HomeMy WebLinkAboutCM County-wide Public Safety Radio SystemCITY OF � Agenda Item No: 3
Meeting Date: December 21, 2009
SAN RAFAEL CITY COUNCIL AGENDA REPORT
Department: CITY MANAGER,)
Prepared by: Ken Nordho City Manager Approval:
SUBJECT: Request to Adopt Resolution Approving and Directing The Execution Of
the "Restated Operating Agreement' [and Approving An Official Statement]
and Directing Certain Related Actions In Connection with the Refinancing
Of A Countywide Public Safety Radio System.
RECOMMENDATION: Adopt Resolution as Presented
BACKGROUND:
The City of San Rafael is a member of the Marin Emergency Radio Authority (the "Authority'), a
joint exercise of powers authority duly organized and existing under the provisions of Articles 1
and 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government
Code of the State of California (the "Act'), formed by the Members pursuant to a Joint Powers
Agreement dated as of February 28, 1998, as amended (the "Agreement').
The Members and other participating agencies in the Authority (or their predecessors in
interest) have previously entered into that certain Project Operating Agreement, dated as of
February 1, 1999 (the "Operating Agreement') with the Authority, whereby the Authority owns
and operates a County -wide emergency radio system (the "Project') for the benefit of the
Member and participating agencies, and the Member and participating agencies agree to pay,
on a pro rata basis, the cost of the Project (the "Service Payments') and its annual operation
(the "Operating Payments") (collectively, the "Member Payments").
The Authority has previously issued its Marin Emergency Radio Authority 1999 Revenue Bonds
(Marin Public Safety and Emergency Radio System), in the original principal amount of
$26,940,000 (the "1999 Bonds'), which 1999 Bonds are secured by the Service Payments, for
the purpose of providing money to acquire the Project.
ANALYSIS:
Economic conditions are currently favorable to allow the Authority to refund the 1999 Bonds
through the issuance of refunding bonds (the "2010 Bonds"). In order to issue such 2010
Bonds and provide debt service savings to the Authority it is necessary to execute a Restated
Operating Agreement (the "Restated Agreement') to secure repayment of such obligations, the
FOR CITY CLERK ONLY
File No.:
Council Meeting:
Disposition:
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Paee: 2
terms of which incorporate the provisions of the Operating Agreement, except as otherwise
provided in the Restated Agreement.
The Authority's Executive and Finance Committees have recommended proceeding with the
refunding, and the full Board took the required approval action at its December 9 meeting. The
current estimated present value of the savings from issuing the refunding bonds is
approximately $1.3 million, which will be used for future capital projects to be approved by its
Board of Authority.
The current economic conditions which allow for debt service savings require immediate action
by the Member and other participating agencies, since if the 2010 Bonds are not sold in
January they cannot be issued again until August 2010, at which time interest rates may have
risen and eliminated the savings.
The MERA Board of Directors has considered the refunding opportunity for the 1999 Bonds,
and anticipates approving the documents associated with issuance of the 2010 Bonds at its
January 2010 meeting. Prior to such time the Member and each participating agency must
approve the Restated Agreement. The Restated Agreement incorporates the terms of the
original Operating Agreement, except as otherwise required to extend the provisions to apply to
the 2010 Bonds.
The maturity of the 2010 Bonds will be the same as the 1999 Bonds. Interest rate savings will
be used for future capital projects to be approved by the Board of the Authority. The debt
service allocated to the Member will not change.
The 2010 Bonds are planned to be sold in January, in order to refund the 1999 Bonds at the
next call date of February 15, 2010. If the 2010 Bonds are not sold in time, then the next
available redemption date for the 1999 Bonds is August 15, 2010, at which time interest rates
may have risen to the point where a refunding no longer provides economic benefit to the
Member.
The Restated Agreement will only become effective if the 2010 Bonds are issued and the 1999
Bonds refunded.
FISCAL IMPACT:
Based upon the Board recommendations, savings from the refinancing will be earmarked for
future capital needs, including projects that may come from a MERA strategic planning process
that should be completed next summer.
The net present value savings associated with the issuance of the 2010 Bonds are currently
projected to be approximately $1.3 million, which will be used for future capital projects to be
approved by the Board of the Authority. The debt service allocated to the Member will not
change.
