2003-033 - Certificates of Participation in the Maximum Principal Amount of $20,000,000

Home Browse Search

In order to take advantage of favorable interest rates prevailing in the municipal bond market, the City wishes at this time to provide for the refinancing of the outstanding 1993 Certificates from the proceeds of Refunding Certificates of Participation 2003 Series A to be issued in the maximum principal amount of $20,000,000 (the "Refunding Certificates"). The City Council wishes at this time to authorize and approve all proceedings for the refinancing of the City's obligations with respect to the 1993 Certificates, the delivery and sale of the Refunding Certificates for that purpose, all related documents and actions, in furtherance of the public purposes of the City. Section 2. Approval of Refinancing Plan and Related Documents. T he City Council hereby approves the refinancing plan outlined above. To that end, the City Council hereby approves each of the following documents in substantially the respective forms on file with the Clerk of the Council together with any changes therein or additions thereto deemed advisable by the City Manager, the execution and delivery thereof shall be conclusive evidence of such approval: First Amended and Restated Site Lease between the City, as lessor and the Agency, as lessee, which amends and restates the Amended and Restated Site Lease relating to the 1993 Series B Certificates and the Amended and Restated Site Lease relating to the 1993 Series C Certificates in order to implement the refinancing plan. Lease Agreement between the Agency, as lessor and the City, as lessee, which amends and restates the 1993 Lease Agreement in order to implement the refinancing plan. Trust Agreement among the City, the Agency and the Trustee, under which the Trustee agrees to execute and deliver the Refunding Certificates, and which specifies the detailed terms and provisions relating to the Refunding Certificates. Purchase Agreement among the City, the Agency and Salomon Smith Barney Inc. with respect to the purchase and sale of the Refunding Certificates (the "Purchase Agreement"). The City Manager and the Director of Finance of the City, and each of them, are hereby authorized and directed for and in the name and on behalf of the City to determine the assets which are to be leased pursuant to the provisions above- referenced Lease Agreement and to execute, and the Clerk of the Council is hereby authorized and directed to attest, if necessary, to the final form of each of the foregoing documents. The schedule of lease payments attached to the Lease Agreement shall correspond to the payments of principal and interest represented by the Refunding Certificates, t o b e determined u pon t he s ale t hereof a s s et forth i n Section 3 of this Resolution. Resolution No. 2003-033 Page 2 of 4