1999/01/12 Rohnert Park Financing Authority Resolution
RESOLUTION NO. 99-03
RESOLUTION OF THE ROHNERT PARK FINANCING AUTHORITY
APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN LEASE
AND OTHER FINANCING DOCUMENTS IN CONNECTION WITH ROHNERT PARK
CAPITAL FACILITIES PROJECT, AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
WHEREAS, the City of Rohnert Park (the "City") has determined that it is in the
interests of the City at this time to provide for the financing of the acquisition and construction of
a new city hall complex, together with related and appurtenant facilities (the "Project"); and
WHEREAS, in order to provide moneys to pay the costs of constructing the Project, the
Rohnert Park Financing Authority (the "Authority") proposes to lease certain land, along with the
improvements thereon (the "Asset") from the City pursuant to a Site Lease dated as of January 1,
1999 (the "Site Lease") and to lease back the Asset to the City pursuant to a Lease Agreement,
dated as of January 1, 1999 (the "Lease Agreement"); and
WHEREAS, under the Lease Agreement, the Authority is required to cause to be
deposited certain sums of money to be credited, held and applied in accordance with the Lease
Agreement, and with a Trust Agreement, to be dated as of January 1, 1999 (the "Trust
Agreement") by and among the Authority, the City and u.S. Bank Trust National Association
(the "Trustee"); and
WHEREAS, upon delivery of the Lease Agreement, the Authority is required to deliver
for deposit into the Construction Fund established under the Trust Agreement, in addition to
other moneys to be deposited with the Trustee, moneys for the acquisition, construction and
furnishing of the Project. For the purpose of obtaining such moneys, the Authority is willing to
sell to certain persons (the "Owners") direct, undivided fractional interests in the Lease
Payments, such direct, undivided fractional interests to be evidenced by certificates of
participation therein (the "Certificates"). In order to make such direct, undivided fractional
interests marketable on terms acceptable to the City, the Authority is willing to assign and
transfer its rights under the Lease Agreement to the Trustee for the benefit of the Owners of the
Certificates. Concurrently with the delivery of this Agreement, the Trustee is executing and
delivering the Certificates on behalf of the City in an aggregate face amount of not-to-exceed
Six Million Dollars ($6,000,000). The proceeds of such sale are anticipated to be sufficient to
permit the Authority to make the deposits required under the Lease Agreement and the Trust
Agreement and to permit the Authority to pay therewith the cost of acquisition, construction and
furnishing of the Project; and
SA\983630015
WHEREAS, in connection therewith, it is in the public interest and for the public benefit
that the Authority authorize and direct execution of the Site Lease, the Lease Agreement and
certain other financing documents in connection therewith; and
WHEREAS, the documents below specified have been filed with the Secretary, and the
Board members of the Authority, with the aid of its staff, have reviewed 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
Executive Director and the Treasurer and Controller or any other officer as either may designate
are hereby separately authorized and directed to execute said documents, with such changes,
insertions and omissions as may be approved by such official or his designee, and the Secretary
is hereby authorized and directed to attest to such official's signature:
(a) a site lease, in substantially the form on file with the Secretary, relating to
the leasing of the Site, between the City, as lessor, and the Authority, as lessee (the "Site
Lease");
(b) a lease agreement, in substantially the form on file with the Secretary,
relating to the leasing of the Asset (as defined therein), between the Authority, as lessor,
and the City, as lessee (the "Lease Agreement"); and
(c) a trust agreement, in substantially the form on file with the Secretary, by
and among the Authority, the City and the Trustee, relating to the financing and the
execution and delivery of certificates of participation evidencing the direct, undivided
fractional interest of the owners thereof in lease payments to be made by the City under
the Lease Agreement (The "Certificates of Participation".
SECTION 2. The Executive Director, the Treasurer and Controller, the Secretary and
other officials of the Authority 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.
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I certify that the foregoing resolution was duly adopted at a meeting of the City Council
of the Rohnert Park Financing Authority duly held on the 12th day of January, 1999, by the
following vote:
ATTEST
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Secretary
Karen Pennrich (CERTIFIED)
FLORES-'lY..E..MACKENZUt1\YLSPIRO A Y l- VIDAK-MARTINEZAYE RElLL Y AYE
AYES: 5 NOES: 0 ABSENT: n .ABSTAlN: 0
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