2014-048 - Execution and Delivery By the City of a Master Installment Purchase Agreement

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M. The City is a member of the Authority and the Project is located within the boundaries of the City; 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 refinancing the Project 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. The prepayment of the Prior Installment Payments under the Prior Installment Purchase Agreement and the redemption of the Prior Bonds are hereby approved. Section 4. The forms of the Master Installment Agreement and First Supplement, on file with the Clerk of the Council, are hereby approved, and the Mayor may designate, City Manager, the Assistant City Manager, the Clerk of the Council, Executive Director, Public Works and the Executive Director, 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 $17,000,000 and the true interest cost applicable to the interest components of the installment payments shall not exceed 4.00 %. Section 5. The form of Indenture, on file with the Clerk of the Council, 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 $17,000,000, the Resolution No. 2014 -048 Page 3 of 6