2024-025 - Water Revenue Bonds - Laserfiche WebLink

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payments on the Bonds calculated to the final maturity of the Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Bonds, and such information has been provided to the City Council in the report of Finance and Management Services Agency; and N. The City Council has been presented with the form of each document referred to herein relating to the refinancing contemplated hereby, and the City Council has examined and approved each document and desires to authorize and direct the execution of such documents and the consummation of such refinancing; and O. All acts, conditions and things required by the laws of the State of California and the City Charter of the City to exist, to have happened and to have been performed precedent to and in connection with the consummation of such refinancing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such refinancing for the purpose, in the manner and upon the terms herein provided. SECTION 2. All of the recitals herein contained are true and correct and the City Council so finds. SECTION 3. The City Council, on behalf of the City, hereby finds that the use of the Act to assist the City in financing the Project and refinancing the 2014 Bonds will result in significant public benefits to the citizens of the City because it is expected that such use will provide demonstrable savings in effective interest rate costs. SECTION 4.The forms of the Master Installment Agreement and First Supplement, on file with the City Clerk, are hereby approved, and the Mayor may designate, City Manager, the Assistant City Manager, the City Clerk, and the Executive Director and City Treasurer, Finance and Management Services (the "Authorized Officers"), are each hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Master Installment Agreement and First Supplement in substantially said forms, with such changes therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof; provided, however, that the aggregate amount of the principal components of the installment payments shall not exceed $47,000,000 and the true interest cost applicable to the interest components of the installment payments shall not exceed 4.75%. SECTION 5. The form of Indenture, on file with the City Clerk, with such changes, insertions and omissions therein as an authorized officer of the Authority executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof, is hereby approved; provided, however, that the aggregate amount of the Bonds shall not exceed $47,000,000, and the true interest cost applicable to the Bonds shall not exceed 4.75% and, provided, Resolution No.2024-025 Page 3 of 6