HomeMy WebLinkAboutResolutions - No. 85-102RESOLUTION NO. 85-102
A RESOLUTION AUTHORIZING THE EXECUTION OF A LETTER
OF AGREEMENT FOR BOND UNDERWRITING SERVICES
WHEREAS, the City of Lodi (the "City") is a
general law city duly organized and operating under and
pursuant to the laws of the State of California;
WHEREAS, the City has determined to undertake
proceedings in order to finance certain public improvements
consisting of the renovation and construction of the old
Lodi Union High School site, known as the Hutchins Street
Square Project (the "Project");
WHEREAS, the City has determined that it is
necessary and desirable to retain a bond underwriter in
connection with the authorization, issuance and
consummation of the financing proceedings that are
necessary to the execution and delivery of certificates of
participation in lease payments to be made by the City for
the renovation and construction of the Project;
WHEREAS, there has been prepared and submitted to
the City a form of a letter of Agreement for Bond
Underwriters Services between the City and Merrill Lynch
Capital Markets (the "Agreement");
NOW, THEREFORE, BE IT RESOLVED by the City
Council of the City as follows:
1. The form of the Agreement, as submitted to
this meeting and made a part of this resolution as though
set forth in full herein, be and the same is hereby
approved. The Mayor or City Manager is hereby authorized
and directed to execute and deliver the Agreement and the
City Clerk is hereby authorized and directed to attest to
such official's signature.
85-102
2. This resolution shall take effect from and
after the date of its passage and adoption.
Dated: August 7, 1985
I hereby certify that Resolution No. 85-102
was passed and adopted by the City Council
of the City of Lodi in a regular meeting held
August 7, 1985 by the following note:
Ayes: Council Members - Pinkerton, Snider,
Reid, Olson, and
Hinchman (Mayor)
Noes: Council Members - None
Absent: Council Members - None
�J� '-;� - *0xzj&
Alice M. Reimche
City Clerk
85-102
Merrill Lynch Capital Markets
Municipal Securities Division
John C. = tzgerald
Managing p-ecmr-Western Region
municipal mance
Mr.
Tom Peterson
City
Manager
City
of Lodi
221
West Pine
Lodi,
California 95240
Dear Tom:
LIC -DO Sc ---:r Hope Street
Su;te 2023
Lcs Arc_:es. California
90071-282.
July 22, 1985
Teiephore
213:683-4505
We are pleased that the City of Lodi desires to use Merrill
Lynch Capital Markets as its underwriter for financing the Hutchins
Street Square Project.
We will work closely with officials of the City, and bond counsel
to determine the legal and financial feasibility of the proposed
financing. Toward this end, the full professional resources of
Merrill Lynch will be available to assist the City in these matters. I
will personally be handling the City's financing. The City agrees
that if the legal and financial feasibility of the financing is
established to our mutual satisfaction, the City will sell the
certificates to a syndicate headed by Merrill Lynch. Terms and
provisions of such financing will be subject to market conditions and
the mutual agreement of the City and the syndicate at the time of
sale.
ATTEST
V .
Alice M. Re the
City Clerk
Sincerely,
MERRILL LYNCH CAPITAL MARKETS
7
B ,
John C. 2ge
.✓
CITY OF LODI
By I
or