HomeMy WebLinkAboutR-10634 Nacimiento Water Project Revenue Bonds RefundingRESOLUTION NO. 10634 (2015 Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, IN CONNECTION WITH THE REFUNDING OF
THE NACIMIENTO WATER PROJECT REVENUE BONDS,
APPROVING CERTAIN DISCLOSURE REGARDING THE CITY AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH SUCH
REFUNDING
WHEREAS, this Council (the "Council ") of the City of San Luis Obispo (the "City ")
has heretofore entered into a Nacimiento Project Water Delivery Entitlement Contract (the
"Delivery Contract ") with the San Luis Obispo County Flood Control and Water Conservation
District (the "District "), in connection with the Nacimiento Water Project (the "Project ") for the
supply of additional water for the use and benefit of the lands and inhabitants served by the City;
and
WHEREAS, on September 26, 2007, the SLO County Financing Authority (the
"Authority ") issued $157,845,000 Nacimiento Water Project Revenue Bonds, 2007 Series A (the
"2007A Bonds ") and $38,565,000 Nacimiento Water Project Revenue Bonds, 2007 Series B
(Taxable) (the "200713 Bonds," and together with the 2007A Bonds, the "2007 Bonds ") in order
to finance the Project; and
WHEREAS, the District and the Authority have determined that it is necessary and
desirable to proceed with the refunding of all or a portion of the 2007A Bonds (the "Bond
Issue ") through the issuance and sale of Municipal Obligations (as defined in the Delivery
Contract); and
WHEREAS, in connection with such refunding, the Council has been presented with a
form of Preliminary Official Statement, together with an appendix containing statistical and
other descriptive information regarding the City (the "Appendix ") and a form of Continuing
Disclosure Agreement (the "Continuing Disclosure Agreement ").
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. Raymond James & Associates, Inc., as underwriter for the Authority (the
"Underwriter ") is authorized to use a Preliminary Official Statement and Official Statement,
each containing an Appendix A (or a revised form thereof) describing certain statistical and other
information of the City in the marketing and sale of the Authority's Refunding Revenue Bonds
(the "Bonds "), based upon information provided and to be provided by the City, with such
changes from the form of Preliminary Official Statement submitted to this City Council as the
City Administrative Officer, City Attorney, Director of Finance and Information Technology, or
a designee thereof (each, an "Authorized Representative ") may determine to be in the best
interests of the City. The City shall be responsible for notifying the Authority and the
Underwriter should any information regarding the City in said Appendix materially change from
the time of submission to the closing date of the Bond Issue.
R 10634
Resolution No. 10634 (2015 Series) Page 2
SECTION 3. The form of Continuing Disclosure Agreement presented to and reviewed
by this meeting of the City Council is hereby approved, and the Authorized Representative of the
City is hereby authorized and directed to execute and deliver a Continuing Disclosure
Agreement, substantially in the form presented to and approved at this meeting of the Council,
with such changes therein as the Authorized Representative and the District may approve, such
approval to be evidenced by the signature of said Authorized Representative.
SECTION 4. The Authorized Representatives of the City are hereby authorized and
directed, for and in the name and on behalf of the City, to do or cause to be done any and all
things and take any and all other actions in support of the issuance of the Bonds, including,
without limitation, the execution of certificates and ancillary documents and the delivery of
opinions on behalf of the City as may be reasonably required by the District, which they, or any
of them, deem necessary or advisable in order to consummate the purposes described herein.
SECTION 5. This resolution shall take effect immediately upon its adoption.
Upon motion of Vice Mayor Ashbaugh, seconded by Council Member Christianson, and
on the following roll call vote:
AYES: Council Members Carpenter, Christianson, and Rivoire,
Vice Mayor Ashbaugh, and Mayor Marx
NOES: None
ABSENT: None
Resolution No. 10634 (2015 Series)
The foregoing resolution was adopted this 16`h day of June, 2015.
Mayor Ja &a[A
ATTEST:
APPROVED AS TO FORM:
_ Christine Diet
City Attorney
Page 3
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this ).. " -` day of