HomeMy WebLinkAboutPCDC Resolution 91-06A 12/16/1991
RESO. 91-06 ~
RESOLUTION AUTHORIZING AND DIRECTING THE SALE OF
NOT TO EXCEED $5,000;000 PRINCIPAL AMOUNT OF
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
COMMUNITY DEVELOPMENT PROJECT TAX ALLOCATION BONDS,
SERIES 1992A; AUTHORIZING THE PUBLICATION OF
NOTICE OF INTENTION TO SELL RELATING
THERETO; APPROVING THE PREPARATION AND DISTRIBUTION OF AN
OFFICIAL NOTICE OF SALE AND AN OFFICIAL STATEMENT;
AUTHORIZING THE SALE OF SUCH BONDS ON CERTAIN
TERMS AND CONDITIONS; AND AUTHORIZING CERTAIN
OTHER OFFICIAL ACTION IN CONNECTION THEREWITH
WHEREAS, the Petaluma Community Development Commission
(herein called the "Commission"), by resolution duly provided for the issuance of
not to exceed $5,000,000 principal amount of Petaluma Community Development
commission Community Development Project Tax Allocation Bonds, Series
1992A (herein called the "Series 1992A Bonds"), and it is desirable that the Series
1992A Bonds be offered for public sale;
NOW, THEREFORE, BE IT RESOLVED by the Petaluma
Community Development Commission, as fol-lows:
Section 1. The office of the Commission Treasurer, City Hall, Post
and English Streets, Petaluma, California 94952 is hereby fixed as the place, and
the Executive Director of the Commission, in consultation with CPF
Incorporated, the Commission's financial consultant (the "Financial Consultant"),
shall fix a time, not later than three months from the date of adoption of this
resolution (the "Sale Date"), at which bids will be received for the purchase of the
Series 1992A Bonds, subject to the terms and conditions of the notice of sale
hereinafter set forth.
Section 2. The principal amount of Series 1992A Bonds to be sold
shall be established by the Executive Director of the Commission, in consultation
with the Financial Consultant, but shall not exceed $5,000,000.
Section 3. The publication of the Notice of Intention to Sell, in
substantially the form attached hereto as Exhibit A (the "Notice of Intention") in
The Bond Buyer on September 11, 1991 is hereby ratified, confirmed and
approved. The Secretary of the Commission is hereby authorized and directed to
cause the Notice of Intention to be published once, not later than five days before
the Sale Date, in the Argus-Courier, a newspaper published and circulated in the
City of Petaluma, and at such time and in such other publication as may be e
recommended by the Financial Consultant.
Reso. 91-06
Section 4. The Secretary of the commission is hereby authorized and
directed to cause a notice of the intention to sell the Series 1992A Bonds to be
published once, at least fifteen days prior to the Sale Date, in The Bond Buyer, a
financial publication reasonably expected to be disseminated among prospective
bidders for the Series 1992A Bonds. Such notice shall include the date, time and
place of the sale and the amount of bonds to be sold.
Section 5. The Commission authorizes an official statement and an
official notice of sale of the Commission relating to the Series 1992A Bonds to be
prepared by the Financial Consultant. Said official statement and official notice
of sale shall be substantially in the forms presented to this meeting, with such
changes, additions and completions therein as the Executive Director may
approve with the advice of counsel. When the formes of said official statement and
official notice of sale have been approved by the Executive Director, the
Executive Director may authorize the distribution thereof, including the mailing
by the Financial Consultant to prospective bidders for the Series 1992A Bonds of
copies of said official statement and official notice of sale, of the Resolution and
the Indenture, including a bid form, the cost of printing and mailing said
documents to be borne by the Commission.
Section 6. The Executive Director is authorized to award the Series
1992A Bonds in the name and on behalf of the Commission under the terms and
conditions stated in the official notice of sale to the bidder with the best bid
therefor determined in accordance with said official notice of sale.
Section 7. The Financial Consultant is hereby authorized and
directed to open the bids at the time and place specified in said official notice of
sale and to present the same to the Commission. The Financial Consultant is
hereby authorized and directed to receive and record the receipt of all bids made
pursuant to said official notice of sale, to cause said bids to be examined for
compliance with said official notice of sale, to cause computations to be made as
to which bidder has bid the lowest net interest cost to the Commission and to
present such bids to the Commission, as provided in said official notice of sale,
along with a report as to the foregoing and any other matters deemed pertinent to
the award of the Series 1992A Bonds and proceedings for the issuance thereof.
The Chairman, the Executive Director, the Secretary and the Commission
General Counsel are each hereby authorized and directed in the name and on
behalf of the Commission to take any and all steps and to issue and deliver any
and all certificates, requisitions, agreements, notices, consents, and other
documents, which they are any of them might deem necessary or appropriate in
order to consummate the lawful issuance, sale and delivery of said Series 1992A
Bonds.
Reso. 91-06
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Section 8. This resolution shall take effect from and after its passage
and approval.
ADOPTED this 16th
Commissioner
Nelson
Sobel
Davis
Cavanagh
Read
Vice Chair Woolsey
Chairman Hilligoss
day of December , 19 91 , by the following vote:
Ave No Absent
(x) O O
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(x) () ()
O O (x)
(X) O ( )
O O (x)
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airman M. Patricia Hilligoss
ATTEST: /~
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ecording Secretary, Patricia Bernard
Reso. 91-06