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HomeMy WebLinkAbout03-139 CC ResolutionRESOLUTION NO. 03-139 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA PROVIDING FOR THE ISSUANCE OF IMPROVEMENT BONDS PURSUANT TO THE IMPROVEMENT BOND ACT OF 1915, AND APPROVING RELATED DOCUMENTS AND ACTIONS - ASSESSMENT DISTRICT NO. 03-04 (JOHN WARNER ROAD) WHEREAS, the City Council (the "Council") of the City of Temecula (the "City") has heretofore undertaken proceedings pursuant to the improvement Bond Act of 1915, being Division 10 of the Streets and Highways Code of the State of California (the "Bond Law"), for and has confirmed assessments upon lands within, an assessment district described in the resolution adopted on June 24, 2003 expressing the intention of the Council (the "Resolution of Intention") to establish the City of Temecula Assessment District No. 03-04 (John Warner Road) (the "Assessment District"); and WHEREAS, said proceedings provided for the issuance of bonds pursuant to the Bond Law, and it is necessary to establish terms and provisions of such issuance; and WHEREAS, it is also desired to establish the denominations of the bonds to represent assessments and the amount to mature each year, and to otherwise approve the documents necessary to issue the bonds and all actions necessary in connection therewith. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Temecula as follows: Section 1. Recitals. That the above recitals are all true and correct. Section 2. Issuance of the Bonds. The issuance of the City of Temecula ,A,,ssess,,m, ent District No. 03-04 (John Warner Road) Limited Obligation Improvement Bond (the Bonds ), in the principal amount not to exceed $1,220,000, as set forth in the Fiscal Agent Agreement (as described below), is hereby authorized, pursuant to the Bond Law. The Bonds shall mature on the dates and pay interest at the rates set forth in the Fiscal Agent Agreement, by and between U.S. Bank National Association, as fiscal agent (the "Fiscal Agent") and the City (the "Fiscal Agent Agreement"). The Fiscal Agent Agreement, in the form on file with the City Clerk, is hereby approved. The Fiscal Agent Agreement shall be executed by the City Manager (or, in his absence, the Director of Finance) and attested to by the City Clerk, in the form on file with the City Clerk, together with such additions thereto and changes therein as are recommended or approved by Bond Counsel and the officer executing the same, with such approval to be conclusively evidenced by the execution and delivery by the City of the Fiscal Agent Agreement. Section 3. Execution of Bonds. The Bonds shall be executed by the Treasurer of the City and by the City Clerk, by manual or facsimile signature, and the corporate seal of the City shall be imprinted on the Bonds in a similar manner. The Bonds shall then be delivered to the Fiscal Agent for authentication and registration. Section 4. Performance of Duties by Officers. Each and every officer of the City is authorized to perform his or her services on behalf of the City required under the Fiscal Agent Agreement and otherwise required in connection with the establishment and administration of R:/Resos 2003/Resos 03-139 I the Assessment District. The Director of Finance is authorized to pay the costs of such services as are necessary to effect the issuance of the Bonds. Such services shall include, but are not limited to, printing the Bonds, printing the disclosure documents, legal services, financial consultant's services, Fiscal Agent's services and any other services appropriate for the issuance of the Bonds. These costs shall be paid from Bond proceeds out of the Costs of Issuance Fund established by the Fiscal Agent Agreement. Section 5. Bond Purchase Contract. The Bond Purchase Agreement (the "Purchase Contract'), in the form on file with the City Clerk, is hereby approved. The City Manager or the Director of Finance, each acting alone, is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of Stone & Youngberg LLC (the "Underwriter") to purchase the Bonds contained in the Purchase Contract (provided that the aggregate principal amount of the Bonds sold thereby is not in excess of the limitation described in Section 2 above, the true interest cost on the Bonds is not in excess of 7.0% per annum and the underwriter's discount is not in excess of $30,000) and to execute and deliver the Purchase Contract in said form, with such additions thereto or changes therein as are recommended or approved by the officer executing said document for the City upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of the Purchase Contract. Section 6. Official Statement. The City Council hereby approves the preliminary official statement for the Bonds (the "Preliminary Official Statement") in the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by the Director of Finance upon consultation with Bond Counsel. The City Council authorizes and directs the Director of Finance, 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 to prospective purchasers of the Bonds. The Underwriter, on behalf of the City, is authorized and directed to cause the Preliminary Official Statement to be distributed to such municipal bond broker-dealers, to such banking institutions and to such other persons as may be interested in purchasing the Bonds. The Director of Finance is authorized and directed to assist the Disclosure Counsel in causing the Preliminary Official Statement to be brought into the form of final official statement (the "Final Official Statement"), and to execute the Final Official Statement 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 Bonds, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the Bonds, and do not, as of the date of delivery of the Bonds contain any untrue statement of material fact or omit to state material facts required to be stated where necessary to make any statement made therein not misleading in the light of the circumstances under which it was made. The execution and delivery by the City of the Final Official Statement, which shall include such changes and additions thereto deemed advisable by the Director of Finance 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. The Final Official Statement, when prepared, is approved for distribution in connection with the offering and sale of the Bonds. R:/Resos 2003/Resos 03-139 2 Section 7. Approval of Disclosure Document. The City Manager (or, in his absence, the Director of Finance) is hereby authorized and directed to approve and execute a continuing disclosure certificate for the Bonds in the form described in the Official Statement. The execution by the City of such disclosure certificate shall be conclusive evidence of approval by the City of any such disclosure certificate. Section 8. Ratification of Previous Actions; Future Actions. All actions heretofore taken by officers and agents of the City with respect to the authorization of the acquisition and construction of the improvements to be funded by the Assessment District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Mayor, the City Manager, the City Director of Public Works and Engineer, the Director of Finance, the Treasurer and the City Clerk and the other officers of the City are hereby authorized and directed to take any actions and execute and deliver any and all documents as are necessary to accomplish the issuance, sale, and delivery of the Bonds in accordance with the provisions of this Resolution and the documents herein approved. Section 9. Other Officers. The officers responsible for the execution of any of the agreements, orders, or covenants contained in any of the foregoing Sections or in any other document heretofore approved in these proceedings are hereby authorized and directed to take any actions and execute and deliver any and all further documents, agreements or certificates as are necessary to accomplish the issuance and sale of the Bonds. PASSED, APPROVED AND ADOPTED, by the City Council of the City of Temecula at a meeting held on the 23'd day of September, 2003. ATTEST: [SEAL] Jones, CMC~ Jeffre-'~j~. Stone, Mayor R:/Resos 2003/Resos 03-139 3 STATE OF CALIFORNIA ) COUNTYOF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan Jones, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. 03-139 was duly adopted at a regular meeting of the City Council of the City of Temecula on the 23rd day of September, 2003, by the following roll call vote: AYES: 5 COUNCILMEMBERS: Comerchero, Naggar, Pratt, Roberts, Stone NOES: 0 COUNCILMEMBERS: None ABSENT: 0 COUNCILMEMBERS: None ABSTAIN: 0 COUNCILMEMBERS: None ~-Susl;n~W. ~ones, CMC ~......._ J CityClerk R:/Resos 2003/Resos 03-139 4