R-070-12 Issuance of Bonds - Laserfiche WebLink

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1 RESOLUTION NO. R-70-12 2 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, 3 CALIFORNIA APPROVING THE ISSUANCE OF NOT TO EXCEED 4 $35,000,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS BY THE COLTON PUBLIC FINANCING AUTHORITY, APPROVING AN 5 INSTALLMENT PURCHASE AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND A BOND PURCHASE CONTRACT, AUTHORIZING 6 THE DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT, 7 AUTHORIZING THE EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION 8 THEREWITH 9 WHEREAS, the City of Colton (the "City") and the Redevelopment Agency for the to 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 I 1 issuing the Authority's bonds to finance public capital improvements of the City; and 12 WHEREAS, it has been proposed that the Authority assist the City in the refinancing 13 of the acquisition, construction and installation of the Agua Mansa Power Plant (the "Facilities"); and 14 WHEREAS, the City has heretofore executed and delivered an Installment Sale 15 Agreement, dated as of August 1, 2002 (the "2002 Installment Sale Agreement"), by and 16 between the City and the Authority, pursuant to which the City is obligated to make installment payments in the aggregate principal amount of $47,620,000, of which $35,670,000 17 principal amount is currently outstanding and unpaid; and 18 WHEREAS, in connection with the 2002 Installment Sale Agreement, the City, 19 pursuant to Resolution No. R-77-02 adopted by the City Council on July 2, 2002, authorized and approved the issuance of the Authority's $47,620,000 Revenue Bonds, 2002 Series 20 (Electric Generation Facility Project) (the "Prior Bonds"); and 21 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 22 Agreement, by and between the City and the Authority (the "Installment Purchase 23 Agreement"), the proposed form of which is attached hereto, pursuant to which the City will agree to make certain purchase payments (collectively, the "Purchase Payments") with such 24 series designation as the Mayor, the City Manager, the Assistant City Manager, the Treasurer, the Management Services Director or the Electric Utility Director (each, an "Authorized 25 Officer") shall determine in connection with the Facilities and the redemption of the Prior 26 Bonds in connection therewith; and 27 28 55837297.5