The URL can be used to link to this page

Home My WebLink About1983-09-27; City Council; 7404-2; FINAL ACTION REGARDING AUTHORIZATION, SALE AND ISSUANCE OF CITY OF CARLSBAD SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BOND ISSUE OF 198323 \ CIT~F CARLSBAD - AGENDAILL ~ ~~~ a LlS > 0 e. e a. a 2 9 5 a E J z 3 0 0 AB# 7404-2 CITY ATPI1 FXlILY RESIDENTIAL ElORTGAGE P;EVF,NUE BOND MTG- 9’27’83 DEPT. HD.= TITLE FINAL ACTION REGAYDING AUTHORIZATION, - SALE AND ISSUANCE OF CITY OF CARLSBAD SINGLE I DEPT. CA IISSUE OF 1983 lCln MGR.- I I 8 RECOMMENDED ACTION: That jhg qjjy Qgpncil .”. . IC pd~pt I, Resolution Noo 73Q” conf irmine the sale of the City of Carlsbad’s Single Family Residential Mortgage Revenue Bond Issue of 1983 and approving such documents and authorizing certain actions in connection therewith. I ITEM EXPLANATION The City Council at your meeting of June 21 , 1983, by the adoption of Resolution No. 7259, authorized the issuance of your Single Family Residential Mortgage Revenue Bond Issue of 1983. In accordance with the authorizations and directions of that ~ resolution the Director of Building and Planning and our office have completed the bond sale. The bond issue in an amount of $20,000,000 will produce a mortgage rate estimated at this time to be 10.25%. The sale will close in the office of underwriter’s counsel in San Francisco on October 5, 1983. At that time we will deliver our opinion on the bond issue in the form attached as Exhibit A. As a part of completing the sale it was necessary to make some revisions to the various documents previously approved by the City Council. In my opinion, they are nonsubstantive. Nevertheless, bond counsel recommends that the City Council adopt Resolution No. 735s , finalizing and approving all actions with respect to the authorization, sale and issuance of the bonds. I FISCAL IMPACT No fiscal impact to the City. The bonds were successfully sold. All expenses of the issue, including City overhead, will be paid out of the bond proceeds. I EXH1B1TS City Attorney’s Opinion Letter Resolution No. 7327” b 0 0 VINCENT F. BIONDO, JR. CITY ATTORNEY DANIEL S. HENTSCHKE CITY OF CARLSBAD 1200 ELM AVENUE CARLSBAD, CALIFORNIA 92008-1989 (61 9) 438-5531 October 5, 1983 ASSISTANT CITY ATTORNEY City Council City of Carlsbad Carlsbad, California Blyth Eastman Paine Webber Incorporated 555 California Street San Francisco, California 94104 CITY OF CARLSBAD CALIFORNIA SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1983 Ladies and Gentlemen: I have acted as counsel to the City of Carlsbad (the "City") in connection with its sale of $20,000,000 principal amount of the above mentioned bonds (the "Bonds"). The Bonds are being issued pursuant to a resolution of the City adopted on June 21, 1983 (the "Resolution") and are secured by an indenture authorized by the Resolution (the "Trust Indenture"). In that connection I have examined originals or copies certified or otherwise identified to my satisfaction of the Resolution, the Trust Indenture and the Official Statement of the City relating to the Bonds. Based on the foregoing, I am of the opinion that: (i) The City is a public body, corporate and politic, of the State of California established and existing under the laws of the state; the Resolution has been duly adopted by the City and is in full force and effect; and the Trust Indenture has been duly executed and delivered by the City. (ii) Except as disclosed in the official statement of the City relating to the Bonds (the "Official Statement"), to the best of my knowledge after due inquiry with respect thereto, no litigation or other 0 e City Council Blyth Eastman Paine Webber Incorporated October 5, 1983 Page 2 proceedings are pending or threatened in any court or other tribunal of competent jurisdiction, state or federal, in any way (a) restraining or enjoining the sale, issuance or delivery of any of the Bonds, or (b) questioning