HomeMy WebLinkAboutCity Council Resolution 05-068RESOLUTION NO. OS-068
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
APPROVING AGREEMENT FOR, ASSESSMENT DISTRICT
ADMINISTRATION SERVICES AND AUTHORIZING CERTAIN ACTIONS BY
CITY OFFICIALS AND STAFF
(LEONARD ROAD ASSESSMENT DISTRICT)
WHEREAS, The City Council of the City of Saratoga finds and resolves; and
WHEREAS, In 1993 the City of Saratoga, along with the City of Saratoga
Parking Authority, formed the Saratoga Public Financing Authority (the "SPFA").
WHEREAS, In 1993 this City Council conducted assessment district proceedings
to form the City's Reassessment District No. 1993-1 (Parking District #3) and the City's
Assessment District No. 1993-29 (Leonard Road), (the "Assessment Districts").
WHEREAS, The City sold one bond secured by each Assessment District (the
"Local Obligations") to the SPFA.
WHEREAS, At about the same time the SPFA issued its 1993 Revenue Bonds
(the "Revenue Bonds") to the public and, in that connection, pledged the Local
Obligations and the receipts of principal and interest thereon to the payment of principal
and interest on the Revenue Bonds.
WHEREAS, The firm of NBS Local Government Solutions ("NBS") was
retained to administer the Local Obligations and the Revenue Bonds on behalf of the City
and the SPFA.
WHEREAS, The Revenue Bonds and the Parking District #3 Local Obligations
have been retired or are being defeased under their operative documents, and when that
process is completed, the City and the SPFA will have no further obligations with respect
thereto.
WHEREAS, A portion of the Leonard Road Local Obligation remains
outstanding, and is being transferred by the SPFA to the City.
WHEREAS, The City desires to continue to retain NBS to administer the
Leonard Road Local Obligation on its behalf.
WHEREAS, The Agreement for Assessment District Administration Services
(Leonard Road Assessment District) (the "Agreement") on file with the Clerk is hereby
approved.
WHEREAS, The Mayor of the City and the City Manager of the City and the
Administrative Services Manager of the City, and any of them, are authorized to sign the
Agreement on behalf of the City, and the City Clerk is authorized to attest its execution.
NOW, THEREFORE BE IT RESOLVED THAT In addition, all City officers,
and all members of City staff under the direction of the City Manager, 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 ordered by the
Governing Board of the SPFA, and to accomplish the receipt, by the City, of the
remainder of the Trust Estate established under the Trust Agreement executed in
connection with the issuance of the Revenue Bonds.
The above and foregoing resolution was passed and adopted by the City Council of the
City of Saratoga at a regular meeting held on the 2"d day of November, 2005, by the
following vote:
AYES: Councilmembers Aileen Kao, Nick Streit, Ann Waltonsmith,
Vice Mayor Norman Kline, Mayor Kathleen King
NOES: None
ABSENT: None
ABSTAIN: None
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Kathleen M. King, Ma r