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HomeMy WebLinkAbout66-64 - Municipal Golf Course - Approving Financing, Contracts, etc.RESOLUTION N0. 66-64 OF THE CITY COUNCIL OF THE CITY OF COSTA MESA APPROVING THE NEMS OF COSTA MESA NUNICIPAL GOLF & COUNTRY CLUB, INC., APPROVING FINANCING OF A NEW MUNICIPAL GOLF COURSE BY SAID CORPORATION, AUTHORIZING EXECUTION OF A SITE LEASE AND A FACILITY LEASE BETWEEN THE CITY AND SAID CORPORATION, APPROVING FINANCING ARRANGEMENTS FOR THE BONDS OF SAID CORPORATION, ACCEPTING GIFT OF BENEFICIAL INTEREST IN MEMBER- SHIP CERTIFICATES OF SAID CORPORATION, APPROVING THE PLANS AND SPECIFICATIONS OF NEW MUNICIPAL GOLF COURSE, AND APPROVING CONTRACTS FOR CONSTRUCTION OF MUNICIPAL GOLF COURSE. WHEREAS, this City Council has heretofore determined that a municipal golf course (herein called the "Project") should be constructed for the use of the inhabitants and citizens of the City of Costa Mesa, and has leased a site (being the site described in the site lease hereinafter mentioned) from the State of California pursuant to a Lease dated November 24, 1965, for the Project; and WHEREAS, Costa Mesa Municipal Golf & Country Club, Inc., a nonprofit corporation (herein called the "Corporation"), and the City have heretofore entered into a letter agreement (herein called the "Letter Agreement' dated February 14, 1966, pursuant to which the Corporation agreed to finance the Project; and WHEREAS, the Corporation has heretofore entered into contracts with William F. Bell, dba William P. Bell & Son, and Riley & Bissell for the rendering of architectural services with respect to the Project; and WHEREAS, the Corporation plans to execute and deliver construction contracts for the construction of the first stage of the Project simultaneously with the issuance and sale of the bonds of the Corporation and proposes to execute and deliver a construction contract or contracts for the construction of the remainder of the Project no later than September 30, 1966; and WHEREAS, this City Council has determined that it is to the best interest of the City and necessary and proper for municipal purposes to enter into a site lease and a facility lease with the Corporation, and for the Corpora- tion to proceed with the financing and construction of the Project; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Costa Mesa, as follows: 1. The members of the Corporation, namely, Louis R. Benny, Carl K. Boswell, Margaret A. Reinert, Phillip D. Sullivan, and Nicholas J. Ziener, are hereby approved. 2. The form of lease, dated as of April 15, 1966, and entitled "Site Lease," from the City to the Corporation, submitted to this City Council, and the terms and conditions thereof, are hereby approved. The City Clerk is directed to file a copy of said form of lease with the minutes of this meeting, and the Mayor and the City Clerk are authorized and directed to execute and deliver a lease in substantially said form. 3. The form of lease, dated as of April 15, 1966, and entitled "Facility Lease," from the Corporation to the City, submitted to this City Council, and the terms and conditions thereof, are hereby approved. The City Clerk is directed to file a copy of said form of lease with the minutes of this meeting, and the Mayor and the City Clerk are authorized and directed to execute and deliver a lease in substantially said form. 4. The form of indenture, dated as of April 15) 1966, proposed to be entered into by the Corporation and United States National Bank, as trustee, submitted to this City Council, and the Costa Mesa Municipal Golf & Country Club, Inc. Bonds, in an aggregate principal amount of $1,600,000, proposed to be issued by the Corporation under said indenture, are hereby approved. The proposed sale of said bonds by the Corporation, at the interest rate set forth in said indenture, to Goodbody & Co. and Taylor and Company, at par less a discount of 1-1/2%, is hereby approved. The City Clerk is directed to file a copy of said proposed indenture with the minutes of this meeting. 5. The gift to the City of the beneficial interest in the outstanding membership certificates of the Corporation, pursuant to a declaration of trust, dated as of April 15, 1966, proposed to be executed by United States National Bank, as trustee, is hereby accepted, to be effective when made. 6. The plans and specifications for the construction of the first stage of the Project, prepared by William F. Bell, dba William P. Bell & Son, submitted to this City Council, are hereby approved. 7. The forms of construction contracts between the Corporation and M.J.C. Construction Co., Inc., Cooley Bros., Inc. and Imperial Landscape Company, submitted to this City Council, are hereby approved. The City Clerk is directed to file copies of said forms of construction contracts with the minutes of this meeting. PASSED AND ADOPTED this 18th day of July, 1966. ATTEST: City Clerk of the City of Costa Mesa STATE OF CALIPORNIA ) COUNTY OF ORANGE } SS. CITY OF COSTA MESA } , e�7 !//,' Mayor of the n1l" Costa Mesa I, C. K. PRIEST, City Clerk of the City of Costa Mesa, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at a regular meeting of the City Council of said City duly and regularly held at the regulax meeting place thereof on the 18th day of July, 1966, of which meeting all of the members of said City Council had due notice and at which a majority thereof were present; and that at said meeting said resolution was adopted by the following roll call vote: AYES: Councilmen: Pinkley, `fucker, Wilson, Barck, Jordan NOES: Councilmen: None ABSENT: Councilmen: None I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that said resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. WITNESS my hand and the seal of the City of Costa Mesa this 18th day of July, 1966. City Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa