CC Resolution No. 8072
13031-07
JHHW:8RC:ce 03/05/90
88910
RESOLUTION NO. 8072
A RESOLUTION APPROVING BOND PURCHASE CONTRACT, OFFICIAL
STATEMENT AND RELATED DOCUMENTS AND AUTHORIZING ACTIONS
WITH RESPECT THERETO
CITY OF CUPERTINO
Street and Traffic Impact Fee Assessment District
RESOLVED, by the City Council (the "Council") of the City of Cupertino (the
"City"), County of Santa Clara, California, that:
WHEREAS, on this date, Rauscher Pierce Refsnes, Inc. (the "Underwriter") has
presented to the Council a form of contract (the "Bond Purchase Contract") for the
purchase of not to exceed $382,000 par value of City of Cupertino Limited Obligation
Improvement Bonds, Street and Traffic Impact Fee Assessment District (the "Bonds") to
be issued by the City in proceedings undertaken pursuant to Resolution of Intention
No. 7768 adopted by the Council on March 6, 1989;
WHEREAS, a copy of the Bond Purchase Contract and a draft official statement
describing the Bonds are on file in the office of the City Clerk and reference is hereby
made thereto for further particulars;
WHEREAS, the Council has considered the Bond Purchase Contract and finds it
acceptable subject to the conditions set forth in this resolution; and
WHEREAS, the public interest and convenience will be served by entering into the
Bond Purchase Contract.
NOW THEREFORE, IT IS ORDERED as follows:
1. The Bond Purchase Contract is hereby approved and the City Manager, or
such other official of the City as may be designated by the City Manager (the" Authorized
Official"), is hereby authorized and directed to execute and deliver the Bond Purchase
Contract, for and on behalf of the City, substantially in the form of the Bond Purchase
Contract presented to the Council, with any changes, insertions and deletions as may be
approved by such Authorized Official in consultation with the Underwriter and Jones Hall
Hill & White, A Professional Law Corporation, as bond counsel, with respect to these
,¡¡ssessment proceedings, such approval to be conclusively evidenced by the execution
of the Bond Purchase Contract by the Authorized Official.
2. The foregoing approval is hereby expressly conditioned upon the satisfaction
of the following: (I) the total principal amount of the Bonds shall not exceed $382,000;
(ii) the interest cost of the Bonds shall not exceed ten percent (10%) per annum; and
(iii) the Underwriter's discount for the Bonds shall not exceed five percent (5%) of the
principal amount of the Bonds.
3. Upon execution of the Bond Purchase Contract by the City, the Bonds shall be
printed, authenticated and delivered, all in accordance with the applicable terms of the
Bond Purchase Contract and the Authorized Official and other responsible City officials
are hereby authorized and directed to take such actions as are required under the Bond
Purchase Contract to complete all actions required to evidence the delivery of the Bonds
and the receipt of the purchase price thereof from the Underwriter.
4. The proposed official statement relating to the Bonds (the "Draft Official
Statement"), in the form presented to this meeting, is hereby approved, and the
Authorized Official is hereby authorized and directed, for and in the name and on behalf
of the City, to make such additions thereto or changes therein as are recommended or
approved by the Authorized Official upon consultation with bond counsel to the City.
The Underwriter is hereby authorized to distribute copies of said Draft Official Statement
with such changes, if any, in the form of a preliminary official statement to persons who
may be interested in the purchase of the Bonds. The Authorized Official is hereby
authorized to execute a certificate to the effect that such preliminary official statement
was deemed final as of its date, and to cause the preliminary official statement to be
brought into the form of a final official statement (the "Final Official Statement") and
execute the Final Official Statement, dated as of the date of execution of the Bond
Purchase Contract.
5. All actions heretofore taken by the officers and agents of the City with respect
to the establishment of the assessment district and the sale and issuance of the Bonds
are hereby approved, confirmed and ratified, and the proper officers of the City are
hereby authorized and directed to do any and all things and take any and all actions and
execute any and all certificates, contracts, agreements and other documents, which they,
or any of them, may deem necessary or advisable in order to consummate the lawful
issuance and delivery of the Bonds in accordance with this resolution, and any
certificate, contract, agreement, and other document described in the documents herein
approved.
6. This resolution shall take effect from and after its adoption.
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I hereby certify that the foregoing resolution was duly adopted at a meeting of the
City Council of the City of Cupertino duly held on the 19th of March. 1990. by the
following vote:
AYES, and in favor of, Councilmembers: Goldman, Koppel, Sorensen, Szabo, Rogers
NOES. Councilmembers: None
ABSENT, Council members: None
ABSTAIN None
ATTEST:
/s/ Dorothy Cornelius
City Clerk
APPROVED:
/s/ Barbara A. Rogers
Mayor, City of Cupertino
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