HomeMy WebLinkAboutCity Council Resolution 05-069RESOLUTION NO. OS-069
A RESOLUTION OF THE SARATOGA PUBLIC FINANCING AUTHORITY
ORDERING EARLY REDEMPTION OF THE AUTHORITY'S
OUTSTANDING SERIES 1993 REVENUE BONDS
(MARKS-ROOS FINANCING)
The Governing Board of the Saratoga Public Financing Authority resolves:
1. This Board approves and irrevocably orders the redemption, at the earliest possible
date, which need not be an interest payment date, of all of the Authority's outstanding Series 1993
Revenue Bonds dated August 2, 1993 (the "Revenue Bonds"), under the terms of Sections 4.02 and
12.01 of the Trust Agreement for the Revenue Bonds, dated July 29, 1993 (the "Trust Agreement").
2. NBS Local Government Solutions ("NBS"), the Administrator of the Revenue
Bonds, is hereby directed to deliver a certified copy of this Resolution to The Bank of New York
Trust Company, N.A. (the "Bond Trustee"), on behalf of this Authority, which hereby directs the
Bond Trustee to give Notice of Redemption, under Section 4.02 of the Trust Agreement, and to
defease (under Article XII of the Trust Agreement) and to redeem (under Section 4.06 of the Trust
Agreement) all of the outstanding Revenue Bonds at the earliest opportunity, using for that purpose
funds held by the Bond Trustee in the Debt Service Fund, the Redemption Fund, the Reserve Fund,
and the Surplus Fund, all established in connection with the issuance of the Revenue Bonds under
the Trust Ageement, as the Bond Trustee shall determine.
3. This Authority hereby directs that upon the defeasance of the Revenue Bonds, the
Bond Trustee, under Section 12.01 of the Trust Agreement, is to remit all remaining funds, moneys
and property that it holds in the Trust Estate appertaining to the Revenue Bonds, after first deducting
its own proper fees and charges as memorialized in an invoice delivered to the Authority, to the City
of Saratoga.
4. It is intended that the Bond Trustee shall rely upon a certified copy of this
Resolution and be protected in that reliance pursuant to Section 9.06 of the Trust Agreement.
5. This Authority hereby assigns and transfers all of its right, title and interest in and
to the City of Saratoga Assessment District No. 1993-2 Limited Obligation Improvement Bond
(Leonard Road), as defined under "Local Obligations" in the Trust Agreement, to the City of
Saratoga, effective immediately upon the defeasance of the Revenue Bonds.
6. NBS and all members of Authority Staff, under the direction of the Secretary, are
hereby authorized and directed to do all things and execute all documents necessary and proper to
accomplish the defeasance and redemption of the Revenue Bonds as set forth herein.
A Resolution Of The Saratoga Public Financing Authority
Ordering Early Redemption Of The Authority's
Outstanding Series 1993 Revenue Bonds
(Marks-Roos Financing)
Page 2
PASSED AND ADOPTED at a regular meeting of the Governing Board of the
Saratoga Public Financing Authority held on the 2"d day of November 2005, by the following vote:
AYES: Aileen Kao, Nick Streit, Ann Waltonsmith, Norman Kline, Kathleen King
NOES: None
ABSENT: None
ABSTAIN: None
Kathleen M. King, President