Res16 15494 - Laserfiche WebLink

Browse Search

05/23/2016 Counsel and the City Attorney, the approval of any such changes to be conclusively evidenced by the execution and delivery by an Authorized Officer of the Fiscal Agent Agreement. The proceeds of the Bonds shall be applied by the City for the purposes and in the amounts as set forth in the Fiscal Agent Agreement. The City Council hereby authorizes the delivery and performance by the City of the Fiscal Agent Agreement. For purposes of Section 53363.2 of the Act, (i) it is expected that the purchase of the Bonds will occur on or after June 8, 2016, (ii) the date, denomination, maturity dates, places of payment and form of the Bonds shall .be as set forth in the Fiscal Agent Agreement, (iii) the minimum rate of interest to be paid on the Bonds shall be one-half percent (0.5%) with the actual rate or rates to be set forth in the Fiscal Agent Agreement as executed, (iv)the place of payment for the Prior Bonds shall be as set forth in the fiscal agent agreement for the Prior Bonds; and (v) the designated costs of issuing the Bonds shall be as described in Section 53363.8 of the Act, and as otherwise described in the Fiscal Agent Agreement, in the Final Official Statement (defined in Section 4 below) and the closing certificates for the Bonds, including fees and expenses of the municipal advisor and special tax consultant, Bond Counsel and Disclosure Counsel fees and expenses, Underwriter's discount, printing costs for the Official Statement, initial fiscal agent fees, City Attorney fees, and costs of City Staff incurred in connection with the sale and issuance of the Bonds. The City Council hereby approves the refunding of the Prior Bonds with the proceeds of the Bonds, in accordance with the provisions of the fiscal agent agreement pursuant to which the Prior Bonds were issued and an escrow agreement (the "Escrow Agreement"), between the City and U.S. Bank National Association, as escrow bank. The City Council hereby approves the Escrow Agreement in the form on file with the City Clerk. The City Council hereby authorizes the Authorized Officers, each acting alone, to execute and deliver the Escrow Agreement in such form, together with any changes therein or additions thereto deemed necessary or advisable by the Director of Finance upon consultation with Bond Counsel and the City Attorney, the approval of any such changes to be conclusively evidenced by the execution and delivery by an Authorized Officer of the Escrow Agreement. This City Council hereby authorizes the delivery and performance by the City of the Escrow Agreement. Section 2. The Bonds, when executed, shall be delivered to the Fiscal Agent (as defined in the Fiscal Agent Agreement) 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 Underwriter or its order in accordance with written instructions executed on behalf of the City by an Authorized Officer, which instructions each such Authorized Officer is hereby authorized and directed to execute and deliver to the Fiscal Agent. Such instructions shall provide for the delivery of the Bonds to the Underwriter or its order in accordance with the Bond Purchase Agreement, upon payment of the purchase price therefor. ATTY/RES0.0046/CC RESO APPROVING SALE OF BONDS RESO.#15494 REV:05-24-16 JS MUFF#505 Page 3 of 8