HomeMy WebLinkAboutRES-95-5768 (UUT/AGREEMENT FOR REFUND/GREENBELT)llq� 1
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RESOLUTION NO. 95- 5768
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HERMOSA BEACH AUTHORIZING THE EXECUTION AND DELIVERY
OF AN ESCROW AGREEMENT IN CONNECTION WITH THE
ADVANCE REFUNDING AND DEFEASANCE OF CERTIFICATES OF
PARTICIPATION
RECITALS:
A. The City of Hermosa Beach (the "City"), a municipal
corporation duly organized and existing under the laws of the
State of California, desires to prepay its obligations under
the Lease Agreement dated as of September 1, 1989, by and
between the City and the Independent Cities Lease Finance
(Authority (the "Authority"), which obligations are further
represented by a portion of the outstanding $13,235,000
principal amount of Certificates of Participation (the
"Certificates").
B. The City proposes to enter into an Escrow Agreement
(dated as of September 13, 1995 (the "Escrow Agreement") with
Seattle -First National Bank, a national banking association
organized and existing under the laws of the United States of
America, as Escrow Agent (the "Escrow Agent"), pursuant to
which the Escrow Agent will apply moneys to (i) pay on their
due dates all Lease payments coming due and payable on and
prior to September 1, 1997 and (ii) to prepay on September 1,
1997, the principal component of all Lease payments coming due
and payable on and after September 1, 1998, together with
premium and accrued interest to the date of prepayment (and
thereby advance refund the noncallable Certificates relating to
the City).
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF HERMOSA
BEACH HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS:
Section 1. The Escrow Agreement is approved substantially
in the form now on file with the City Clerk. The Mayor and the
City Manager, or either of them, is authorized and directed,
for and in the name of the City, to execute and deliver the
Escrow Agreement substantially in the form now on file with the
City Clerk with such changes as he may approve, in his
discretion, as being in the best interests of the City, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Section 2. The officers of the City are hereby authorized
to do any and all things and to execute any and all documents
which they deem necessary or advisable in order to effectuate
the purposes of this Resolution and the Escrow Agreement.
section 3. This Resolution shall become effective
immediately upon adoption.
PASSED,
ATTEST:
this/12th Aay of September, 1995.
SIDENT o -f" - ity Codncil and MAYOR of the
City of Hermosa Beach, California
APPROVED AS TO FORM:
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Attorney
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF HERMOSA BEACH
I, Naoma Valdes, Deputy City Clerk of the City Council of the
City of Hermosa Beach, California, do hereby certify that the foregoing
Resolution No. 95-5768 was duly and regularly passed, approved and adopted
by the City Council of the City of Hermosa Beach at a Regular Meeting of
said Council at the regular place thereof on September 12, 1995.
The vote was as follows:
AYES:
Benz, Edgerton, Oakes, Reviczky, Mayor Bowler
NOES:
None
ABSTAIN:
None
ABSENT:
None
DATED: September 14, 1995
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_ _ Deputy City Clerk