Res15 P-2267 - Laserfiche WebLink

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r � COPY in this Resolution. The proposed form of the 2015 Bonds, as set forth in the Third Supplemental Indenture, is hereby approved, and the President, the Executive Director and the Secretary of the Port or the duly authorized designee of either of such officers (collectively, the "Designated Officers°) are hereby authorized and directed to execute the 2015 Bonds in substantially such form, and the Trustee is hereby authorized and directed to authenticate and deliver the 2015 Bonds in accordance with the Master Indenture and the Third Supplemental Indenture; provided, however, that the aggregate principal amount of Bonds shall not exceed $8,100,000; the Board of Port Commissioners of the Port shall achieve net present value debt service savings equal to at least 3% of the outstanding principal amount of the 1999 Bonds as a result of the refunding and the Undervvriter's discount (not including original issue discount, if any) shall not exceed 0.6%. The 2015 Bonds shall constitute limited obligations of the Board of Port Commissioners of the Port and shall be payable, as to interest thereon, principal thereof and redemption premiums, if any, thereon, exclusively from the Net Revenues (as defined in the Master Indenture) and the other funds as provided in the Master Indenture, and the Board of Port Commissioners of the Port shall not be obligated to pay them except from the Net Revenues and such other legally available funds. Neither the faith and credit nor the taxing power of the State of California or any public agency thereof, the City, or any members of the Board of Port Commissioners of the Port or the City is pledged to the payment of the 2015 Bonds. The 2015 Bonds shall not constitute a debt, liability or obligation of the State of California, the City, or any public agency thereof (other than the Board of Port Commissioners of the Port), or any member of the Board of Port Commissioners of the Port or the City, and neither the Commissioners of the Board of Port Commissioners of the Port, the members, nor any persons executing the 2015 Bonds are liable on the 2015 Bonds by reason of their issuance. Section 3. Execution of the Third Supplemental Indenture. Each of the Designated Officers is hereby authorized and directed to execute for and on behalf of the Board of Port Commissioners of the Port the Third Supplemental Indenture, in substantially the form on file with the Secretary, with such changes therein as the Designated Officer shall approve after consultation with Jones Hall, A Professional Law Corporation, the Port's Bond Counsel, and William Euphrat Municipal Finance, Inc., the Port's MSRB-registered Municipal Advisor, such approval to be conclusively evidenced by the execution and delivery thereof by a Designated Officer. Section 4. Execution of the Bond Purchase Aqreement. Each Designated Officer is hereby authorized and directed to execute for and on behalf of the Board of Port Commissioners of the Port a Bond Purchase Agreement, by and between the Board of Port Commissioners of the Port and the Underwriter, in substantially the form on file with the Secretary, with such changes therein (and additions thereto to reflect the terms of the sale of the 2015 Bonds) as the Designated Officer shall approve after consultation with the Port's Bond Counsel and the Port's MSRB-registered Municipal Advisor, such approval to be conclusively evidenced by the execution and delivery thereof by a Designated Officer. Section 5. Approval of Refinancinq and Escrow Agreement. The refunding of the 1999 Bonds is hereby approved, subject to achieving the minimum savings identified in Section 2 above, and each Designated Officer is hereby authorized and directed to execute the Escrow Agreement, with such changes therein as the Designated Officer shall approve after consultation with the Port's Bond Counsel and the Port's MSRB-registered Municipal Advisor, such approval to be conclusively evidenced by the execution and delivery thereof by a Designated Officer. 3 Resolution No. P- 226� �a SGa�o