Res12 15233 - Laserfiche WebLink

Browse Search

WHEREAS, this City Council has determined that it is in the best interests of the City for the City to be a Prepayment Participant; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. The City hereby elects to be a Prepayment Participant and hereby authorizes BAWSCA to make the Prepayment on behalf of the City. Section 2. The City Manager of the City, acting individually, is hereby authorized and directed to take, for and on behalf of the City, all such actions by the City as shall be necessary to enable BAWSCA to issue and sell the Bonds and make the Prepayment, including, without limitation, the following: (A) Certify that the Prepayment has been duly authorized by the City and will not violate any law or agreement (including agreements respecting obligations providing for the issuance of debt secured by the revenues of the City's water enterprise); (B) Certify that payment of the Surcharge by the City will constitute an operation and maintenance expense of the City's water enterprise payable from the revenues of the City's water enterprise prior to the payment of obligations payable from the net revenues of the City's water enterprise; (C) Certify that any information respecting the City and the City's water enterprise and the financial and operating data respecting the City's water enterprise included or incorporated by reference in the Official Statement delivered by BAWSCA in connection with the sale and issuance of the Bonds is true and correct; and (D) Execute and deliver any continuing disclosure undertaking, or agreement to assist BAWSCA in connection with any BAWSCA continuing disclosure undertaking, required in connection with the sale of the Bonds. Section 3. All actions heretofore taken by any officers, employees, or agents of the City with respect to the Prepayment and the Bonds are hereby approved, confirmed and ratified; and City Manager and any such other officers, employees, or agents of the City as may be authorized by City Manager are hereby authorized and directed, for and in the name of and on behalf of the City, to do any and all things and take any and all actions, which they, or any of them, may deem necessary or desirable to carry out, give effect to and comply with the terms and intent of this Resolution. Section 4. This Resolution shall take effect immediately upon its adoption. ATTYDOCS-RESO/RES0.2812/AUTHORIZATION FOR THE BAWSCA TO REPAY CITY'S PORTION REV: 11-26-12 PT Page 2 of 3