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HomeMy WebLinkAbout1983 052 CC RESO1983 052 CC RESO(ÌìëdEXHIBIT A RESOLUTION NO. 83-52 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1983-1984 AND THE ISSUANCE OF 1983 TAX AND REVENUE ANTICIPATION NOTES THEREFOR WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of the State of California, this City Council the Council") has found and determined that the sum of Two Million Seven Hundred Fifty Thousand Dollars $2,750,000) is needed for the requirements of'the City of Baldwin Park the City"), a municipal corporation duty organized and existing under the laws of the State of California, to satisfy obligations payable from the General Fund of the City, and that it is necessary that said sum be borrowed for such purpose at this time by the issuance of temporary notes therefor in anticipation of the receipt of taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1983-1984; and WHEREAS, it appears, and the Council hereby finds and determines, that said sum of Two Million Seven Hundred Fifty Thousand Dollars $2,750,000), when added to the interest payable thereon, does not exceed eighty-five percent 85^) of the estimated amount of the uncottected taxes, revenue and other moneys of the City attributable to Fiscal Year 1983-1984, and available for the payment of said notes and the interest thereon as hereinafter provided): NOW, THEREFORE, the City Council of the City of Baldwin Park hereby finds, determines, declares and resolves as follows: SECTION 1. Recitals True and Correct. A11 of the recitals herein set forth are true and correct, and the Council so finds and determines. SECTION 2. Issuance and Terms of Notes. Solely for the purpose of anticipating taxes, revenue and other moneys to be received by the City for the General Fund of the City during or attocabte to Fiscal Year 1983-1984, and not pursuant to any common plan of financing, the City hereby determines to and shall borrow the aggregate principal sum of Two Million Seven Hundred Fifty Thousand Dollars $2,750,000) by the issuance of temporary notes under Sections 53850 et seq. of the Government Code of the State of California, designated City of Baldwin Park 1983 Tax and Revenue Anticipation Notes" the Notes"), to be numbered from 1 consecutively upward in order of issuance, to be in the denomination of $5,000, $25,000 or $100,000, or any combination thereof, as specified by the successful purchasers thereof, to be dated July 1, 1983, to mature without option of prior redemption) on June 30, 1984, and to bear interest, payable at maturity and computed on a 30-day month/360-day year basis, at the rate or rates determined at the time of sale thereof. Both the principal of and interest on the Notes shall be payable, only upon surrender thereof, in lawful money of the United States of America, at the principal office of Security Pacific National Bank in Los Angeles, California. SECTION 3. Form of Notes. The Notes shall be issued without coupons and shall be substantially in the form and substance set forth in Appendix A attached hereto and by reference incorporated herein, the blanks in said form to be filled in with appropriate words and figures. SECTION 4. Use of Proceeds. The moneys so borrowed shall be deposited in the General Fund of the City and used and expended by the City for any purpose for which it is authorized to expend funds from the General Fund of the City. SECTION 5. Security. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, revenue and other moneys which are received by the City for the General Fund of the City BIB] 37677-U01 1983-U02 052-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10356-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04 1983 052 CC RESO(Ììëdfor the Fiscal Year 1983-1984. As security for the payment of the principal of and interest on the Notes the City hereby pledges the first $800,000 unrestricted moneys" as hereinafter defined) received by the City in December of 1983, the first $500,000 of such unrestricted moneys received by the City in March of 1984, the first $400,000 of such unrestricted moneys received by the City in April of 1984, the first $600,000 of such unrestricted moneys received by the City in May of 1984, and the first such unrestricted moneys received by the City in June of 1984 in an amount equal to $450,000 plus a11 interest coming due on the Notes on June 30,1984; provided, however, that should the City deposit with the Fiscal Agent in any such month moneys in excess of the amount required to be so deposited during such month, the City shall be required to deposit in any subsequent month no more than an amount which, together with a11 moneys theretofore so deposited, wilt be equal to the total amount pledged through such subsequent month as security for the Notes and the interest thereon such pledged amounts being hereinafter called the Pledged Revenue"), The principal of the Notes and the interest thereon shall constitute a first tien and charge thereon and shall be payable from the Pledged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be paid from any other moneys of the City lawfully available therefor. In the event that there are insufficient unrestricted moneys received by the City to permit the deposit into the Repayment Fund, as hereinafter defined, of the full amount of the Pledged Revenues to be deposited in any month by the fifteenth day of such month, then the amount of any deficiency shall be satisfied and made up from any other moneys of the City lawfully available for the repayment of the Notes and interest thereon. The term unrestricted moneys" shall mean taxes, income, revenue, cash receipts, and other moneys intended as receipts for the General Fund of the City and which are generally available for the payment of current expenses and other obligations of the City. SECTION 6. Fiscal Agent. Security Pacific National Bank is hereby appointed to act as the Fiscal Agent and depository of the City for the purpose of receiving the Pledged Revenues as defined in this Resolution, to hold, allocate, use and apply the Pledged Revenues and to perform such other duties and powers of the Fiscal Agent as are prescribed in this Resolution. SECTION 7. Repayment Fund. A11 Pledged Revenues, as and when received, shall be deposited by the City with the Fiscal Agent and