1998-001 SAFA - Laserfiche WebLink

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Reaolution No. 98-001 (SAFA) NOW, THEREFORE, it is hereby DECLARED, ORDERED and DETERMINED as follows: Section 1. Findings and Determinations. Pursuant to Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the "Bond Law"), the Board hereby finds and determines that the issuance of the Bonds will result in savings in effective interest rates, bond underwriting costs and bond issuance costs and thereby result in significant public benefits to the Agency, the City and the Authority within the contemplation of Section 6586 of the Bond Law. Section 2. Issuance of Bonds; Approval of Indenture. The Board hereby authorizes the issuance of the Bonds under and pursuant to the Bond Law, in the maximum principal amount of $95,000,000. The Bonds shall be issued pursuant to an Indenture of Trust dated as of May 1, 1998 (the "Indenture") by and between the Authority and Dai-Ichi Kangyo Bank of California, as trustee (the "Trustee") in two series, as set forth in the Indenture, with one series expected to be issued in May of 1998 and the other series to be issued in July of 1999. The Board hereby approves the Indenture in the form on file with the Secretary, together with any changes therein or additions thereto approved by the official of the Authority executing the Indenture, and the execution thereof by the Authority shall be conclusive evidence of the approval of any such changes or additions The Board hereby authorizes and directs the Chairman, the Executive Director or the Treasurer, each acting alone, to execute, and the Secretary to attest and affix the seal of the Authority to, the final form of the Indenture for and in the name of the Authority. The Board of Directors hereby authorizes the delivery and performance by the Authority of the Indenture. Section 3. Purchase of Agency Bonds. The Board hereby authorizes and approves the purchase of the Agency Bonds from the Agency by the Trustee on behalf of the Authority pursuant to and in accordance with the provisions of the Assignment Agreement - 1989 Bonds by and among the Agency, the Authority and the Trustee (the "Assignment Agreement"). The Board hereby approves the Assignment Agreement in the form on file with the Secretary, together with any changes therein or additions thereto deemed advisable by the official of the Authority executing the Assignment Agreement, and the execution thereof by the Authority shall be conclusive evidence of the approval of any such changes or additions. The Board hereby authorizes and directs the Chairman, the Executive Director or the Treasurer, each acting alone, to execute, and the Secretary to attest and affix the seal of the Authority to, the final form of the Assignment Agreement for and in the name of the Authority. The Board hereby authorizes the delivery and performance by the Authority of the Assignment Agreement. Section 4. Sale of Bonds. The Board hereby approves the sale of the Bonds by negotiation with Stone & Youngberg LLC (the "Underwriter"). The Bonds shall be sold pursuant to a Purchase Agreement (the "Bond Purchase Agreement") by and between the Authority and the Underwriter in the form on file with the Secretary, together with any changes therein or additions thereto approved by the official of the Authority executing the Purchase Agreement, whose execution thereof shall be conclusive evidence of his approval of any such additions and changes. The Bond Purchase Agreement shall be executed in the name and on behalf of the Authority by the Chairman, the Executive Director or the Treasurer, each acting alone, upon submission of a proposal by the Underwriter to purchase the Bonds; provided, however, that such proposal is acceptable to such official and is consistent with the requirements of this Resolution. The amount of Underwriter's discount (without regard to any original issue discount) shall be not more than one percent (1%) of the par amount of the Bonds, and the net interest cost of the Bonds shall not exceed five and thirty one-hundredths percent (5.30%) per annum. -2-