HomeMy WebLinkAboutCertificate Regarding Use of Proceeds-City of Buena Park 13128-01 JI-IHW:BDQ:JI-IE 7/19/96
$27,725,000
COUNTYWIDE PUBLIC FINANCING AUTHORITY
1996 REVENUE BONDS
CERTIFICATE REGARDING USE OF PROCEEDS—C II'Y OF BUENA PARK
The undersigned does hereby state and certify as follows:
(i) that the undersigned is the Director of Finance of the City of Buena Park, a
municipal corporation and general law city organized under the laws of the State of California
(the "City"), is authorized to execute this certificate on behalf of the City and is knowledgeable
with respect to the matters set forth herein;
(ii) that, pursuant to an Indenture of Trust, dated as of July 1, 1996 (the
"Indenture"), by and between U.S. Trust Company of California, N.A., as trustee (the
"Trustee"), and the Countywide Public Financing Authority (the "Authority"), the Authority is
issuing on the date hereof its Countywide Public Financing Authority 1996 Revenue Bonds in
the aggregate principal amount of$27,725,000 (the "Bonds");
(iii) that, of the proceeds of the Bonds received by the Trustee on the date hereof, the
Trustee will, pursuant to the Indenture, deposit $3,000,000.00 into the Buena Park Project
Account of the Project Fund, to be used to finance a certain project of the City (the "Project"),
which Project, and the economic life of which Project and the contracts and dates of completion
for which Project, are more particularly described in Part I of Exhibit A hereto attached and by
this reference herein incorporated;
(iv) that Part II of Exhibit A hereto attached describes (A) each use to be made by
any person of the Project, other than use by the City and other non-federal governmental units
and other than use by members of the public generally, and (B) payments (if any) directly or
indirectly in respect of such use which are to be made after the date hereof;
(v) that no portion of the proceeds of the Bonds deposited in the Buena Park Project
Account will be used, directly or indirectly, to make or finance a loan to any person (other than
a state or local government unit) or to acquire property which will be sold to any person (other
than a state or local governmental unit) on an installment sale basis except as referenced in Part
II of Exhibit A;
(vi) that, except as otherwise referenced in Exhibit A, the City expects to use the
Project for the governmental purposes referenced in Exhibit A or for other governmental
purposes of the City during the entire term of the Bonds allocable to the City;
(vii) that the above statements are made on the basis of the facts, estimates and
circumstances in existence on the date hereof and that the undersigned has exercised due
diligence to assure that all material facts, estimates and circumstances relating to the above
statements were made available to the undersigned and reviewed by the undersigned;
(viii) that to the best knowledge of the undersigned the above statements are
reasonable and there are no other facts, estimates or circumstances, other than those set forth
herein, that would materially affect the statements made herein;and
(ix) that the undersigned is aware that Jones Hall Hill & White, A Professional Law
Corporation, is rendering an opinion on the date hereof substantially to the effect that the
interest on the Bonds is excluded from gross income for federal income tax purposes and in
rendering such opinion is relying upon the statements made herein and in Exhibit A hereto
attached.
IN WITNESS WHEREOF,I have hereunto set my name this 31st day of July, 1996.
By .J%\sat `
Greg Beaubien
Director of Finance
-2-
EXHIBIT A—CITY OF BUENA PARK
I.DESCRIPTION OF PROJECT
Communications System
The Project consists of (i) the City's contribution of$707,601.00 to Orange County, representing
the City's portion of the costs of the portion of an 800 MHz communication system owned by the
County; and (ii) the following City-owned local system components of the 800 MHz communications
system(total amount of$1,050,684.00),which components have the following expected economic lives:
County Portion
Amount Payable Expected Economic Life
Component Total Value from Project Arrormt (in years)
Backbone $707,601.00 $660,000.00 20(per County)
City Portion
Amount Payable Expected Economic Life
component Total Value from Project Account (in years)
Law Enforcement
Mobile Radios $278,613.00 — 12-15
Motorcycle Radios 40,175.00 — 12-15
Portable Radios • 297,841.00 — 6
Control Stations 87,179.00 — 12-15
Desk Remotes 8,752.00 — 12-15
Portable Veh. Adptr 2,300.00 6
Consoles 114,577.00 — 10
Public Works
Mobile Radios 146,971.00 — 12-15
Portable Radios 36,651.00 — 6
Control Stations 7,952.00 — 12-15
Desk Remotes 19,935.00 — 12-15
Portable Veh. Adptr 9,738.00 — 6
The County has entered into a fixed price contract for the 800 MHz communications system,
including the City-owned components, on September 19, 1995. Completion of the County component
(backbone) of the 800 MHz communications system is expected by August 31, 1998. Completion of the
City-owned components of the 800 MHz communications system is expected by August 31, 1999, in the
case of the Law Enforcement portion and September 20,2000,in the case of the Public Works portion.
Other Improvements
In addition, the Project includes the following City capital improvements having the following
expected economic lives:
Amount Payable Expected Economic Life
capital Improvement from Project Account kin years)
Improvements to Civic Center $1,200,000.00 20
Acquisition of electric water meter system $1,140,000.00 15
The City will, within six (6) months of the date hereof, enter into one or more contracts for
construction of improvements to the City Civic Center and acquisition of an electric water meter system.
Completion of the improvements to the City Civic Center is expected by July 1, 1997. Completion of
acquisition of the electric water meter system is expected by January 1, 1998.
II.DESCRIPTION OF USE OF PROJECT
Use By Any Person Other Than Governmental Units or Members of Public Generally
Communications System
NONE
Other Improvements
NONE
Payments to be Made after Date Hereof in Respect of Above U.P
Communications System
NONE
Other Improvements
NONE