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HomeMy WebLinkAbout2024-05-13 24-147 OrderCITY COUNCIL ACTION Council Meeting Date: Item No: Responsible Dept: Requested Action: Summary Committee Action Meeting Date: For: Against: City Manager City Solicitor Finance Director Map/Lot: Introduced for: Order Committee: Action: Staff Comments & Approvals Date: Item No: Assigned to Councilor: 24-147 05/13/2024 BE IT FURTHER ORDERED: THAT the estimated weighted period of utility for the property constituting the Projects to be financed with the proceeds of SRRF Loan and the bonds is hereby determined to be the period of time indicated above for each of said Project. THAT the Finance Director be and hereby is authorized and empowered, in the name of and on behalf of the City, to issue the bonds at one time or from time to time, through the Bond Bank's SRRF program. THAT the Finance Director, with the approval of the Finance Committee, be and hereby is authorized and empowered, in the name of and on behalf of the City, to establish, determine and approve the form, date(s), maturities (not to exceed the maximum term permitted by law), denominations, interest rate or rates, place of payment, provisions for early redemption, with or without a premium, prior to the stated maturity date(s), and all other details of said bonds, including the timing and provision for their sale and award THAT the loan agreements entered into with respect to the SRRF Loans and the bonds issued therefore shall be signed by the Finance Director, countersigned by the Chair of the City Council, sealed with the seal of the City, attested by its Clerk, and that said loan agreements and bonds shall be in such form and contain such terms and provisions not inconsistent herewith as they may approve, their approval to be conclusively evidenced by their execution thereof. THAT any issue of bonds may be consolidated with and issued at the same time as any other issue of bonds authorized prior to their issuance, and the bonds may be divided into multiple series and issued in separate plans of financing, with the approval of the Finance Committee THAT in each of the years during which any of the bonds are outstanding, there shall be levied a tax in an amount that, with other revenues, if any, available for that purpose, shall be sufficient to pay the interest on said bonds, payable in such years, and the principal of such bonds maturing in such years. THAT the bonds shall be transferable only on the registration books of the City kept by the transfer agent, and said principal amount of the bonds of the same maturity (but not of other maturity), upon surrender thereof at the principal office of the transfer agent, with a written instrument of transfer satisfactory to the transfer agent duly executed by the registered owner or his or her attorney duly authorized in writing. THAT the Finance Director and Chair of the City Council from time to time shall execute such bonds as may be required to provide for exchanges or transfers of bonds as heretofore authorized, all such bonds to bear the original signature of the Finance Director and Chair of the City Council, and in case any officer of the City whose signature appears on any bond or note shall cease to be such officer before the delivery of said bond or note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery thereof. THAT upon each exchange or transfer of bonds, the City and transfer agent shall make a charge sufficient to cover any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange, and subsequent to the first exchange or transfer, the cost of which shall be borne by the City, the cost of preparing new bonds upon exchanges or transfers thereof shall be paid by the person requesting the same. THAT the term "cost" or "costs" as used herein and applied to the Projects, or any portion thereof, includes, but is not limited to: (1) the cost to design, construct, renovate, refurbish, improve, acquire, replace, furnish and equip the Project; (2) the cost of land, easements and other real property interests, landscaping and 24-147 05/13/2024 site preparation, utility extensions, all appurtenances and other fixtures, facilities, buildings and structures either on, above, or under the ground which are used or usable in connection with the Projects; (3) the cost of feasibility studies, surveys, environmental studies and assessments, engineering, plans and specifications, legal and other professional services associated with the Projects; (4) issuance costs, including premiums for insurance, capitalized interest and other financing charges, fees and expenses relating to the financing transaction. THAT the Finance Director, Chair of the City Council, Clerk, and other proper officials of the City be, and hereby are, authorized and empowered in the name of and on behalf of the City, to do or cause to be done all such acts and things, and to execute, deliver, file, approve, and record all financing documents, contracts, agreements, certificates and other documents as may be necessary or advisable, with the advice of counsel for the City, to carry out the provisions of the resolutions heretofore adopted at this meeting in connection with the Projects, the issuance, execution, sale, and delivery by the City of the bonds and the execution and delivery of the documents, including the entering into of a loan agreement with the Bond Bank under the usual and customary terms as is required by the Bond Bank under its SRRF program, as may be necessary or desirable. THAT if any of the officers or officials of the City who have signed or sealed the bonds hereinbefore authorized shall cease to be such officers or officials before the bonds so signed and sealed shall have been actually authenticated or delivered by the City, such bonds nevertheless may be authenticated, issued, and delivered with the same force and effect as though the person or persons who signed or sealed such bonds had not ceased to be such officer or official; and also any such bonds may be signed and sealed in the name of and on behalf of the City by those persons who, at the actual date of the execution of such bonds, shall be the proper officers and officials of the City, although at the nominal date of such bonds any such person shall not have been such officer or official. THAT if the Finance Director, Chair of the City Council, or Clerk are for any reason unavailable to approve and execute the bonds or any related financing documents, the person or persons then acting in any such capacity, whether as an assistant, a deputy, or otherwise, is authorized to act for such official with the same force and effect as if such official had themselves performed such act. THAT during the term any of the bonds are outstanding, the Finance Director is hereby authorized, in the name of and on behalf of the City, to issue and deliver refunding bonds on either a current or advance refunding basis, to refund some or all of the bonds then outstanding, and to determine the date, form, interest rate, maturities (not to exceed 30 years from the date of issuance of the original bonds) and all other details of such refunding bonds including the form and manner of their sale and award. The Finance Director is hereby further authorized to provide that any of such refunding bonds hereinbefore authorized be made callable, with or without premium, prior to their stated date(s) of maturity, and each refunding bond issued hereunder shall be signed by the Finance Director, countersigned by the Chair of the City Council, sealed with the seal of the City, attested by its Clerk. THAT the City may pay certain costs of the Projects prior to the issuance of the bonds (referred to as "original expenditures"); to that end, the City hereby declares its official intent to reimburse itself for such original expenditures from the proceeds of such bonds, and this Order shall constitute the District's declaration of official intent pursuant to Treasury Regulation §1.150-2. 24-147 05/13/2024 BEIT FURTHER ORDERED: THAT the estimated weighted period of utility for the property constituting the Projects to be financed with the proceeds of SRRF Loan and the bonds is hereby determined to be the period of time indicated above for each of said Project. THAT the Finance Director be and hereby is authorized and empowered, in the name of and on behalf of the City, to issue the bonds at one time or from time to time, through the Bond Bank's SRRF program. THAT the Finance Director, with the approval of the Finance Committee, be and hereby is authorized and empowered, in the name of and on behalf of the City,to establish, determine and approve the form, date(s), maturities (not to exceed the maximum term permitted by law), denominations, interest rate or rates, place of payment, provisions for early redemption, with or without a premium, prior to the stated maturity date(s), and all other details of said bonds, including the timing and provision for their sale and award THAT the loan agreements entered into with respect to the SRRF Loans and the bonds issued therefore shall be signed by the Finance Director, countersigned by the Chair of the City Council, sealed with the seal of the City, attested by its Clerk, and that said loan agreements and bonds shall be in such form and contain such terms and provisions not inconsistent herewith as they may approve, their approval to be conclusively evidenced by their execution thereof. THAT any issue of bonds may be consolidated with and issued at the same time as any other issue of bonds authorized prior to their issuance, and the bonds may be divided into multiple series and issued in separate plans of financing, with the approval of the Finance Committee THAT in each of the years during which any of the bonds are outstanding, there shall be levied a tax in an amount that, with other revenues, if any, available for that purpose, shall be sufficient to pay the interest on said bonds, payable in such years, and the principal of such bonds maturing in such years. THAT the bonds shall be transferable only on the registration books of the City kept by the transfer agent, and said principal amount of the bonds of the same maturity (but not of other maturity), upon surrender thereof at the principal office of the transfer agent, with a written instrument of transfer satisfactory to the transfer agent duly executed by the registered owner or his or her attorney duly authorized in writing. THAT the Finance Director and Chair of the City Council from time to time shall execute such bonds as may be required to provide for exchanges or transfers of bonds as heretofore authorized, all such bonds to bear the original