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HomeMy WebLinkAboutRES CC 1997 1351 1997 0716RESOLUTION NO. 97- 1351 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK AUTHORIZING THE ISSUANCE OF SPECIAL TAX BONDS OF THE CITY OF MOORPARK FOR COMMUNITY FACILITIES DISTRICT NO. 97 -1 (CARLSBERG BUSINESS PARR PUBLIC IMPROVEMENTS), APPROVING AND DIRECTING THE EXECUTION OF A FISCAL AGENT AGREEMENT, AND APPROVING OTHER RELATED DOCUMENTS AND ACTIONS WHEREAS, this City Council has conducted proceedings under and pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act "), to form the City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements) (the "District "), to authorize the levy of special taxes upon the land within the District and to issue bonds secured by said special taxes the proceeds of which are to be used to finance certain public facilities and services (the "Facilities "), all as described in the Resolutions entitled, "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District," and "A Resolution of the City Council of the City of Moorpark Determining the Necessity to Incur Bonded Indebtedness Within the City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements) ", each adopted by the City Council on July 16, 1997, as applicable; and WHEREAS, pursuant to said resolutions, an election was held within the District on July 16, 1997 and on that date the applicable qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax by more than two - thirds of the votes cast at said special election; and WHEREAS, there have been submitted to this City Council certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as 1 contemplated by this Resolution and the documents referred to herein exist, have happened and have been performed in due time, form and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES RESOLVE AS FOLLOWS: SECTION 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the City for the District designated as "City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements) Special Tax Bonds" (the "Bonds ") in an aggregate principal amount not to exceed $10,500,000 (or such lesser amount as provided in the next paragraph) are hereby authorized to be issued and sold as provided herein. The Bonds shall be executed in the form set forth in and otherwise as provided in the Fiscal Agent Agreement referred to below. Notwithstanding the foregoing, the Bonds shall not be issued in a principal amount in excess of $7,647,714.20, said amount being equal to three and one -half (3 -1/2) times the value of the land in the District, as such land which is shown in the appraisal report prepared by McNamara & Associates, dated February 15, 1997. Subject to compliance with the foregoing, the Bonds will be in compliance with the provisions of the City's Local Goals and Policies for Community Facilities Districts adopted by the City Council on February 19, 1997, including those with respect to a minimum three and one -half to one property value to public lien ratio. SECTION 2. The Fiscal Agent Agreement (the "Fiscal Agent Agreement ") with respect to the Bonds, in the form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in said form, with such additions thereto or changes therein as are approved by the City Manager upon consultation with Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 8 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the City Manager. The Fiscal Agent Agreement, as so executed, shall be in compliance with Section 3 hereof; and the date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. SECTION 3. The bond purchase contract (the "Purchase Contract ") between the City and Seidler - Fitzgerald Public Finance' 2 QW028 and Miller & Schroeder Financial, Inc. (collectively, the "Underwriters "), in the form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Underwriters to purchase the Bonds contained in the Purchase Contract (provided that the aggregate principal amount of the Bonds sold thereby is not in excess of the limitation described in the second paragraph of Section 1 above, the true interest cost on the Bonds is not in excess of 10% per annum and the underwriters' discount is not in excess of 3% of the aggregate principal amount of the Bonds) and to execute and deliver the Purchase Contract in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Purchase Contract by the City Manager. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the Purchase Contract will result in a lower overall cost. SECTION 4. The official statement relating to the Bonds (the "Official Statement "), in the form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute the Official Statement in said form, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel to the City, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of said Official Statement by the City Manager. The Underwriters are hereby authorized to distribute copies of said Official Statement to persons who may be interested in the purchase of the Bonds and is directed to deliver such copies to all actual purchasers of the Bonds. Distribution by the Underwriters of a preliminary official statement relating to the Bonds is hereby approved and authorized. The City Manager is hereby authorized to execute a certificate or certificates to the effect that the Official Statement and such preliminary official statement were deemed "final" as of their respective dates for purposes of Rule 15c2 -12 of the Securities Exchange Act of 1934, and is authorized to so deem such statements final. SECTION 5. The City hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosure action regarding delinquent installments of any amount levied as a special tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. 3 • QWOZy SECTION 6. The Acquisition Agreement (the "Acquisition Agreement ") between the City and Simi - Conejo Construction, Inc., and the Continuing Disclosure Agreement (the "Disclosure Agreement ") to be executed by the City, each in the respective form presented to this City Council at this meeting, is hereby approved. The City Manager is hereby authorized and directed to execute and deliver the Acquisition Agreement and the Disclosure Agreement in said forms, with such additions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel (including such additions or changes therein as are necessary or advisable in accordance with Section 8 hereof), the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Acquisition Agreement and the Disclosure Agreement by the City Manager. SECTION 7. The Bonds, when executed, shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agent's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriters in accordance with written instructions executed on behalf of the City by the City Manager, which instructions such officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Underwriters in accordance with the Purchase Contract, upon payment of the purchase price therefor. SECTION 8. All actions heretofore taken by the officers and agents of the City with respect to the establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this Resolution, and any certificate, agreement, and other document described in the documents herein approved. 4 000030 SECTION 9. This resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED THIS 16th DAY OF JULY, 1997. ATTEST: 5 9 QW031 MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Lillian E. Hare, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 97- 1351 was adopted by the City Council of the City of Moorpark at a meeting held on the 16th day of JULY 1997, and that the same was adopted by the following vote: AYES: COUNCILMEMBERS EVANS, PEREZ, RODGERS TEASLEY, WOZNIAK AND MAYOR HUNTER NOES: NONE ABSENT: NONE ABSTAIN: NONE WITNESS my hand and the official seal of said City this 17th day of JULY , 1997. Lillian E. Hare, CMC City Clerk PATRICK HUNTER BERNARDO M. PEREZ CHRISTOPHER EVANS DEBBIE RODGERS TEASLEY JOHN E. WOZNIAK Mayor Mayor Pro Tem Councilmember Councilmember Councilmember