HomeMy WebLinkAbout88-64 - Financing Bonds/Costa Mesa City Hall & Public Safety FacilitiesRESOLUTION NO. 88-64
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE FINANCING
ARRANGEMENTS FOR BONDS OF COSTA MESA CITY HALL
AND PUBLIC SAFETY FACILITIES, INCORPORATED, AND
RELATED MATTERS.
WHEREAS, The Costa Mesa City Hall and Public Safety Facilities,
Incorporated, (the "Corporation") has been incorporated by a group of
public-spirited citizens for the specific purpose of providing financial
assistance to the City of Costa Mesa (the "City") by financing, among other
things, City Hall and the improvement of Victoria Street; and
WHEREAS, by its Articles of Incorporation and by its Bylaws, no part
of net earnings, funds or assets of said Corporation shall inure to the
benefit of any member thereof or any other person, firm or corporation,
except the District; and
WHEREAS, the City has determined to seek improvements to Victoria
Street, and the acquisition of real property in connection therewith and
the Corporation is prepared to sell lease revenue bonds in support thereof;
and
WHEREAS, this City Council by Ordinance No. 88-10 approved the form of
lease to be entered into with the Corporation; and
WHEREAS, the Corporation will receive bids on its Lease Revenue Bonds,
1988 Series A (Victoria Street) (the "Bonds") pursuant to direction of the
Board; and
WHEREAS, the City Council wishes to approve the basic form of financ-
ing proposed, subject to final approval of the sale of the Bonds.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Costa
Mesa as follows:
SECTION 1. All of the recitals herein contained are true and correct
and this City Council so finds.
SECTION 2. That certain Amendment No. 2 to the Articles of Incorpora-
tion and Amendment No. 1 to the Bylaws of the Corporation are hereby
approved.
SECTION 3. The form of the Trust Agreement and Assignment Agreement
submitted to this City Council, both dated as of October 1, 1988, proposed
to be entered into by the Corporation, the City and Security Pacific
National Bank, as Trustee, pertaining to the proposed Bonds of the Corpora-
tion in an aggregate principal amount of not to exceed $18,000,000.00 are
hereby approved in substantially the form presented. The proposed sale by
the Corporation of up to $18,000,000.00 of said bonds is hereby approved
subject to approval of the final terms of sale by the City Council.
SECTION 4. The form of Preliminary Official Statement and Notice of
Sale presented at this meeting is hereby approved for distribution to pro-
spective bidders, in substantially the form presented, subject to such
revisions as may be approved by the City Manager or his designee, in con-
sultation with the financial adviser and bond counsel.
PASSE -'D AND ADOPTED this 15th day of August, 1988.
ATTEST:
City Clerk of the City of Costa sa Mayor of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 88-64 was duly and regularly passed and adopted by the
said City Council at a regular meeting thereof, held on the 15th day of
August, 1988, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hall, Amburgey, Hornbuckle, Buffa
NOES: COUNCIL MEMBERS: Wheeler
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my haul and affixed the Seal of
the City of Costa Mesa this 16th day of August, 1988.
City Clerk and ex -officio Clerk of e
City Council of the City of Costa esa