HomeMy WebLinkAbout11/15/1988, C-2 - APPROVAL OF WATER PROJECT FINANCING I����II�I1���INIIIII��I IIOIII "J f MEETING DATE:
Il CioSan tUIs OBISpO November 15, 198
COUNCIL AGENDA REPORT STEM ��
FROM: William C. Statler, Director of Finance U40
SUBJECT: APPROVAL OF WATER PROJECT FINANCING
CAO RECOMMENDATION
Adopt the attached resolutions of the Board of Directors of the Capital Improvement Board
and the City Council approving the sale of $5 million in Certificates of Participation in
order to finance approved water projects.
OVERVIEW
On November 1, 1988, the City Council approved the concept of issuing $5 million in
Certificates of Participation (Certificates) in order to finance approved water
projects. As noted at that time, these Certificates are to be issued through the San
Luis Obispo Capital Improvement Board (Board), which was established on April 15, 1986 as
a public financing authority for the express purpose of providing financing for these
types of improvements. The City Council serves as the Board of Directors for this
agency.
The purpose of the attached resolutions is to formally approve the sale of the
Certificates and related financing documents: Acquisition Agreement, Lease Agreement,
Assignment Agreement, Trust Agreement, Official Notice of Sale, and Official Statement.
As discussed in greater detail below, the City will make annual lease payments to the
Board equal to the debt service payments on the Certificates, which will be issued
through the Board. Due to the lease purchase nature of the financing between the Board
and the City, adoption of resolutions approving the sale and related documents is
required by both agencies.
Included with the November 1, 1988 report to the City Council was a comprehensive summary
of the proposed financing, including background information on prior policy links, the
advantages associated with completing an issuance prior to the close of 1988, the City's
recent financing experience, actions required to initiate the financing, and a
comprehensive description of the capital projects to be financed. For reference
purposes, a one-page summary of the recommended financing is provided in Attachment A.
FISCAL IMPACT
As noted in the November 1, 1988 report to the City Council, the use of debt proceeds for
the financing of the proposed projects was identified and approved in the 1987-89
Financial Plan. Additionally, the estimated cost of the debt service on an issuance of
approximately $5 million was included in the water rate analysis approved by the City
Council on June 6, 1988. As such, there is no adverse fiscal impact associated with this
action, and approval of the recommended debt issuance would be consistent with the City's
adopted financial plans as subsequently reaffirmed by the City Council at its November 1,
1988 meeting.
city of San IUis OBISPO
COUNCIL AGENDA REPORT
CONSEQUENCES OF NOT TAKING THE RECOMMENDED ACTION
Failure to adopt the attached resolutions at this time will:
• Delay the implementation of approved water projects, which are dependent upon
the proceeds from the issue for funding as identified in the 1987-89 Financial
Plan, Draft Water Management Plan, and recent water rate review.
• Result in a lost opportunity to conduct a small issue financing during 1988,
which provides significant record keeping and interest earning advantages to the
City.
• Result in a potential lost opportunity to benefit from current market conditions
which are especially favorable at this time for an issuance of this type.
BACKGROUND
At their November 1, 1988 meeting the City Council authorized staff to initiate
proceedings for the issuance of $5 million in Certificates of Participation in order to
provide financing for approved water projects. As indicated at that time, actions
required to initiate the proceedings included the selection of bond counsel, approval of
financing documents, selection of a competitive or negotiated sale, and closing
date/award of bid. The following is a summary of the status of each of these actions:
Bond Counsel Services - As noted in the November 1, 1988 report to the City Council,
legal services are required in conjunction with any project financing. Customary
services include the preparation of documents and opinions related to the financing;
consultation regarding federal tax and state public finance laws; and advice on other
legal matters which may arise in the course of planning and conducting debt
financings. Authorization was provided at the November 1, 1988 meeting for the CAO,
with the concurrence of the City Attorney, to enter into an agreement for bond
counsel services. A Request for Proposals (RFP) was distributed to five of the top
California bond counsel firms on October 10, 1988. Four proposals were received by
the closing date of October 20, 1988, which were reviewed by an evaluation committee
composed of the City Attorney, Director of Finance, Director of Utilities, Financial
Systems Manager, and the City's Financial Advisor, Evensen Dodge. The proposals were
evaluated using the criteria provided in the RFP as well as reference checks and a
follow-up interview with the finalist. Based on this review process, the firm of
Jones Hall Hill & White (Jones Hall) was selected to serve as the City's bond
counsel. In addition to their responsiveness to the City's RFP and competitive fee
structure, Jones Hall has direct experience with the City and its financing needs,
having served as Bond Counsel for the City's 1986 Lease Revenue Bond issue.
