HomeMy WebLinkAboutCity Council Resolution 93-031.14PFA
RESOLUTION NO.
93-031. 14PFA
A RESOLUTION OF THE SARATOGA PUBLIC FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF NOT TO
EXCEED $1,600,000 SARATOGA PUBLIC FINANCING
AUTHORITY REVENUE BONDS, AND THE EXECUTION AND
DELIVERY OF A TRUST AGREEMENT, AN OFFICIAL
STATEMENT AND A CONTRACT OF PURCHASE AND
CERTAIN OTHER ACTIONS IN CONNECTION WITH
THE ISSUANCE AND SALE OF SUCH BONDS
WHEREAS, the Saratoga Public Financing Authority (the
"Authority") has determined to issue its Saratoga Public
Financing Authority Revenue Bonds, Series 1993, in the aggregate
principal amount of not to exceed $1,600,000 (the "Bonds")
pursuant to Article 4 of Chapter 5 of Division 7 of the
California Government Code;
WHEREAS, the Bonds are being issued pursuant to a trust
agreement (the "Trust Agreement") by and between the Authority
and Bank of America, National Trust and Savings Association (the
"Trustee"); and
WHEREAS, the Bonds are being purchased pursuant to a
Contract of Purchase (the "Purchase Contract") between First
California Capital Markets Group, Inc. (the "Underwriter") and
the Authority;
NOW, THEREFORE, the Governing Board of the Saratoga
Public Financing Authority resolves:
section 1. The Trust Agreement in substantially the
form submitted to this meeting, is hereby approved. The
President or vice President of the Authority, or any officer
designated by the President or Vice President, is hereby
authorized and directed, for and on behalf of the Authority, to
execute and deliver the Trust Agreement in substantially said
form, with such changes therein as the President or Vice
President or officer designated by the President or vice
President, with the advice of the Authority's bond counsel, may
require or approve, such approval to be conclusively evidenced by
the execution and delivery thereof.
section 2. The form of Purchase Contract presented at
this meeting, is hereby approved. The President or Vice
President of the Authority, or any officer designated by the
President or Vice President, is hereby authorized and directed,
for and on behalf of the Authority to execute and deliver the
Purchase Contract in substantially said form, with such changes
therein as the officer executing the same may, with the advice of
the Authority's bond counsel, require or approve, such approval
to be conclusively evidenced by the execution and delivery
thereof. The net interest cost of the bonds as specified in said
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Purchase Contract shall not exceed seven and seventy-five
hundredths percent (7.75%) and the aggregate principal amount of
the Bonds shall not exceed $1,600,000.
Section~. The proposed form of the official statement
relating to the Bonds (the "Official statement") and to be used
in connection with the offer and sale of the Bonds, is hereby
adopted and approved, and the President or Vice President of the
Authority, or any officer designated by the President or Vice
President, is hereby authorized to execute and deliver the same,
for and on behalf of the Authority, with such changes therein as
the officer executing the same, with the advice of the
Authority's counsel, may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
section 4. The Underwriter is hereby authorized to
distribute the Official statement in preliminary form to persons
who may be interested in the purchase of the Bonds and to deliver
the Official statement in final form to the purchasers of the
Bonds.
section 5. The Bonds in the aggregate principal amount
of not to exceed $1,600,000 are hereby authorized to be issued in
one series. The Bonds shall be executed by the manual or
facsimile signature of the President of the Governing Board and
attested by the manual or facsimile signature of the Secretary of
the Authority, in accordance with the Trust Agreement. The
Authority represents that the reasonably anticipated amount of
qualified tax-exempt obligations which has been and will be
issued by the City of Saratoga and its subordinate entities,
including the Authority, in 1992 does not exceed $5,000,000, and
this Board of Directors hereby designates the Bonds to be
qualified tax-exempt obligations of the Authority pursuant to
section 265(b) (3)(B) (ii) of the united states Internal Revenue
Code (lithe Codel1), and the proceeds of the Bonds to be exempt
from the requirement to calculate and pay rebate to the United
states pursuant to section 148(f) (4)(D) of the Code.
Section 6. The Bonds, when so executed, shall be
delivered to the Trustee for authentication by the Trustee. The
Trustee is hereby requested and directed to authenticate the
Bonds by executing the Trustee's Certificate of Authentication
appearing thereon, and to deliver the Bonds, when duly executed
and authenticated, to the purchaser thereof in accordance with
written instructions executed on behalf of the Authority by the
President or Vice President or any officer designated by the
President or Vice President, which instructions said officers are
hereby authorized and directed, for and on behalf of the
Authority, to execute and deliver to the Trustee. Said
instructions shall provide for the delivery of the Bonds to the
purchaser thereof, as determined and confirmed by the Treasurer,
upon payment of the purchase price thereof.
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section 7. The officers of the Authority are hereby
authorized and directed, jointly and severally, to do any and all
things and to execute and deliver any and all documents which
they may deem necessary or advisable in order to consummate the
issuance, sale and delivery of the Bonds and otherwise to
effectuate the purposes of this resolution.
Section 8. This resolution shall take effect
immediately.
PASSED AND ADOPTED at a regular meeting of the Governing
Board of the Saratoga Public Financing Authority held on the 7th
day of JUly, 1993, by the following vote:
AYES: Counc i 1 members Anderson, Burger, t10ni a and Mayor Tucker
NOES: None
ABSENT: Counc i 1 member Koh 1 er
ABSTAIN: None
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A~EST: II ~1'
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Secretary
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