HomeMy WebLinkAbout86-47 6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 86- 47
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
AUTHORIZING THE EXECUTION AND DELIVERY OF A PURCHASE
CONTRACT WITH RESPECT TO THE CITY OF UKIAH
ELECTRIC REVENUE BONDS, REFUNDING SERIES 1986A,
AND APPROVING THE OFFICIAL STATEMENT
RELATING TO SAID BONDS
WHEREAS, the City Council of the City of Ukiah (the "City") has
determined to issue its electric revenue bonds, designated "City of Ukiah
Electric Revenue Bonds, Refunding Series 1986 A" (the "Bonds"), to provide
funds (together with other available funds) for refunding the City's
outstanding Electric Revenue Bonds, Series A; and
WHEREAS, there has been submitted to this City Council a form of
Purchase Contract (with the principal amount, maturity details and
interest rates uncompleted) with respect to the Bonds and an Official
Statement relating to the Bonds; and
WHEREAS, this City Council has carefully considered the terms and
conditions of said Purchase Contract and of said Official Statement and is
fully advised in the premises;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Ukiah, as follows:
Section 1. The Purchase Contract with respect to the Bonds, in the
form submitted by Merrill Lynch Capital Markets, Smith Barney, Harris
Upham & Co. Incorporated and Kidder, Peabody & Co., Incorporated (the
"Underwriters") and on file with the City Clerk of the City, is hereby
approved for execution by the City when, as and if the City Manager of the
City is satisfied with the principal amount (not in excess of
$25,000,000), the maturity details (not beyond June 1, 2018) and the
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2O
21
22
23
24
25
26
27
28
interest rates (not in excess of a net interest rate of eight and one-half
percent (8½%) per annum) for the Bonds and such details have been inserted
therein, whereupon the City Manager of the City is hereby authorized ~n
conformity with applicable Federal arbitrage rules and regulations to
execute and the City Clerk of the City is hereby authorized to attest such
execution and affix the seal of the City thereto and deliver said Purchase
Contract on behalf of the City. The City Council of the City hereby
determines that after the execution of the Purchase Contract (as herein
authorized) it will adopt resolutions providing for the issuance of the
Bonds consistent therewith.
Section 2. The Preliminary Official Statement relating to the Bonds,
in the form submitted by Rauscher Pierce Refsnes, Inc. (the "Financial
Consultant") and on file with the City Clerk of the City, is hereby
approved by the City, and the City Manager of the City is hereby
authorized to execute and deliver said Official Statement on behalf of the
City, and the distribution of said Official Statement by the Financial
Consultant in preliminary form is hereby approved, and the Underwriters
are hereby authorized to distribute copies of said Official Statement in
final form in connection with the resale of the Bonds.
Section 3. The officers and agents of the City are hereby authorized
and directed, jointly and severally, to do any and all things and to
execute and deliver any and all documents which they may deem necessary or
advisable in order to consummate the sale, execution and delivery of the
Bonds and otherwise to carry out, give effect to and comply with the terms
and intent of this resolution, the Bonds, said Purchase Contract and said
Official Statement; and any such actions heretofore taken by such officers
and agents in connection therewith are hereby ratified, confirmed and
approved.
- 2 -
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2O
21
22
23
24
25
26
27
28
Section 4. This resolution shall take effect from and after its
passage and approval.
PASSED AND ADOPTED this 21st day of May, 1986, by the following vote:
AYES: Councilmembers Henderson, Kier, Hickey, and Mayor Myers
NOES: None
ABSENT: CouncJ]member Kelley
APPROVED:
Mayor of the City of Uk~ah
ATTE ST:
Ci~!lerk of the Cit~7of Ukiah
- 3 -
