliminary Official Statement and the final Official Statement by the Underwriter when the same have been prepared. The Mayor or Chief Executive Officer are hereby authorized and directed to execute the final form of said Official Statement in the name and on behalf of the City and to deliver the same to the Underwriter upon execution thereof, together with the changes or modifications approved by the Mayor or Chief Executive Officer. Execution of said final Official Statement shall be conclusive evidence of approval thereof, including any such changes and additions. Section 4. Official Action. The Mayor or Chief Executive Officer, City Clerk, Bond Counsel, City Attorney 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. 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 or Chief Executive Officer 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 5. Effective Date. This Ordinance shall be published or posted in the manner specified in Section 36933 of the Government Code and shall become effective thirty 30) days after the date of its final passage. This Ordinance shall be subject to referendum pursuant to and as provided in Section 54241 of the California Government Code. PASSED, APPROVED AND ADOPTED ON SEPTEMBER 15. 2004. pW) \aA^ Ricardo Pacheco Mayor Pro Tern BIB] 38356-U01 ORD-U02 1246-U02 LI2-U03 FO8535-U03 FO38917-U03 DO59385-U03 C5-U03 ORDINANCES-U03 1/3/2005-U04 ROBIN-U04 ORD 1246LÐL³²Ordinance No. 1246 Page 4 ATTEST: STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF BALDWIN PARK ss. I, ROSEMARY M. RAMIREZ, Chief Deputy City Clerk, of the City of Baldwin Park, do hereby certify that the foregoing Ordinance was introduced and placed for first reading at a regular meeting of the City Council on September 1, 2004. That thereafter, said Ordinance was duly approved and adopted at a regular meeting of the City Council on September 15, 2004 by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: ABSTAIN: COUNCILMEMBERS: MARLEN GARCIA, DAVID J. OLIVAS, BILL VAN CLEAVE AND MAYOR PRO TEM RICARDO PACHECO NONE MAYOR MANUEL LOZANO NONE ROSEMA CHIEF DEPU IREZ, CMC ITY CLERK BIB] 38356-U01 ORD-U02 1246-U02 LI2-U03 FO8535-U03 FO38917-U03 DO59385-U03 C5-U03 ORDINANCES-U03 1/3/2005-U04 ROBIN-U04