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HomeMy WebLinkAbout17821 - RESOLUTIONS - 4/1/1992 RESOLUTION NO. 17821 OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS, APP- ROVING FORMS OF BOND INDENTURE, BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL STATEMENT FOR -� A SPECIAL ASSESSMENT DISTRICT r WHEREAS, the CITY COUNCIL of the CITY OF PALM SPRINGS, CALIFORNIA, is conducting / proceedings for the installation of certain public improvements in a special assessment district pursuant to the terms and provisions of the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, said special assessment district known and designated as y ASSESSMENT DISTRICT NO. 157 (hereinafter referred to as the "Assessment District") ; and, WHEREAS, this legislative body has previously declared in its Resolution of Intention to issue bonds to finance said improvements, said bonds to issue pursuant to the terms and provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code; and, • WHEREAS, at this time this legislative body is desirous to set forth all formal terms and conditions relating to the authorization, issuance and administration of said bonds; and, WHEREAS, there has been presented, considered and ready for approval a bond indenture submitted by Bond Counsel, Brown, Diven & Hentschke (formerly Brown, Harper, Burns & Hentschke) , setting forth formal terms and conditions relating to the issuance and sale of bonds; and, WHEREAS, there has also been presented for consideration by this legislative body a form of Bond Purchase Contract authorizing the sale of bonds to STONE & YOUNGBERG, the designated underwriter; and, r WHEREAS, there has also been presented for consideration by this legislative body a form of Preliminary Official Statement containing information including but not limited to the Assessment District and the type of bonds, including terms and conditions thereof; and, WHEREAS, this legislative body hereby further determines that the unpaid assessments shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessments as certified by and on file with the Treasurer, and for y particulars as to the amount of said unpaid assessments, said Certificate and list shall control and govern. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: A RECITALS SECTION 1. That the above recitals are true and correct. BOND AUTHORIZATION M SECTION 2. That this legislative body does authorize the issuance of bonds pursuant to the terms and provisions of the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California, and also pusuant to the specific terms and conditions as set forth in the BOND INDENTURE presented herein. r ✓b R17821 Page 2 - D 'I BOND INDENTURE •� SECTION 3. The BOND INDENTURE is approved substantially in the form presented ' herein, subject to modifications as necessary and as approved by the � Treasurer. Final approval of the BOND INDENTURE shall be conclusively evidenced by the signature of the Treasurer upon final delivery of bonds and receipt of proceeds. A copy of said BOND INDENTURE shall be kept on A file with the transcript of these proceedings and open for public inspection. t BOND PURCHASE CONTRACT SECTION 4. That the BOND PURCHASE CONTRACT as submitted by STONE & Y'OUNGBERG, the designated underwriter, is hereby approved substantially in the form presented herein, subject to modifications as necessary and approved by 4 the Finance Director, with the final pricing of bonds being delegated to the Finance Director. Final Acceptance of the BOND PURCHASE CONTRACT ` shall be evidenced by the signature of the City Manager on behalf of the A City. PRELIMINARY OFFICIAL STATEMENT SECTION 5. That the PRELIMINARY OFFICIAL STATEMENT is approved substantially in the r form presented, subject to codifications as necessary and as approved by the City Manager, and execution and distribution of the Preliminary Official Statement and the corresponding final Official Statement is hereby authorized. The City Manager is further authorized to execute and delivery any certificate regarding the finality of the Preliminary Official Statement as may be necessary or appropriate for purposes of complying with Section 240.15C2-12 in Chapter II of Title 17 of the Code of Federal Rgulations ("Rule 15C2-12") . A copy of the Preliminary ' official statement and final official Statement: shall be kept on file with the transcript of these proceedings and remain open for public inspection. FINAL BOND DELIVERY SECTION 6. No further action will be required by this legislative body if the bonds are priced and sold prior to the let day of May, 1992. FINAL ASSESSMENTS SECTION 7. That the Certificate of Paid and Unpaid Assessments, as certified by the Treasurer, shall remain on file in that office and be open for public F inspection for all particulars as it relates to the amount of unpaid. assessments to secure bonds for this Assessment District. SUPERIOR COURT FORECLOSURE SECTION S. This legislative body does further specifically covenant for the benefit of the bondholders to commence and prosecute to completion foreclosure � actions regarding delinquent installments of the assessments ins the manner, within the time limits and pursuant to the terms and conditions as set forth in the Bond Indenture as submitted and approved through the- adoption of this Resolution. OTHER ACTS SECTION 9. All actions heretofore taken by the officers and agents of the City with ' respect to the sale and issuance of the bonds are hereby approved, y confirmed and ratified, and the City and any and all other officers of the City are hereby authorized and directed, for and in the name and on r R17821 Page 3 behalf of the City, to do any and all things and Lake any and all actions relating to the execution and delivery of any and all certifi- cates, requisitions, agreements and other documents, which are deemed necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. ' ADOPTED this 1st day of April , 1992. AYES: Councilmembers Broich, Hodges and Mayor Bono NOES: None ABSENT: Councilmember Neel ATTEST: CITY `CLERIC CITY GER REVIEWED 6 APPROVED: r K r iJ