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HomeMy WebLinkAboutCity Council - 2004-64 RESOLUTION NO. 2004-64 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE SALE OF 2004 JUDGMENT OBLIGATION BONDS AND APPROVING RELATED DOCUMENTS AND ACTIONS WHEREAS, the City Council has previously adopted its Resolution No. 2004-20 on April 19, 2004, authorizing the Issuance of its City of Huntington Beach 2004 Judgment Obligation Bonds in the maximum principal amount of $24,000,000 (the `Bonds") under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the "Bond Law"); and The proceeds of the Bonds will be applied to refinance the existing obligation of the City to refund certain property taxes collected by the County of Orange on behalf of the City to the extent that such taxes exceeded the City's employer contribution for PERS retirement benefits that were in effect prior to July 1, 1978, or amendments thereto mandated by the California Legislature; and In Resolution No. 2004-20 the City Council further authorized the institution of judicial proceedings to determine the validity of the Bonds, and pursuant to such authorization the City has previously received a Judgment of the Orange County Superior Court determining, among other matters, that the Bonds are the valid, legal and binding obligations of the City; and The City Council wishes at this time to take action authorizing the sale of the Bonds and approving documents and actions relating to the sale of the Bonds, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington Beach as follows: SECTION 1. Sale of the Bonds. The City Council hereby authorizes the negotiated sale of the Bonds to UBS Financial Services Inc. (the "Underwriter") under a Bond Purchase Agreement (the `Bond Purchase Agreement") between the City and the Underwriter in substantially the form thereof on file with the City Clerk together with any additions thereto or changes therein deemed necessary or advisable by the City Administrator or the Director of Administrative Services (each, an "Authorized Officer"), whose execution and delivery thereof shall be conclusive evidence of the approval of such additions and changes. The Bonds shall be sold at such prices and interest rates as shall be acceptable to an Authorized Officer, provided that the true interest rate on the Bonds does not exceed 6.50% per annum, and the maximum amount of Underwriter's discount (exclusive of any original issue discount) does not exceed .8% of the par amount thereof. An Authorized Officer is hereby authorized and directed to execute and deliver the Bond Purchase Agreement for and in the name and on behalf of the City. SECTION 2. Official Statement. The City hereby approves, and hereby authorizes an Authorized Officer to deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of Official Statement describing the Bonds in the form on file with the City Clerk. Distribution of such preliminary Official 04resolbonds—judgmentl8/3l04 -I- Resolution No. 2004-64 Statement by the Underwriter to prospective purchasers of the Bonds is hereby approved. An Authorized Officer is hereby authorized to execute the final form of the Official Statement, including as it may be modified by such additions thereto and changes therein as an Authorized Officer deems necessary, desirable or appropriate, and the execution of the final Official Statement by the City shall be conclusive evidence of the approval of any such additions and changes. The City hereby authorizes the distribution of the final Official Statement by the Underwriter. The final Official Statement shall be executed in the name and on behalf of the City by an Authorized Officer. SECTION 3. Official Actions. The Mayor, the City Administrator, the Director of Administrative Services, and all other officers of the City are each authorized and directed in the name and on behalf of the City to make any and all assignments, certificates, agreements, notices, consents, instruments of conveyance and other documents, which they or any of them might deem necessary or appropriate in order to consummate the issuance and sale of the Bonds, and any of the other transactions approved or contemplated by this Resolution. Whenever in this Resolution any officer of the City is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer is absent or unavailable. SECTION 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 9th day of August , 200 4 r REVIEWED AND APPROVED: APPROVED AS TO FORM: City A inistrator City Attorney t4kLj INITIATE D APP V ED: Director o dministrative ervices 04reso/bonds—judgmend8/4/04 -2- Res. No. 2004-64 STATE OF CALIFORNIA COUNTY OF ORANGE ss: CITY OF HUNTINGTON BEACH j 1, JOAN L.FLYNN, the duly appointed, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council at an adjourned regular meeting thereof held on the 9th day of August 2004 by the following vote: AYES: Sullivan, Coerper, Hardy, Green, Boardman, Cook NOES: None ABSENT: Houchen ABSTAIN: None y Clerk and ex-officV Clerk of the City Council of the City of Huntington Beach, California