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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 51'2-18123.1 41784-2-DCB-07/22/93 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. SF2-18123.1 2 41784-2-DCB-07 ml93 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 /~ -¡ ( r:~~~~ Ark~ Presß~ A~EST: II ~1' ~ r!:. CO Secretary ~ SP2-t8123.1 3 41784-2-DCB-07/01/93