ITXddJd01=I011By-Ai Eel L,
It is recommended that you adopt the attached Resolution directing the execution of the
Restated Agreement and authorizing staff to provide information, as needed, to complete the
Official Statement for the 2010 Bonds, as well as directing certain actions in connection with the
refunding of the 1999 Bonds.
SAN RAFAEL CITY COUNCIL AGENDA REPORT / Page: 3
ACTION REQUIRED:
Adopt Resolution as presented.
OPTIONS:
Do not adopt resolution, which would prohibit MERA from refinancing option in January 2010.
DISCUSSION:
ATTACHMENTS
WACity Managers- WorkFile\Council Material\Staff Reports\09\MERA bond reC.doc
RESOLUTION NO.
A RESOLUTION OF THE CITY OF SAN RAFAEL APPROVING,
AUTHORIZING AND DIRECTING THE EXECUTION OF A RESTATED
PROJECT OPERATING AGREEMENT, A CONTINUING DISCLOSURE
AGREEMENT AND AN OFFICIAL STATEMENT, APPROVING THE
ISSUANCE OF REFUNDING BONDS, AND DIRECTING CERTAIN
RELATED ACTIONS IN CONNECTION WITH THE MARIN EMERGENCY
RADIO SYSTEM PROJECT
WHEREAS, the City of San Rafael (the "City") has, together with certain other
public agencies (or their predecessors in interest) (such public agencies and the City being
referred to herein as the "Participating Agencies"), entered into a Joint Powers Agreement dated
as of February 28, 1998, as amended (the "Agreement'), establishing the Marin Emergency
Radio Authority (the "Authority") for the purpose, among others, of having the Authority issue
its bonds to be used to finance the acquisition, construction and improvement of certain public
capital improvements, including a public safety radio system (the "Project'); and
WHEREAS, the Authority and the Participating Agencies have previously
entered into that certain Project Operating Agreement, dated as of February 1, 1999 (the
"Operating Agreement'), whereby the Authority owns and operates the Project for the benefit of
the Participating Agencies, and the Participating Agencies agree to pay, on a pro rata basis, the
cost of the Project (the "Service Payments") and its annual operation (the "Operating Payments")
(collectively, the "Member Payments"); and
WHEREAS, pursuant to the provisions of Article 4 (commencing with Section
6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California
(the "Act'), and for the purpose of providing money to acquire the Project, the Authority has
previously issued its Marin Emergency Radio Authority 1999 Revenue Bonds (Marin Public
Safety and Emergency Radio System), in the original principal amount of $26,940,000 (the
"1999 Bonds"), which 1999 Bonds are secured by the Service Payments; and
WHEREAS, the Authority has previously entered into that certain Loan
Agreement with Citizens Business Bank ("Citizens"), dated as of February 1, 2007 (the "Loan
Agreement'), for the purpose of funding certain improvements to the Project, and pursuant to
which the Authority has issued its note to Citizens in the original principal amount of $2,250,000
(the "2007 Note"), which 2007 Note is secured by Operating Payments; and
WHEREAS, Section 2.03 of the Operating Agreement provides that the
Operating Agreement terminates upon payment or defeasance of the 1999 Bonds; and
WHEREAS, in order to allow the Authority to refund the 1999 Bonds through
the issuance of refunding bonds (the "2010 Bonds"), provide for the refunding of the 2007 Note
upon favorable economic conditions, and obtain additional funding for improvements to the
Project, is necessary to execute a Restated Project Operating Agreement, dated as of February 1,
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2010 (the "Restated Operating Agreement"), to secure repayment of such obligations, the terms
of which will incorporate the provisions of the Operating Agreement, except as otherwise
provided in the Restated Operating Agreement; and
WHEREAS, an Official Statement containing, among other things, information
relating to the City is being prepared and is to be used in connection with the marketing and sale
of the 2010 Bonds by the underwriter of the 2010 Bonds (the "Underwriter"); and
WHEREAS, there have been presented at this meeting a form of the Restated
Operating Agreement; and
WHEREAS, the City has duly considered such transactions and wishes at this
time to approve said transactions in the public interest of the City.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
Section 1. The proposed form of the Restated Operating Agreement, as presented
to this meeting, is hereby approved. The [AUTHORIZED OFFICERS OF THE CITY TO
BE INSERTED] or any other officers duly designated by the City (the "Authorized Officers"),
each acting alone, are hereby authorized and directed, for and on behalf of the City, to execute,
acknowledge and deliver the Restated Operating Agreement, in substantially the form presented
to this meeting, with such changes therein as such Authorized Officer may require or approve,
with the advice and approval of the City Attorney, such approval to be conclusively evidenced by
the execution and delivery thereof.
