2007 RES R-71-07 - 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 Z 23 24 2r 2E 2"j 2F NOW, THEREFORE, the City Council of the City of Colton, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: SECTION 1. Significant Public Benefits Relating to Issuance of the Bonds. Pursuant to the Act, the City hereby finds and determines that the issuance of the Bonds will result in more efficient delivery of local agency services to residential and commercial development and in employment benefits from undertaking the acquisition, construction and installation of the Facilities in a timely fashion, and thereby will result in significant public benefits to the citizens of the City. SECTION 2. Installment Purchase Agreement; Indenture; Continuing Disclosure Agreement; Escrow Agreement. The City Council hereby approves the Installment Purchase Agreement, the Indenture, the Continuing Disclosure Agreement, by and between the Authority and the Trustee as Dissemination Agent (the "Continuing Disclosure Agreement"), and the Escrow Agreement, by and between FARECal, the City and The Bank of New York Trust Company, N.A., as escrow agent (the "Escrow Agreement"), in the forms presented to the City Council, together with such additions thereto and changes therein as are approved in accordance with Section 6 hereof, such approval to be conclusively evidenced by the execution and delivery thereof by the City with respect to the Installment Purchase Agreement and the Continuing Disclosure Agreement and by the Authority with respect to the Indenture. Each Authorized Officer is hereby authorized to execute, and the City Clerk is hereby authorized to attest such execution of, the final form of the Installment Purchase Agreement and the Continuing Disclosure Agreement for and in the name and on behalf of the City. The City hereby authorizes the delivery and performance of the Installment Purchase Agreement and the Continuing Disclosure Agreement. SECTION 3. Issuance of Bonds by the Authority; Bond Purchase Contract. The City Council hereby approves the issuance of the Bonds in one or more series on a tax-exempt or taxable basis by the Authority in accordance with the terms and provisions of the Indenture (as executed and delivered hereafter). The City Council hereby also approves the sale of the Bonds pursuant to the terms and provisions in the Bond Purchase Contract, such approval to be conclusively evidenced by the execution and delivery thereof by the Authority. The true interest cost of the Bonds shall not exceed (5%), and the Underwriter's discount or fee (excluding any original issue discount) shall not exceed (0.5%) of the original principal amount of the Bonds. SECTION 4. Preliminary Official Statement. Each of the Authorized Officers is hereby authorized to approve a Preliminary Official Statement relating to the Bonds, such approval to be conclusively evidenced by the delivery thereof (the "Preliminary Official Statement"), and the City Council hereby approves the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds. The Authorized Officers are each authorized to deem the Preliminary Official Statement to be final within the meaning of Rule 15c2-12 (the "Rule") of the U.S. Securities and Exchange Commission promulgated under the Securities Exchange Act of 1934, as amended, subject to the completion of those items permitted by such Rule. SECTION 5. Official Statement. Each of the Authorized Officers is hereby authorized to approve an Official Statement relating to the Bonds, such approval to be conclusively evidenced by the execution and delivery thereof (the "Official Statement"), and the City Council hereby approves the use of the Official Statement in connection with the offering and sale of the Bonds. The City Council hereby further approves the use of any