HomeMy WebLinkAboutr10356approvedocandactionsrelatingrefinancingoutstanding2001bondsbycityofslocapimproveboardRESOLUTION NO . 10356 (2012 Series)
RESOLUTION OF THE CITY OF SAN LUIS OBISPO APPROVING DOCUMENT S
AND ACTIONS RELATING TO THE REFINANCING OF OUTSTANDING 200 1
BONDS BY THE CITY OF SAN LUIS OBISPO CAPITAL IMPROVEMENT BOAR D
WHEREAS,the City of San Luis Obispo Capital Improvement Board (the "Board") ha s
been formed for the purpose of providing financial assistance to the City of San Luis Obispo (th e
"City") in financing its public capital improvements ; and
WHEREAS,in order to provide financing for various public capital improvements, th e
Board has previously issued its City of San Luis Obispo Capital Improvement Board 2001 Leas e
Revenue Refunding Bonds, Series C in the aggregate original principal amount of $7,285,00 0
(the "2001 Bonds"); and
WHEREAS,the City and the Board have determined that it is in the financial interests o f
the City and the Board to refinance the outstanding 2001 Bonds at this time, and in order to
provide funds for that purpose the Board proposes to authorize the issuance and sale of its City o f
San Luis Obispo Capital Improvement Board 2012 Refunding Lease Revenue Bonds in th e
aggregate principal amount of not to exceed $5,300,000 (the "Refunding Bonds"); an d
WHEREAS,in order to provide revenues to pay debt service on the Refunding Bonds ,
the City has proposed to lease certain land and facilities which previously have been leased i n
connection with the 2001 Bonds, consisting of athletic fields known generally as the Damon -
Garcia Sports Fields (the "Leased Property"), to the Board under a Site Lease and the Board ha s
proposed to lease the Leased Property back to the City under a Lease Agreement, i n
consideration of the payment by the City of semiannual lease payments .
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Lui s
Obispo as follows :
SECTION 1 .Issuance of Bonds by the Board .The City Council hereby approves the
issuance of the Refunding Bonds by the Board in the principal amount of not to excee d
$5,300,000, for the purpose of providing funds to refinance the 2001 Bonds .
SECTION 2 .Approval of Related Financing Agreements .The City Council hereby
approves each of the following agreements required for the issuance and sale of the Refundin g
Bonds in substantially the respective forms on file with the City Clerk together with any change s
therein or additions thereto deemed advisable by the City Manager or the Director of Finance an d
Information Technology (each, an "Authorized Officer"), and the execution thereof by an
Authorized Officer shall be conclusive evidence of the approval of any such changes o r
additions . An Authorized Officer is hereby authorized and directed for and in the name and o n
behalf of the City to execute, and the City Clerk is hereby authorized and directed to attest to, th e
final form of each of the following agreements :
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Resolution No . 10356 (2012 Series )
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•Site Lease,between the City as lessor and the Board as lessee, under which the Cit y
continues to lease the Leased Property to the Board in consideration of the payment of th e
Site Lease Payment which will be applied by the City to refinance the 2001 Bonds .
Lease Agreement,between the Board as lessor and the City as lessee, under which th e
Board continues to lease the Leased Property back to the City and the City agrees to pay
semiannual lease payments which are sufficient to provide revenues with which to pay
principal of and interest on the Refunding Bonds when due .
•Irrevocable Refunding Instructions,among the Board, the City and U .S . Bank Nationa l
Association, as escrow bank, relating to the refinancing of the 2001 Bonds .
SECTION 4 .Legal Authority .The City Council hereby finds and determines that it i s
authorized to enter into the documents which are approved pursuant to Section 3 under the
municipal affairs powers of the City as a charter city of the State of California, subject only to th e
limitations of Section 906 of the City Charter .
SECTION 5 .Sale of Bonds by the Board .The City Council hereby approves th e
competitive public sale of the Refunding Bonds . The Refunding Bonds shall be sold i n
accordance with the Notice of Sale in substantially the form approved by the Board.
SECTION 6 .Official Actions .The Mayor, the City Manager, the Director of Financ e
and Information Technology, the City Clerk and all other officers of the City are each authorize d
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 othe r
documents, which they or any of them might deem necessary or appropriate in order t o
consummate any of the transactions contemplated by the agreements and documents approve d
under this Resolution . Whenever in this Resolution any officer of the City is authorized t o
execute or countersign any document or take any action, such execution, countersigning or actio n
may be taken on behalf of such officer by any person designated by such officer to act on his o r
her behalf in the case such officer is absent or unavailable .
SECTION 7 .Effective Date .This Resolution shall take effect from and after the date o f
its passage and adoption .
Upon motion of Council Member Carter, seconded by Vice Mayor Carpenter, and on th e
following vote :
AYES :
Council Members Ashbaugh, Carter and Smith, Vice Mayor Carpenter an d
Mayor Mar x
NOES :
None
ABSENT : None
Resolution No .10356 (2012 Series )
Page 3
The foregoing resolution was adopted this 8 th day of May 2012 .
ATTEST :
Sheryll Sc oeder
Interim City Clerk