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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />is <br />17 <br />ff,13 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />271 <br />4'3 <br />I I performed precedent to and in the issuance of the Refunding Bonds under the Refunding Act as <br />I hereinafter authorized and provided to exist, have happened and have been performed in due <br />I time, form and manner as required by the Refunding Act and all other applicable laws, and the <br />City is now authorized pursuant to each and every requirement of law to authorize the issuance <br />of the Refunding Bonds. <br />Section 3. The Refunding Bonds in the aggregate principal amount not to <br />exceed $3,000,000 shall be issued upon and shall represent and shall be secured by all <br />� reassessments in accordance with the provisions of the Refunding Act to provide the means for <br />refunding the Prior Bonds, including payment of all costs of issuing the Refunding Bonds. The <br />Refunding Bonds shall be issued as hereinafter set forth and shall be known as the City of <br />Colton, Limited Obligation Refunding Bonds, Reassessment District No. 00-1 (Rancho <br />Mediterrania Project)." The net proceeds of the Refunding Bonds shall be used to redeem the <br />Prior Bonds in whole. <br />Section 4. The Purchase Contract is hereby approved. The City Manager, <br />the Finance Director or their designees (collectively, the "Authorized Officers") are hereby <br />authorized to sell the Bonds to the Underwriter pursuant to the Purchase Contract and to <br />execute and deliver the Purchase Contract, in substantially the form on file with the City Clerk <br />and presented at this meeting, with such changes, additions or deletions approved by an <br />Authorized Officer after consulting with the City Attorney, such approval to be conclusively <br />evidenced by such execution and delivery; provided, that the Purchase Contract shall not <br />(1) specify interest rates or purchase prices of the Bonds such that the true interest cost of the <br />Bonds is greater than 6.50%, (2) include as an underwriter's discount or fee in excess of 1.75% <br />of the par amount of the Refunding Bonds, and (3) produce a net present value savings of less <br />than 3% of the outstanding principal of the Prior Bonds. <br />Section 5. The form of Official Statement in preliminary form relating to <br />5 <br />