HomeMy WebLinkAboutResolutions - No. 2018-71RESOLUTION NO. 2018-71
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING
THE CITY MANAGER TO EXECUTE AN AGREEMENT FOR
LEGAL SERVICES WITH JONES HALL, A PROFESSIONAL
LAW CORPORATION, OF SAN FRANCISCO, FOR BOND
COUNSEL SERVICES IN CONNECTION WITH THE
REFINANCING OF CERTAIN OUTSTANDING
OBLIGATIONS OF THE CITY
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WHEREAS, City previously entered into an Installment Purchase Contract, dated as of
July 1, 2008 with the Lodi Public Improvement Corporation (the "Corporation"), pursuant to
which the Client agreed to make certain installment payments in the aggregate principal amount
of $60,685,000 (the "2008 Installment Payments"), and caused execution and delivery of
Electric System Revenue Certificates of Participation, 2008 Series A (the "2008 Certificates").
The proceeds of the 2008 Certificates were used to (i) refund the then -outstanding $46,760,000
principal amount of Electric System Revenue Certificates of Participation 2002 Series A
Variable Rate Certificates (the "2002 Certificates") and (ii) fund certain costs relating to
termination of the swap agreement relating to the 2002 Certificates; and
WHEREAS, the proceeds of the 2002 Certificates were used to refund, on an advance
basis, the 1999 Series A Current Interest Certificates and the 1999 Series B Capital
Appreciation Certificates (together, the "1999 Obligations"), and the proceeds of the
1999 Obligations were used to finance the improvements to the Electric System; and
WHEREAS, under current economic conditions, it is possible for the City to refinance on
a tax-exempt basis the 2008 Installment Payments and the related 2008 Certificates maturing
on and after July 1, 2019 for the purpose of achieving savings for the benefit of the customers of
the Electric System; and
WHEREAS, in order to provide funds that are sufficient (along with other available City
funds) to refinance the 2008 Installment Payments and cause a current prepayment of the 2008
Certificates, the City wishes to ask the Lodi Public Financing Authority (the "Authority") to issue
its 2018 Electric System Revenue Refunding Bonds (the "Bonds") under the provisions of Article
4 of Chapter 5, Division 7, Title 1 of the Government Code of the State of California,
commencing with Section 6584 of said Code (the "Bond Law"); and
WHEREAS, in order to accomplish the proposed refunding, the City requires the
services of a nationally recognized bond counsel; and
WHEREAS, staff recommends authorizing the City Manager to execute an Agreement
for Professional Services with Jones Hall, a Professional Law Corporation, of San Francisco, for
bond counsel services in connection with the refinancing of certain outstanding obligations of
the City as set forth above.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager to execute an Agreement for Professional Services with Jones Hall,
of San Francisco, California, for bond counsel services in connection with the refinancing of
certain outstanding obligations on the City as set forth above, in the amount of $75,000,
Dated: April 18, 2018
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I hereby certify that Resolution No. 2018-71 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held April 18, 2018, by the following vote:
AYES: COUNCIL MEMBERS — Chandler, Johnson, Mounce, and Mayor Nakanishi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — Kuehne
ABSTAIN: COUNCIL MEMBERS — None
NIFER . FERRAIOLO
City Clerk
2018-71