HomeMy WebLinkAboutPFA Reso 2015-03 RESOLUTION NO. PFA-2015-03
RESOLUTION OF THE CATHEDRAL CITY FINANCING
AUTHORITY 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
A SITE AND FACILITY LEASE, A LEASE AGREEMENT, AN
ASSIGNMENT AGREEMENT, AN INDENTURE; 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 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");
WHEREAS, the Board of Directors of the Authority (the "Board) desires to approve the
issuance of the Bonds; and
NOW,THEREFORE,BE IT RESOLVED, by the Board as follows:
Section 1. Approval of the Issuance of the Bonds. The Board hereby approves the
issuance of the Bonds and their issuance and 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 Board hereby approves the
Site and Facility Lease in substantially the form on file with the Secretary of the Authority and
presented to the Board at this meeting. The Chairman or Executive Director of the Authority,the
Secretary of the Authority or any of their respective designees (including the Administrative
Services Director of the City) (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. The Administrative Services Director of the
City is hereby designated by the Chairman of the Authority and this Board to be a Responsible
Officer for all purposes hereunder and under the financing documents to be delivered in
connection with the Bonds.
Section 3. Approval of the Lease Agreement. The Board hereby approves the Lease
Agreement in substantially the form on file with the Secretary of the Authority and presented to
the Board 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. Approval of the Assignment Agreement. The Board hereby approves the
Assignment Agreement in substantially the form on file with the Secretary of the Authority and
presented to the Board at this meeting. Any Responsible Officer is hereby authorized to execute
the Assignment 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 5. Approval of the Indenture. The Board hereby approves the Indenture in
substantially the form on file with the Secretary of the Authority and presented to the Board at
this meeting. Any Responsible Officer is hereby authorized to execute the Indenture 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 6. Official Actions. The Responsible Officers, the Secretary and any and all
other officers and agents of the Authority are hereby authorized and directed, for and in the name
and on behalf of the Authority, to do any and all things and take any and all actions, including
the placement of the Bonds with City National Bank and/or another qualified institutional
investor or accredited investor, and execution and delivery of any and all agent agreements,
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 issuance and delivery of the Bonds and the consummation of
the transactions as described herein. Stifel, Nicolaus & Company, Incorporated is authorized,
pursuant to a letter engagement agreement on file with the Administrative Services Director, to
serve as underwriter or placement agent for the Bonds.
Section 7. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
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PASSED, APPROVED AND ADOPTED THIS 22nd DAY OF JUNE 2015 AT A
REGULAR MEETING OF THE AUTHORITY BY THE FOLLOWING VOTE.
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