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HomeMy WebLinkAboutCC Resolution 7062 (Purchase Fire Truck)RESOLUTION NO. 7062 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS, AUTHORIZING AND DIRECTING EXECUTION OF A PURCHASE AGREEMENT, APPROVING A PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO (RE FINANCING OF A FIRE TRUCK AND A PUBLIC WORKS PATCH TRUCK) THE CITY COUNCIL OF THE CITY OF SAN RAFAEL RESOLVES as follows: WHEREAS, the City of San Rafael (the "City") working together with the cities of Modesto, Rocklin, Antioch, Ceres and San Pablo (collectively referred to herein as the "Lessees") and the Association of Bay Area Governments (the "Association"), is proposing to proceed with a joint lease financing; and WHEREAS, in connection therewith, the City is proposing to proceed with lease financing of certain property described in Exhibit C to the Lease Agreement (as hereinbelow referred to) (the "Project") and it is in the public interest and for the public benefit that the City authorize and direct execution of the Lease Agreement and other financing documents in connection therewith; and WHEREAS, pursuant to the City's authorization, Kelling & Co., (the "Underwriter"), has prepared and presented to the City a preliminary official statement containing information material to the offering and sale of the Certificates of Participation des- cribed below (the "Preliminary Official Statement"); and WHEREAS, the documents below specified have been filed with the City, and the members of the City Council, with the aid of its staff, have reviewed said legal documents and Preliminary Official Statement. NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: SECTION 1. The below -enumerated documents be and are hereby approved, and the Mayor or City Manager is hereby authorized and directed to execute said Agreements, with such changes, insertions and omissions as may be approved by such official, and the City Clerk is hereby authorized and directed to attest to such official's signature: - 1 -4 ,-4.: ID RESOLUTION NO. 70 a) a lease agreement, relating to the Project, between the Association, as lessor, and the City, as lessee (the "Lease Agreement"); b) a trust agreement, by and among the Association, the Lessees and a trustee to be chosen by the Lessees and the Associa- tion (the "Trustee"), relating to the financing of the acquisition of the Project, and the execution and delivery of certificates of participation evidencing the proportionate interests of the owners thereof in lease payments to be made by the City under the Lease Agreement and in the lease payments to be made by the Lesees under separate lease agreements (the "Certificates of Participation"); c) a deposit agreement, relating to the deposit by the City with the Trustee of an amount equal to the non -asset portion of the principal amount of the Lease Agreement, between the City, the Trustee and Fireman's Fund Insurance Company; and d) a purchase agreement by and among the Underwriter (whether acting alone or with a co -manager), the Lessees and the Trustee relating to the purchase by the Underwriter of the Certi- ficates of Participation so long as the interest rate with respect to the Certificates of Participation will not produce annual lease payments payable under the Lease Agreement in excess of $69,362, so long as the principal amount of the Certificates of Partici- pation attributable to the City will not exceed $255,000, and so long as the Underwriter's discount with respect to the Certificates does not exceed 3-1/49. SECTION 2. The City Manager, Finance Director and other officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates as may be necessary to effect the purposes of this resolution and the lease financing herein authorized. SECTION 3. To the best of the City Council's knowledge, information and belief, the Preliminary Official Statement contains no untrue statement of a material fact with respect to the City or omits to state a material fact with respect to the City required to be stated where necessary to make a statement not misleading in the light of the circumstances under which it was made. - 2 - RESOLUTION NO. .-62 SECTION 4. The Preliminary Official Statement is approved for distribution in the offering and sale of the Certificates of Participation. SECTION 5. The City Manager or Finance Director is authorized to approve corrections and additions to the Preliminary Official Statement by supplement or amendment thereto, or other- wise as appropriate, provided that any such corrections or addi- tions shall be necessary to cause the information contained therein to conform with facts material to the Certificates of Participation, or to the proceedings of the City or such correc- tions or additions are in form rather than in substance. SECTION 6. The City Manager or Finance Director is authorized and directed to cause the Preliminary Official Statement to be brought into the form of a final official statement (the "Final Official Statement") and to execute said Final Official Statement, dated as of the date of the sale of the Certificates of Participation, and a statement that the facts contained in the Final Official Statement, and any supplement or amendment thereto (which shall be deemed an original part thereof for the purpose of such statement) were, at the time of sale of the Certificates of Participation, true and correct in all material respects and that the Final Official Statement did not, on the date of sale of the Certificates of Participation, and does not, as of the date of delivery of the Certificates of Participation, contain any untrue statement of a material fact with respect to the City or omit to state material facts with respect to the City required to be stated where necessary to make a statement not misleading in the light of the circumstances under which it was made. The Mayor, City Manager, Assistant City Manager or Finance Director shall take such further actions prior to the signing of the statement as are deemed necessary or appropriate to verify the accuracy of the statement. - 3 - RESOLUTION NO. 2 I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City on Monday , the 18th day of March 1985, by the following vote, to wit: AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan NOES: COUNCILMEMBERS:None ABSENT: COUNCILMEMBERS: None JEA E Rs- AhNt�iy 'lerk 20-21 B/1