RES-7922 Authorizing Issuance of Special Tax Bonds for Community Facilities District No. 91-2 Serrano HeigtsRESOLUTION NO.7922
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AUTHORIZING THE ISSUANCE
OF SPECIAL TAX BONDS OF THE CITY OF
ORANGE FOR CITY OF ORANGE COMMUNITY
FACILITIES DISTRICT NO. 91-2 (
SERRANO HEIGHTS PUBLIC IMPROVEMENTS),
APPROVING AND DIRECTING THE EXECUTION OF A
FISCAL AGENT AGREEMENT, AND APPROVING
OTHER RELATED DOCUMENTS AND
ACTIONS
Community
Serrano Facilities District No.
91-2 Heights
Public Improvements)WHEREAS, this City Council has conducted
proceedings under and pursuant to the Mello-Roos Community Facilities
Act of 1982,as amended (the "Act"), to form the City
of Orange Community Facilities District No. 91-2 (
Serrano Heights Public Improvements)the "District"), to authorize the levy of
special taxes upon the land within the District, and to issue
bonds secured by said special taxes the proceeds of which are to
be used to finance certain facilities (the "Facilities"), all
as described in the Resolutions entitled, "A Resolution of the
City council of the City of Orange of Formation of City
of Orange Community Facilities District No. 91-
2 (Serrano Heights Public Improvements),Authorizing the Levy of a
Special Tax within the District,Preliminarily Establishing
an Appropriations Limit for the District and Submitting Levy of
the Special Tax and the Establishment of the
Appropriations Limit to the Qualified Electors of the District" and "A Resolution
of the City Council of the City of Orange Determining
the Necessity to Incur Bonded Indebtedness within the
City of Orange Community Facilities District No. 91- 2 (
Serrano Heights Public Improvements) and Submitting proposition to the
Qualified Electors of the District",
adopted by this date; and WHEREAS, pursuant to said
resolutions, an election was held within the District on this
date and the qualified electors approved the propositions of the incurrence
of the bonded debt and the levy of the special tax by more
than two-thirds of the votes
cast at said special election; and WHEREAS, there have
been submitted to this City Council certain documents providing for the
issuance of bonds of the City for the District and the use of
the proceeds of those bonds to finance the Facilities and this City
Council, with the aid of its staff, has reviewed said documents and
found them
to be in proper order; and WHEREAS, all conditions,
things and acts required to exist,to have happened and to have
been performed precedent to and in the issuance of said bonds and the
contemplated by this Resolution and the documents referred to
herein exist, have happened and have been performed in due time,
form and manner as required by the laws of the State of
California, including the Act.
NOW, THEREFORE, BE IT RESOLVED by the City council of the
City of Orange as follows:
Section I. Pursuant to the Act, this Resolution and the
Fiscal Agent Agreement (hereafter defined), special tax bonds of
the City for the District designated as "City of Orange Community
Facilities District No. 91-2 (Serrano Heights Public
Improvements)Special Tax Bonds, Series 1992A" (the "Bonds") in an
aggregate principal amount not to exceed $40,000,000 are hereby
authorized to be issued. The Bonds shall be executed in the form set
forth in and otherwise as provided in the Fiscal Agent
Agreement.Section II. The proposed Fiscal Agent Agreement (the "
Fiscal Agent Agreement") with respect to the Bonds, in the form
presented to this City Council at this meeting, is hereby approved.