Aooroval of Financine Documents - As noted in the November 1, 1988 report to the City
Council, and as referenced in the attached resolutions, the formal approval by the
City Council and Board of a variety of documents is required at this time in order to
proceed with the project financing. Described in greater detail below, these
documents have been prepared by the City's Bond Counsel (Jones Hall) and Financial
Advisor (Evensen Dodge) and are on file in the City Clerk's office.
li'lll city of san tins oBispo
l COUNCIL AGENDA REPORT
Competitive Sale - The project financing can be placed with an underwriter (the
purchaser of the Certificates who provides the City with the net proceeds from the
financing) through either a negotiated or competitive sale. Under a negotiated sale,
the City and its Financial Advisor negotiate directly with the prospective
underwriter for the placement terms such as discount, underwriter fees, and interest
rate. Under a competitive sale, the City awards the placement to an underwriter
based on a competitive bid process. Depending on the complexity of the issuance,
improvements to be funded, time constraints, debt instruments, repayment structure,
and market conditions, there are advantages and drawbacks to each approach. Based
on a review of these factors by the Financial Advisor and City staff, a competitive
sale is recommended for this project financing.
Closins Date and Award of Bid - Under the competitive sale approach, it is
anticipated that the closing date and award of bid for the placement of the debt
issuance will be made on December 13, 1988. Award at that time should allow
sufficient time for the preparation of closing documents and receipt of net proceeds
prior to the end of 1988. As referenced in the attached resolutions, the Director of
Finance (who also serves as the Chief Financial Officer of the Board) is authorized
to accept bids and award the sale subject to the following parameters: the
underwriter's discount (fee) does not exceed 2% of the par value of the certificates
($5 million); and the net interest rate does not exceed 8.75%.
DESCRIPTION OF THE PROPOSED FINANCING STRUCTURE
Under the proposed financing structure, the debt service payments on the Certificates
will be funded through lease payments from the City to the Board. As security for the
lease payments, the City will transfer its ownership of selected existing water fixed
assets to the Board, which will in turn lease the facilities back to the City. As
discussed in the November 1, 1988 report to the City Council, the "asset transfer" and
lease-purchase nature of the proposed issue is almost identical to the approach used in
structuring the 1986 Lease Revenue Bonds which were used to finance street and parking
structure improvements.
FUNDING SOURCE
It is intended that the lease payments to the Board will be funded exclusively through
the resources of the water enterprise fund. As noted in the November 1, 1988 report to
the City Council, the water rate structure approved by the City Council on June 6, 1988
has been designed to generate sufficient revenues to cover the anticipated debt
service/lease payments estimated at $490,000 annually. However, in order to strengthen
the credit rating of the issue, the City may need to commit to appropriating on an annual
basis any legally available funds in order to meet this annual lease obligation. Any
such commitment would end whenever net revenues from the water system equal 110% of lease
payments for three consecutive years. However, it should be emphasized that the
exclusive use of water enterprise fund resources is intended in funding the debt
service/lease payments, and the use of a back-up funding source would only be
incorporated in the final certificate documents if required by the credit rating agency.
DESCRIPTION OF FINANCING DOCUMENTS
As noted above, the attached resolutions approve a variety of financing documents which
are required in order to proceed with the project financing. Prepared by the City's Bond
A ' 3
►����►uunIII1111p ��JIU city of San Luis osIspo
COUNCIL AGENDA REPORT
Counsel (Jones Hall) and Financial Advisor (Evensen Dodge), the following is a brief
description of these documents which are on file in the City Clerk's office:
Acouisition Agreement - This is the agreement under which the Board agrees to buy
selected water distribution assets (referred to as Facilities in the Agreement) from
the City. The purchase will take place at the Certificate closing in December, and
the full purchase price will be paid from the Certificate proceeds at that time.
Title to the Facilities vests in the Board immediately.
Lease Agreement - This document serves as the basic security for the financing.