shall be held by the Fiscal Agent in a special fund designated 1983 Tax and Revenue Anticipa- tion Note Repayment Fund" the Repayment Fund") and applied as directed in this Resolution. Any money placed in the Repayment Fund shall be for the benefit of the Notes, and unfit the Notes and a11 interest thereon are paid or until provision has been made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be applied solely for the purposes for which the Repayment Fund is created. From the date this Resolution takes effect, a11 Pledged Revenues shall, during the months in which received, be transferred to the Fiscal Agent for deposit in the Repayment Fund. On June 30, 1984, the moneys in the Repayment Fund shall be used, to the extent necessary, to pay the principal of and interest on the Notes. Any moneys remaining in the Repayment Fund after the Notes and the interest thereon have been paid, or provision for such payment has been made, shall be transferred to the City for deposit in its General Fund. SECTION 8. Deposit and Investment of Fund. A11 moneys held by the Fiscal Agent in the Repayment Fund, if not invested, shall be held in time or demand deposits of public funds including the banking department of the Fiscal Agent) and shall be secured at a11 times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Repayment Fund, to the greatest extent possible, shall be invested in investment securities either by the Director of Administrative Services of the City or by the Fiscal Agent as the Director of Administra- tive Services may direct, as permitted by the laws of the State of California as now in effect and as hereafter amended, modified or supplemented BIB] 37677-U01 1983-U02 052-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10356-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04 1983 052 CC RESO(Ììëdfrom time to time, and the proceeds of any such investments shall be deposited in the Repayment Fund and shall be part of the Pledged Revenues. SECTION 9. Execution of Notes. The Director of Administrative Services of the City is hereby authorized to execute the Notes either by manual or facsimile signature, and the City Clerk of the City is hereby authorized to countersign the same by either manual or facsimile signature and to affix the seat of the City thereto either manually or by facsimile impression thereof, and said officers are hereby authorized to cause the blank spaces thereof to be titled in as may be appropriate. SECTION 10. Covenants and Warranties. It is hereby covenanted and warranted by the City that alt representations and recitals contained in this Resolution are true and correct, and that the City and its appropriate officials have duty taken a11 proceedings necessary to be taken by them and will take any additional proceedings necessary to be taken by them, for the prompt collection and enforcement of the taxes, revenue, cash receipts and other moneys pledged hereunder in accordance with law and for carrying out the provisions of this Resolution SECTION 11. Arbitrage Covenant. This Council, as issuer of the Notes on behalf of the City, hereby covenants that it will make no use of the proceeds of the Notes which would cause the Notes to be arbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended; and, to that end, so long as any of the Notes are outstanding, the issuer with respect to the proceeds of the Notes, and all officers having custody or control of such proceeds, shall comply with all requirements of said section and of the regulations of the United States Department of the Treasury thereunder, to the extent that such regulations are, at the time, applicable and in effect, so that the Notes will not be arbitrage bonds." SECTION 12. Sale of Notes. All the Notes shall be offered for public sale on July 20, 1983, in accordance with the Notice Inviting Bids on the Notes, dated June 29, 1983, attached hereto as Appendix B and by reference incorporated herein, and said Notice Inviting Bids, in substan- tially the form presented to this meeting, is hereby approved with such additions, changes and corrections as Miller & Schroeder Municipals, Inc. may approve upon consultation with the Director of Administrative Services. Miller & Schroeder Municipals, Inc. is hereby authorized in its discretion to distribute and publish copies of said Notice Inviting Bids in connection with the offering and sate of the Notes. SECTION 13. Publication of Notice of Sale. Jones Halt Hi11 & White, A Professional Law Corporation, as bond counsel to the City, has heretofore caused to be published once in The Walt Street Journal or The Bond Buyer no later than July 5, 1983, in accordance with Section 53692 of the Govern- ment Code of the State of California, the Notice of Sale, dated June 15, 1983, attached hereto as Appendix C and by this reference incorporated herein. Said publication is hereby ratified, confirmed and approved. SECTION 14. Official Statement. The Official Statement relating to the Notes, dated June 29, 1983, attached hereto as Appendix D, in substan- tially the form presented to this meeting, is hereby approved with such additions, changes and corrections as Mitter & Schroeder Municipals, Inc. may approve upon consultation with the Director of Administrative Services, and said financing consultant firm is hereby authorized to distribute copies of said Official Statement in connection with the offering and sale of the Notes. PASSED AND ADOPTED by the City Council of the City of Baldwin Park, California, this 29th day of June, 1983, by the following vote: AYES: COUNCILMEN: McNEILL, KING AND MAYOR WHITE NOES: COUNCILMEN: AGUILAR ABSENT: COUNCILMEN: IZELL City Clerk BIB] 37677-U01 1983-U02 052-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10356-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04 1983 052 CC RESO(ÌìëdSTATE OF CALIFORNIA COUNTY OF LOS ANGELES) ss. CITY OF BALDWIN PARK I, LINDA L. GAIR, City Clerk of the City of Baldwin Park, do hereby certify that the foregoing Resolution No. 83-52 was duly adopted by the City Council of the City of Baldwin Park and approved by the Mayor at a regular meeting thereof held on the 29th day of June, 1983 and that the same was adopted by the above vote. BIB] 37677-U01 1983-U02 052-U02 CC-U02 RESO-U02 LI3-U03 FO2126-U03 FO10175-U03 DO10356-U03 C6-U03 RESO-U03 2/24/2003-U04 ROBIN-U04