HomeMy WebLinkAboutAgenda Report - October 15, 1997 (99)CITY OF LODI AGENDA - Industrial Development Authority
Date: October 15, 1997
Carnegie Forum Time: 7:00 p.m.
305 West Pine Street, Lodi
For information regarding this Agenda please contact:
Jennifer M. Perrin
City Clerk
Telephone: (209) 333-6702
Industrial Development Authori#y (lam
A. Call to order - Chairperson Phillip A. Pennino
B. Roll call to be recorded by Secretary
Res. No. IDA -16 C. Approval of transfer documents for Industrial Development Authority (IDA) of the
City of Lodi Variable Rate Demand Limited Obligation Revenue Bonds (Dart
Container Corporation of California Project) Series 1984
D. Adjournment
Pursuant to Section 54956.2(a) of the Government Code of the State of California, this Agenda was
posted at least 72 hours in advance of the scheduled meeting at a public place freely accessible to the
public 24 hours a day.
Alice M. Reimc
Secretary
Industrial Development Authority
JACITYUMFORMS AGNIDADOC 1017!97
AGENDA TITLE: Approval Of Transfer Documents For Industrial Development Authority Of The City
Of Lodi Variable Rate Demand Limited Obligation Revenue Bonds (Dart Container
Corporation Of California Project) Series 1984
MEETING DATE: October 15, 1997
PREPARED BY: Secretary to the Lodi Industrial Development Authority
RECOMMENDED ACTION: That the Lodi Industrial Development Authority (IDA) of Lodi adopt
Resolution No. IDA -16 approving the Resignation, Successor
Appointment and Acceptance Agreement and authorize the IDA of
Lodi Chairperson and the Secretary to execute the documents on
behalf of the City of Lodi.
BACKGROUND INFORMATION: Attached are copies of the transfer documents for the Industrial
Development Authority (IDA) of the City of Lodi Variable Rate
Demand Limited Obligation Revenue Bonds (Dart Container
Corporation of California Project) Series 1984.
The closing for the acquisition occurred on January 31, 1997, and First Bank as Comerica Bank's agent is
currently providing indenture trustee, registrar, paying agent, escrow and other related services to the
City's account.
The documents attached to their letter have been prepared by counsel and are designed to complete the
legal transfer associated with our succession in the easiest possible way. It is requested that the IDA of
Lodi approve and authorize execution of the Resignation, Successor Appointment and Acceptance
Agreement.
These documents have been reviewed by the City Attorney, and it is his recommendation that this matter
be placed on the October 15, 1997 City Council agenda for IDA of Lodi approval.
FUNDING: None required. 'k. bp�
Alice M. Reirfidhe
City Clerk and
Secretary to the
Industrial Development Authority
of Lodi
i
APPROVED:
H. x n Flynn -- City anager ,
First Trust
National Association
MILA101
101 North Washington Square
9th Floor
Lansing, Michigan 48933
517 371-8050
Fax 517 372-0175
September 18, 1997
City Hall
Industrial Development Authority of the City of Lodi
Attn: Secretary
221 W Pine Street
Lodi CA 95240
RE: Industrial Development Authority of the City of Lodi Variable Rate Demand
Limited Obligation Revenue Bonds (Dart Container Corporation of California
Project) Series 1984
Dear Sir/Madam:
Enclosed please find the transfer documents for the above -referenced issue relating to First
Bank's acquisition of Comerica Bank's corporate trust business.
The closing for the acquisition occurred on January 31, 1997, and First Bank as Comerica
Bank's agent is currently providing indenture trustee, registrar, paying agent, escrow and
other related services to your account.
The enclosed documents prepared by counsel are designed to complete the legal transfer
associated with our succession in the easiest possible way. I am writing to request your
execution of the enclosed Resignation, Successor Appointment and Acceptance Agreement
and to offer any assistance or to provide you with any additional information you may
require.
Please execute all three copies of the Resignation, Successor Appointment and Acceptance
Agreement and return them to me. Upon receipt of all the signature pages from the parties to
the agreement, a fully executed set will be returned to you.
As the administrator for the account, I am fully prepared to assist you in the transition. Please
do not hesitate to contact me at 5171371-8055 if you have any questions.
Respe 11y
orrame . Gri 1
Vice President
encls
RESIGNATION, SUCCESSOR APPOINTMENT AND
ACCEPTANCE AGREEMENT
AGREEMENT dated , 1997 among Dart Container
Corporation of California, Comerica Bank ("Comerica") and First Trust National Association in
Lansing, Michigan, a national banking association ("First Trust").
1. Comerica hereby (a) resigns from the corporate trust relationships identified on the
attached schedule ("Corporate Trust Relationships") with respect to the securities identified on the
said schedule (the "Securities") and issued pursuant to the governing document identified thereon
(the "GoverniZ:a Document"), (b) delivers all its records and documents to First Trust (including
supplies of unissued Securities) in respect to the Corporate Trust Relationships and (c) agrees to
execute and deliver all further documents reasonably requested to evidence the foregoing acts.
2. Dart Container Corporation of California hereby (a) accepts Comerica's resignation
from the Corporate Trust Relationships and waives notice to it thereof, (b) appoints First Trust as
successor to the Corporate Trust Relationships, (c) instructs Comerica to deliver to First Trust all
records and documents (including supplies of unissued Securities) held by Comerica in respect of
the Corporate Trust Relationships and (d) agrees to execute and deliver all further documents
reasonably requested to evidence the foregoing acts.
