HomeMy WebLinkAbout1987-07-14; City Council; Resolution 9160RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAB
AMENDING RESOLUTION NO. 9132, ENTITLED
"RESQLUTlON OF THE CITY COUNCIL OF THE CITY OF CARLSBAD PROVIDING FOR THE BORROWING OF FUNDS FOR THE HOSP GROVE
ACQUISITION AND THE ISSUANCE AND SALE OF 1887 NOTES THEREFOR"
WHEREAS, this City Council (the "Council") has heretofore taken certain actions to
acqulre for the City of Carlsbad (the ''City") and its residents, certain real property
consisting of an approximately 52 acre eucalyptus grove commonly known as "Hosp
Grove'' (the "Property"), to be U6ed for the preservation of open space: and
WHEREAS, in connectlon therewltn, the Council dld, on May 19, 1987, authorize the
execution of a note (the "Temporary Note") in the principal amount of $6,459,384, to be
delivered to San Diego Trust and Savings Bank (the "Bank") In order to acquire the
Property on June 1,1987; and
WHEREAS, the City has acqUk6d the Property; and
WHEREAS, the Council has determlned to ffnance the Property on a long term
bask through the Issuance of general obligation bonds or certificates of particlpation; and
WHEREAS, the Temporary Note matures an July 76, 1987: and
WHEREAS, this Council dld, on June 23, 1987, adopt Resolution No. 9132, entitled
"Re$oIut1on of the City Councll of the City of Carlsbad providing for the Borrowing of Funds for Hasp Grove Acqulsition and the Issuance and Sale of 1987 Notes Therefor," pursuant to which the Clty determined to Issue notes in the principal amount of $6,570,000 (the "notes");
WHEREAS, Rauscher Pierce Refsnes, Inc. (the "Undetwrit@r") marketed the Notes at a premium in an amount equal to $15,000, and thereby reduced the amount of discount to be paid to the Underwriter, whlch in turn reduced the princlpal amount of the Notes to
$6,555,000; and
WHEREAS, it is necessary to amend Resolution No. 9132 to reflect the reduced
prlncipal amount of the Notes;
NOW, THEREFORE, the City Council of the City of Carlsbad hereby finds,
determines,. declares and resolve$ as follows;
Section 1, Resolution No, 9132 Is hereby amended by changing the principal
amount of the Notes, a$ referenced In Sectlon 2, of Resolution No, 9132 and In Exhibit: A to Resofution No. 9132 to Six Mllllon Five Hundred Fifty Thousand Dollars ($6,555,000) in
place of Six Million Five Hundred Seventy Thousand Dollars ($6,570,000).
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Section 2. This Resolution shall take effect upon adoption hereof,
1 certify that the foregoing resolution was adopted by the Councll of the City of Carisbad at a regular meetlng held July 14, 1987, by the following vote;
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
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Attest: