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Home My WebLink About88-72 - Approving Financing for Bonds/Costa Mesa City Hall & Public Safety FacilitiesRESOLUTION NO. 88-72 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, APPROVING THE BASE RENTAL PAYMENTS UNDER THE LEASE AGREEMENT RELATING TO VICTORIA STREET, APPROVING THE FINANCING ARRANGE- MENTS 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, this City Council, by Ordinance No. 88-10, approved the form of Lease Agreement relating to Victoria Street (the "Lease") to be entered into with the Corporation; and WHEREAS, the Ordinance provided that the annual rent would not exceed $1,900,000.00; and WHEREAS, the Corporation has received bids on its $17,000,000.00 Lease Revenue Bonds, 1988 Series A (the "Bonds") and has determined that the annual Base Rental Payments to be set forth in Exhibit C thereof are set forth in Exhibit A hereof, which rent does not exceed $1,900,000.00 per annum; and WHEREAS, the City Council wishes to approve the Base Rental Payments and the Trust Agreement relating to Victoria Street by and among Security Pacific National Bank, the Corporation, and the City; 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. The Lease and Base Rental Payments to be made thereunder as set forth in Exhibit A hereto are hereby approved. The Mayor and City Clerk are authorized to execute the Lease with such changes as may be approved by them in order to carry out the intent of this City Council. SECTION 3. The Trust Agreement submitted to this City Council 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 Bonds of the Corporation in an aggregate principal amount of $17,000,000.00, is hereby approved in substantially the form presented. The Mayor and City Clerk are authorized to execute the Trust Agreement with such changes as may be approved by them in order to carry out the intent of this City Council. The sale by the Corporation of the Bonds to First Interstate Bank of California according to the terms set forth in its bid and in the Trust Agreement is approved. SECTION 4. The Mayor, City Clerk, Director of Finance, and any other officer of the City is authorized and directed to execute such documents as may be necessary to consummate the Lease and Bond sale transactions. PASSED AND ADOPTED this 7th day of September, 1988. ATTEST: City Clerk of the City of Costr 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. 88-72 was duly and regularly passed and adopted by the said City Council at an adjourned meeting thereof, held on the 7th day of September, 1988, by the following roll call vote: AYES: COUNCIL MEMBERS: Hall, Amburgey, Buffa NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: Hornbuckle, Wheeler IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 8th day of September, 1988. y Clerk and ex -officio Clerk of City Council of the City of Costa &sa Exhibit "A" Resolution No. 88-72 CITY OF COSTA MESA $17,000,000 LEASE REVENUE BONDS, 1988 SERIES A DEBT SERVICE SCHEDULE BASE RENTAL D/S PAYMENT PAYMENT DATE DATE PRINCIPAL COUPON -------------- INTEREST -------------- PERIOD TOTAL -------------- FISCAL TOTAL -------- 03/25/89 -------- 4/ -------------- 1/89 ---------- 627,415.00 627,415.00 09/25/89 10/ 1/89 627,415.00 627,415.00 1,254,830.00 03/25/90 4/ 1/90 627,415.00 627,415.00 09/25/90 10/ 1/90 180,000.00 6.000000 627,415.00 807,415.00 1,434,830.00 03/25/91 4/ 1/91 622,015.00 622,015.00 09/25/91 10/ 1/91 190,000.00 6.100000 622,015.00 812,015.00 1,434,030.00 03/25/92 4/ 1/92 616,220.00 616,220.00 09/25/92 10/ 1/92 