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HomeMy WebLinkAbout23782 RESOLUTION NO. 23782 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING THE SALE OF NOT TO EXCEED $7,000,000 PRINCIPAL AMOUNT OF 2015 LOCAL MEASURE A SALES TAX REVENUE BONDS AND APPROVING RELATED DOCUMENTS AND OFFICIAL ACTIONS. WHEREAS, the City of Palm Springs (the "City") is a charter city organized under the Constitution of the State of California and as such has the right and power to make and enforce all laws and regulations in respect of municipal affairs in accordance with and as more particularly provided in Sections 3, 5 and 7 of Article XI of the Constitution of the State of California and Section 200 of the Charter of the City; and WHEREAS, at an election held on November 5, 2002, more than two-thirds of the voters in Riverside County (the "County") authorized the imposition of retail transaction and use taxes for the purpose of financing qualifying transportation projects in the County, which taxes are administered by the Riverside County Transportation Commission (the "Commission") pursuant to the Riverside County Transportation Sales Tax Act; and WHEREAS, a portion of such taxes (the "Measure A Revenues") are allocated and paid by the Commission to the City for the purpose of financing qualified transportation projects, pursuant to Ordinance No. 02-001 which was adopted by the Commission on May 8, 2002; and WHEREAS, pursuant to its municipal affairs powers as a charter city, the City Council of the City has previously adopted Resolution No. 23709 on November 19, 2014, authorizing the issuance of 2015 Local Measure A Sales Tax Revenue Bonds in the aggregate principal amount of not to exceed $7,000,000 (the `Bonds") which are payable from the Measure A Revenues for the purpose of providing financing for qualified transportation projects for which the Measure A Revenues are authorized to be expended; and WHEREAS, pursuant to the authorization contained in Resolution No. 23709, the City has completed judicial proceedings to determine the validity of the Bonds and related documents, and has obtained a favorable judgment from the Riverside County Superior Court in such proceedings; and WHEREAS, the City Council wishes at this time to authorize the sale of the Bonds and approve related documents and actions. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS HEREBY RESOLVES, AS FOLLOWS: Resolution No. 23782 Page 2 SECTION 1. Sale of Bonds; Approval of Related Agreements. The City Council hereby approves the sale of the Bonds on a negotiated basis to Stifel Nicolaus & Company, Incorporated, as underwriter (the "Underwriter"). Such sale shall be accomplished pursuant to the Bond Purchase Agreement in substantially the form on file with the City Clerk. The City Council hereby delegates to the City Manager the authority to accept an offer from the Underwriter to purchase the Bonds, provided that the true interest rate represented by all of the Bonds (taking into account any original issue discount or original issue premium on the sale of the Bonds) shall not exceed 4.00% and the maximum amount of Underwriter's discount on the sale of the Bonds shall not exceed 1.00% of the par amount of the Bonds. The City Council hereby authorizes and directs the City Manager to execute and deliver the final form of the Bond Purchase Agreement in the name and on behalf of the City. As provided in Resolution No. 23709, the Bonds shall be issued under an Indenture of Trust in substantially the form approved pursuant to Resolution No. 23709. The City Council hereby authorizes and directs the City Manager to execute and deliver, and the City Clerk to attest, the final form of the Indenture of Trust in the name and on behalf of the City. SECTION 2. Approval of Official Statement. The City Council hereby approves the Preliminary Official Statement describing the Bonds, in substantially the form on file with the City Clerk. Distribution of the Preliminary Official Statement by the Underwriter is hereby approved. Prior to the distribution of the Preliminary Official Statement, the City Manager is hereby authorized and directed, on behalf of the City, to deem the Preliminary Official Statement "final" within the meaning of Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule"). The execution of the Final Official Statement, which shall include such changes and additions thereto deemed advisable by the City Manager, and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, is hereby approved for delivery to the purchasers of the Bonds. The City Manager is authorized and directed to execute and deliver the Final Official Statement for and on behalf of the City, to deliver to the Underwriter a certificate with respect to the information set forth therein and to execute and deliver a Continuing Disclosure Certificate to the Underwriter substantially in the form appended to the final Official Statement. SECTION 3. Official Actions. The Mayor, the City Manager, the City Clerk, the Director of Finance and Treasurer, and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, which they, or any of them, may deem necessary or advisable to implement the sale and delivery of the Bonds. Whenever in this Resolution any officer of the City is directed 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 in the case such officer is absent or unavailable. SECTION 4. Effective Date. This Resolution shall take effect from and after the date of approval and adoption thereof. Resolution No. 23782 Page 3 PASSED, APPROVED AND ADOPTED BY THE PALM SPRINGS CITY COUNCIL THIS 4th DAY OF MARCH, 2015. DAVID H. READY, C AGER ATTEST: MES THOMPSON, CITY CLERK CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 23782 is a full, true and correct cop , and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on 4 day of March, 2015, by the following vote: AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills, Mayor Pro Tern Lewin, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. MES THOMPSON, CITY CLERK City of Palm Springs, California /ZoJS