HomeMy WebLinkAbout94-051 - Master Installment Purchase Agreement Supplement Thereto and Escrow Agreement235
RESOLUTION NO. 94-.0--51
RESOLUTION OF THE CITY OF SANTA ANA APPROVING
A FORM OF MASTER INSTALLMENT PURCHASE
AGREEMENT. SUPPLEMENT THERETO AND ESCROW
A~REEMENT,% MAKING CERTAIN DETERMINATIONS
RELATING THERETO; AND AUTHORIZING CERTAIN
OTHER ACTION IN CONNECTION THEREWITH
WHEREAS, the City of Santa Ana (the "City") is a
municipal corporation duly organized and validly existing under
the Constitution and laws of the State of California and
authorized to transact business and exercise its powers, all
under and pursuant to the Constitution and laws of the State of
california; and
WHEREAS, the City and the City of Santa Ana Financing
Authority (the "Authority"), a joint powers authority, duly
organized and existing under the laws of the State, propose to
enter into various agreements to provide for the acquisition and
construction and the refinancing of certain municipal water
facilities (the "Project"), and so that the City may act, under
certain circumstances, as the agent of the Authority to carry out
the acquisition and construction of the Project; and
[WHEREAS, there has been presented at this meeting a
form of Master Installment Purchase Agreement and Supplement
thereto and Escrow Agreement pursuant to which the city will
acquire and refinance the Project, subject to the terms thereof;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED
BY THE CITY OF SANTA ANA AS FOLLOWS:
SECTION 1. Approval of Master Installment Purchase
Agreement. The form of Master Installment Purchase Agreement
dated as of August 1, 1994, by and between the City and the
Authority (the "Agreement") presented at this meeting is hereby
approved and the Mayor of the city, the'City Manager, or the
designe~ Of the Mayor or the City Manager, acting singly, and the
City Clerk are hereby authorized and directed, for and in the.
name of and on behalf of the City, to execute, acknowledge and
deliver the Agreement substantially the form presented at this
meeting with such changes therein as the officers~ executing the
same may approve, such approval to be conclusively evidenced by
the execution and ~elivery thereof.
SECTION 2. APProval of Supplement. The form of
Supplement to the Agreement dated as of August 1, 1994, by and
between the City and the Authority (the "Supplement"), presented
at this meeting is hereby approved and the Mayor of the City, the
city Manager, or the designee of the Mayor or the city Manager,
acting singly, and the city Clerk are hereby authorized and
directed, for and in the name of and on behalf of the City, to
RESOLUTION 94-051
Page 2
execute, acknowledge and deliver the Supplement in substantially
the form presented at this meeting with such changes therein as
the officers executing the same may approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
SECTION 3. AmDroval of Escrow A~reeme~t. The form of
Escrow Agreement dated as of August 1, 1994, by and between the
city, the Authority and the party named therein as Escrow Agent
(the "Escrow Agreement"), presented at this meeting is hereby
approved and the Mayor of the City~ the city Manager, or the
designee of the Mayor or the City Manager, acting singly, and the
city Clerk are hereby authorized and directed, for and in the
name of and on behalf of the City, to execute, acknowledge and
deliver the Escrow Agreement in substantially the form presented
at this meeting with such changes therein as the officers
executing the same may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
SECTION 4. Terms o~ the City's Obligation. The City
Manager or his designee is authorized to negotiate the
installment payment provisions of the Agreement and Supplement,
provided, however, that the aggregate principal components of the
installment payments to be paid by the City pursuant to the
Agreement and Supplement shall not exceed $24,000,000, and
provided, further that the interest components of the installment
payments to be paid by the City pursuant to the Agreement and
Supplement shall not reflect rates of interest in excess of 8.50%
per annum.
SECTION 5. Other Acts. The officers and staff of the
City are hereby authorized and directed, jointly and severally,
to do any and all things, to execute and deliver any and all
documents, which in consultation with the City Attorney or with
Orrick, ~errington & ~utcliffe, the City's bond counsel, they may
deem necdssary or advisable in order to consummate the execution
and delivery of the Agreement, the Supplement, the Escrow
Agreement or otherwise effectuate the purposes of this
Resolution, and any and all such actions previously taken by such
officers or staff members are hereby ratified and confirmed. The
officers and the staff of the City are specifically authorized to
assist in the preparation of the preliminary and final official
statements used in connection with the sale of the Bonds and to
execute the same or portions thereof if required by the
purchaser.
RESOLUtiON 94-0S 23?
Page 3
SECTION 6.
effect uD0n adopted.
P/kSSED, APPROVED and ADOPTED this July 18
Daniel H. Young
Effective Dat~. This Resolution shall take
, 1994.
Guy
ATTESTED:
C~r~ of the Counci/1
City Of Santa Ana- JS~n~fce C.
Aha
APPROVED AS TO FORM:
City Attorney
COUNCILMEMBERS:
Young Aye
Lutz __Aye
McGuigan Aye
Mills Aye
Moreno Aye
Pulido Aye
Richardson Aye
238
CERTIFICATION:
The undersigned city Clerk of the City of Santa Ana does hereby
certify that the foregoing Resolution No. 94-051was duly adopted
by the Cit~ o~ SarYta Ana at a m~e~g thereof held on the 7/18 ,
AYES· CO~NCIL~IE~BERS LOtz,~uigan, Mills, Moreno, Pulido,
Richardson, Young
NOES: None
ABSENT: None
ABSTAIN: None
e city' of ~