HomeMy WebLinkAboutResolutions - No. LPIC1991-0322028-07
JHHVV:BDQ:ncc 11/25/91
LODI PUBLIC IMPROVEMENT CORPORATION
RESOLUTION NO. 91- 3
A RESOLUTION APPROVING, AUTHORIZING AND
DIRECTING EXECUTION OF CERTAIN INSTALLMENT SALE
FINANCING DOCUMENTS AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the Lodi Public Improvements Corporation (the "Corporation"):
WHEREAS, the City of Lodi (the "City"), working together with the Corporation, has
caused Certificates of Participation (1988 Wastewater Treatment Plant Expansion Project) (the
"Prior Certificates") to be executed and delivered in the aggregate principal amount of $9,415,000,
the proceeds of which were used to finance the construction of certain improvements to its
municipal sewer system (the "Project"); and
WHEREAS, the City proposes to refinance the Project and it is in the public interest and
for the public benefit that the Corporation authorize and direct execution of the Installment Sale
Agreement (as hereinafter defined) and certain other financing documents in connection therewith;
and
WHEREAS, the documents below specified shall be filed with the Corporation, and the
members of the Corporation, with the aid of its staff, shall review said documents;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The President, the Executive Director or the Treasurer is hereby authorized and
directed to have prepared, and to review upon preparation thereof, the below -enumerated
documents, the review and execution thereof as herein provided being conclusive evidence of
the approval of such documents by the City, and any one of the President, the Executive
Director or the Treasurer 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 is
hereby authorized and directed to attest to such official's signature:
(a) an acquisition agreement, relating to the Project, between the City, as seller, and the
Corporation, as purchaser;
(b) an installment sale agreement, relating to the Project, between the Corporation, as
seller, and the City, as purchaser (the "Installment Sale Agreement");
(c) an assignment agreement, by and between the Corporation and the Trustee as
hereinafter defined, pursuant to which the Corporation will assign certain of its rights under the
Installment Sale Agreement, including its right to receive Installment Payments thereunder, to the
Trustee; and
(d) a trust agreement, by and among the Corporation, the City and a trustee to be named
therein, as trustee (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 installment payments to be made by the City under the Installment Sale Agreement.
Section 2. The President, the Executive Director, the Treasurer, 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 this Board.
1, 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 4th day of December, 1991, by the
following vote of the members thereof:
AYES: Corporation Members - Hinchman, Pennino, Sieglock,
Snider and Pinkerton (President)
NOES: Corporation Members - None
ABSTAIN ED: Corporation Members - None
ABSENT: Corporation Members - one
ATTEST:
z,r. ;/,'),.,s.ck-
Secretary
-2-
�i�
President
0000,
The foregoing document is
certified to be a correct
copy of the original on
file in this office.
Alice M. Re'imche
Secretary
Lodi Public Improvement Corporation