signature of the Finance Director and Chair of the City Council, and in case any officer of the City whose signature appears on any bond or note shall cease to be such officer before the delivery of said bond or note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery thereof. THAT upon each exchange or transfer of bonds,the City and transfer agent shall make a charge sufficient to cover any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange, and subsequent to the first exchange or transfer, the cost of which shall be borne by the City, the cost of preparing new bonds upon exchanges or transfers thereof shall be paid by the person requesting the same. THAT the term ��cost" or ��costs" as used herein and applied to the Projects, or any portion thereof, includes, but is not limited to: (1) the cost to design, construct, renovate, refurbish, improve, acquire, replace, furnish and equip the Project; (2) the cost of land, easements and other real property interests, landscaping and 24-147 05/13/2024 site preparation, utility extensions, all appurtenances and other fixtures, facilities, buildings and structures either on,above,or under the ground which are used or usable in connection with the Projects; (3) the cost of feasibility studies, surveys, environmental studies and assessments, engineering, plans and specifications, legal and other professional services associated with the Projects; (4) issuance costs, including premiums for insurance, capitalized interest and other financing charges, fees and expenses relating to the financing transaction. THAT the Finance Director, Chair of the City Council, Clerk, and other proper officials of the City be, and hereby are, authorized and empowered in the name of and on behalf of the City, to do or cause to be done all such acts and things, and to execute, deliver, file, approve, and record all financing documents, contracts, agreements, certificates and other documents as may be necessary or advisable, with the advice of counsel for the City, to carry out the provisions of the resolutions heretofore adopted at this meeting in connection with the Projects, the issuance, execution, sale, and delivery by the City of the bonds and the execution and delivery of the documents, including the entering into of a loan agreement with the Bond Bank under the usual and customary terms as is required by the Bond Bank under its SRRF program, as may be necessary or desirable. THAT if any of the officers or officials of the City who have signed or sealed the bonds hereinbefore authorized shall cease to be such officers or officials before the bonds so signed and sealed shall have been actually authenticated or delivered by the City, such bonds nevertheless may be authenticated, issued, and delivered with the same force and effect as though the person or persons who signed or sealed such bonds had not ceased to be such officer or official; and also any such bonds may be signed and sealed in the name of and on behalf of the City by those persons who, at the actual date of the execution of such bonds, shall be the proper officers and officials of the City, although at the nominal date of such bonds any such person shall not have been such officer or official. THAT if the Finance Director, Chair of the City Council, or Clerk are for any reason unavailable to approve and execute the bonds or any related financing documents, the person or persons then acting in any such capacity, whether as an assistant, a deputy, or otherwise, is authorized to act for such official with the same force and effect as if such official had themselves performed such act. THAT during the term any of the bonds are outstanding, the Finance Director is hereby authorized, in the name of and on behalf of the City, to issue and deliver refunding bonds on either a current or advance refunding basis, to refund some or all of the bonds then outstanding, and to determine the date, form, interest rate, maturities (not to exceed 30 years from the date of issuance of the original bonds) and all other details of such refunding bonds including the form and manner of their sale and award. The Finance Director is hereby further authorized to provide that any of such refunding bonds hereinbefore authorized be made callable, with or without premium, prior to their stated date(s) of maturity, and each refunding bond issued hereunder shall be signed by the Finance Director, countersigned by the Chair of the City Council, sealed with the seal of the City, attested by its Clerk. THAT the City may pay certain costs of the Projects prior to the issuance of the bonds (referred to as ��original expenditures"); to that end,the City hereby declares its official intent to reimburse itself for such original expenditures from the proceeds of such bonds, and this Order shall constitute the District's declaration of official intent pursuant to Treasury Regulation §1.150-2. IN CITY COUNCIL MAY 13, 2024 COrd 24-147 First Reading and Referral to Finance Committee on May 20, 2024 �����:,w�,��° '" .�� ��°,„�,��"���,°��*°.������ �� CITY CLERK IN CITY COUNCIL May 29, 2024 COrd 24-147 Motion made and seconded to open Public Hearing Public Hearing Opened Motion made and seconded to close Public Hearing Public Hearing Closed Motion made and seconded for Passage Passed ���.�` � M,�� �������w������ � �s� CITY CLERK