HomeMy WebLinkAbout2016-06-28; City Council; Resolution 2016-137EXHIBIT 13
1 RESOLUTION NO. 2016-137
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA ("CITY"),AUTHORIZING THE TRANSFER AND
3 APPROPRIATION OF FUNDS AND DIRECTING THE ADMINISTRATIVE
4 SERVICES DIRECTOR TO TAKE ALL ACTIONS NECESSARY TO PREPAY
THE OBLIGATIONS ASSOCIATED WITH THE CARLSBAD PUBLIC
5 FINANCING AUTHORITY'S ("AUTHORITY") 2006 SERIES A REVENUE
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BONDS (CARLSBAD GOLF COURSE PROJECT).
7 WHEREAS,the City and the Carlsbad Municipal Water District created the
8 Authority pursuant to that certain Joint Exercise of Powers Agreement dated as of April 1,2000
9 (Agenda Bill 15,705)for the purpose of financing the acquisition of public capital
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improvements; and
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WHEREAS,in order to finance a portion of the costs of acquisition, construction,
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13 and improvement of the Carlsbad Municipal Golf Course: The Crossings at Carlsbad (the "Golf
14 Course"),the Authority,after due investigation and deliberation,determined it was in the
15 interests of the Authority to finance the Golf Course; and
16 WHEREAS,the Authority's Board of Directors adopted Resolution No.25,
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approving and authorizing the issuance of its Carlsbad Public Financing Authority Revenue
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Bonds, 2006 Series A (Carlsbad Municipal Golf Course Project) (the "2006 Bonds"); and
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20 WHEREAS,the 2006 Bonds may be optionally redeemed without premium
21 pursuant to Section 2.03(a) of the Indenture of Trust beginning September 1,2016; and
22 WHEREAS,a total of $15,855,000 in principal and $356,100 in interest is
23 outstanding on the 2006 Bonds which bear interest at annual rates between 4.00 and 5.00
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percent over the remaining 21 year life of the 2006 Bonds; and
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WHEREAS,a total of $8,399,225 in interest over the remaining life of the 2006
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27 Bonds will be avoided through prepayment of the 2006 Bonds; and
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1 WHEREAS,a total of approximately $1,400,000 in reserve and other
2 miscellaneous funds is held by The Bank of New York Mellon Trust Company,N.A.(the
3 "Trustee") and will be used towards the prepayment of the 2006 Bonds; and
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WHEREAS,the City agrees to transfer funds to the Authority for the purpose of
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6 prepaying the outstanding obligations associated with the 2006 Bonds.
7 NOW, THEREFORE,IT IS AGREED by and between the City Council of the City of
8 Carlsbad, California, and the Carlsbad Public Financing Authority as follows:
9 1.The City approves the prepayment of all outstanding obligations
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associated with the 2006 Bonds.
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2.The Administrative Services Director is authorized to appropriate funds
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13 totaling $14,811,100 from the General Fund's fund balance for the prepayment of the 2006
14 Bonds and to transfer said funds to the Authority.
15 3.The Administrative Services Director is directed to notify the Trustee
16 pursuant to Section 2.03(a)of the Indenture of Trust about the optional redemption of all
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outstanding 2006 Bonds and to take all actions necessary to prepay the 2006 Bonds.
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1 PASSED,APPROVED AND ADOPTED at a Joint Special Meeting of the Carlsbad
2 City Council,Carlsbad Municipal Water District Board of Directors,Carlsbad Public Financing
3 Authority Board of Directors,Community Development Commission,and City of Carlsbad as
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Successor Agency to the Redevelopment Agency,held on the 28th day of June,2016,by the
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6 following vote to wit:
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8 AYES:Hall, Wood, Schumacher, Blackburn, Packard.
9 NOES:None.
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ABSENT:None.
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MATT Ha LL,Mayor
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16 ATTEST:
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BAR AREA ENGLESON, City CI
19 (SEAL)
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