Res99 13627 - Laserfiche WebLink

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Section 1. The foregoing recitals are true and correct, and this City Council so finds and determines. Section 2. This City Council has reviewed all proceedings heretofore taken relative to the foregoing and has found, as a result of such review, and does hereby find and determine that all acts, conditions and things required by law to exist, to happen and to be performed precedent to and in the issuance of the Refunding Bonds under the 1984 Act as hereinafter authorized and provided do exist, have happened and have been performed in due time, form and manner as required by the 1984 Act and all other applicable laws, and the City is now authorized pursuant to each and every requirement of law to issue the Refunding Bonds in the manner and form as provided in this resolution. Section 3. The Refunding Bonds in the aggregate principal amount of not to exceed $9,545,000 shall be issued upon and shall represent and shall be secured by all reassessments in accordance with the provisions of the 1984 Act to provide the means for refunding the Prior Bonds, including payment of all costs of issuing the Refunding Bonds. The Refunding Bonds shall be issued as hereinafter set forth and shall be designated "City of Redwood City Limited Obligation Refunding Bonds, Series 1999 Consolidated Reassessm~nt District (Seaport)." The net proceeds of the Refunding Bonds shall be used for the current refunding of the Prior Bonds. Section 4. This City Council hereby covenants for the benefit of the holders of the Refunding Bonds, from time to time, to establish and to implement a program of continuing disclosure in compliance with the requirements of Rule 15c(2)-12 of the Securities and Exchange Commission. Without limiting the generality of the foregoing, the Director of Finance is hereby authorized and directed to execute an appropriate Continuing Disclosure Certificate or Agreement, in a form and containing such matters as are recommended by Disclosure Counsel to the City for this proposed refunding bond issue, which such certificate shall provide for preparation and filing of an annual report containing the matters specified in such agreement and for issuance and publication of notices of material events, if such material events shall occur, pertaining to the Refunding Bonds and related matters as prescribed by said Rule 15c(2)-12. This City Council hereby further covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate. The estimated cost and expense of such continuing disclosure services shall be included in the annual administrative cost assessment to be added to the annual installments billed on account of unpaid reassessments, as provided in the Reassessment Report. Section 5. The City Council hereby approves the form and substance of the Preliminary Official Statement on file with the City Clerk. The Council authorizes such modifications thereto, whether by corrections or additions thereto or by supplement or amendment thereof, as shall be approved by Disclosure Counsel and by the City Manager or Director of Finance, or any of their designees (each, an "Authorized Officer"), such approval to be conclusively established by execution thereof by the Authorized Officer executing such document. The Council hereby authorizes the execution of the Preliminary Official Statement and any Official Statement substantially derived therefrom by the Authorized Officers. The Underwriter is authorized to distribute said Preliminary Official Statement in connection with its public offering of the 13627