HomeMy WebLinkAbout1994-002 SAFARESOLUTION NO. 94-002-SAFA
RESOLUTION AUTHORIZING AND DIRECTING THE SALE OF NOT TO
EXCEED $24,000,000 PRINCIPAL AMOUNT OF SANTA ANA FINANCING
AUTHORITY WATER REVENUE BONDS, SERIES 1994; AUTHORIZING THE
PUBLICATION OF OFFICIAL NOTICE OF SALE RELATING THERETO;
APPROVING THE PREPARATION AND DISTRIBUTION OF AN OFFICIAL
STATE~4ENT; AUTHORIZING THE SALE OF SUCH BONDS ON CERTAIN
TERMS AND CONDITIONS; AND AUTHORIZING CERTAIN OTHER OFFICIAL
ACTION IN CONNECTION THEREWITH.
WHEREAS, the Santa Aha Financing Authority (herein
called the "Authority"), by resolution duly provided for the
issuance of not to exceed $24,000,000 principal amount of Santa
Ana Financing Authority Water Revenue Bonds, Series 1994 (herein
called the "Series 1994 Bonds"), and it is desirable that the
Series 1994 Bonds be offered for public sale;
NOW, THEREFORE, BE IT RESOLVED by the Santa Aha
Financing Authority, as follows:
Section 1. The office of Orrick, Herrington &
Sutcliffe ("Bond Counsel"), LOS Angeles, California is hereby
fixed as the place, and the Executive Director of the Authority,
in consultation with Kelling, Northcross & Norbri~a, the
Authority's financial consultant (the "Financial Consultant"),
shall fix a time or times, not later than four months from the
date of adoption of this resolution (the "Sale Date"), at which
bids will be received for the purchase of the Series 1994 Bonds,
subject to the terms and conditions of the notice of sale
hereinafter set forth.
Section 2. The principal amount of Series 1994 Bonds
to be sold shall be established by the Executive Director of the
Authority, in consultation with the Financial Consultant, but
shall not exceed $24,000,000.
Section 3. The Official Notice of Sale shall be in
substantially the following form with such changes, additions and
completions as the Executive Director of the Authority may
approve with the advice of counsel:
RESOLUTI~N 94-002 SAFA
Page 2
OFFICIAL NOTICE OF SALE
$
SANTA ANA FINANCING AUTHORITY
WATER REVENUE BONDS,
SERIES 1994
NOTICE IS HEREBY GIVEN that sealed proposals will be
received by the Santa Aha Financing Authority (the "Authority")
at the office of Orrick, Herrington & Sutcliffe, 777 South
Figueroa Street, Los Angeles, California on Tuesday, August 9,
1994, at 10:00 a.m., for the purchase of $ principal
amount of Santa Aha Financing Authority Water Revenue Bonds,
Series 1994 (the "Series 1994 Bonds") authorized to be issued
under the provisions of a resolution of the Authority adopted
July 18, 1994, (the "Resolution"), and pursuant to an Indenture,
(the "Indenture") by and between the Authority and the party
named therein as trustee (the "Trustee"). If the Series 1994
Bonds are not awarded in response to any bid made on August 9,
1994 by 12 o'clock noon on the following day, then the Authority
intends to offer the Series 1994 Bonds for public sale on
subsequent Tuesdays, through August 30, 1994, unless previously
awarded by noon on the immediately preceding Wednesday. The
receipt of bids on a date later than August 9, 1994 will be
confirmed through Munifacts News Service not less than 24 hours
prior to the time bids are to be received. The Series 1994 Bonds
are more particularly described in the official statement
described below (the "Official Statement").
The Series 1994 Bonds hereby offered for sale are
generally described as follows:
ISSUE: $. aggregate principal amount, consisting of
fully registered Series 1994 Bonds in denominations of $5,000 or
any integral multiple thereof not exceeding the principal amount
of Series 1994 Bonds maturing at any one time, all dated as of
August 1, 1994, and comprising all of the Series 1994 Bonds
authorized by the Resolution tO be issued pursuant to the
Indenture. The Authority may issue additional bonds pursuant to
the Indenture.