Section 2. The Authorized Officers and staff of the City are hereby authorized
and directed to assist the Underwriter and its counsel in preparing proper disclosure with respect
to the 2010 Bonds. The use and distribution of the Preliminary Official Statement and use and
distribution of the final Official Statement in connection with the sale of the 2010 Bonds is
hereby ratified and approved. The Authorized Officers, each acting alone, are hereby authorized
and directed, for and on behalf of the City, to approve, and to deem nearly final within the
meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the portions of the Preliminary
Official Statement for the 2010 Bonds which describe the City and its obligations to the
Authority. If requested by the Authority, the Authorized Officers, each acting alone, are hereby
authorized and directed, for and on behalf of the City, to execute, acknowledge and deliver the
final Official Statement, with such changes therein as such Authorized Officer may require or
approve, with the advice and approval of the City Attorney, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 3. The issuance of the 2010 Bonds by the Authority is hereby approved,
provided that the total debt service of any refunding component allocated to the City is no more
than the total debt service currently allocated to the City with respect to the 1999 Bonds.
Section 4. The Authorized Officers and staff of the City are hereby authorized
and directed, jointly and severally, to do any and all things, to execute and deliver any and all
documents which, in consultation with the Authority's Bond Counsel and the City Attorney, they
295799_1.DOC
may deem necessary or advisable in order to effectuate the purposes of this Resolution, including
but not limited to providing the Authority any material with respect to the City necessary for
proper disclosure with respect to the 2010 Bonds, and executing a continuing disclosure
agreement if required. Any and all such actions previously taken by such Authorized Officers or
staff members are hereby ratified and confirmed.
Section 5. This Resolution shall take effect immediately upon adoption.
PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE
CITY OF SAN RAFAEL THIS DAY OF , 20_ by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Title:
ATTEST:
By: _
Title:
I hereby certify that the above Resolution No.
read and adopted by the City at a meeting held on
By: _
Title:
3
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was duly introduced,
20.
Draft of 11/30/09
RESTATED PROJECT OPERATING AGREEMENT
Dated as of February 1, 2010
Relating to:
MARIN EMERGENCY RADIO AUTHORITY
PUBLIC SAFETY AND EMERGENCY RADIO SYSTEM
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TABLE OF CONTENTS
Page
Section 1.
Terms of this Restated Agreement........................................................................2
Section 2.
Amendment of Section 1.01.................................................................................2
Section 3.
Amendment of Section 2.03.................................................................................4
Section 4.
Amendment of Section 4.20.................................................................................4
Section 5.
Amendment of Section 6.13.................................................................................4
Section 6.
Calculation of Service Payment............................................................................5
Section 7.
Rights of Bond Insurer..........................................................................................5
Section 8.
Representations, Covenants and Warranties of the Authority ..............................5
Section 9.
Representations, Covenants and Warranties of the Members...............................6
Section 10.
Entire Agreement..................................................................................................7
Section 11.
California Law......................................................................................................7
Section 12.
Effective Date.......................................................................................................7
Section 13.
Execution in Counterparts.....................................................................................7
EXHIBIT A
- ANNUAL SERVICE PAYMENT ALLOCATION........................................A-1
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RESTATED PROJECT OPERATING AGREEMENT
This RESTATED PROJECT OPERATING AGREEMENT, made and entered
into as of February 1, 2010 (the "Restated Agreement'), among the MARIN EMERGENCY
RADIO AUTHORITY, a joint exercise of powers authority organized and existing under and by
virtue of the laws of the State of California (the "Authority"), and the public agencies set forth on
the signature pages hereof (each a "Member" and collectively, the "Members");
WITNESSETH:
WHEREAS, the Authority is a joint exercise of powers authority duly organized
and existing under the provisions of Articles 1 through 4 (commencing with Section 6500) of
Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act'),
formed by the Members pursuant to a Joint Powers Agreement dated as of February 28, 1998, as
amended (the "Agreement'), and is authorized pursuant to Article 4 of the Act (the "Bond Law")
to borrow money for the purpose of paying the cost of public capital improvements within the
State of California, including a public safety radio system (the "Project'); and
WHEREAS, the Members of the Authority (or their predecessors in interest)
have previously entered into that certain Project Operating Agreement, dated as of February 1,
1999 (the "Operating Agreement') with the Authority, whereby the Authority owns and operates
the Project for the benefit of the Members, and the Members agree to pay, on a pro rata basis, the
cost of the Project (the "Service Payments") and its annual operation (the "Operating Payments")
(collectively, the "Member Payments"); and
WHEREAS, the Authority has issued its Marin Emergency Radio Authority 1999
Revenue Bonds (Marin Public Safety and Emergency Radio System), in the original principal
amount of $26,940,000 (the "1999 Bonds"), which 1999 Bonds are secured by the Service
Payments, for the purpose of providing money to acquire the Project; and
WHEREAS, the Authority has previously entered into that certain Loan
Agreement with Citizens Business Bank ("Citizens"), dated as of February 1, 2007 (the "Loan
Agreement'), for the purpose of funding certain improvements to the Project, and pursuant to
which the Authority has issued its note to Citizens in the original principal amount of $2,250,000
(the "2007 Note"), which 2007 Note is secured by Operating Payments; and
WHEREAS, Section 2.03 of the Operating Agreement provides that the
Operating Agreement terminates upon payment or defeasance of the 1999 Bonds; and
WHEREAS, in order to allow the Authority to refund the 1999 Bonds through
the issuance of refunding bonds (the "2010 Bonds"), to refund the 2007 Note at such time as
acceptable economic conditions dictate, and obtain additional funding for improvements to the
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Project, is necessary to execute this Restated Agreement to secure repayment of such obligations,
the terms of which incorporate the provisions of the Operating Agreement, except as otherwise
provided herein.
NOW, THEREFORE, for and in consideration of the premises and the material
covenants hereinafter contained, the Authority and the Members agree as follows:
Section 1. Terms of this Restated Agreement.
Notwithstanding its termination upon defeasance of the 1999 Bonds, the terms
and provisions of the Operating Agreement, except as otherwise altered herein, are hereby
incorporated as the terms and provisions of this Restated Agreement.
Section 2. Revision of Section 1.01 of the Operating Agreement.
(a) The definition of "Bond Insurer" contained in Section 1.01 of the
Operating Agreement is hereby replaced with the following:
"Bond Insurer" means any insurer of a series of Bonds, and their respective
successors and assigns, but only with respect to the particular obligations insured by such Bond
Insurer.
(b) The definition of "Bonds" contained in Section 1.01 of the Operating
Agreement is hereby replaced with the following:
"Bonds" means the 2010 Bonds, any Additional Bonds, and any obligations
issued to refund such Bonds or Additional Bonds in whole or in part.
(c) The definition of "Continuing Disclosure Agreements" contained in
Section 1.01 of the Operating Agreement is hereby replaced with the following:
"Continuing Disclosure Agreements" means the obligation of the Authority under
a continuing disclosure agreement, and the obligation of the Members pursuant to Section 4.20
or, as applicable, a continuing disclosure agreement, to provide ongoing disclosure with respect
to the Bonds.
(d) The definition of "Indenture" contained in Section 1.01 of the Operating
Agreement is hereby replaced with the following:
"Indenture" means the Indenture of Trust, dated as of February 1, 2010, entered
into by the Authority with the Trustee relating to the 2010 Bonds, and any indenture entered into
by the Authority with respect to Additional Bonds, or obligations issued to refund the 2010
Bonds or Additional Bonds, as amended or supplemented.
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(e) The definition of "Insurance Policy" contained in Section 1.01 of the
Operating Agreement is hereby replaced with the following:
"Insurance Policy" means a municipal bond insurance policy issued by a Bond
Insurer unconditionally guaranteeing the regularly scheduled payment of principal of and interest
on a series of Bonds when due.
