2002 RES R-77-02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11', 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-77-02 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA APPROVING THE ISSUANCE OF NOT TO EXCEED $50,000,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS BY THE COLTON PUBLIC FINANCING AUTHORITY, APPROVING AN INSTALLMENT PURCHASE AGREEMENT, AN INDENTURE OF TRUST, A CONTINUING DISCLOSURE AGREEMENT AND AN OFFICIAL NOTICE OF SALE, AUTHORIZING THE DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT, APPROVING THE APPOINTMENT OF A TRUSTEE, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Colton (the "City") and the Redevelopment Agency for the City of Colton have heretofore entered into a Joint Exercise of Powers Agreement establishing the Colton Public Financing Authority (the "Authority") for the purpose, among others, of issuing the Authority's bonds to finance public capital improvements of the City; and WHEREAS, it has been proposed that the Authority assist the City in the financing of the acquisition, construction and installation of a nominally rated 43 MW gas- fired simple cycle combustion turbine for the City's electric system (the "Facilities"); and WHEREAS, it has been proposed that the Authority acquire the Facilities and that the City purchase the Facilities from the Authority pursuant to an Installment Purchase Agreement, between the City and the Authority (the "Installment Purchase Agreement'), the proposed form of which is attached hereto, pursuant to which the City will agree to make certain purchase payments with such series designation as the Mayor, the City Manager, the Assistant City Manager, the Treasurer, the Finance Director or the Electric Utility Director (each, an "Authorized Officer") shall determine (the "Purchase Payments") in connection therewith; and