INTEREST RATE: Maximum not to exceed twelve percent (12%) per
annum, payable semiannually on March 1 and September 1 in each
year, commencing March 1, 1995. Bidders must specify the rate or
rates of interest which the Series 1994 Bonds hereby offered for
sale shall bear. Bidders will be permitted to bid different
rates of interest; but (i) the highest rate specified may not
exceed the lowest rate by more than four percent (4%) per annum;
(ii) each interest rate specified in any bid must be a multiple
of one-eighth or one-twentieth of one percent (1/8 or 1/20 of 1%)
per annum; (iii) each Series 1994 Bond shall bear interest from
its date to its stated maturity date at the interest rate
specified in the bid; (iv) all Series 1994 Bonds maturing at any
2
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RESOLUTION 94-002 SAFA
Page 3
one time shall bear the same interest rate; and (v) the rate
specified for any given maturity of Series 1994 Bonds shall not
be greater than the rate specified for any subsequent maturity of
Series 199~Bonds. Any premium must be paid in immediately
available funds as part of the purchase price.
MATURITIES: The Series 1994 Bonds will be issued in the
following initial principal amounts (per $5,000 maturity amount):
Annual Annual
Date Principal Date Principal
(September 1) Amount (September 1) Amount
1995 $ 2010
1996 2011
1997 2012
1998 2013
1999 2014
2000 2015
2001 2016
2002 2017
2003 2018
2004 2019
2005 " 2020
2006 2021
2007 2022
2008 2023
2009 2024
Bidders may specify that certain consecutive annual
amounts be accumulated into one or more term bond maturities to
be redeemed or paid at maturity from mandatory sinking fund
account payments in the amounts and on the date of such annual
amounts, but (i) any annual amounts not so accumulated will
mature on the respective dates for the payment of such amounts;
and (ii) the annual amount for any given year may not be divided
between a maturity and sinking fund account payment.
REDEMPTION: The Series 1994 Bonds maturing on or after September
1, 2004 are subject to optional redemption on September 1, 2003,
and on any date thereafter, in whole or in part by such
maturities as shall be determined by the Authority and by lot
within a maturity, at the following redemption prices (expressed
as a percentage of the principal amount of the Series 1994 Bonds
to be redeemed) together with accrued interest thereon to the
redemption date:
RESOLUTION 94-002
Page 4
Redemption Date
September 1,
September 1,
September 1,
2003 through August 31, 2004
2004 through August 31, 2005
2005 and thereafter
Redemption Price
102%
101
100
PAYMENT: The provisions of this section are subject to the
provisions of the section below entitled "Registration and
Depository Participation." The principal of, and premium, if
any, and interest on the Series 1994 Bonds are payable in lawful
money of the United States of America upon the surrender thereof
at maturity or the earlier redemption thereof at the corporate
trust office of
REGISTRATION AND DEPOSITORY PARTICIPATION: The Series 1994 Bonds
will be issued only in fully registered, book-entry form. The
Authority will appoint a securities depository for the Series
1994 Bonds. Bidders will be notified of the identity of such
securities depository. Prior to the delivery of the Series 1994
Bonds, the winning bidder must either participate in said
depository or must clear through or maintain a custodial
relationship with an entity that participates in said depository.
PURPOSE: The Series 1994 Bonds are being issued for the purpose
of providing funds for the refunding of certain prior
indebtedness of the City of Santa Ana and for the acquisition,
construction, improvement and financing of water improvements for
the City of Santa Aha, pursuant to the terms and provisions of a
Master Installment Purchase Agreement and a Supplement thereto,
each dated as of August 1, 1994 (collectively, the "Installment
Purchase Agreement"), by and between the City and the Authority.
SECURITY: The Series 1994 Bonds are secured by Net System
Revenues and certain other funds and accounts, as more
particularly described in the Official Statement. The term "Net
System Revenues" means, for any Fiscal Year, the System Revenues
for such Fiscal Year less the Maintenance and Operation Costs of
the Water System for such Fiscal Year.
