HomeMy WebLinkAbout97-058 - Execution of Certain Lease Financing DocumentsQffmt & T~mmlg LLP
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12/02/97
393
CITY OF SANTA ANA
RESOLUTION NO. 97-058
RESOLUTION AU'I~ORIZING AND DIRECTING THE PREPARATION AND
EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS, AU'I~ORIZING THE
PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
IN CONNECTION WITH THE OFFERING AND SALE OF CERTIFICATES OF
PARTICIPATION RELATING THERETO, AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council (the "Council") of City of Santa Ana, California (the
"City"), as follows:
WHEREAS, the City, working together with the Santa Ana Financing Authority (the
"Authority"), proposes to finance certain capital improvements within the geographic
boundaries of the City, and it is in the public interest and for the public benefit that the City
authorize and direct execution of the Lease Agreement and certain other financing documents in
connection therewith;
WHEREAS, a preliminary official statement containing information material to the
offering and sale of the Certificates described below has been prepared on behalf of the City;
and
WHEREAS, the documents below specified shall be filed with the City and the members
of the Council, with the aid of its staff, shall review said documents;
NOW, THEREFORE, it is hereby DECLARED and ORDERED, as follows:
Section 1. Certificates of Participation (1998 City Hall Expansion Project) (the
"Certificates") are hereby authorized to be executed and delivered pursuant to the provisions
of the Trust Agreement, as hereinafter defined.
Section 2. The below-enumerated documents be and are hereby approved, and the
Mayor, the City Manager or the Executive Director, Finance & Management Services Agency, or
the designee of any such official, is hereby authorized and directed to execute said documents,
with such changes, insertions and omissions as may be approved by such official, and the Clerk
of the Council is hereby authorized and directed to attest to such offidal's signature:
(a) a site and facility lease, between the City, as lessor, and the Authority, as lessee;
(b) a lease agreement, by and between the Authority, as lessor, and the City, as lessee
(the "Lease Agreement"), so long as the maximum net annual lease payments to be paid by the
City under the Lease Agreement does not exceed $885,000, so long as the term of the Lease
Agreement does not exceed 32 years and so long as the gross proceeds of the Certificates,
exclusive of costs of issuance, generates $11,700,000 for project costs; and
19014.02
RESOLUTION 97-058
(c) a trust agreement, by and among the Authority, the City and Harris Trust Company
of California, as trustee (the "Trust Agreement"), relating to the financing, and the execution
and delivery of the Certificates.
Section 3. The City hereby approves the preparation of a Preliminary Official Statement
describing the financing, together with any changes therein or additions thereto deemed
advisable by the Mayor, the City Manager or the Executive Director, Finance & Management
Services Agency, or the designee of any such official. The City authorizes and directs the Mayor,
the City Manager or the Executive Director, Finance & Management Services Agency, or the
designee of any such official, on behalf of the City, to deem "final" pursuant to Rule 15c2-12
under the Securities Exchange Act of 1934 (the "Rule") the Preliminary Official Statement prior
to its distribution by the Underwriter.
Section 4. Public Financial Management, Inc. (the "Financial Advisor"), together with the
Mayor, the City Manager or the Executive Director, Finance & Management Services Agency, or
the designee of any such official, is authorized and directed to cause the Preliminary Official
Statement and a notice of sale (the "Notice of Sale") to be distributed to such mun!cipal bond
broker-dealers, to such banking institutions and to such other persons as may be interested in
purchasing the Certificates therein offered for sale.
Section 5. The Mayor, the City Manager, the Executive Director, Finance & Management
Services Agency, the Clerk of the Council, or the designee of any such official, is authorized and
directed to execute the Notice of Sale on behalf of the City and to call for bids for the sale of the
Certificates. The Mayor, the City Manager or the Executive Director, Finance & Management
Services Agency, or the designee of any such offidal, is hereby delegated the authority to accept
the best responsible bid for the purchase of the Certificates, determined in accordance with the
Notice of Sale. The Mayor, the City Manager or the Executive Director, Finance & Management
Services Agency, or the designee of any such official, is hereby authorized and directed to
accept such bid, for and in the name of the City, by notice to the successful bidder. In the event
two or more bids setting forth identical interest rates and premium, if any, are received, the
Mayor, the City Manager or the Executive Director, Finance & Management Services Agency, or
the designee of any such official, may exercise his or her own discretion and judgment in making
the award and may award the Certificates on a pro rata basis in such denominations as he or
she shall determine. The Mayor, the City Manager or the Executive Director, Finance &
Management Services Agency, or the designee of any such official, may, in his or her discretion,
reject any and all bids and waive any irregularity or informality in any bid. The Mayor, the City
Manager or the Executive Director, Finance & Management Services Agency, or the designee of
any such official, shall award the Certificates or reject all bids not later than 26 hours after the
expiration of the time prescribed for the receipt of proposals unless such time of award is
waived by the successful bidder.