3. First Trust hereby (a) represents that it satisfies all legal and contractual requirements
under the Governing Document to succeed to the Corporate Trust Relationships, (b) accepts
appointment as successor to the Corporate Trust Relationships, (c) assumes all rights, duties,
obligations and immunities of Comerica as successor to the Corporate Trust Relationships, (d)
acknowledges receipt from Comerica of its records and documents (including supplies of unissued
Securities) in respect of the Corporate Trust Relationships, (e) agrees to substitute its own name at
its own cost on all Securities authenticated hereafter in connection therewith, (f) agrees to notify
Securities holders of its succession to the extent required at its own expense and (g) agrees to
execute and deliver all further documents reasonably requested to evidence the foregoing acts.
Attest:
4. First Trust, in its capacity as successor to the Corporate Trust Relationships, hereby
accepts the duties and obligations imposed on it under the Governing Document.
IN WITNESS WHEREOF, the parties hereto have duly authorized, executed and delivered
this Agreement effective on the date hereof.
DART CONTAINER CORPORATION OF CALIFORNIA
FIRST TRUST NATIONAL ASSOCIATION
By
ItsDTaa�
Approved by:
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF LODI
C
Phillip A. Penino
Its Chairperson
Alice M. Reimche
Secretary -2-
SCHEDULE
OF
CORPORATE TRUST RELATIONSHIPS
Issuer: Industrial Development Authority of the City of Lodi
Governing Document: Industrial Development Authority of the City of Lodi Variable Rate
Demand Limited Obligation Revenue Bonds (Dart Container Corporation of
California Project), Series 1984 Trust Indenture, dated December 1, 1984
Title of Securities Issues(s) Relationship Capacities
$8,000,000 Industrial Development Authority
Variable Rate Demand Limited Obligation Revenue
Bonds (Dart Container Corporation of California
Project), Series 1984, dated December 31, 1984 Trustee
The foregoing schedule of Securities Issues is modified to:
(1) delete therefrom such Security Issues that mature or are redeemed on or prior to the
date hereof, and
(2) add thereto such Securities Issues (and related Service Capacities) that were issued
under the governing document between the date the schedule was compiled and the
date hereof.
CITY COUNCIL
PHILLIP A. PENNINO, Mayor
JACK A. SIEGLOCK
Mayor Pro Tempore
KEITH LAND
STEPHEN J. MANN
DAVID P. WARNER
CITY OF LODI
First Trust National Association
Attention: Lorraine K. Grill
Vice President
101 N. Washington Square
9th Floor
Lansing, MI 48933
Dear Ms. Grill:
CITY HALL, 221 WEST PINE STREET
P.O. BOX 3006
LODI, CALIFORNIA 95241-1910
(209) 333-6702
FAX (209) 333-6807
October 22, 1997
H. DIXON FLYNN
City Manager
ALICE M. REIMCHE
City Clerk
RANDALL A. HAYS
City Attorney
At your request, please find enclosed three originals of the Resignation, Successor Appointment
and Acceptance Agreements as signed by the President, Phillip A. Pennino, and Secretary, Alice
M. Reimche, of the Lodi Industrial Development Authority (IDA).
Also cncloscd please find a certified copy of Resolution No. IDA -16 entitled, "A Resolution of the
Industrial Development Authority (IDA) Approving the Resignation, Successor Appointment and
Acceptance Agreement, and Further Authorizing the IDA Chairperson and Secretary to Execute
the Documents on Behalf of the City of Lodi" which was adopted at the City Council meeting of
October 15, 1997.
As indicated, please return a fully -executed copy of the agreement at your earliest convenience.
Thank you in advance.
Sincerely,
nl er . er n
puty Ci Clerk
JMP
Enclosure
RESOLUTION NO. IDA -16
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
(IDA) APPROVING THE RESIGNATION, SUCCESSOR APPOINTMENT
AND ACCEPTANCE AGREEMENT, AND FURTHER AUTHORIZING THE
IDA CHAIRPERSON AND SECRETARY TO EXECUTE THE
DOCUMENTS ON BEHALF OF THE CITY OF LODI
WHEREAS, transfer documents for Industrial Development Authority of the City of
Lodi Variable Rate Demand Limited Obligation Revenue Bonds (Dart Container
Corporation of California Project) Series 1984 have been received; and
WHEREAS, Comerica has resigned in the capacity as corporate trust, and the
duties will be assumed by First Trust National Association of Lansing, Michigan; and
BE IT RESOLVED, that the Board of Directors of the Industrial Development
Authority hereby approves the resignation, successor appointment and acceptance
agreement; and
BE IT FURTHER RESOLVED, that the IDA Chairperson and Secretary are hereby
authorized to execute the documents on behalf of the City of Lodi.
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Approved and adopted October 15, 1997 by the foiiowing vote:
AYES: Authorizing Members — Land, Mann, Sieglock, Warner and Pennino
(Chairperson)
NOES: Authorizing Members - None
ABSENT: Authorizing Members - None
ABSTAIN: Authorizing Members - None
PHIL.LIP ENNINO
Chairperson, Industrial Development
Authority, City of Lodi, California
Attest:'
ALICE M. REI CHE, Secretary
Industrial Development Authority,
City of Lodi, California
IDA -16