Under the Lease Agreement, the Board leases the Facilities back to the City for a
term equal to the term of the Certificates. Since the City's obligation to pay Lease
Payments is a tax-exempt obligation, it is necessary to identify the portion of each
Lease Payment which constitutes interest. The City pledges the Net Revenues of the
water enterprise to pay the Lease Payments, with a back-up promise to pay out of
other legally available sources if required. During the term of the Lease, the City
covenants to set rates and charges for the water enterprise so as to yield Net
Revenues sufficient to provide a coverage factor for annual debt service. The Lease
Agreement also contains terms relating to insurance, maintenance, and similar
matters. _
Assignment Agreement - Because the Certificates are payable from the Lease Payments,
it is necessary for the Lease Payments (and various other rights of the Board under
the Lease Agreement) to be assigned to the Trustee; and this is the sole purpose of
the Assignment Agreement.
Trust Agreement - This document contains all of the terms and provisions relating to
the Certificates, including prepayment provisions, maturity schedules, rights, and
remedies of the Certificate owners and the Trustee in the event of a default under
the Lease Agreement.
Official Notice of Sale - The Official Notice of Sale provides all of the terms upon
which the City will receive bids from potential investors for the purchase of the
Certificates.
Official Statement - Prepared by the Financial Advisor, the Official Statement (OS)
describes the financing for prospective purchasers of the Certificates, and
constitutes the primary marketing document for the financing.
As reflected in the attached resolutions of the Board and City approving these financing
documents, the City Administrative Officer (who also serves as the Executive Director for
the Board) is authorized to make minor amendments to these documents as recommended by
Bond Counsel, and to execute the final documents.
SUMMARY
The City Council conceptually approved the issuance of $5 million in Certificates of
Participation at their November 1, 1988 meeting in order to provide financing for
approved water projects. In order to proceed with this financing, it is recommended that
the City Council and the Board of Directors of the San Luis Obispo Capital Improvement
Board adopt the attached resolutions authorizing the sale of Certificates and approving
related financing documents.
Attachments: Draft Resolutions �f —� 41
Certificates of Participation in Council Office. (�
ATTACHMENT A
SUMMARY OF PROPOSED PROJECT FINANCING
1987-89 Financial Plan
Draft Water Management Plan
• Policy Links: Water Rate Review, June 6,1988
• Issue Size: $5,000,000
• Anticipated net proceeds after debt service
reserve requirements and issuance costs: 84,350,000
• Project cost summary:
Source of supply 575,000
Distribution system 2,050,000
Treatment plant 1,739,300
Total estimated project costs 84,364,300
• Type of debt instrument: Certificates of Participation
San Luis Obispo
• Issued through: Capital Improvement Board
• Maturity period: 20 years
• Estimated interest rate: 8.0% to 8.5%
• Estimated annual debt service: 8490,000
• Schedule of key events:
Initiate selection process for bond counseL October 10, 1988
City Council authorization to initiate proceedings for
debt issuance; authorization for CAO, with concurrence of the
City Attorney, to enter into an agreement for bond counsel services November 1, 1988
Formal City Council approval of financing documents
and authorization to solicit underwriter bids November 15, 1988
Closing date; award of bid by Director of Finance December 13, 1988
• Public facilities financing corporation established on April 15, 1986;
the City Council serves as its Board of Directors.
RESOLUTION NO. _
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CITY OF SAN LUIS OBISPO CAPITAL IMPROVEMENT
BOARD APPROVING THE PURCHASE OF WATER ENTERPRISE
IMPROVEMENTS FROM THE CITY OF SAN LUIS OBISPO
AND THE LEASE OF SUCH IMPROVEMENTS BACK TO THE
CITY, APPROVING RELATED AGREEMENTS, OFFICIAL
STATEMENT, AND COMPETITIVE SALE OF $5,000,000
CERTIFICATES OF PARTICIPATION
WHEREAS, the City of San Luis Obispo (the "City") is currently proceeding
to finance the costs of various capital improvements with respect to the water
enterprise of the City (the "Enterprise"); and
WHEREAS, the City of San Luis Obispo Capital Improvement Board (the
"Board") has been formed for the purpose of assisting the City in financing the
acquisition, construction, and improvement of property which is of benefit to
the City; and
WHEREAS, to accomplish such financing the City has proposed to sell certain
facilities of the Enterprise (the "Facilities") to the Board pursuant to the
Acquisition Agreement dated as of December 1, 1988, (the "Acquisition
Agreement') and to lease the Facilities back from the Board pursuant to the
Lease Agreement dated as of December 1, 1988 (the "Lease Agreement"); and
WHEREAS, for the purpose of obtaining the moneys_required to finance the
acquisition of the Facilities under the Acquisition Agreement, the Board
proposes to assign and transfer certain of its rights under the Lease Agreement
