HomeMy WebLinkAbout86-016EJC.' -i 085
02/07/86
RESOLUTION NO. 86-~6
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORI~INC AND
DIRECTING PURCHASE OF ANNUITIES FROM
SANTA ANA FINANCING CORPORATION, AUTHORIZING
AND DIRECTING EXECUTION OF INSTALLMENT SALE
AGREEMENT AND TRUST AGREEMENT, AND AUTHORIZING
INSTITUTION OF JUDICIAL VALIDATION PROCEEDINGS
WHEREAS, the City of Santa Ana (the "City") and the Public
Employees' Retirement System ("PERS") have heretofore entered
into a contract dated as of November 25, 1946, as amended,
(the "PERS Contract") pursuant to which PERS provides retire-
ment benefits for certain retired former employees of the City
in consideration of periodic payments required to be made by
the City to PERS; and
WHEREAS, the City has determined that it is in the interests
of the City to acquire certain annuities (the "Annuities") from
Santa Ana Financing CorpDration (the "Co~poration") with respect
to certain beneficiaries under the PERS Contract, for the purpose
of providing financial assistance to the City to meet its
obligations under the PERS Contract; and
WHEREAS, the City proposes to acquire the Annuities
pursuant to an Installment Sale Agreement dated as Of-April
1, 1986, (the "Installment Sale Agreement") by and between
the City and the Corporation; and
WHEREAS, the Corporation will cause funds to be provided
for the acquisition of the Annuities from the proceeds of
sale of Certificates of Participation in the aggregate
principle amount of not to exceed $50,000,000 pursuant to
a Trust Agreement dated as of April 1, 1986, (the "Trust
Agreement") by and among the City, the Corporation and a
trustee bank; and
WHEREAS, the City Council approves all of said
transactions in furtherance of the public purposes of
City.
the
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Santa Ana as follows:
- 086
RESOLUTION NO.
Page two
86- ]6
1. Purchase of Annuities; Installment of Sale Agreement.
The City Council hereby approves the purchase of the Annuities
from the Corporation pursuant to the Installment Sale-Agreement
in substantially the form on file with the Clerk of the Council
together with any changes therein or additions thereto deemed
advisable by the City Manager. The City Manager and the Clerk
of the Council are hereby authorized and directed for and in
the name and on behalf of the City to execute, attest and
affix the seal of the City to said form of Installment Sale
Agreement.
2. Trust Agreement. The City Council hereby approves
the Trust Agreement in substantially the form on file with
the Clerk of the Council together with any changes therein
or additions thereto deemed advisable by the City Manager.
The City Manager and the Clerk of the Council are hereby
authorized and directed for and in the name and on behalf
of the City to execute, attest and affix the seal of the
City to said form of Trust Agreement.
3. Official Actions. The Mayor, the City Manager, the
Director of Finance, the City Attorney, the Clerk of the Council
and any and all other officers of the City are each authorized
and directed in the name and on behalf of the City to make
any and all assignments, certificates, requisitions, agreements,
notices, consents, instruments of conveyance, warrants and
other documents, which they or any of them might deem necessary
or appropriate in order to consummate any of~the transactions
contemplated by the agreements and documents approved pursuant
to this Resolution.
4. Validation Action. The City Council hereby authorizes
and directs Jones, Hall, Hill & White, A Professional Law
Corporation, to file and prosecute to completion proceedings
to determine the validity of the City's obligations under the
Installment Sale Agreement and the Trust Agreement pursuant to
Chapter 9 (commencing with Section 860) of Title 10 of Part 2
of the Code of Civil Procedure.
RESOLUTION NO.
Page Three
86- 16
O87
5. Effective date. This Resolution shall take effect
from and after the date of its passage and adoption.
ADOPTED this l~h day of Februarv~/ 1986.
DanieI E. Griset
Mayor
ATTEST:
///~a~ice C. Guy ~'-- / -
''Clerk of the Coun~C~l ;
COUNCI LMEMBE RS:
Gr i s e t Aye
Acosta Aye
Hart Aye
Johnson Aye
Luxembourger Aye
McGu igan Aye
Young Aye
APPROVED AS TO FORM:
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