HomeMy WebLinkAboutr 10465 board of directors of slocip approving docs & actions financingRESOLUTION NO. 10465 (2013 Series)
RESOLUTION OF THF: BOARI> OF DIRECTORS OF THE CITY OF SAN LUIS
OBISPO CAPJTAL IMPROVEMENT BOARD APPROVING DOCUMF.NTS AND
ACTIONS RELATING TO THE FINANCING OF WATER RECLAMATION
FACILITY ENERGY EFFICIENCY PROJECT
WHEREAS, the City of San Luis Obispo (the "City") owns and operates facilities and
property for the collection, treatment and disposal of wastewater within the service area of the
City (the "Wastewater Enterprise"), and is proceeding to finance the acquisition and installation
of improvements to its water reclamation facility, consisting generally of the onsite cogeneration
of energy, solids management, upgrading and optimizing aging infi-astructure, eilicient lighting,
and process system controls (the "Project"); and
WHEREAS, the City Council has been presented with a financing plan for the
installment sale financing of the Project on a private placement basis with U.S. Bancorp
Government Leasing and finance, lnc., as designee of Green Campus Partners LLC (the
"Lender"), through the usc of an installment sale agreement between the City and the City of San
J ,uis Obispo Capital J mprovement Board (the "Board"); and
WHEREAS, the final form of the legal documentation relating to the tinancing has been
prepared by bond counsel, and the Board of Directors wishes at this time to approve such legal
documentation.
NOW, THEREFORE, BE IT RESOLVED by the Hoard ofDirectors of the City of San
Luis Obispo Capital Improvement Board as follows:
SECTION l. Approval of Installment Sale Agreement. The Board of Directors hereby
approves the Installment Sale Agreement relating to the financing of the Project, between the
City and the Board, in the form thereof on file with the Secretary together with any changes
therein or additions thereto deemed advisable by the Executive Director or the Chief Financial
Officer (each, an "Authorized Officer"); provided that the execution thereof by an Authorized
Officer shall be conclusive evidence of the approval of any such changes or additions. An
Authorized Otlicer is hereby authorized and directed for and in the name and on behalf of the
Board to execute, and the Secretary is hereby authorized and directed to attest, the final form of
the Installment Sale Agreement.
SECTION 2. Assignment by Board. The Board of Directors hereby approves the
assignment by the Board of its rights under the Installment Sale Agreement, including the right
to receive the Installment Payments, to the Lender. Such assignment shall be made pursuant to
the terms and provisions of the Assignment Agreement in the form thereof on file with the
Secretary together with any changes therein or additions thereto deemed advisable by an
Authorized Officer; provided that the execution thereof by an Authorized Officer shall be
conclusive evidence of the approval of any such changes or additions. An Authorized Oflicer is
hereby authorized and directed for and in the name and on behalf of the Board to execute, and
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the Secretary is hereby authorized and directed to attest, the final form of the Assigrunent
Agreement.
SECTION 3. Official Actions. The President, the Executive Director, the Chief
Financial Officer, the Secretary, the Board Attorney and all other oflicers 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 deem necessary or appropriate in order to
consummate any of the transactions contemplated by the agreements and documents approved
under this Resolution. Whenever in this resolution any officer of the Board is authorized to
execute or countersign any document or take any action, such execution, countersigning or
action may be taken on behalf of such officer by any person designated by such officer to act on
his or her behalf if such officer is absent or unavailable.
SECTION 4. Effective Date . This Resolution shall take etlect immediately upon its
passage and adoption.
Upon motion of Vice President Smith, seconded by Board Member Christianson, and on
the following roll call vote:
AYES:
NOES:
ABSENT:
Board Members Ashbaugh, Carpenter and Christianson, Vice President
Smith and President Marx
None
None
the foregoing Resolution was passed and adopted this 1st day of October 2013 .
ATTEST:
Sheryll Sc hroeder
Secretary
. Christine Dietrick
Board Attorney