Laserfiche WebLink
B. In order to take advantage of favorable interest rates prevailing in the <br />municipal bond market, the City wishes at this time to provide for the refinancing <br />of the outstanding 1993 Certificates from the proceeds of Refunding Certificates <br />of Participation 2003 Series A to be issued in the maximum principal amount of <br />$20,000,000 (the "Refunding Certificates"). <br /> <br />C. The Agency wishes at this time to authorize and approve all proceedings <br />for the refinancing of the City's obligations with respect to the 1993 Certificates, <br />the delivery and sale of the Refunding Certificates for that purpose and all <br />related documents and actions, in furtherance of the public purposes of Agency; <br /> <br />Section 2. Approval of Refinancing Plan and Related Documents. The Agency <br />hereby approves the refinancing plan outlined above. To that end, the Agency <br />hereby approves each of the following documents in substantially the respective <br />forms on file with the Secretary together with any changes therein or additions <br />thereto deemed advisable by the Executive Director, the execution and delivery <br />thereof shall be conclusive evidence of such approval: <br /> <br />A. First Amended and Restated Site Lease between the City, as <br />lessor, and the Agency, as lessee, which amends and restates the <br />1993 Site Leases relating to the 1993 Certificates in order to <br />implement the refinancing plan. <br /> <br />B. Lease Agreement between the Agency, as lessor, and the City, <br />as lessee, which amends and restates the 1993 Lease Agreements <br />in order to implement the refinancing plan. <br /> <br />C. Trust Agreement among the City, the Agency and the Trustee, <br />under which the Trustee agrees to execute and deliver the <br />Refunding Certificates, and which specifies the detailed terms and <br />provisions relating to the Refunding Certificates. <br /> <br />D. Purchase Agreement among the City, the Agency and Salomon <br />Smith Barney Inc. with respect to the purchase and sale of the <br />Refunding Certificates (the "Purchase Agreement"). <br /> <br />The Executive Director and Treasurer of the Agency (the "Designated Officers"), <br />and each of the, are hereby authorized and directed for and in the name and on <br />behalf of the Agency to execute, and the Secretary is hereby authorized and <br />directed to attest, if necessary, to the final form of each of the foregoing <br />documents. The schedule of lease payments attached to the Lease Agreement <br />shall correspond to the payments of principal and interest represented by the <br />Refunding Certificates, to be determined upon the sale thereof as set forth in <br />Section 2 of this Resolution. <br /> <br />Section 3. Sale of Refunding Certificates. The Agency hereby approves the sale <br />of the Refunding Certificates pursuant to and in accordance with the provisions <br />of the Pumhase Agreement. <br /> <br />-2- <br /> <br /> <br />