85-135 - Laserfiche WebLink

Home Browse Search

Trustee, the Association and the Developer (the "Loan Agreement"), pursuant to whi6h ~he~i~ssuer has agreed to lend the proceeds of the Bonds to the Developer to finance the Project; WHEREAS, certain obligations of the Developer under the Loan Agreement are to be secured by a Letter of Credit to be issued by the Association, which Letter of Credit is to be secured by collateral under the terms of an Assignment of Collateral and Trust Agreement dated as of November 1, 1985 (the "Collateral Agreement"), among the Issuer, the Association, the Developer, the Trustee and the Collateral Agent named therein; WHEREAS, Bankers Trust Company (the "Placement Agent") has expressed its desire and intention to act as placement agent for the Bonds, and it is desirable that the Placement Agent so act pursuant to a Bond Placement Agreement (the "Bond Placement Agreement"), among the Issuer, the Association and the Placement Agent; WHEREAS, Pettit & Martin has been appointed as Bond Counsel in connection with the issuance of the Bonds; and WHEREAS, the City approves of the transactions described above and has determined that they are in the public interest of the City; NOW, THEREFORE, the City Council of the City hereby finds, determines and declares as follows: Section 1. F~ndings and Declarations. The City, after due investigation and deliberation, and in accordance with the Ordinance, hereby (i) finds and determines that the Project (a) promotes the long-term employment of residents of the City, (b) will not adversely affect areas outside the boundaries of the City or transient residents of the State of California, and (c) is in the public interests of the City and constitutes a municipal affair of the City, a valid exercise of the police powers of the City and a public purpose in which the City has a peculiar and unique interest, and (ii) accepts and approves the Application and the participation of the City in the financing of the Project through the issuance of the Bonds. The City further hereby finds and declares that this Resolution is adopted pursuant to the Ordinance. Section 2. Issuance and Sale of Bonds; Bond Placement Agreement. The City hereby authorizes the issuance of up to an aggregate principal amount of $5,500,000 of the Bonds pursuant to and in accordance with the terms and provisions of the Indenture, all of which terms and provisions are incorporated herein by this reference. The Bonds are hereby authorized to be sold through the Placement Agent pursuant to and in accordance