HomeMy WebLinkAbout1989-10-03; City Council; Resolution 89-347. ~. - e e
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RESOLUTION NO. 89-347
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, RATIFYING THE INSTALLMENT PURCHASE AGREEMENT, ASSIGNMENT AGREEMENT, TRUST INDENTURE AND OFFICIAL STATEMENT PERTAINING TO THE ENCINA PHASE IV EXPANSION AND APPROVING CERTAIN ACTIONS RELATED TO THE SALE OF REVENUE BONDS BY THE ENCINA FINANCING JOINT POWERS AUTHORITY
WHEREAS, the City of Carlsbad, a municipal corporation organized and
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existing under the laws of the State of California (the "City"), has the
Facility (I'EWPCF") Phase IV Expansion (the "Capacity") ; and 8
authority to acquire capacity in the Encina Water Pollution Control
9 WHEREAS, the Cities of Carlsbad and Vista, the Buena Sanitation
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District and the Leucadia County Water District (the "Participants") have
1 Purchase Agreement described below; and I!2
repurchase of the Capacity by the City pursuant to the Installment 18
and the Authority (the "Assignment Agreement"), with a concurrent I"
assignment agreement, dated as of June 1, 1989, by and between the City I.6
a conveyance and assignment of the City's Capacity, pursuant to an l5
WHEREAS, the financing structure of the Phase IV Expansion requires 14
of Capacity of and other improvements to the EWPCF; and l3
the purpose of financing the Participants' share of the current expansion I-z
formed the Encina Financing Joint Powers Authority (the "Authority") for
20 WHEREAS, the City and the Authority have entered into an installment
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purchase agreement, dated as of June 1, 1989, by and between the City and
Agreement from the Authority; and 24
City will acquire the Capacity described in the Installment Purchaser 23
the Authority (the "Installment Purchase Agreement") pursuant to which the
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WHEREAS, the Authority issued Wastewater Revenue Bonds (Phase IV
Expansion Project) 1989 Series A (the "Bonds") pursuant to the terms set
forth in the trust indenture, dated as of June 1, 1989, by and between thc
Authority and State Street Bank and Trust Company of California, N.A. (thc
"Trustee") (the "Trust Indenture"), in an amount sufficient to finance tht
payment obligations of the City and the other Participants for tht
Capacity; and
WHEREAS, the Bonds are secured by the Installment Purchase Payment!
made pursuant to the Installment Purchase Agreement, and a1 1 right, ti tlc
and interest of the Authority under the Installment Purchase Agreement arc
assigned to the Trustee pursuant to the Trust Indenture; and
WHEREAS, the Authority authorized the sale of the Bonds to Stone I
Youngberg (the "Underwriter") and the Underwriter has distributed a1
Official Statement to the purchasers of the Bonds; and
WHEREAS, the City Council of the City desires to ratify thc
Installment Purchase Agreement, the Indenture, the Assignment Agreemen.
and the Official Statement; and
WHEREAS, copies of each of the aforementioned documents have bee1
presented to this City Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City 0'
~ Carlsbad, California as follows:
1. That the above recitations are true and correct.
2. That the Installment Purchase Agreement, the Indenture and thc
Assignment Agreement are each ratified and approved and the Mayor and Ci t:
Clerk are authorized to have executed each agreement.
3. That the Official Statement is ratified and approved and thl
Underwriter is authorized to have distributed the Offici a1 Statement ti
the purchasers of the Bonds.
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4. That such actions of the Mayor, the City Clerk and other
officers of the City done to consummate the sale and delivery of the Bonds
and otherwise effectuate the purposes of this Resolution are hereby
rat i f i ed and conf i rmed.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Citl
Council of the City of Carlsbad, California, held on the 3rd d aSi
of October , 1989, by the following vote, to wit:
AYES: Council Members Lewis, Pettine, Mamaux and Larson
NOES: None
ABSENT: Council Member Kulc
ATTEST: id oz?,- ALETHA L. RAUTENKRANZ, City C1 erk
(SEAL)
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