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HomeMy WebLinkAbout1984-04-04; Municipal Water District; Resolution 450RESOLUTION NO. 450 RESOLUTION OF THE BOARD OF DIRECTORS OF COSTA REAL MUNICIPAL WATER DISTRICT APPROVING AND DIRECTING EXECUTION OF FINANCING DOCUMENTS PERTAINING TO " a THE THREE RESERVOIRS AND RELATED FACILITIES AND PROPERTY * WHEREAS, the Board of Directors of the COSTA REAL MUNICIPAL WATER DISTRICT (the "Board") is proposing to proceed with the pur- chase of the three reservoirs and related facilities and property ( the "Project") and it is in the public interest and for the public benefit that the Board authorize and direct execution of the financ- ing documents in connection therewith; and WHEREAS, the documents below specified have been filed with 7 this Board, and the Board, with the aid of the General Manager and Chief Engineer of the COSTA REAL MUNICIPAL WATER DISTRICT (the "Dis- trict"), financial consultant to the Board and special counsel to the District, have reviewed said documents; NOW, THEREFORE, IT IS HEREBY ORDERED AND DETERMINED AS FOL- LOWS : SECTION 1. The below-enumerated documents be and are here- by approved, and the President and the Secretary of the Board are hereby authorized and directed to execute said agreements: (a) Installment Sale Agreement, dated as of May 1, 1984, by and between the District, as purchaser, and IMPERIAL SECURITIES CORPORATION ( I' Imperial" , as seller, relating to the purchase of the Project by the District from Imperial; -1- (b) Trust Agreement, dated as of May 1, 1984, relating to the financing of the acquisition and construction of the Project,, and the execution and delivery of the Certificates of Participation (the "Certificates") in the Installment Payments to be made by the District under the Installment Sale Agreement, by and among SECURITY PACIFIC NATIONAL BANK (the "Trustee"), Imperial and the District; and (c) Agency Agreement, dated as of May 1, 1984, by and between the District and Imperial, relating to the acquisition and construction of the Project by the District, as Agent of Imperial. SECTION 2. Said documents are subject to revision not in- consistent with the essential terms thereof, which revisions are approved by the General Manager and Chief Engineer of tQe District and general and special counsel to the District. SECTION 3. That all written bids received for purchase of said Certificates excepting the bid herein stated, be, and they are r hereby, rejected, and that said Certificates be, and they are here- by ordered sold to MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPO- RATED (MERRILL LYNCH CAPITAL MARKETS), as the highest bidder, said sale to be subject to all of the terms and conditions set forth in the Official Notice of Sale of said Certificates and in said accept- ed bid. SECTION 4. The President and Secretary of the Board and the General Manager, Chief Engineer, and general counsel of the District are hereby authorized and directed to execute such other documents and certificates as may be necessary to effect the purposes of this 1- I resolution and the sell herein authorized. -2- PASSED, APPROVED AND ADOPTED this 4th day of April, 1984. I N. M. ALMACK President of the Board of Directors of COSTA REAL MUNICIPAL WATER DISTRICT ATTEST: &&& FRE@/W. MAERKLE Secretary of /de Board of Directors of COSTA REAL MUNICIPAL WATER DISTRICT -3- STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 1 ss. I, FRED W. MAERKLE, Secretary of the COSTA REAL MUNICIPAL WATER DISTRICT and of the Board of Directors thereof, do hereby certify that the foregoing Resolution was duly adopted by the Board of Directors of said District at a regular meeting of the Board held on the 4th day of April, 1984, and that it was adopted by the following vote: I- AYES: NOES: ABSENT: Directors: ALMACK, RONAS, MAERKLE and MacLEOD Directors: KELLY Directors: None FRED MAERKLE Secretary of of Directors of COSTA REAL M WATER DISTRICT -4-