The term "System Revenues" means all income, rents,
rates, fees, charges and other moneys derived from the ownership
or operation of the Water System, including, without limiting the
generality of the foregoing, (i) all income, rents, rates, fees,
charges (including standby and capacity charges), insurance
proceeds or other moneys derived by the City from the water
services, facilities, and commodities or byproducts sold,
furnished or supplied through the facilities of or in the conduct
or operation of the business of the Water System, (ii) investment
earnings on, and income derived from, the amounts referred to in
the preceding clause (i), including investment earnings on the
operating reserves, to the extent that the use of such earnings
RESOLUTION
Page 5
94-002 SAFA
is limited to the Water System by or pursuant to law, and
earnings on any Reserve Fund for Obligations but only to the
extent that such earnings may be utilized under the Issuing
Instrument for the payment of debt service for such Obligations;
(iii) the proceeds derived by the City directly or indirectly
from the sale or lease of a part of the Water System; and
(iv) any amount received from the levy or collection of taxes
which are solely available and are earmarked for the support of
the operation of the Water System; provided, however, that System
Revenues shall not include: (a) in all cases, customers' deposits
or any other deposits or advances subject to refund until such
deposits or advances have become the property of the City; and
(b) the proceeds of borrowings. Notwithstanding the foregoing,
there shall be deducted from System Revenues any amounts
transferre~ into a Rate Stabilization Fund as contemplated by the
Installment Purchase Agreement, and there shall be added to
System Revenues any amounts transferred out of such Rate
Stabilization Fund to pay Maintenance and Operation Costs of the
Water System.
The term "Maintenance and Operation Costs of the Water
System" means the reasonable and necessary costs spent or
incurred by the City for maintaining and operating the Water
System, calculated in accordance with generally accepted
accounting principles, including (among other things) all costs
of water purchased or leased by the City, the reasonable expenses
of management and repair and other expenses necessary to maintain
and preserve the Water System in good repair and working order,
and including administrative costs of the City attributable to ~
the Project and the Installment Purchase Agreement, salaries and
wages of employees, payments to employees retirement systems (to
the extent paid from System Revenues), overhead, taxes (if any),
fees of auditors, accountants, attorneys or engineers and
insurance premiums, ~nd including all other reasonable and
necessary costs of the City or charges required to be paid by it
to comply with the terms of the Obligations, including this
Installment Purchase Agreement, including any amounts required to
be deposited in the Rebate Fund pursuant to the Tax Certificate,
and fees and expenses payable to any Credit Provider (other than
in repayment of a Credit Provider Reimbursement Obligation), but
excluding in all cases (i) depreciation, replacement and
obsolescence charges or reserves therefor, (ii) amortization of
intangibles or other bookkeeping entries of a similar nature,
(iii) costs of capital additions, replacements, betterments,
extensions or improvements to the Water System which under
generally accepted accounting principles are chargeable to a
capital account or to a reserve for depreciation, (iv) charges
for the payment of principal and interest on any general
obligation bond heretofore or hereafter issued for Water System
purposes, and (v) charges for the payment of principal and
interest on any debt service on account of any obligation on a
parity with or subordinate to the Installment Payments. The term
RESOLUTION 94-002 SAFA
Page 6
Maintenance and Operation Costs of the Water ~ystem shall also be
deemed to include all such costs, as described above, incurred in
connection with the City's sewer system, not to exceed $
in any Fisca~ Year.
Payments with respect to Maintenance and Operation
Obligations, hereinafter defined, shall be considered Maintenance
and Operation Costs if they are incurred in connection with the
Maintenance and Operation Costs described in the preceding
paragraph.
"Maintenance and Operation Obligation" means any
contract or lease for the purchase of any facilities, properties,
structures, or works, or any loan of credit to or guaranty of
debts, claims or liabilities of any other person for the purpose
of obtaining any facilities, properties, structures or works, the
final payments under which are due more than five years following
the effective date thereof, so long as in each case the payments
thereunder are to constitute Maintenance and Operation Costs.
BOND INS.UR~NCE: The successful bidder for the Series 1994 Bonds
may, at it~ option and expense, purchase bond insurance for the
Series 1994 Bonds. The Authority will cooperate in any ~ffort to
qualify the Series 1994 Bonds for such bond insurance. All costs
of qualification for and obtaining bond insurance and ratings
based upon such bond insurance shall be the responsibility of the
successful bidder and not the Authority. Any failure Of the
Series 1994 Bonds to be so insured or rated or of any such policy
of insurance to be issued shall not in any way relieve the
successful bidder of its contractual obligation to purchase
arising from the acceptance of its proposal to purchase the
Series 1994 Bonds.
TRUSTEE: First Interstate Bank of California
Los Angeles, California, has been appointed trustee for the
payment of principal and interest and for the registration of the
Series 1994 Bonds, and holds in trust the Payment Fund, including
therein, the Interest Account, Principal Account, Sinking Account
and Redemption Account and the Reserve Fund, each such fund and
account established,~pursuant to the Indenture.
