1991-01 Lease Financing15032-01 - Commission Resolution JHHW:WHM:Iaj 10/07/91
10/21/91
11/13/91
RESOLUTION NO. ~
A RESOLUTION OF THE ENCINITAS PUBLIC FINANCING AUTHORITY
APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF CERTAIN !JEASE
FINANCING DOCUMENTS, AND DIRECTING CERTAIN ACTIONS WITH RESPECT
WHEREAS, the Encinitas Public Financing Authority (the "Authority") is
empowered pursuant to the provisions of the Marks-Roos Local Bond Pooling Act of 1985,
to assist cities and other political subdivisions of the State of California in the financing of
public capital improvements convenient or necessary for the operation of such cities and
other political subdivisions by entering into such financing agreements as are necessary
to accomplish the pooling and common marketing of such agreements or certificates of
participation in payments to be made under such agreements in order to reduce the cost
to such entities of the acquisition of such real or personal property; and
WHEREAS, the City of Encinitas (the "City") is proposing to proceed with the lease
financing of the acquisition of certain real property and its renovation and remodeling so
as to be useful as a Civic Center, along with the acquisition of additional personal
property and equipment relating thereto (the "Project") and it is in the public interest and
for the public benefit and the benefit of the City that the Authority authorize and direct
execution of certain financing documents in connection therewith; and
WHEREAS, the City proposes to complete the financing in one or more series,
utilizing a Master Lease Agreement and Master Trust Agreement for Series A, with
supplements thereto for Series B, and the City and the Authority have determined that it
is in the best interests of the City and the Authority to approve both Series A and B at this
time;
WHEREAS, the documents below specified have been filed with the Board of the
Authority which, with the aid of its staff, has reviewed said documents;
NOW, THEREFORE, BE IT RESOLVED BY THE ENCINITAS PUBLIC
FINANCING AUTHORITY, AS FOI.I.OWS:
Section 1. The forms of the below-enumerated documents be and the same are
hereby approved, and the Executive Director of the Authority is hereby authorized and
directed to execute said agreements, with such changes, insertions and omissions as
may be approved by such officer, and the Secretary is hereby authorized and directed to
attest the Executive Director's signature:
(a) a master lease agreement relating to the Project, by and between the
Authority, as lessor, and the City, as lessee together with all supplements thereto
approved by the City (together the "Lease Agreement");
(b) a master trust agreement relating to the financing of the acquisition and
construction of the Project and the execution and delivery of certificates of
participation in the lease payments to be made by the City under the Lease
Agreement (the "Certificates") by and among State Street Bank and Trust
Company of California, N.A., (the "Trustee"), the Authority and the City, together
with all supplements thereto approved by the City (together the "Trust
Agreement"); and
(c) an assignment agreement, by and between the Authority and the
Trustee, pursuant to which the Authority will assign to the Trustee its rights
under the Lease Agreement.
Section £. The Chairperson, Executive Director, the Secretary and all other
officers of the Authority are hereby authorized and directed to execute such other
documents and certificates as may be necessary to effect the purposes of this resolution
and the lease £maucing herein authorized.
Section 3. This resolution shall t~ke effect fr~mediately.
PASSED AND ADOPTED this 20th day of November, 1991.
Financing Authority
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Book
I hereby certify that the foregoing is a full, true and correct copy of a resolution
duly passed and adopted by the Board of the Encfnitas Public Financing Authority at a
meeting thereof' duly held on 20th day of November, 1991, by the following vote of' the
Boardmembers thereof.'
AYES, Davis, Hano, Omsted, Slater, Wiegand
NOES, None
ABSTAIN, None
ABSENT, None
Secretary