(f) The definition of "Project' contained in Section 1.01 of the Operating
Agreement is hereby replaced with the following:
"Project" means that certain public safety radio system originally financed with
the proceeds of the 1999 Bonds and improved with proceeds of the 2007 Note, and the
acquisition, construction, improvement, repair or modification of any portion of the Project and
related equipment as determined by the Authority.
(g) The definition of "Service Payments" contained in Section 1.01 of the
Operating Agreement is hereby replaced with the following:
"Service Payments" means the annual payments by each Member for the service
provided by the Project in the applicable Operating Period and used by the Authority to pay
principal of and interest on the Bonds, calculated as set forth in Section 4 hereof.
(h) The definition of "Trustee" contained in Section 1.01 of the Operating
Agreement is hereby replaced with the following:
"Trustee" means any trustee appointed by the Authority pursuant to an Indenture,
its successors and assigns, and any other corporation or association which may at any time be
substituted in its place.
(i) The following definitions are hereby added to this Restated Agreement, in
addition to the other defined terms contained in Section 1.01 of the Operating Agreement:
"Additional Bonds" means all obligations with a lien on Revenues on a parity
with the 2010 Bonds, issued in accordance with the Indenture.
"Debt Service" means the principal of and interest due on the Bonds on the next
succeeding February 15 and August 15 following the calculation date, plus the amount required
to increase the Reserve Fund to the Reserve Requirement as provided in the Indenture.
"1999 Bonds" means the Marin Emergency Radio Authority 1999 Revenue Bonds
(Marin Public Safety and Emergency Radio System).
"2010 Bonds" means the Marin Emergency Radio Authority 2010 Refunding
Revenue Bonds (Marin Public Safety and Emergency Radio System), or such other designation
as may be determined by the Authority, issued to refund the 1999 Bonds.
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Section 3. Revision of Section 2.03 of the Operating Agreement.
Section 2.03 of the Operating Agreement is hereby replaced with the following
provision:
"The term of this Restated Agreement shall commence on the date of delivery of
the 2010 Bonds to the initial purchaser thereof, and terminate (subject to such other termination
events as provided in this Restated Agreement) on the date on which no Bonds are Outstanding."
Section 4. Revision of Section 4.20 of the Operating Agreement.
Section 4.20 of the Operating Agreement is hereby replaced with the following
provision:
"The Authority shall comply with and carry out all of its duties under the
Continuing Disclosure Agreement. In addition, each Member hereby covenants to provide the
Authority, by physical or electronic delivery, and by not later than the March 1 immediately
following the end of the Member's Fiscal Year, commencing with Fiscal Year 2008/09, the
audited financial statements of the Member for the Fiscal Year most recently ended, prepared in
accordance with generally accepted accounting principles as promulgated to apply to
governmental entities from time to time by the Governmental Accounting Standards Board and
reporting standards as set forth by the State Controller. If the Member's audited financial
statements are not available by such date, the Member shall provide unaudited financial
statements, and the audited financial statements shall be filed with the Authority when they
become available.
Notwithstanding any other provisions of this Restated Agreement, failure of the
Authority or the Members to comply with the provisions of this Section 4.20 shall not be
considered an Event of Default; provided, however, that the Trustee or Authority, as applicable,
may take such actions as may be necessary and appropriate to compel performance, including
seeking mandate or specific performance by court order."
Section 5. Revision of Section 6.13 of the Operating Agreement.
Section 6.13 of the Operating Agreement is hereby replaced with the following
provision:
"The Authority and the Members shall not amend this Restated Agreement
without first obtaining (i) if an Insurance Policy is in effect, and so long as a Bond Insurer is not
in default of its obligation under its Insurance Policy, the prior written consent of the Bond
Insurer (except with respect to any amendment relating to the issuance of Additional Bonds), and
(ii) an opinion of nationally recognized bond counsel to the effect that such amendment will not
materially adversely affect the security of the Bond owners; provided, however, that the
Members and the Authority may at any time amend or modify Exhibit A of this Restated
Agreement to provide for the financing of additional components to the Project, in connection
with the issuance of any Additional Bonds, or in any other respect whatsoever as the Authority
and Members may deem necessary or desirable, provided that such modification or amendment
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does not materially adversely affect the interests of the Bond Owners hereunder, without the
consent of the Trustee, the Bond Insurer or any of the Bond Owners. In addition, the Members
and the Authority may at any time amend or modify any of the provisions of this Restated
Agreement with the prior written consent of the Owners of a majority in aggregate principal
amount of the Outstanding Bonds.
