R-070-12 Issuance of Bonds - Laserfiche WebLink

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10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 WHEREAS, the Authority and the City have determined that it would be in the best interests of the Authority, the City and the citizens of the City to authorize, pursuant to an Indenture of Trust (the "Indenture'), the proposed form of which is attached hereto, for the purpose of raising funds necessary to refinance the Facilities and redeem the Prior Bonds, the issuance of revenue bonds by the Authority (the "Bonds") in the aggregate principal amount of not to exceed $35,000,000 under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), which Bonds will be sold on a negotiated basis pursuant to a Bond Purchase Contract (the "Bond Purchase Contract"), the proposed form of which is attached hereto; NOW, THEREFORE, the City Council of the City of Colton, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows: Installment Purchase Agreement; Continuing Disclosure Agreement. The City Council hereby approves the Installment Purchase Agreement and the Continuing Disclosure Agreement, by and between the City and a dissemination agent as selected by the City (the "Continuing Disclosure Agreement"), in the forms presented to the City Council, together with such additions thereto and changes therein as are approved in accordance with Section 5 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. 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. Issuance of Bonds by the Authority; Bond Purchase Contract. The City Council hereby approves the issuance of the Bonds 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 (4.50%), and the Underwriter's discount or fee (excluding any original issue discount) shall not exceed (0.90%) of the original principal amount of the Bonds. 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. 55837297.5