HomeMy WebLinkAboutResolution 00-045 N.C.S. 03/06/2000
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~eSOlU$lOn NO. 00-4,5 N.C.s.
of the City of Petaluma, California
AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED $10,000,000
PRINCIPAL AMOUNT OF WASTEWATER REVENUE BONDS, SERIES 2000,
APPROVING OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS
RELATED THERETO
SECTION 1. Authori The City is a chartered city and municipal corporation
organized and existing under the constitution and laws of the State of California and is duly
empowered as a chartered city to exercise the powers reserved to it under said constitution with
respect to municipal. affairs.
SECTION 2. Utility Systems. As an exercise of such powers the City has heretofore
adopted the provisions of Chapter 4.08 (commencing with Section 4.08.010) of the Petaluma
Municipal Code (the "Law") which authorize the City, when the public interest and necessity
require, by resolution, to issue its revenue bonds for the purpose of financing or refinancing the
acquisition, construction, extension or improvement of any sewer or water enterprise system or
facility of the City.
SECTION 3. Bonds Proposed.. The City, .after due investigation and deliberation, has
determined that it is in the public interest of the City at this time 'to authorize the issuance of its
revenue bonds under the Law for the purpose of financing certain improvements to the
Wastewater System of the City.
SECTION 4. Preliminary Official Statement. Kelling, Northcross & Nobriga, as
financial advisor to the City (the "Financial Advisor") has prepared and submitted to the. City a
preliminary Official .Statement relating to the Bonds, a copy of which is on file with the City
Manager, for distribution to municipal bond broker-dealers and banking .institutions which may
be interested in purchasing the Bonds.
SECTION 5. Authorization of Sale. Tuesday, April 11, 2000, at the hour of 10:00 a.m.
(Pacific Standard Time), is hereby fixed as the time, and the office of the Financial Advisor at
1333 Broadway, Suite 1000, Oakland, California 94612 is hereby fixed as the place at which bids
will be received for the purchase of the Bonds as described in and subject to the terms and
conditions of the Official Notice of Sale, or at such other time as shall be determined by the City
Manager. The Finance Director is hereby authorized to award the sale of the Bonds to the bidder
whose responsible bid for the Bonds results in the lowest true interest cost to the City, to be
determined in accordance with the Official Notice of Sale. The principal amount of the Bonds
shall not exceed $10,000,000 at the time of award
SECTION 6. Indenture of Trust. The Bonds shall be issued pursuant to an Indenture of
Trust dated as of May 1, 2000 (the "Indenture"), by and between the City and a trustee to be
chosen by the Finance Director, as trustee (the "Trustee"). The Indenture, in substantially the
form on file with the City Manager, is hereby approved, and the City Manager and the Finance
Director (each, an "Authorized Official") is hereby authorized to execute the hndenture when
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finalized, following the sale of the Bonds, and the City Clerk is hereby authorized and directed to
attest said Authorized Official's signature.
SECTION 7. Official Statement. The preliminary Official Statement describing the
Bonds in substantially the form heretofore submitted to the Council, is hereby approved, subject
to whatever additions, deletions and corrections may be deemed advisable by the Authorized
Official upon consultation with the Financial Advisor, Bond Counsel and the City Attorney. The
Authorized Official is hereby separately authorized and directed, upon consultation with the
Financial Advisor, Bond Counsel and the City Attorney, to approve such changes to the
preliminary Official Statement as shall be necessary to cause such preliminary Official Statement
to be brought into the form of a final Official Statement, and the Authorized Official is hereby
authorized and directed to execute and deliver copies of the final Official Statement to the
purchaser of the Bonds, at the time of delivery of the Bonds.
The Council hereby approves, and hereby deems nearly final within the meaning of Rule
15c2-12 of the Securities Exchange Act of 1934 (the "Rule"), the preliminary Official Statement.
The Authorized Official is hereby authorized to execute an appropriate certificate stating the
Council's determination that the preliminary Official. Statement has been deemed nearly final
within the meaning of the Rule.
SECTION 8. Distribution of Official Statement. The Financial Advisor is hereby
authorized and directed to cause copies of the preliminary Official Statement to be printed and
mailed to prospective bidders for the Bonds.
SECTION 9. Preparation of Bonds. The Finance Director is directed to cause the
Bonds to be prepared in accordance with the provisions of the Indenture of Trust approved in
Section 6 and to cause their execution by the proper officers of the City and authentication by the
Trustee and to cause the Bonds to be delivered when so executed and authenticated to or on
behalf of the purchaser or purchasers thereof, upon the receipt of the purchase price therefor,
SECTION 10. Execution of Documents. The City Manager, City Clerk, Finance
Director, Director of Water Resources and Conservation, and City Attorney 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 certificates, requisitions, agreements, notices, consents, warrants and other
documents, which they or any of them might deem necessary or appropriate in order to
consummate the lawful issuance, sale and delivery of the Bonds to the original purchaser thereof.
SECTION 13. Effective Date. This resolution shall be effective upon the date of its
adoptlori. Under the wer and authorit conferred u
po y pon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (I~~~lt~) meeting fo
on the ......&th............ day of .............lYlal:~k1,.~~.QQ..................., ~1~......., by the 4~t
following vote:
City Attorney
AYES: Healy, Cader-Thompson, Hamilton, Maguire, Keller,• Vice Mayor Torliatt, Mayor Thompson
NpES: None
ABSENT: None ~ - ~ ~
ATTEST: i
City Clerk S:AWasYewa~~'~~ounci1~2000\march 6\bond financing\reso.doc
Cbuacil File........_
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