The Mayor is hereby authorized and directed to execute and deliver
the Fiscal Agent Agreement and the City Clerk is hereby authorized
and directed to attest the Mayor's signature thereto, in
substantially said form, with such additions thereto or changes therein as
are approved by the City Manager upon consultation with Bond
Counsel including such additions or changes as are necessary or
advisable in accordance with Section VII hereof, the approval of
such additions or changes to be conclusively evidenced by the
execution and delivery of the Fiscal Agent Agreement by the City. The
date,manner of payment, interest rate or rates, interest payment
dates,denominations, form, registration privileges, manner
of execution, place of payment, terms of redemption and other
terms of the Bonds shall be as provided in the Fiscal Agent Agreement
as finally
executed.Section III. The proposed form of purchase contract for
the Bonds (the "purchase contract") between the City and
Stone &Youngberg (the "Underwriter"), in the form presented to this
City Council at this meeting, is hereby approved. The Mayor is
hereby authorized and directed, for and in the name and on behalf of
the City, to accept the offer of the Underwriter to purchase the
Bonds contained in the purchase contract and to execute and deliver
said purchase contract and the City Clerk is hereby authorized
and directed to attest the Mayor's signature thereto, in said
form,with such additions thereto or changes therein as are
recommended or approved by the City Manager upon consultation with
Bond Counsel (provided that no additions or changes shall authorize
an aggregate principal amount of Bonds in excess of $40,000,000,
or result in an initial true interest cost on the Bonds in excess
of 10% per annum, or in an underwriter's discount in excess of 3%
of the principal amount of the Bonds), the approval of such
additions or changes to be conclusively evidenced by the execution
and delivery by the City of said purchase
contract.
2-Resolution No.
This City Council hereby finds and determines that the sale
of the Bonds at negotiated sale as contemplated by the purchase
contract will result in a lower overall cost.
Section IV. The City hereby covenants, for the benefit of
the Bondowners, to commence and diligently pursue to completion
any foreclosure action regarding delinquent installments of any
amount levied as a special tax for the payment of interest or
principal of the Bonds, said foreclosure action to be commenced
and pursued as more completely set forth in the Fiscal Agent
Agreement.
Section V. The proposed form of official statement relating
to the Bonds (the "Official Statement"), in the form presented to
this meeting, is hereby approved. The Mayor is hereby authorized
and directed, for and in the name and on behalf of the City, to
execute the Official Statement in said form, with such additions
thereto or changes therein as are recommended or approved by the
City Manager upon consultation with Bond Counsel to the City, the
approval of such additions or changes to be conclusively evidenced
by the execution and delivery by the City of said Official
Sta tement. The Underwriter is hereby authorized to distribute
copies of said Official Statement to persons who may be interested
in the purchase of the Bonds and is directed to deliver such
copies to all actual purchasers of the Bonds. Distribution by the
Underwriter of a preliminary official statement, substantially in
the form of the Official Statement presented to this meeting, is
hereby approved and authorized.
The City Manager is hereby authorized to execute a
certificate or certificates to the effect that the Official
Statement and such preliminary official statement were deemed
final" as of their respective dates for purposes of Rule 15c2-
12 of the Securities Exchange Act of 1934, and is authorized to
so deem such statements
final.Section VI. The Bonds, when executed, shall be delivered
to the Fiscal Agent for authentication. The Fiscal Agent is
hereby requested and directed to authenticate the Bonds by executing
the Fiscal Agent's certificate of authentication and
registration appearing thereon, and to deliver the Bonds, when duly
executed and authenticated, to the Underwriter in accordance with
written instructions executed on behalf of the City by the City
Manager,which instructions such officer is hereby authorized and
directed,for and in the name and on behalf of the City, to execute
and deliver to the Fiscal Agent. Such instructions shall provide
for the delivery of the Bonds to the Underwriter in accordance
with the purchase contract, upon payment of the purchase
price
therefor.Section VII.
All and agents of the
City District and the
sale approved, confirmed
and actions heretofore taken by the
officers with respect to the establishment of
the and issuance of the Bonds are
hereby ratified, and the proper officers of
the
3-Resolution No.
City are hereby authorized and directed to do any and all things
and take any and all actions and execute any and all certificates,
agreements and other documents, which they, or any of them, may
deem necessary or advisable in order to consummate the lawful
issuance and delivery of the Bonds in accordance with this
resolution, and any certificate, agreement, and other document
described in the documents herein approved.
Section VIII.
after its adoption.
This resolution shall take effect from and
ADOPTED this 17th day of December, 1991.
ATTEST:
Q~
City Cl k oft'he#ity of Orange
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City Council of the City of Orange at a
regular meeting thereof held on the .J..:li)l day of De""mher , 1991, by
the following vote:
AYES:
NOES:
ABSENT:
COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
Q{#-#W!4city
Clerk f t#c:0(yof Orange 4-
Resolution
No. 7922