1998 RES R-102-98 - Laserfiche WebLink

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Purchase Agreement will result in a lower overall cost to the City than would a competitively bid sale. In furtherance of the sale of the Bonds, the City Council hereby finds and determines that the requirements of Section 53345.8 of the Act that the value of the real property that is subject to the special tax levied pursuant to the Act to pay debt service on the Bonds will be at least three times the principal amount of the Bonds to be sold and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the CFD or a special assessment levied on property within the CFD, may be disregarded and the issuance and sale of the Bonds should proceed for the following reasons: (i) the issuance and sale of the Bonds will permit the refunding of the 1990 Bonds and will result in a special tax obligation on the real property in the CFD that is substantially less than the special tax obligation with respect to the 1990 Bonds; and (ii) the value of the real property in the CFD is fully disclosed in the Official Statement and is known to, and accepted by, the Underwriter. Section 7. Bond Preparation and Delivery. Upon completion of the sale thereof, the Bonds shall be prepared, executed and delivered to the Fiscal Agent for authentication, all in accordance with the terms of the executed Bond Purchase Agreement. The Fiscal Agent, the Authorized Officers and other responsible officers of the City are hereby authorized and directed to take such actions as are required under the executed Bond Purchase Agreement and the Agreement to cause the delivery of the Bonds upon receipt of the purchase price thereof from the Underwriter. Section 8. Official Statement. The Council hereby approves the Limited Offering Memorandum (the "Official Statement") describing the financing for the Bonds, in substantially the form on file with the City Clerk together with any changes therein or additions thereto deemed advisable by the Authorized Officer. The Council approves and authorizes the distribution by the Underwriter of the Official Statement to prospective purchasers of the Bonds, and authorizes and directs the Authorized Officer on behalf of the City to deem "final," pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Rule'), the Official Statement prior to its distribution to prospective purchasers of the Bonds (the Official Statement, as so deemed final, being referred to as the "Preliminary Official Statement"). The execution of the final Official Statement, which shall include such changes and additions to the Preliminary Official Statement as may be permitted by the Rule and deemed advisable by the Authorized Officer and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the Official Statement by the City. Section 9. Continuing Disclosure. The Council hereby approves the form of the City's Continuing Disclosure Certificate with respect to the Bonds in substantially the form thereof attached to the Preliminary Official Statement. The Authorized Officer is hereby authorized and directed to complete and execute the Certificate on behalf of the City with such changes, additions, deletions as may be approved by the Authorized Officer in consultation with the City's bond counsel. -3-