TAX EXEMPT STATUS: In the opinion of Orrick, Herrington &
Sutcliffe, Los Angeles, California, the interest received by the
owners of the Series 1994 Bonds, assuming compliance with certain
covenants contained in the Indenture providing for the issuance
of the Series 1994 Bonds, is excluded from gross income for
federal income tax purposes under Section 103 of the Internal
Revenue Code of 1986, as amended, and is exempt from present
State of California personal income taxes. See the discussion
of Tax Exemption in the official statement hereinafter
mentioned.
RESOLUTION 94,002
Page 7
LEGAL OPINION: Copies u~ the legal opinion of Orrick, Herrington
& Sutcliffe, of Los Angeles, California, approving the validity
of the Series 1994 Bonds, will be furnished to the successful
bidder without charge.
TERMS OF SALE
BEST BID: The Series 1994 Bonds will be awarded to the bidder
submitting the bid which represents the lowest true cost ("TIC")
to the Authority. The TIC will be that interest rate which, when
compounded semi-annually and used to discount all payments of
principal and interest payable on the Series 1994 Bonds to the
date of such Series 1994 Bonds, results in an amount equal to the
principal amount of such Series 1994 Bonds plus the amount of any
premium offered, if any, or less the amount of discount
specified, if any (disregarding for the purposes of the
calculation the accrued interest to the date of delivery of such
Series 1994 Bonds). For the purpose of calculating TIC, sinking
account payments for the Series 1994 Bonds will be treated as
Series 1994 Bonds maturing on the dates of such sinking account
payments. In the event that two or more bidders offer bids for
the Series 1994 Bonds at the same lowest TIC, the Authority shall
determine by lot which bidder shall be awarded the Series 1994
Bonds. The purchaser of the Series 1994 Bonds must pay accrued
interest, computed on a 30-day month, 360-day year basis, from
the date of the Series 1994 Bonds to the~date of delivery. The
cost of preparing the Series 1994 Bonds will be borne by the
Authority.
RIGHT OF REJECTION: The Authority reserves the right, in its
discretion, to reject any and all bids and to waive any
irregularity or informality in any bid.
PROMPT AWARD: The Authority will take action awarding the Series
1994 Bonds/or rejecting all bids not later than 72 hours ~fter
the expiradion of the time herein prescribed for the receipt of
proposals, unless such time of award is waived by the successful
bidder. Notice of award will be given promptly to the successful
bidder.
REOFFERING PRICE: As soon as practicable, but not later than 7
days prior to delivery of the Series 1994 Bonds, the successful
bidder must deliver to the Authority, c/o Orrick, Herrington &
Sutcliffe, 777 South Figueroa Street, Los Angeles, California
90017, attention: William W. Bothwell, a certificate setting
forth the initial reoffering prices and concessions for each
maturity of the Series 1994 Bonds to the public. Such
certificate shall set forth the initial bona fide offering prices
to the public (excluding bond houses, brokers, or similar persons
or organizations acting in the capacity of underwriters or
wholesalers) of each maturity of the Series 1994 Bonds at which a
substantial amount (at least 10%) of such maturity was sold.
LA 1-77575.1 7
RESOLUTION 94-002 SAFA
Page 8
DELIVERY AND PAYMENT: Delivery of the Series 1994 Bonds will be
made to the securities depository appointed by the Authority for
the Series 1994 Bonds, as soon as the Series 1994 Bonds can be
prepared, which it is estimated will be within 30 days from the
date of sale, Payment for the Series 1994 Bonds must be made in
immediately available funds.
RIGHT OF CANCELLATION: The successful bidder shall have the
right, at its option, to cancel the contract of purchase if the
Authority shall fail to execute the Series 1994 Bonds hereby
offered and tender the same for delivery within 60 days from the
date of sale thereof, and in such event the successful bidder
shall be entitled to the return of the deposit accompanying its
bid.
FORM OF BID: Ail bids must be for not less than all of the
Series 1994 Bonds, and for not less than 98-1/2% of the par value
thereof ($ ). All bids must be unconditional, in writing
and signed by the bidder. Each bid, together with bidder's
check, must be enclosed in a sealed envelope addressed to the
Secretary of the Authority, and endorsed "Proposal for Santa Aha
Financing Authority Water Revenue Bonds, Series 1994."
ESTIMATED TRUE INTEREST COST: Each bidder is requested, but not
required, to state in its bid the true interest cost to the
Authority, which shall be considered as informative only and not
binding on either the bidder or the Authority.
GOOD FAITH DEPOSIT: A good faith deposit (the "Deposit") in the
form of a cashier's check in immediately available funds drawn on
a bank or trust company transacting business in the State of
California, or a financial surety bond, in each case in an amount
equal to $100,000, payable to the order of the Authority, is
required with each bid to secure the Authority from any loss
resulting from the failure of the bidder to comply with the terms
of its bid. If a check is used, it must accompany the bid. If a
financial surety bond is used, it must be from an insurance
company licensed to issue such a bond in the State of California,
and such bond must be submitted to the Authority financial
advisor, identified below, prior to op~ning of the bids. The
financial surety bond must identify the bidder whose Deposit is
guaranteed~by such financial surety bond. If the Series 1994
Bonds are ~warded to a bidder submitting a financial surety bond,
then said successful bidder is required to submit its Deposit to
the Authority in the form of a cashier's check (meeting the
requirements set forth above) or by wire transfer not later than
3:30 p.m. on the next business day following the award. If such
Deposit is not received by that time, the financial surety bond
shall be drawn by the Authority to satisfy the Deposit
requirement. Wiring instructions will be provided to the
successful bidder.
RESOLUTION 94-002 SAFA
Page 9
The Authority does not endorse the use of a financial
surety bond in general or the financial surety bond of any surety
in particular. The Authority will accept a financial surety bond
in lieu of a cashier's check under the terms described herein
solely as an, accommodation to bidders, and it is understood and
agreed by each bidder using such a bond that the bidder must make
its own arrangements with the provider of the bond, including
ensuring that evidence of the financial surety bond is provided
to the Authority's financial advisor.
No interest will be paid upon the Deposit made by any
bidder. Deposit checks· of all bidders (except the successful
bidder) will be ret6rned by the Authority promptly following the
award of the Series 1994 Bonds. The Deposit of the successful
bidder will, immediately upon acceptance of its bid, become the
property of the Authority to be held and invested for the
exclusive benefit of the Authority. The principal amount of such
Deposit shall be applied to the purchase price of the Series 1994
Bonds at the time of delivery thereof. If the sale of the Series
1994 Bonds is cancelled or postponed, all sealed bids shall be
returned unopened.
CUSIP NUMBERS: It is anticipated that CUSIP numbers will be
printed on the Series 1994 Bonds, but neither the failure to
print such numbers on any Series 1994 Bond nor any error with
respect thereto shall constitute cause for a failure or refusal
by the purchaser thereof to accept delivery of and pay for the
Series 1994 Bonds in accordance with the terms of the purchase
contract. All expense of printing CUSIP numbers on the Series
1994 Bonds shall be paid by the Authority, but the CUSIP Service
Bureau charge for the assignment of said numbers shall be paid by
the purchaser.
NO LITIGATION: There is no litigation pending concerning the
validity of the Series 1994 Bonds, and the Authority will furnish
to the successful bidder a no-litigation certificate certifying
to the foregoing as of and at the time of the delivery of the
Series 1994 Bonds.
CALIFORNIA DEBT ADVISORY COMMISSION FEk: Bidders are reminded of
California Government Code Section 8856, which provides that the
purchaser of said Series 1994 Bonds will be charged the
California Debt Advisory Commission fee.
OFFICIAL STATEMENT: The Authority has prepared a preliminary
official statement relating to the Series 1994 Bonds, which for
purposes of Rule 15c2-12 promulgated under the Securities
Exchange Act of 1934, the Authority deems to be final as of its
date (except for certain final pricing, rating and related
information, as permitted by this Rule), a copy of which will be
furnished upon request to the Authority's financial advisor,
Kelling, Northcross & Norbriga, 1333 Broadway, Suite 1000,
RESOLUTION 94-002 SAFA
Page 10
Oakland, California 94612, Attention: Craig Hill, (510) 839-
8200. Within seven business days after the award of the bid, the
successful bidder will be furnished with 100 copies
of the final official statement, without charge, for distribution
in connectiom with the resale of the Series 1994 Bonds.
Additional copies may be obtained at the expense of the
successful bidder.
The Authority undertakes that for a period up to the
earlier of (x) 25 days following the end of the "underwriting
period" (as defined in Rule 15c2-12) or (y) 90 days after the
date of delivery of the Series 1994 Bonds it will (i) apprise the
successful bidder of all material developments, if any, occurring
with respect to the Authority after delivery of the Series 1994-
Bonds to the successful bidder and (ii), if requested by the
successful bidder, prepare a supplement to the final Official
Statement in respect of any material event. The Au[hority will
presume that, unless notified otherwise in writing by the bidder,
the end of the underwriting period will occur on the date of
delivery of the Series 1994 Bonds.
