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Home My WebLink About1998-09-01; City Council; Resolution 98-2910 0 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 RESOLUTION NO. 98-29 1 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS AND APPROVING THE FORM OF CERTAIN BOND (RANCHO CARRJLLO) DOCUMENTS FOR ASSESSMENT DISTRICT NO. 96-1 ~~ WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA conducting proceedings for the acquisition and construction of certain public improvements in a spe assessment district pursuant to the terms and provisions of the "Municipal Improvement Act of 19 being Division 12 of the Streets and Highways Code of the State of California, said special assessn district known and designated as ASSESSMENT DISTRICT NO. 96-1 (RANCHO CARRILLO) "Assessment District"); and, WHEREAS, this legislative body has previously declared in its Resolution of Intentiol issue bonds to finance the acquisition and construction of such improvements, such bonds to i: pursuant to the terms and provisions of the "Improvement Bond Act of 1915", being Division 1C such Code (the "Bond Act"); and, WHEREAS, at this time this legislative body desires to set forth the general terms conditions relating to the authorization, issuance and administration of such bonds; and, WHEREAS, there has been presented, considered and ready for approval the form of a b, indenture setting forth the terms and conditions relating to the issuance and sale of bonds; and, WHEREAS, there has also been presented for consideration by this legislative body a forn Bond Purchase Contract authorizing the sale of bonds to Stone & Youngberg, LLC, the design: underwriter; and, WHEREAS, there has also been presented for consideration by this legislative body a forrr Preliminary Official Statement containing information including but not limited to the Assessm District and the type of bonds, including terms and conditions thereof; and, WHEREAS, this legislative body hereby further determines that the unpaid assessments sl be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessmen I j/ /&3 II 0 0 I 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 I I as certified by and on file with the Finance Director, and for particulars as to the amount of said un assessments, said Certificate and list shall control and govern. NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED, AND ORDEI AS FOLLOWS: RECITALS SECTION 1. Recitals. The above recitals are true and correct. SECTION 2. Bonds Authorized. Pursuant to the Bond Act, this Resolution and the E Indenture (hereafter defined), limited obligation improvement bonds of the City for the Assessr District designated as “City of Carlsbad Assessment District No. 96-1 (Rancho Carrillo) Lim Obligation Improvement Bonds” (the “Bonds”) in an aggregate principal amount not to exceed unpaid assessments are hereby authorized to be issued, sold and delivered. The date, manne~ payment, interest rate or rates, interest payment dates, denominations, form, registration privile, manner of execution, place of payment, terms of redemption and other terms, covenants and conditl of the Bonds shall be as provided in the Bond Indenture as executed. SECTION 3. Authorization and Conditions. The City Manager, the Finance Director, , such other official of the City as may be designated by the City Council, or any of them (each “Authorized Officer”), are hereby authorized and directed to execute and deliver the various documc and instruments described in this Resolution with such additions and changes as the Authorized Off: deems advisable, provided that no additions or changes shall authorize an aggregate principal amo of Bonds in excess of the unpaid assessments. The approval of such additions or changes shall conclusively evidenced by the execution and delivery of such documents or instruments by Authorized Officer, upon consultation with and review by the City Attorney and Brown Diven Hes: & Brewer LLP, the City’s bond counsel. SECTION 4. Bond Indenture. The form of Bond Indenture with respect to the Bonds presented to this City Council and on file with the City Clerk is hereby approved. The Authoris Officer is hereby authorized and directed to cause the same to be completed and executed on behalf the City, subject to Section 3 above. j & 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 ,I a a SECTION 5. Official Statement and Continuing Disclosure Agreement. The City COUI hereby approves the form of the Preliminary Official Statement as presented to this City Council ; on file with the City Clerk describing the financing described therein, together with any changes the1 or additions thereto deemed advisable by the Authorized Officer. Pursuant to Rule 1.5~2-12 under Securities Exchange Act of 1934 (the "Rule") the Authorized Officer is authorized to determine w the Preliminary Official Statement is deemed final, and the Authorized Official is hereby authori and directed to provide written certification thereof. The execution of the final Official Statem which shall include such changes and additions thereto deemed advisable by the Authorized Off pursuant to the Rule, shall be conclusive evidence of the approval of the final Official Statement by City. The Council hereby authorizes the distribution of the final Official Statement by the purchase] the Bonds. The form of Continuing Disclosure Agreement as presented to this City Council and on with the City Clerk is hereby approved. The Authorized Officer is hereby authorized and directec cause the same to be completed and executed on behalf of the City, subject to Section 3 above. SECTION 6. Sale of Bonds. This City Council hereby authorizes and approves the sale the Bonds by negotiation to Stone & Youngberg LLC (the "Underwriter"). The form of the Bc Purchase Agreement as presented to this City Council and on file with the City Clerk is her1 approved and the Authorized Officer is hereby authorized and directed to execute the Bond Purch Agreement on behalf of the City upon the execution thereof by the Underwriter, subject to Sectio. and further subject to the following conditions that: the aggregate principal amount of the bonds equal to the unpaid assessments within the Assessment District, the underwriter's discount does : exceed 1.7 percent (1.7%) and the interest rate on the bonds shall not exceed 8 percent (8%) per annr SECTION 7. Bonds PreDared and Delivered. Upon the execution of the Bond Purch Agreement, the Bonds shall be prepared, authenticated and delivered, all in accordance with applicable terms of the Bond Act and the Bond Indenture, and the Authorized Officer and ot responsible City officials are hereby authorized and directed to take such actions as are required undc 1 0s 1 2 3 4 5 6 7 a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 0 0 the Bond Purchase Agreement and the Bond Indenture to complete all actions required to evidenc' delivery of the Bonds upon the receipt of the purchase price thereof from the Underwriter. SECTION 8. Annual Assessment Installments. A copy of the resolution confirming assessments, which assessments shall constitute the security for the Bonds, shall be delivered tc Finance Director, and the Finance Director shall keep or cause to be kept the record showing several installments of principal and interest on the assessments which are to be collected each during the term of the bonds. An annual portion of each reassessment, together with annual intere: said reassessment, shall be payable in the same manner and at the same time and in the s installment as the general property taxes of the County of San Diego and shall be payable and bec delinquent at the same time and in the same proportionate amount. Each year the annual installm shall be submitted to the County Auditor for purposes of collection. SECTION 9. Covenant to Initiate Foreclosure Proceedings. This legislative body C further specifically covenant for the benefit of the bondholders to commence and prosecute completion foreclosure actions regarding delinquent installments of the assessments in the man within the time limits and pursuant to the terms and conditions as set forth in the Bond Indenturc submitted and approved through the adoption of this Resolution. SECTION 10. Actions. All actions heretofore taken by the officers and agents of the ( with respect to the establishment of the Assessment District and the sale and issuance of the bonds hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized ~ directed to do any and all things and take any and all actions and execute any and all certifica agreements, contracts, and other documents, which they, or any of them, may deem necessary advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance u Bond Act, this Resolution, the Bond Indenture, the Bond Purchase Agreement, the Continu Disclosure Agreement, and any certificate, agreement, contract, and other document described in documents herein approved. I 06 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 I 0 0 SECTION 11. Effective Date. This resolution shall take effect from and after its adoption. APPROVED and ADOPTED this 1 st day our, 199 8. ATTEST: KAREN R. KUNDTZ, Assistant City Clerk 1d7