200,000.00 6.300000 616,220.00 816,220.00 1,432,440.00 03/25/93 4/ 1/93 609,920.00 609,920.00 09/25/93 10/ 1/93 215,000.00 6.400000 609,920.00 824,920.00 1,434,840.00 03/25/94 4/ 1/94 603,040.00 603,040.00 09/25/94 10/ 1/94 225,000.00 6.500000 603,040.00 828,040.00 1,431,080.00 03/25/95 4/ 1/95 595,727.50 595,727.50 09/25/95 10/ 1/95 240,000.00 6.600000 595,727.50 835,727.50 1,431,455.00 03/25/96 4/ 1/96 587,807.50 587,807.50 09/25/96 10/ 1/96 260,000.00 6.700000 587,807.50 847,807.50 1,435,615.00 03/25/97 4/ 1/97 579,097.50 579,097.50 09/25/97 10/ 1/97 275,000.00 6.800000 579,097.50 854,097.50 1,433,195.00 03/25/98 4/ 1/98 569,747.50 569,747.50 09/25/98 10/ 1/98 295,000.00 6.900000 569,747.50 864,747.50 1,434,495.00 03/25/99 4/ 1/99 559,570.00 559,570.00 09/25/99 10/ 1/99 320,000.00 7.000000 559,570.00 879,570.00 1,439,140.00 03/25/2000 4/ 1/ 0 548,370.00 548,370.00 09/25/2000 10/ 1/ 0 345,000.00 7.100000 548,370.00 893,370.00 1,441,740.00 03/25/2001 4/ 1/ 1 536,122.50 536,122.50 09/25/2001 10/ 1/ 1 370,000.00 7.200000 536,122.50 906,122.50 1,442,245.00 03/25/2002 4/ 1/ 2 522,802.50 522,802.50 09/25/2002 10/ 1/ 2 400,000.00 7.200000 522,802.50 922,802.50 1,445,605.00 03/25/2003 4/ 1/ 3 508,402.50 508,402.50 09/25/2003 10/ 1/ 3 430,000.00 7.300000 508,402.50 938,402.50 1,446,805.00 03/25/2004 4/ 1/ 4 492,707.50 492,707.50 09/25/2004 10/ 1/ 4 465,000.00 7.300000 492,707.50 957,707.50 1,450,415.00 03/25/2005 4/ 1/ 5 475,735.00 475,735.00 09/25/2005 10/ 1/ 5 505,000.00 7.400000 475,735.00 980,735.00 1,456,470.00 03/25/2006 4/ 1/ 6 457,050.00 457,050.00 09/25/2006 10/ 1/ 6 545,000.00 7.400000 457,050.00 1,002,050.00 1,459,100.00 03/25/2007 4/ 1/ 7 436,885.00 436,885.00 09/25/2007 10/ 1/ 7 590,000.00 7.400000 436,885.00 1,026,885.00 1,463,770.00 03/25/2008 4/ 1/ 8 415,055.00 415,055.00 09/25/2008 10/ 1/ 8 640,000.00 7.500000 415,055.00 1,055,055.00 1,470,110.00 03/25/2009 4/ 1/ 9 391,055.00 391,055.00 09/25/2009 10/ 1/ 9 695,000.00 7.500000 391,055.00 1,086,055.00 1,477,110.00 03/25/2010 4/ 1/10 364,992.50 364,992.50 09/25/2010 10/ 1/10 755,000.00 7.500000 364,992.50 1,119,992.50 1,484,985.00 03/25/2011 4/ 1/11 336,680.00 336,680.00 09/25/2011 10/ 1/11 815,000.00 7.600000 336,680.00 1,151,680.00 1,488,360.00 03/25/2012 4/ 1/12 305,710.00 305,710.00 09/25/2012 10/ 1/12 885,000.00 7.600000 305,710.00 1,190,710.00 1,496,420.00 03/25/2013 4/ 1/13 272,080.00 272,080.00 09/25/2013 10/ 1/13 960,000.00 7.600000 272,080.00 1,232,080.00 1,504,160.00 03/25/2014 4/ 1/14 235,600.00 235,600.00 09/25/2014 10/ 1/14 1,045,000.00 7.600000 235,600.00 1,280,600.00 1,516,200.00 03/25/2015 4/ 1/15 195,890.00 195,890.00 09/25/2015 10/ 1/15 1,135,000.00 7.600000 195,890.00 1,330,890.00 1,526,780.00 03/25/2016 4/ 1/16 152,760.00 152,760.00 09/25/2016 10/ 1/16 1,230,000.00 7.600000 152,760.00 1,382,760.00 1,535,520.00 03/25/2017 4/ 1/17 106,020.00 106,020.00 09/25/2017 10/ 1/17 1,335,000.00 7.600000 106,020.00 1,441,020.00 1,547,040.00 03/25/2018 4/ 1/18 55,290.00 55,290.00 09/25/2018 10/ 1/18 1,455,000.00 7.600000 55,290.00 1,510,290.00 1,565,580.00 DATE -------- -------------- PRINCIPAL COUPON ---------- -------------- INTEREST -------------- PERIOD TOTAL FISCAL TOTAL -------------- -------------- -------------- -------------- 17,000,000.00 26,814,365.00 43,814,365.00 ACCRUED 17,000,000.00 26,814,365.00 43,814,365.00 DATED 10/ 1/88 WITH DELIVERY OF 10/ 1/88 BOND YEARS 357,515.000 AVERAGE COUPON 7.500 AVERAGE LIFE 21.030 N I C % 7.595308 % USING 98.0000000 Prepared by Evensen Dodge, Inc. RUNDATE: 09-08-1988 8 10:18:52 FILENAME: COST KEY: 88