HomeMy WebLinkAboutResolutions - No. LPIC1996-0122028-13 JHHW:BDQ:kla 06/24/96
07/08/96
LODI PUBLIC IMPROVEMENT CORPORATION
RESOLUTION NO. 96-1
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING
PREPARATION AND EXECUTION OF CERTAIN LEASE FINANCING
DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS WITH RESPECT THERETO
RESOLVED, by the Board of Directors (the "Board") of Lodi Public Improvement
Corporation (the "Corporation"), as follows:
WHEREAS, the City of Lodi, California (the "City"), working together with the
Corporation, is proposing to proceed with a lease financing;
WHEREAS, in connection therewith, the City proposes to finance the acquisition,
construction and installation of certain public improvements within the geographic boundaries
of the City (the "Improvements"), and it is in the public interest and for the public benefit that
the Corporation authorize and direct execution of the Lease Agreement and certain other
financing documents in connection therewith;
WHEREAS, the documents below specified shall be filed with the Corporation and the
members of the Board, with the aid of its staff, shall review said documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The below -enumerated documents be and are hereby approved, and the
President, the Executive Director or the Assistant Executive Director is hereby authorized and
directed to execute said documents, with such changes, insertions and omissions as may be
approved by such official, and the Secretary of the Corporation is hereby authorized and
directed to attest to such official's signature:
(a) a site and facility lease, between the City, as lessor, and the Corporation, as lessee;
(b) a lease agreement, between the Corporation, as lessor, and the City, as lessee (the
"Lease Agreement");
(c) an assignment agreement, by and between the Corporation and First Trust of
California, National Association, as trustee, (the "Trustee"), pursuant to which the Corporation
will assign certain of its rights under the Lease Agreement, including its right to receive lease
payments thereunder, to the Trustee;
(d) a trust agreement, by and among the Corporation, the City and the Trustee, relating
to the financing and the execution and delivery of certificates of participation evidencing the
direct, undivided fractional interests of the owners thereof in lease payments to be made by the
City under the Lease Agreement; and
(e) a purchase agreement, by and among Seidler -Fitzgerald Public Finance (A Division of
The Seidler Companies Incorporated) (the "Underwriter"), the City and the Corporation,
relating to the purchase by the Underwriter of the Certificates, so long as the Underwriter's
discount does not exceed 2% of the principal amount of the Certificates
Section 2. The President, the Executive Director, the Assistant Executive Director, the
Secretary and other officials of the Corporation are hereby authorized and directed to execute
such other agreements, documents and certificates as may be necessary to effect the purposes of
this resolution and the lease financing herein authorized.
Section 3. This Resolution shall take effect upon its adoption by the Board.
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I, the undersigned Secretary of the Lodi Public Improvement Corporation, hereby certify
that the foregoing is a full, true and correct copy of a resolution duly adopted by the Board of
Directors of the Corporation at a meeting thereof on the 17th day of July, 1996, by the following
vote of the members thereof:
AYES: Board Members: Davenport, Mann, Pennino, Sieglock and Warner
(President)
NOES: Board Members: None
ABSTAIN: Board Members: None
ABSENT:
ATTEST:
ait;.4 Walma,
-2-
President