CC Resolution No. 6852 13031-5 O JHHW:BDQ:rms 05/14/86 Z1956
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CITY OF CUPERTINO
RESOLUTION N0. ~Z
A RESOLUTION APPROVING, AUTHORIZING AND
DIRECTING EXECUTION OF CERTAIN LEASE FINANCIN6 DOCUMENTS
AND DIRECTING CERTAIN ACTIONS WITH RESPECT TNERETO
~ RESOLVED, by the City Council of the City of Cupertino (the "City"):
~ WHEREAS, the City, working together with the Cupertino Public
( Facilities Corporation (the "Corporation"), is proposing to proceed with a
, lease financing; and
'I, WHEREAS, in connection therewith, the City proposes to finance certain
capital improvements (the "Pro~ect") and it 9s in the public interest and
for the public benefit that the City authorize and direct execution of the
Lease Agreement (hereinafter defined) and certain other financing documents
' in connection therewith; and
WHEREAS, the documents below specified have been filed with the City
and the members of the City Council, 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 Mayor, City Manager or Director of Finance is hereby authorized and
directed to execute said documents, with such changes, insertions and
omissions as may be approved by such official, and the City Clerk 1s hereby
authorized and directed to attest to such official's signature:
a) an acquisition agreement, by and between the City and the
Corporation~ pursuant to which the City will transfer certain assets
of the City (the "Assets") to the Corporation to permit the City to
undertake the Project;
b) a lease agreement, by and between the Corporation. as
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lessor, and the City, as lessee (the Lease Agreement'), pursuant to
which the Corporation will lease the Assets back to the City, so long
as the stated term of the Lease Agreement does not exceed
chtrcy (30) years. so long as the principal amount of the Lease
• Agreement does not exceed b 13,000,000.0o and so long as the lease
payments payabte by the City under the Lease Agreement in any twelve-
m~nth period do not exceed E 1,400,000 ;
c) a trust agreement~ by and among the Corporation, the City
and a trustee bank to be selected by the City (the "Trustee"), •
relating to the financing, and the execution and delivery of
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f + certiflcates of participation evidencing the proportionate interests
of the owners thereof in lease payments to be made by the City under
~ ~ the Lease Agreement (the "Certificates of Participation"); and
~ d) a capital account agreement, by and between the City and the
~ Corporation, pursuant to which the proceeds received by the City for
( the sale of the Assets will be held and disbursed.
; SECTION 2. The Mayor, City Manager, Director of Finance. City Clerk
I and other officials of the City are hereby authorized and directed to
i 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 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
, day of May. 1986, by the following vote:
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i AYES, and in favor of. Councilmem6ers: Johnson, riungy, cacco
~ NOES, Councilmembers: None
ABSENT, Councilmembers: sparks, Rogers ATTEST:
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A9STAIN: None ~ ~ ~
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City erk
I APPROVED:
~ Acting
Mayo , City of upertino
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