2007 RES R-44-07 - 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 WHEREAS, the City desires to issue its taxable pension obligation bonds in one or more series (the "Series 2007 Bonds") in an aggregate principal amount equal to the sum of (a) the principal amount not to exceed the total amount of the PERS Obligation, (b) the costs of issuance of the Series 2007 Bonds (including underwriters' discount), and (c) the original issue discount (if any) on the Series 2007 Bonds, for the purpose of refunding the PERS Contract and thereby providing funds to the State Retirement System for investment; WHEREAS, the City desires to authorize the issuance of additional pension obligation bonds (the "Additional Bonds," and together with the Series 2007 Bonds, the "Bonds") for the purpose of refunding any additional PERS Obligations, in the future from time to time; WHEREAS, there has been presented to this meeting the form of an Indenture proposed to be entered into by and between the City and U.S. Bank National Association, as trustee (the "Trustee"), relating to the Bonds (the "Indenture"); WHEREAS, this Council desires to authorize and direct the execution of certain documents and the issuance of the Bonds; and WHEREAS, the City has full legal right, power and authority under the Constitution and the laws of the State of California to enter into the transactions hereinafter authorized; NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City of Colton, as follows: Section 1. Recitals. The foregoing recitals are true and correct and this Council hereby so finds and determines. Section 2. Findings. The Council hereby finds and declares that the issuance of the Bonds to refund the PERS Contract and the other actions contemplated hereby are in the best interests of the City and are expected, based on investment and other assumptions, to result in significant savings to the taxpayers of the City. Section 3. Issuance of Bonds. The Council hereby authorizes and approves the issuance of the Series 2007 Bonds to refund the PERS Contract and the issuance of Additional Bonds from time to time to refund any additional PERS Obligations, and the Council hereby authorizes and directs any of the Mayor, the Mayor Pro Tem and the City Manager of the City (each, an "Authorized Officer") to execute the Series 2007 Bonds and the City Clerk of the City (the "City Clerk") to affix and attest the seal of the City thereto and to cause the Series 2007 Bonds to be authenticated and delivered in accordance with the Indenture; provided, that the aggregate principal amount of the Series 2007 Bonds (which in no event shall exceed Thirty I RVPUB\FBAUM\729339.1 2