to a trustee bank (the 'Trustee") pursuant to that certain Assignment Agreement
dated as of December 1, 1988, (the "Assignment Agreement") by and between the
Board and the Trustee; and
WHEREAS, in consideration of such assignment and the execution of that
certain Trust Agreement dated as of December 1, 1988, (the "Trust Agreement")
by and among the Board, the City, and the Trustee, the Trustee will execute and
deliver Certificates of Participation in the principal amount of $5,000,000
(the "Certificates of Participation"), each evidencing an undivided fractional
interest in the Lease Payments made by the City under the Lease Agreement; and
WHEREAS, the City and the Board have determined to sell the Certificates of
Participation at competitive sale, and the firm of Evensen Dodge, Inc. (the
'Financial Adviser') is assisting the City and the Board in such sale of the
Certificates of Participation and has caused to be prepared an Official
Statement describing the Certificates of Participation, to be used in
connection with such sale; and
WHEREAS, the Board of Directors approves of said transactions as being in
the public interests of the Board;
c-� -6
NOW,THEREFORE,BE IT RESOLVED by the Board of Directors of the City of San
Luis Obispo Capital Improvement Board as follows:
SECTION 1. Purchase of Facilities• Aooroval of Acouisition Agreement The
Board of Directors hereby approves the purchase of the Facilities by the Board
from the City pursuant to, and subject to the terms and conditions of, the
Acquisition Agreement in substantially the form on file with the Secretary,
together with any changes therein or additions thereto deemed advisable by the
Executive Director, whose execution thereof shall be conclusive evidence of his
approval of such changes and additions. The Board hereby authorizes and
directs the Executive Director, and the Secretary to attest and affix the seal
of the Board to. said form of the Acquisition Agreement for and in the name of
the Board.
SECTION 2. Lease of Facilities* Aooroval of Lease Agreement, The Board of
Directors hereby approves the lease of the Facilities by the Board to the City
pursuant to and subject to the terms and conditions of, the Lease Agreement in
substantially the form on file with the Secretary, together with any changes
therein or additions thereto deemed advisable by the Executive Director, whose
execution thereof shall be conclusive evidence of his approval of such changes
and additions. The Board of Directors hereby authorizes and directs the
Executive Director to execute, and the .Secretary to attest and affix the seal
of the Board to, said form of the Lease Agreement for and in the name of the
Board. The schedule of lease payments set forth in the Lease Agreement shall
conform to the schedule of principal and interest payments represented by the
Certificates of Participation as determined pursuant to Section S hereof.
SECTION 3. Assignment Agreement. The Board of Directors hereby approves
the Assignment Agreement in substantially the form on file with the Secretary
together with any changes therein or additions thereto deemed advisable by the
Executive Director, whose execution thereof shall be conclusive evidence of his
approval of such changes and additions. The Board of Directors hereby
authorizes and directs the Executive Director to execute, and the Secretary to
attest and affix the seal of the Board to, said form of the Assignment
Agreement for and in the name of the Board.
SECTION 4. Trust Agreement. The Board of Directors hereby approves the
Trust Agreement in substantially the form on file with the Secretary together
with any changes therein or additions thereto deemed advisable by the Executive
Director, whose execution thereof shall be conclusive evidence of his approval
of such changes and additions. The Board of Directors hereby authorizes and
directs the Executive Director to execute, and the Secretary to attest and
affix the seal of the Board to, said form of the Trust Agreement for and in the
name of the Board.'
SECTION 5. Sale of Certificates of Participation. The Board of Directors
hereby approves the competitive sale of the Certificates of Participation, and
hereby calls for the receipt of bids on the Certificates of Participation on
Tuesday, December 13, 1988, at the hour of 10.00 a.m. in the office of Jones
.2 � r� J
Hall Hill & White at Four Embarcadero Center, Suite 1950, San Francisco,
California. The Chief Financial Officer is hereby authorized and directed for
an in the name and on behalf of the Board to accept the bid of the best
responsible bidder; provided that the purchase price to be paid for the
Certificates of Participation shall be at least ninety-eight percent (98%) of
the par value thereof, and the weighted average rate of interest represented by
the Certificates of Participation shall not exceed eight and three-quarters
percent (8-3/4%) per annum. The Certificates of Participation shall be sold
pursuant to and in accordance with the provisions of the Official Notice of
Sale in substantially the form on file with the Secretary, which is hereby
approved as the official notice of sale of the Certificates of Participation.