or affecting the validity of the Purchase Contract, or (c) questioning or affecting the validity of any of the proceedings relating to the authorization, sale, execution, issuance or delivery of the Bonds, or (d) questioning or affecting the Rules and Regulations, the Mortgage Selling and Servicing Documents or the Program (all as defined in the Bond Purchase Contract), or (e) questioning or affecting the organization or existence of the City or the title to office of the officers thereof. Very truly yours, VINCENT E', BIONDO, JR, City Attorney rme 1 2 3 4 5 6 7 8 9 10 11 12 2 8 13 35 $5 8 dO Lu r4 om 30 14 $Z5 wz "Grk +a0 15 g>=-CC Ii '-Id +>UG ZWOO 16 g$% ZO'S >k s 17 c' c~ o 18 19 20 21 22 23 24 25 26 27 28 cc 0 0 . L" RESOLUTION NO e 7 3 5 5 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS ISSUE OF 1983, AND APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IrJ FQM[fi$T&PN CARLSBAD, CALIFORNIA CONFIRMING THE SALE OF ITS . I*, THEREWITH. WHEREAS, by its Resolution No, 7259, this City Council has heretofore approved the authorization, sale and issuance of its Single Family Residential Mortgage Revenue Bonds, Issue of 1383 (the "Bonds") , all as provided for in said Resolution; and .\ WHEREAS, in accordance with said Resolution, the Bonds have been sold, and the City Council wishes to ratify and confirm said sale and to take certain other actions in connection therewith; NOW, THEREFORE BE IT RESOLVED, thhat this City Council does hereby find, determine, resolve, and order as follows: 1 The Bonds shall be issued in a principal amount of $20,000,000, shall bear interest at the rate of ten percent (10; per annum, and shall mature on September 1, 2017, The sale of the Bonds to Blyth Eastman Paine Webber Incorporated at a purchase price of $19,437,800 (which is 97.189% of the principal amount thereof) plus accrued interest thereon, all as provided for in the Purchase Contract dated September 14, 1983, is herebl ratified and confirmed 2. Pursuant to the Rules and Regulations Establishing Eligibility Criteria for Mortgagors, and based upon a study presented to the City by Empire Economics, Inc,, the City hereb; establishes $27,943 as the Median Household Income for the prog.ram. Said Median Household Income may be adjusted from time to time by the City. II . ,, * * 1 3. The proposed forms of Developer Agreement, Mortgage 2 meeting are hereby approved in the place o€ the respective forms 3 Sale and Service Agreement and Indenture presented at this 4 bf ea~f !aid doeumentg approved by Rmlution NO, 72595 and 5 6 the kayor and City Clerk are hereby authorized and directed, for hereby approved., with such changes therein as said officers may 8 provided for in Resolution No. 7259 in substantially the form 7 and in the naine of the City, to execute such documents as approve, such approval to be conclusively evidenced by the 9 10 ex-ecution and deaivery thereof. 11 4. The form of Official Statement presented at this 12 meeting is hereby approved; and the Mayor is hereby authorized 2% a 25 m 13 '558 34 and directed, for and in the name of the City, to execute and $LzU fK 0 deliver the same to Blyth Eastman Paine Webber Incorporated in zouz p>>a: li "Id I-&UU 5 z 8 0 . 16 as she may approve, such approval to be conclusively evidenced k O~~n g0'2 >k 3 17 the execution and delivery thereof. ."'. mSzE t-40 15 substantially the form hereby approved, with such changes therei >z 6 0 1811 PASSED, APPROVED AND ADOPTED at a/ScegZP ad' urned ar meeting of 19 1 the City Council of the City of Carlsbad, California, held on tI: 20 wit: 21 27th day of se- , 1983, by the following vote,. to 22 AYES: Council Ikrtbrs Cask, kwis, Kulchin and Prescctt 23 NOES : None 24 ABSENT: Council "&er Chick 25 $,,.% yfLa/ hi. edd- , .. . MARY H. YSLER, Mayor 2(j>* ;;.'~~; .. .- ., ,I : . ; I:,, ALETHA L. RAUTENKRANZ, y 2.8 .. ,/ I : * I ATTEST: 27 ' (, ; I ,. ,, . ?. .. (&&& //& ,_ City Prk " .1 ,. .. II . .-