By making a bid for the Series 1994 Bonds, the
successful bidder agrees (i) to disseminate to all members of the
underwriting syndicate, if any, copies of the final Official
Statement, including any supplements prepared by the Authority,
(2) to promptly file a copy of the final Official Statement,
including any supplements prepared by the Authority, with a
Nationally Recognized Municipal Securities Information
Repository, and (3) to take any and all other actions necessary
to comply With applicable Securities and Exchange Commission
rules and Municipal Securities Rulemaking Board rules governing
the offering, sale and delivery of the Series 1994 Bonds to the
ultimate purchasers.
CERTIFICATE: The Authority will provide to the purchaser of the
Series 1994 Bonds a certificate, signed by an officer of the
Authority, confirming to the purchaser, that to the best of the
knowledge of said officer, the official statement, as of the date
of sale of the Series 1994 Bonds and as of the date of delivery
RESOLUTION 94-002 SAFA
Page 11
thereof, did not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the
statements made therein, in the light of the circumstances under
which they were made, not misleading.
Dated:
, 1994.
Secretary of the Santa Aha
Financin9 Authority
RESOLUTION 94-002 SAFA
Page 12
Section 4. The Secretary of the Authority is hereby
authorized and directed to cause a notice of the intention to
sell the Series 1994 Bonds to be published once, at least fifteen
days prior to the Sale Date, in The Bond Buyer, a financial
publication seasonably expected to be disseminated amon9
prospective bidders for the Series 1994 Bonds. Such notice shall
include the date or dates, time and place of the sale and the
amount of bonds to be sold.
Section 5. The Authority authorizes an official
statement of the Authority relatin9 to the Series 1994 Bonds to
be prepared by the Financial Consultant. Said official statement
shall be substantially in the form presented to this meeting,
with such chan~es, additions and completions therein as the
Executive Director may approve with the advice of counsel. When
the form of said official statement has been approved by the
Executive Director, the Executive Director may authorized the
distribution thereof, including the mailin~ by the Financial
Consultant to prospective bidders for the Series 1994 Bonds of
copies of ~aid official statement, of the Resolution, the
Indenture and of the notice of sale of the Series 1994 Bonds,
includin~ a bid form, the cost of printin9 and mailin~ said
documents to be borne by the Authority.
Section 6. The Executive Director is authorized to
award the Series 1994 Bonds in the name and on behalf of the
Authority under the terms and conditions stated in the notice of
sale to the bidder with the best bid therefor determined in
accordance with said notice of sale.
Section 7. The Financial Consultant and/or Bond
Counsel are hereby authorized and directed to open the bids at
the time and place specified in said Official Notice of Sale and
to present the same to the Authority. The Financial Consultant~
and/or Bond Counsel are hereby authorized and directed to receive
and record the receipt of all bids made pursuant to said Official
Notice of Sale, to cause said bids to be examined for compliance
with said Official Notice of Sale, to cause computations to be
made as to which bidder has bid the lowest true interest cost to
the Authority and to present such bids'to the Authority, as
provided in said Official Notice of Sale, alon~ with a report as
to the foregoin~ and any other matters deemed pertinent to the
award of the Series 1994 Bonds and proceedings for the issuance
thereof. The Chairman, the Executive Director, the Secretary and
the Authority General Counsel are each hereby authorize and
directed in the name and on behalf of the Authority to take any
and all steps and to issue and deliver any and all certificates,
requisitions, a~reements, notices, consents, and other documents,
which they or any of them might deem necessary or appropriate~in
order to consummate the lawful issuance, sale and delivery of
said Series 1994 Bonds.
RESOLUTION 94-002 SAFA
Page 13
Section 8. This resolution shall take
after its passage and approval.
PASSED AND ADOPTED this J~ly 18th ,
effect from and
1994.
Chalrman~~~l. '
Aha Financing Authority
H. Young
Attest:
reta. ry of the S'anta/~-~2~Janice C.
Financing Authority ~ /
Guy
APPROVED AS TO FORM:
Authority Counsel
BOARD MEMBERS:
Young Aye
Lutz Aye
McGuigan Aye
Mills Aye
Moreno Aye
Pulido Aye
Richardson Aye
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