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Reso 2007-053
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Reso 2007-053
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Last modified
4/20/2007 10:11:25 AM
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4/20/2007 10:11:24 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
4/16/2007
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PERM
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8D Consent 2007 0416
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2007\Packet 2007 0416
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<br />NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows: <br /> <br />Section 1. Execution and Delivery of Certificates. The City hereby authorizes the <br />execution and delivery of the Certificates, representing the right to receive lease payments under <br />the Lease Agreement (as described below), in the aggregate principal amount of not to exceed <br />$26,000,000, and the execution and delivery of the following agreements (collectively, the <br />"Agreements"): <br /> <br />(a) the Site and Facility Lease expected to be dated as of May 1, 2007 (the <br />"Site Lease") between the City, as lessor, and the Authority, as lessee; <br /> <br />(b) the Lease Agreement; <br /> <br />( c ) the Trust Agreement; <br /> <br />(d) the Escrow Agreement expected to be dated as of May 1, 2007 (the <br />"Escrow Agreement") among the Authority, the City and U.S. Bank National Association, <br />as escrow agent; and <br /> <br />(e) the Continuing Disclosure Certificate between the City and U.S. Bank <br />National Association, as dissemination agent. <br /> <br />The City hereby approves and separately authorizes the City Manager, the Assistant City <br />Manager or the Finance Director (each, an "Authorized Officer") to execute the Agreements, and <br />the City Clerk is hereby authorized and directed, if required, to attest and affix the seal of the <br />City to said Agreements, in substantially the forms on file with the City Clerk, together with any <br />changes therein or additions thereto deemed advisable by the Authorized Officers, whose <br />execution thereof shall be conclusive evidence of approval of any such additions and changes. <br /> <br />Section 2. Sale of Certificates. The City Council hereby authorizes and directs the sale of <br />the Certificates by competitive public bidding. Bids shall be received, and the Certificates shall <br />be sold, subject to the terms and conditions set forth in the Notice Inviting Bids in substantially <br />the form on file with the City Clerk together with any additions thereto or changes therein <br />deemed advisable by an Authorized Officer. An Authorized Officer is hereby authorized and <br />directed to accept the best bid determined in accordance with the Notice Inviting Bids, in the <br />name and on behalf of the City. <br /> <br />As provided in Section 53692 of the Government Code the law firm of Jones Hall, as <br />bond counsel to the City, is hereby authorized and directed to cause an appropriate notice of the <br />City's intention to sell the Certificates to be published once in The Bond Buyer. Such publication <br />shall be made not later than 5 days prior to the date set for receipt of bids on the Certificates. <br /> <br />Section 3. Official Statement. The City hereby approves, and hereby deems nearly final <br />within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934, the preliminary <br />Official Statement describing the Certificates, in the form on file with the City Clerk. The <br />Underwriter is hereby authorized to distribute the Official Statement in connection with the sale <br />of the Certificates. The Authorized Officers, each acting alone, are hereby authorized and <br /> <br />RESOLUTION NO. 2007-053 <br /> <br />2 <br />
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