No such amendment shall adversely affect the rights, obligations, immunities or
indemnities of the Trustee hereunder without the Trustee's written consent. The Authority shall
obtain and cause to be filed with the Trustee an opinion of Bond Counsel with respect to any
amendment or modification hereof, stating that all conditions precedent to such amendment have
been satisfied."
Section 6. Calculation of Service Payment.
The annual Service Payment of each Member shall be the amount determined by
multiplying Debt Service by the percentage allocated to each Member as set forth in Exhibit A
hereto. In the event a Member has prepaid its Service Payment as provided in Section 6.01 of
this Restated Agreement, the Authority shall adjust the allocations set forth in Exhibit A so that
the allocated percentage relating to such Member is distributed pro -rata to the remaining
Members. Notwithstanding Section 6.13 of this Restated Agreement, such adjustment shall not
require an amendment to this Restated Agreement, and the Authority shall provide written notice
of such re -allocation to each Member, the Trustee and any Bond Insurer,
Section 7. Rights of Bond Insurer.
Anything in this Restated Agreement to the contrary notwithstanding, the rights
and obligations of any Bond Insurer shall apply only with respect to the series of Bonds to which
the Insurance Policy issued by such Bond Insurer applies, and only to the extent such Insurance
Policy is in force and effect. The rights of such Bond Insurer to direct or consent to any actions
under this Restated Agreement shall be suspended during any period in which such Bond Insurer
is in default in its payment obligations under the related Insurance Policy and shall be of no force
or effect in the event the Insurance Policy is no longer in effect.
Section 8. Representations, Covenants and Warranties of the Authority.
The Authority represents, covenants and warrants to the Members as follows:
(a) Due Organization and Existence. The Authority is a joint powers
authority duly organized and validly existing under the Agreement and the laws of the State of
California, has full legal right, power and authority under the laws of the State of California to
enter into this Restated Agreement and to carry out and consummate all transactions
contemplated hereby, and by proper action the Authority has duly authorized the execution and
delivery of this Restated Agreement.
(b) Due Execution. The representatives of the Authority executing this
Restated Agreement have been fully authorized to execute the same pursuant to a resolution duly
adopted by the Board of the Authority, and this Restated Agreement has been duly executed and
295399_LDOC
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delivered by the Authority and constitutes the legal, valid and binding agreement of the Authority
enforceable against the Authority in accordance with its terms.
(c) No Litigation. There is no action, suit, proceeding, inquiry or
investigation before or by any court or federal, state, municipal or other governmental authority
pending or, to the knowledge of the Authority after reasonable investigation, threatened against
or affecting the Authority or the assets, properties or operations of the Authority which, if
determined adversely to the Authority or its interests, would have a material and adverse effect
upon the consummation of the transactions contemplated by or the validity of this Restated
Agreement; or upon the financial condition, assets, properties or operations of the Authority, and
the Authority is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or other governmental authority, which
default might have consequences that would materially and adversely affect the consummation of
the transactions contemplated by this Restated Agreement or the financial conditions, assets,
properties or operations of the Authority.
Section 9. Representations, Covenants and Warranties of the Members.
Each of the Members represents, covenants and warrants to the Authority as
follows:
(a) Due Organization and Existence. Each of the Members is a public agency
duly organized and validly existing under the laws of the State of California, has full legal right,
power and authority to enter into this Restated Agreement and to carry out and consummate all
transactions contemplated hereby and thereby, and by proper action each of the Members has
duly authorized the execution and delivery of this Restated Agreement.
(b) Due Execution. The representatives of the Members executing this
Restated Agreement are fully authorized to execute the same pursuant to official action taken by
the governing body of the Members, and this Restated Agreement has been duly executed and
delivered by the Members and constitutes the legal, valid and binding agreement of the Members,
enforceable against the Members in accordance with its terms.
(c) No Litigation. There is no action, suit, proceeding, inquiry or
investigation before or by any court or federal, state, municipal or other governmental authority
pending or, to the knowledge of a Member after reasonable investigation, threatened against or
affecting such Member or the assets, properties or operations of such Member which, if
determined adversely to the Member or its interests, would have a material and adverse effect
upon the consummation of the transactions contemplated by or the validity of this Restated
Agreement, or upon the financial condition, assets, properties or operations of the Member, and
no Member is in default with respect to any order or decree of any court or any order, regulation
or demand of any federal, state, municipal or other governmental authority, which default might
have consequences that would materially and adversely affect the consummation of the
transactions contemplated by this Restated Agreement or the financial conditions, assets,
properties or operations of the Members.
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Section 10. Entire Agreement
This Restated Agreement constitutes the entire agreement between the parties.
Except where altered by a specific provision of this Restated Agreement, all other terms and
conditions of the Operating Agreement are incorporated herein.
Section 11. California Law.
This Restated Agreement shall be construed and governed in accordance with the
laws of the State of California.
Section 12. Effective Date.
Upon its execution and delivery, this Restated Agreement shall become effective
immediately on the issuance and original delivery of the 2010 Bonds, and shall terminate as set
forth herein.
Section 13. Execution in Counterparts.
This Restated Agreement may be executed in several counterparts, each of which
shall be deemed an original, and all of which shall constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed and attested the
Restated Agreement by their officers thereunto duly authorized as of the day and year first
written above.
MARIN EMERGENCY RADIO AUTHORITY
LIN
CITY OF BELVEDERE
By:
Title:
TOWN OF CORTE MADERA
By:
Title:
INVERNESS PUBLIC UTILITY DISTRICT
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Executive Director
BOLINAS FIRE PROTECTION DISTRICT
By: _
Title:
TOWN OF FAIRFAX
By: _
Title:
KENTFIELD FIRE PROTECTION DISTRICT
Draft of 11/30/09
By:
By:
Title:
Title:
CITY OF LARKSPUR
COUNTY OF MARIN
By:
By:
Title:
Title:
MARIN COMMUNITY COLLEGE
MARIN COUNTY TRANSIT DISTRICT
DISTRICT
By:
By:
Title:
Title:
MARIN MUNICIPAL WATER DISTRICT
MARINWOOD COMMUNITY SERVICES
DISTRICT
By:
Title:
By:
Title:
CITY OF MILL VALLEY
CITY OF NOVATO
By:
By:
Title:
Title:
NOVATO FIRE PROTECTION DISTRICT
TOWN OF ROSS
By:
By:
Title:
Title:
8
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ROSS VALLEY FIRE PROTECTION TOWN OF SAN ANSELMO
AGENCY
By:
Title:
CITY OF SAN RAFAEL
By:
Title:
SOUTHERN MARIN FIRE PROTECTION
DISTRICT
By:
Title:
TOWN OF TIBURON
By:
Title:
TWIN CITIES POLICE AGENCY
By:
Title:
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295399_l.DOC
By:
Title:
CITY OF SAUSALITO
By:
Title:
STINSON BEACH FIRE PROTECTION
DISTRICT
By:
Title:
TIBURON FIRE PROTECTION DISTRICT
By:
Title:
EXHIBIT A
ANNUAL SERVICE PAYMENT ALLOCATION
Percentage of
Member
Service Payments
City of Belvedere
0.772%
Bolinas Fire Protection District
0.601
Town of Corte Madera
1.575
Town of Fairfax
2.010
Inverness Public Utility District
0.565
Kentfield Fire Protection District
0.679
City of Larkspur
1.873
County of Marin
35.151
Marin Community College District
0.000
Marin County Transit District
1.180
Marin Municipal Water District
0.957
Marinwood Community Services District
0.856
City of Mill Valley
4.271
City of Novato
10.432
Novato Fire Protection District
4.894
Town of Ross
0.813
Ross Valley Fire Protection Agency
1.614
Town of San Anselmo
3.023
City of San Rafael
16.913
City of Sausalito
2.829
Southern Marin Fire Protection District
1.657
Stinson Beach Fire Protection District
0.615
Town of Tiburon
1.849
Tiburon Fire Protection District
1.090
Twin Cities Police Authority
3.781
TOTAL
100.000%