Loading...
HomeMy WebLinkAboutCC Reso 2015-36 RESOLUTION NO.2015-36 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CATHEDRAL CITY, CALIFORNIA, APPROVING THE ISSUANCE OF THE CATHEDRAL CITY PUBLIC FINANCING AUTHORITY LOCAL AGENCY REVENUE BONDS, 2015 SERIES A, AND AUTHORIZING THE REDEMPTION BUT NOT THE CANCELLATION OF CERTAIN OUTSTANDING ASSESSMENT DISTRICT BONDS AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Cathedral City (the "City") has previously issued the bonds identified in Exhibit A hereto (the "Local Obligations") for the purpose of financing certain public improvements in the various assessment districts located within the City (the "Assessment Districts"); WHEREAS, the Local Obligations were each issued pursuant to separate fiscal agent agreements (each, a "Fiscal Agent Agreement") each by and between the City and the fiscal agent named thereunder (each, a"Fiscal Agent"), and the debt service on such Local Obligations is payable from special assessments levied on property located within the respective Assessment Districts; WHEREAS, the Cathedral City Public 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 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 fmancing and refmancing public capital improvements; and WHEREAS, the City now desires to achieve debt service savings through the redemption but not the cancellation of the Local Obligations pursuant to the terms of the applicable Fiscal Agent Agreement as provided in a written instruction to the a pp licable Fiscal Agent; and WHEREAS, in such written instruction, the City shall further instruct the applicable Fiscal Agent to sell the applicable Local Obligations to the Authority; WHEREAS, in order to assist the City, and pursuant to the Bond Law, the Authority intends to issue its Local Agency Revenue Bonds, 2015 Series A (the "Authority Bonds"), the proceeds of which will be used, among other purposes, to purchase the Local Obligations; NOW, THEREFORE,BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City of Cathedral City as follows: Section 1. Approval of the Authority Bonds. The City hereby approves the issuance of the Authority Bonds by the Authority and finds that there are significant public benefits arising from the Authority's issuance of the Authority Bonds, including but not limited to demonstrable savings in effective interest rate and bond preparation. Section 2. Authorization of the Redemption but not the Cancellation of the Local Obligations and the Sale of the Local Obligations to the Authority. The City Council hereby authorizes the redemption but not the cancellation of the Local Obligations and the subsequent sale of such Local Obligations to the Authority. The Mayor, the City Manager, the Administrative Services Director, or any designee of any of them (each, a "Responsible Officer"), is each hereby authorized to prepare and execute any written instructions necessary to instruct the applicable Fiscal Agent to redeem but not cancel the Local Obligations pursuant to the terms of the applicable Fiscal Agent Agreement and to thereafter sell such Local Obligations to the Authority. Section 3. Other Acts. The Responsible Officers, the City Clerk and all other officers 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 publication of any notices necessary or desirable in connection with the redemption but not the cancellation of the Local Obligations and the issuance of the Authority Bonds and execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants, escrow agreements or instructions, amendments to the Fiscal Agent Agreements and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful redemption but not cancellation of the Local Obligations, the sale of the Local Obligations to the Authority and the issuance and sale of the Authority Bonds and the consummation of the transactions as described herein. Section 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED,APPROVED AND ADOPTED THIS 22 DAY OF JUNE 2015. Stanleyw. Hen 'ayor ATTESTS•\ 6well, Ci` •Clerk f , I,-GARY F. HOWELL, CITY CLERK of the City of Cathedral City, do hereby certify that-the foregoing Resolution was introduced and adopted at a regular meeting of the City Council, held on the 22nd day of June, 2015 by the following vote: Ana mervIV irs Aut i lcity,CCtM1 cute;ru3 ! P k 5 l ok,-4,QV AYES: eVrl Pew -an44 IYIcA ft�vy NOES: 5 ABSENT: 0 ABSTAIN: ` Gary F, Howell, City Clerk Exhibit A Local Obligations Exhibit A Local Obligations 1. Limited Obligation Refunding Bonds (Property Secured Only—No Issuer Liability, City of Cathedral City, Districts No. 85-1, 86-1, 86-5, 88-2 and 88-3), Series 1996(1)(2) 2. $3,085,000 City of Cathedral City(Riverside County, California)Limited Obligation Improvement Bonds,Assessment District No. 2001-01 Series 2001 3. $6,671,933.72 Limited Obligation Improvement Bonds, 35th Avenue Assessment District No. 2003-01 4. Limited Obligation Refunding Improvement Bonds, City of Cathedral City Assessment District No. 96-1 (Rio Vista)(Reassessment and Refunding of 2004) Series 2004(1) 5. $5,978,326 Limited Obligation Improvement Bonds City of Cathedral City,Dream Homes Assessment District No. 2004-01 6. $33,847,377 Limited Obligation Improvement Bonds, City of Cathedral City, Cove Improvement District No. 2004-02 ' Currently held by the Authority in connection with its Cathedral City Public Financing Authority Bonds Local Agency Revenue Bonds,2004 Series A(Limited Obligations). 2 Bonds shall be cancelled in connection with the redemption of the Cathedral City Public Financing Authority Bonds Local Agency Revenue Bonds,2004 Series A(Limited Obligations).