Section 6. The Mayor, the City Manager or the Executive Director, Finance &
Management Services Agency, or the designee of any such official, is authorized and directed to
cause the Preliminary Official Statement to be brought into the form of a final official statement
(the "Final Official Statement") and to execute said Final Official Statement, dated as of the
date of the sale of the Certificates, and a statement that the facts contained in the Final Official
Statement, and any supplement or amendment thereto (which shall be deemed an original part
thereof for the purpose of such statement) were, at the time of sale of the Certificates, true and
correct in all material respects and that the Final Official Statement did not, on the date of sale
of the Certificates, and does not, as of the date of delivery of the Certificates, contain any
untrue statement of a material fact with respect to the City or omit to state material facts with
respect to the City required to be stated where necessary to make any statement mad~ therein
not misleading in the light of the circumstances under which it was made. The Mayor, the City
Manager or the Executive Director, Finance & Management Services Agency, or the designee of
any such official, shall take such further actions prior to the signing of the Final Official
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RESOLUTION 97-058 395
Statement as are deemed necessary or appropriate to verify the accuracy thereof. The execution
of the final Official Statement, which shall include such changes and additions thereto deemed
advisable by the Mayor, the City Manager or t~he Executive Director, Finance & Management
Services Agency, or the designee of any such 6fficiai, and such information permitted to be
excluded from the Preliminary Official Statement pursuant to the Rule, shall be conclusive
evidence of the approval of the final Official Statement by the City.
Section 7. The Final Official Statement, when prepared, is approved for distribution in
connection with the offering and sale of the Certificates.
Section 8. Quint & Thimmig LLP, San Francisco, California, is hereby designated as bond
counsel to the City in connection with the execution and delivery of the Certificates. The Mayor,
the City Manager or the Executive Director, Finance & Management Services Agency, or the
designee of any such official, is hereby authorized and directed in the name and on behalf of the
City to execute an Agreement for Legal Services (Bond Counsel) with such firm.
Section 9. Quint & Thimmig LLP, San Francisco, California, is hereby designated .as
disclosure counsel to the City in connection with the execution and delivery of the Certificates.
The Mayor, the City Manager or the Executive Director, Finance & Management Services
Agency, or the designee of any such official, is hereby authorized and directed in the name and
on behalf of the City to execute an Agreement for Legal Services (Disclo. sure Counsel) with such
firm.
Section 10. Public Financial Management, Inc., Newport Beach, Califomi~i, is hereby
designated as financial advisor to the City in connection with the execution and delivery of the
Certificates. The Mayor, the City Manager or the Executive Diredtor, Finance & Management
Services Agency, or the designee of any such official, is hereby authorized and directed in the
name and on behalf of the City to execute an Financial Advisory Agreement with such firm.
Section 11. The Mayor, the City Manager, the Executive Director, Finance & Management
Services Agency, the City Attorney, the Clerk of the Council and all other appropriate officials
of the City are hereby authorized and directed to execute such other agreements, documents
and certificates as may be necessary to effect the purposes of this resolution and the financing
herein authorized.
Section 12. This Resolution shall take effect upon its adoption by this Council.
RESOLUTION 97-058
PASSED, APPROVED AND ADOPTED this 15th day of December, 1997.
//' Ctlerk of the coUncil; Cit~/Santa Ana
Janice C. Guy ~ /
APPROVED AS TO FORM:
foregoing is a full, true and correct copy of a resolution duly adopted by the City Coundl of the
City at a meeting thereof on the 15th day of December, 1997, by the following vote of the
members thereof:
AYES: Councilmembers: Franklin, Lutz, McGuigan, Richardson
NOES: Councilmembers: None
ABSTAIN: Councilmembers: None
ABSENT: Councilmembers: Espinoza, Moreno, Pulido
Janice C. GuV
,39 7
CERTIFICATE OF ORIGINALITY & PUBLICATION
State of California
County of Orange
I, IANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution No.
cfi-7_ g?,5-o~ to be the original resolution adopted by the City Council of the City of Santa Am
on /o~-
Date:
Clerk of the Cou~'ff/ -
City of Santa Ana/