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HomeMy WebLinkAbout96-033 - City of Santa Ana Recycling Project and Approving the Execution and Delivery of Certain Documents5 '5 RESOLUTION NO. 96-033 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA PROVIDING FOR THE FINANCING OF THE CITY OF SANTA ARA RECYCLING PROJECT AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH WHEREAS, this City Council (the "City Council") of the city of Santa Aha (the "City") proposes that the city finance various recycling components of its solid waste disposal facilities (the "Project") described in Exhibit A to the within mentioned Installment Purchase Contract; and W~ER~AS, in connection with the financing of such Project, the city Council has determined that is in the best interest of the city to cause to be delivered certificates of participation (the "Certificates") by the California Environmental Finance Corporation (the "Corporation"); W~{EREAS, the city has detel-mined that dedication of its revenues, and in particular its solid waste collection revenues, toward the payment of long-term financing, will benefit the taxpayers and ratepayers of the City and that such dedication of reliable revenue sources and the related higher credit ratings are of considerable importance to investors purchasing long-term financing obligations of the City; NOW, THEREFORE, the City Council of the City hereby finds, determines, declares and resolves as follows: SECTION 1. The City Council of the city hereby confirms and ratifies that ex~enditures for component~ of the Projects made prior to the date hereof or the issuance of Certificates have and will be made, as the case may be, with the intention that the City be reimbursed for such expenditures with proceeds of a tax-exempt financing. SECTION 2. The Installment Purchase Contract for the Project to be prepared with the assistance of city staff and the City Attorney, is hereby approved. The Mayor (or the authorized representative of the Mayor), the City Manager and the Clerk of the Council are hereby authorized and directed to execute and de!iver the Installment Purchase Contract with such changes, insertions and omissions as may be approved by the officer executing the same and the City Attorney, said execution being conclusive evidence of such approval. RESOLUTION 96-033 SECTION 3. The Trust Agreement to be prepared with the assistance of City staff and the City Attorney, is hereby approved. The Mayor (or the authorized representative of the Mayor), the City Manager and the Clerk of the Council are hereby authorized and directed to execute and deliver the Trust Agreement with such changes, insertions and omissions as may be approved by the officer executing the same and the City Attorney, said execution being conclusive evidence of such approval. SECTION 4. The Contract of Purchase to be prepared with the assistance of City staff and the City Attorney, is hereby approved. The Mayor (or the authorized representative of the Mayor), the City Manger and the Clerk of the Council are hereby authorized and directed to execute and deliver the Contract of Purchase with such changes, insertions and omissions as may be approved by the officer executing the same and the City Attorney, said execution being conclusive evidence of such approval. SECTION 5. The execution and delivery of the Certificates, on the terms and conditions specified in the trust Agreement, is hereby approved. SECTION 6. The City shall not take, nor permit nor suffer to be taken, any action with respect to the proceeds of the Certificates to be "arbitrage bonds" within the meaning of Section 148(a) of the Internal Revenue Code of 1986, as amended (the "Code") and applicable regulations. SECTION 7. The draft Preliminary official Statement to be prepared with the assistance of City staff and the City Attorney, is hereby approved. The Mayor of the City (or directed to execute, approve and deliver the final Official Statement with such changes, insertions and omissions as the officer or officers executing said document may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Westoff, Cone & Holmstedt, Inc. is hereby authorized to distribute copies of said official Statement in preliminary form to persons who may be interested in the purchase of the Certificates and is directed to deliver copies of the final Official Statement to all actual purchasers of the Certificates. The Mayor (or the authorized representative of the Mayor) or the City Manager is authorized, upon completion of the Preliminary Official Statement, to execute a certificate" deeming final" such Preliminary Official Statement, as required by Rule 15c2-12 of the Securities and Exchange Commission. SECTION 8. The Mayor, Clerk of the Council, City Manager and any other officer of the City, acting singly, be and each of them hereby is authorized and directed to execute and deliver any and all documents, instruments, including bills of sale, grant or other deeds and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the Trust Agreement, the Installment Purchase Contract, the Contract of Purchase and this Resolution, including without limitation, execution of an ongoing disclosure agreement and obtaining issuance with respect to the payments of the interest and principal represented by the Certificates, and any actions previously taken by such officers are hereby ratified and confirmed. SECTION 9. The proceeds of the Certificates shall be deposited as provided in the Trust Agreement and the Installment Purchase Contracts to finance the Project. SECTION 10. upon adoption. This Resolution shall take effect immediately ADOPTED this 1st ATTEST: ~ice C. Guy ' ~lerk of the Coun~l COUNCI~:EMP. ERS: Pulido Ave Richardson Aye Espinoza Nay Lutz Aye McGuigan Aye Mills Aye Moreno NAy day of APPROVED AS TO FORM: City Attorney CERTIFICATE OF ORIGINALITY & PUBLICATION State of California County of Orange I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution ~ -O...~ ..B to be the original resolution adopted by the City Council of the City of Santa Ana on 4/-/- ff ~,