HomeMy WebLinkAboutCC Reso 2015-35 RESOLUTION NO.2015-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CATHEDRAL CITY AUTHORIZING AND APPROVING THE
ISSUANCE OF CATHEDRAL CITY PUBLIC FINANCING AUTHORITY
LEASE REVENUE REFUNDING BONDS (CAPITAL FACILITIES
PROJECTS) SERIES 2015A (TAXABLE), IN THE AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $3,900,000 APPROVING THE
EXECUTION AND DELIVERY OF A SITE AND FACILITY LEASE AND
A LEASE AGREEMENT; AND AUTHORIZING CERTAIN ACTIONS
AND EXECUTION OF DOCUMENTS RELATED THERETO
WHEREAS, the Cathedral City Financing Authority (the "Authority") is a joint powers
authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers
Agreement, dated December 1, 1993, by and between the City of Cathedral City, California (the
"City") and the Cathedral City Redevelopment Agency, and under the provisions of Articles 1
through 4 (commencing with Section 6500), Chapter 5, Division 7, Title 1 of the Government
Code of the State of California(the "Act"), and is authorized pursuant to Article 4 of the Act(the
"Bond Law") to borrow money for the purpose of financing and refinancing public capital
improvements; and
WHEREAS, the City desires to refinance the acquisition of certain property and
improvements within the City that were financed with the proceeds of the Authority's 1997
Taxable Lease Revenue Bonds (Capital Facilities Projects) (the"Refunded Bonds"); and
WHEREAS, the Authority has determined to assist the City in providing funds to
redeem the Refunded Bonds by issuing its Lease Revenue Refunding Bonds (Capital Facilities
Projects), Series 2015A(Taxable) (the "Bonds");
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Cathedral City(the"City Council") as follows:
Section 1. Approval of Bonds. The City Council hereby approves hereby approves the
issuance of the Bonds by the Authority and their delivery to City National Bank, in the aggregate
principal amount not to exceed $3,900,000 and a true interest rate on the Bonds not greater than
4.50%.
Section 2. Approval of the Site and Facility Lease. The City Council hereby approves
the Site and Facility Lease in substantially the form on file with the City Clerk of the City and
presented to the City Council at this meeting. The Mayor, the City Manager or the
Administrative Services Director, any of their respective designees (each, a "Responsible
Officer"), are each hereby authorized to execute the Site and Facility Lease in substantially such
form, with such revisions, amendments and completions as shall be approved by a Responsible
Officer, such approval to be conclusively evidenced by the execution and delivery thereof.
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Section 3. Approval of the Lease Agreement. The City Council hereby approves the
Lease Agreement in substantially the form on file with the City Clerk of the City and presented
to the City Council at this meeting. Any Responsible Officer is hereby authorized to execute the
Lease Agreement in substantially such form, with such revisions, amendments and completions
as shall be approved by a Responsible Officer, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 4. Official Actions. The Responsible Officers, the City Clerk, any Assistant
City Clerk and all other officers and agents of the City are hereby authorized and directed, for
and in the name and on behalf of the City, to do any and all things and take any and all other
actions, including the placement of the Bonds with City National Bank, and the execution and
delivery of any and all assignments, certificates, requisitions, agreements, notices, consents,
instruments of conveyance, terminations, warrants and other documents, which they, or any of
them, deem necessary or advisable to consummate the lawful execution and delivery of the Site
and Facility Lease and the Lease Agreement and the consummation of the transactions described
herein and therein.
Section 5. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED THIS2Z DAY OF JUNE 2015.
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I HEREBY CERTIFY that the foregoing Resolution was adopted by a vote of the City
Council of the City of Cathedral City at its regular meeting of June102015, by the following
vote:
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