RDA Reso 2009-024 - Laserfiche WebLink

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WHEREAS, to provide for development of the most favorable debt structure for the Agency and to ensure the most favorable reception in the market place for the Bonds, the Agency requires the flexibility to sell the Bonds either by (i) a competitive sale pursuant to the terms of an Official Notice of Sale or (ii) a negotiated sale pursuant to the terms of a Purchase Contract (the "Purchase Contract") between the Agency and an underwriter or underwriters (the "Underwriter") to be selected as described herein; and WHEREAS, it is necessary for the Agency to approve the forms of and to authorize the execution and delivery of the Indenture, the Official Notice of Sale and the Purchase Contract, to approve the forms of and authorize the distribution of the Preliminary Official Statement and the final Official Statement (the "Official Statement"), to authorize execution and delivery of the Official Statement, to authorize issuance and sale of the Bonds pursuant to the Indenture and the Purchase Contract, and to authorize various actions in connection therewith; and WHEREAS, the Agency has duly considered such transactions and the implementing documents, including, without limitation, the Indenture, the Official Notice of Sale, the Purchase Contract and the Official Statement, and wishes at this time to approve said transactions in the public interests of the Agency; NOW, THEREFORE, it is hereby ORDERED AND DETERMINED, as follows: Section 1. Issuance of Bonds; Approval of Indenture. The Agency hereby authorizes the issuance of the Bonds under and pursuant to the Law and the Indenture, in the aggregate principal amount of not to exceed $8,500,000. The Agency hereby approves the Indenture in substantially the form thereof on file with the Secretary together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director or Treasurer of the Agency, upon advice of the Agency's bond counsel, including, without limitation, the addition to the Indenture of the final interest rates payable with respect to the Bonds and the fmal principal amount and annual maturities of the Bonds. Execution of the Indenture shall be deemed conclusive evidence of the Agency's approval of such additions or changes. The Chair, the Executive Director and the Treasurer of the Agency (each, a "Designated Officer"), each acting alone, are hereby authorized and directed to execute, and the Secretary of the Agency is hereby authorized to attest, the Indenture for and in the name and on behalf of the Agency. The Agency hereby authorizes the delivery and performance of the Indenture. It is the intention of the Agency that the interest on the Bonds be subject to all applicable federal income taxation, as provided in Section 5903 of the California Government Code. Section 2. Sale of Bonds. The Agency hereby authorizes and directs the sale of the Bonds by either (i) a competitive sale pursuant to the Official Notice of Sale or (ii) a negotiated sale pursuant to the Purchase Contract. In the event the Designated Officers determine that it is in the best interest of the Agency to sell the Bonds pursuant to a competitive sale, the sale shall occur pursuant to the terms of the Official Notice of Sale in substantially the form on file with the Secretary, together with such additions thereto or changes therein. In the event the Designated Officers determine that it is in the best interest of the Agency to sell the Bonds pursuant to a negotiated sale, the sale shall occur pursuant to the terms and conditions of the Purchase Contract in substantially the form on file with the Secretary, together with such additions thereto or changes therein. The Purchase Contract shall be executed in the name and on RESOLUTION N0.2009-024 RDA 2