SECTION 6. Official Statement. The Board of Directors hereby approves the
preliminary Official Statement describing the Certificates of Participation, in
the form submitted by the Financial Adviser and on file with the Secretary,
together with any changes therein or additions thereto deemed advisable by the
Chief Financial Officer, whose execution thereof shall be conclusive evidence
of his approval of any such changes or additions. The Board of Directors
hereby approves and authorizes the distribution by the Financial Adviser and by
the purchaser of the Certificates of Participation of said Official Statement
to prospective purchasers of the Certificates of Participation. The Chief
Financial Officer is hereby authorized and directed to approve any changes in
or additions to the final form of such Official Statement as the Chief
Financial Officer shall deem advisable, and to execute said final Official
Statement for and in the name and on behalf of the Board.
SECTION 7. Official Actions. The Executive Director, the Chief Financial
Officer, the Secretary, the Board Attorney, and all other officers and
representatives of the Board are each authorized and directed in the name and
on behalf of the Board to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance,
warrants, and other documents, which they or any of them might deem necessary
or appropriate in order to consummate any of the transactions contemplated by
the documents approved pursuant to this Resolution.
SECTION 8. Effective Date, This Resolution shall take effect from and
after the date of its passage and adoption.
On motion of seconded
by and on the following roll call
vote:
AYES:
NOES:
ABSENT:
the foregoing Resolution was passed and adopted this 15th day of November,
1988.
President
ATTEST:
Secretary
APPROVED:
Executive D ector
Board Attrney
Chief Financial Officer
RESOLUTION NO. _
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN LUIS OBISPO APPROVING THE SALE OF WATER
ENTERPRISE IMPROVEMENTS TO THE CITY OF
SAN LUIS OBISPO CAPITAL IMPROVEMENT BOARD
AND THE LEASE OF SUCH IMPROVEMENTS BACK FROM
SUCH BOARD, APPROVING RELATED AGREEMENTS,
OFFICIAL STATEMENT, AND COMPETITIVE SALE OF
$5,000,000 CERTIFICATES OF PARTICIPATION
WHEREAS, the City of San Luis Obispo (the "City") is currently proceeding
to finance the costs of various capital improvements with respect to the water
enterprise of the City (the "Enterprise"); and
WHEREAS, the City of San Luis Obispo Capital Improvement Board (the
"Board') has been formed for the purpose of assisting the City in financing the
acquisition, construction, and improvement of property which is of benefit to
the City; and
WHEREAS, to accomplish such financing the City has proposed to sell certain
facilities of the Enterprise (the "Facilities") to the Board pursuant to the
Acquisition Agreement dated as of December 1, 1988, (the "Acquisition
Agreement") and to lease the Facilities back from the Board pursuant to the
Lease Agreement dated as of December 1, 1988 (the 'Lease Agreement"); and
WHEREAS, for the purpose of obtaining the moneys required to finance the
acquisition of the Facilities under the Acquisition Agreement, the Board
proposes to assign and transfer certain of its rights under the Lease Agreement
to a trustee bank (the "Trustee") pursuant to-that certain Assignment Agreement
dated as of December 1, 1988, (the "Assignment Agreement") by and between the
Board and the Trustee; and
WHEREAS, in consideration of such assignment and the execution of that
certain Trust Agreement dated as of December 1, 1988, (the "Trust Agreement")
by and among the Board, the City, and the Trustee, the Trustee will execute and
deliver Certificates of Participation in the principal amount of $5,000,000
(the "Certificates of Participation"), each evidencing an undivided fractional
interest in the Lease Payments made by the City under the Lease Agreement; and
WHEREAS, the City and the Board have determined to sell the Certificates of
Participation at competitive sale, and the firm of Evensen Dodge, Inc. (the
"Financial Adviser') is assisting the City and the Board in such sale of the
Certificates of Participation and has caused to be prepared an Official
Statement describing the Certificates of Participation, to be used in
connection with such sale, and
WHEREAS, the City Council approves of said transactions as being in the
public interests of the City;
NOW,THEREFORE, BE IT RESOLVED by the City Council of the City of San Luis
Obispo as follows:
SECTION 1. Sale of Facilities: Aooroval of Acauisition Agreement. The
City hereby approves the sale of the Facilities by the City to the Board
pursuant to, and subject to the terms and conditions of, the Acquisition
Agreement in substantially the form on file with the City Clerk, together with
any changes therein or additions thereto deemed advisable by the City
Administrative Officer, whose execution thereof shall be conclusive evidence of
his approval of such changes and additions. The Board hereby authorizes and
directs the City Administrative Officer to execute, and the City Clerk to
attest and affix the seal of the City to, said form of the Acquisition
Agreement for and in the name of the City.
SECTION 2. Lease of Facilities• Atwroval of Lease Asreement The City
Council hereby approves the lease of the Facilities by the City from the Board
pursuant to, and subject to the terms and conditions of, the Lease Agreement in
substantially the form on file with the City Clerk, together with any changes
therein or additions thereto deemed advisable by the City Administrative
Officer, whose execution thereof shall be conclusive evidence of his approval
of such changes and additions. The City Council hereby authorizes and directs
the City Administrative Officer to execute, and the City Clerk to attest and
affix the seal of the City to, said form of the Lease Agreement for and in the
name of the City. The schedule of lease payments set forth in the Lease
Agreement shall conform to the schedule of principal and interest payments
represented by the Certificates of Participation as determined pursuant to
Section 4 hereof.
SECTION 3. Trust Agreement. The City Council hereby approves the Trust
Agreement in substantially the form on file with the City Clerk together with
any changes therein or additions thereto deemed advisable by the City
Administrative Officer, whose execution thereof shall be conclusive evidence of
his approval of such changes and additions. The City Council hereby authorizes
and directs the City Administrative Officer to execute, and the City Clerk to
attest and affix the seal of the City -.to, said form of the Trust Agreement for
and in the name of the City.
SECTION 4. Sale of Certificates of Particination The City Council hereby
approves the Competitive sale of the Certificates of Participation, and hereby
calls for the receipt of bids on the Certificates of Participation on Tuesday,
December 13, 1988, at the hour of 10:00 a.m. in the office of Jones Hall Hill &
White at Four Embarcadero Center, Suite 1950, 'San Francisco, California. The
Director of Finance is hereby authorized and directed for and in the name on
behalf of the City to accept the bid of the best responsible bidder; provided
that the purchase price to be paid for the Certificates of Participation shall
be at least ninety-eight (98%) of the par value thereof, and the weighted
average rate of interest represented by the Certificates shall not exceed eight
and three-quarters percent (8-3/446) per annum. The Certificates of
Participation shall be sold pursuant to and in accordance with the provisions
of the Official Notice of Sale in substantially the form on file with the City
Clerk, which is hereby approved as the official notice of sale of the
Certificates of Participation.
SECTION 5. Publication of Notice of Intention. In accordance with the
requirements of Section 53692 of the California Government Code, the Director
of Finance is hereby authorized and directed to execute, and Jones Hall Hill &
White, A Professional Law Corporation, as bond counsel to the City, is.hereby
authorized and directed to cause to be published, the Notice of Intention to
Sell Certificates of Participation in substantially the form on file with the
City Clerk. Such publication shall be made once no later than November 28,
1988, in a financial journal published in the State of California.
SECTION 6. Official Statement, The City Council hereby approves the
preliminary Official Statement describing the Certificates of Participation, in
the form submitted by the Financial Adviser and on file with the City Clerk,
together with any changes therein or additions thereto deemed advisable by the
Director of Finance, whose execution thereof shall be conclusive evidence of
his approval of any such changes or additions. The City Council hereby
approves and authorizes the distribution by the Financial Adviser and by the .
purchaser of the Certificates of Participation of said Official Statement to
prospective purchasers of the Certificates of Participation. The Director of
Finance is hereby authorized and directed to approve any changes in or
additions to the final form of such Official Statement as the Director of
Finance shall deem advisable, and to execute said final Official Statement for
and in the name and on behalf of the City.
SECTION 7. Official Actions, The City Administrative Officer, the
Director of Finance, the City Clerk, the City Attorney, and all other officers
and representatives of the City are each authorized and directed in the name
and on behalf of the City to make any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance,
warrants, and other documents, which they or any of them might deem necessary
or.appropriate in order to consummate any of the transactions contemplated by
the documents approved pursuant to this Resolution.
SECTION 8. Effective Date. This Resolution shall take effect from and
after the date of its passage and adoption.
On motion of seconded
by and on the following roll call
vote:
AYES:
NOES:
ABSENT:
the foregoing Resolution was passed and adopted this 15th day of November,
1988.
Mayor - - -._ — _--- _-------- -- •
ATTEST:
City C-.leek
APPROVED:
City Ad` -initit rativ0. Officer ;
City Atfor_ — - -' - - -- - -
Director of Finance