HomeMy WebLinkAbout2016-06-28; Public Financing Authority; Resolution 71EXHIBIT 14
1 RESOLUTION NO. 71
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CARLSBAD
PUBLIC FINANCING AUTHORITY ("AUTHORITY"),AUTHORIZING
3 THE APPROPRIATION OF FUNDS AND DIRECTING THE
4 ADMINISTRATIVE SERVICES DIRECTOR TO TAKE ALL ACTIONS
NECESSARY TO PREPAY THE AUTHORITY'S OBLIGATIONS
5 ASSOCIATED WITH THE AUTHORITY'S 2006 SERIES A REVENUE
BONDS (CARLSBAD GOLF COURSE PROJECT).
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WHEREAS,in order to finance a portion of the costs of acquisition, construction,
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8 and improvement of the Carlsbad Municipal Golf Course: The Crossings at Carlsbad (the "Golf
9 Course"),the Authority,after due investigation and deliberation,determined it was in the
10 interests of the Authority to finance the Golf Course; and
11 WHEREAS,the Board of Directors adopted Resolution No.25,approving and
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authorizing the issuance of its Carlsbad Public Financing Authority Revenue Bonds, 2006 Series
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A (Carlsbad Municipal Golf Course Project) (the "2006 Bonds"); and
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15 WHEREAS,the 2006 Bonds may be optionally redeemed without premium
16 pursuant to Section 2.03(a) of the Indenture of Trust beginning September 1,2016; and
17 WHEREAS,a total of $15,855,000 in principal and $356,100 in interest is
18 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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21 WHEREAS,a total of $8,399,225 in interest over the remaining life of the 2006
22 Bonds will be avoided through prepayment of the 2006 Bonds; and
23 WHEREAS,a total of approximately $1,400,000 in reserve and other
24 miscellaneous funds is held by The Bank of New York Mellon Trust Company,N.A.(the
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"Trustee") and will be used towards the prepayment of the 2006 Bonds; and
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1 WHEREAS,the City has agreed to transfer (and has transferred)funds to the
2 Authority for the purpose of prepaying the outstanding obligations associated with the 2006
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Bonds.
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NOW, THEREFORE,IT IS AGREED by and between the City Council of the City of
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Carlsbad, California, and the Carlsbad Public Financing Authority as follows:
7 1.The Authority approves the prepayment of all outstanding obligations
8 associated with the 2006 Bonds.
9 2.The Administrative Services Director is authorized to appropriate funds
10 totaling $14,811,100 for the prepayment of the 2006 Bonds.
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3.The Administrative Services Director is directed to notify the Trustee
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13 pursuant to Section 2.03(a)of the Indenture of Trust about the optional redemption of all
14 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 HALL, President
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16 ATTEST:
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BARB t !A ENGLESON,SecretaN
20 (SEAL)
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