91-30111009-59 JHHW:BDQ:rhc 09/17/91
10/Q2J91
10/15/91
CITY OF ANAHEIM, CALIFORNIA
RESOLUTION NO. 91Fi-
A RESOLUTION PROVIDING THAT PAYMENTS MADE BY THE CITY IN
CONNECTION WITH THE PROPOSED BE'I-rERMENT IV CONVENTION CENTER
EXPANSION PROJECT ARE TO BE MADE IN ANTICIPATION OF
REIMBURSEMENT FROM THE PROCEEDS OF A PLANNED LEASE FINANCING
WITH CERTIFICATES OF PARTICIPATION TO BE ACCOMPLISHED BY THE
COMMUNITY CENTER AUTHORITY AND THE CITY AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of Anaheim (the "City"):
WHEREAS, the City is proposing to proceed with a lease financing with certificates of
participaUon (the "Certificates"); and
WHEREAS, in connection th, erewith, the City proposes to finance the construction of
certain improvements to the Anaheim Convention Center, generally described in Exhibit "A"
attached hereto and by this reference incorporated herein (the "Project") and wishes to assure
that amounts expended for the Project may be reimbursed from the proceeds of the Certificates;
and
'WHEREAS, it is in the public interest, for public.benefit and in furtherance of the pubtic
purposes of the City that the City Council provide preliminary approval of the lease financing for
the aforesaid purposes;
NOW, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED as follows:
Section 1. The City hereby declares its intent to proceed with a lease financing with
certificates of participation in a principal amount of not to exceed $20,000,000 for the purpose of
providing financing for the Project.
Section 2. The City hereby declares its intent to use proceeds of the Certificates to pay
for costs of the Project which are incurred after the date of delivery of the Certificates as wetl as to
reimburse the City or others for amounts paid or incurred for the Project or the Certificates prior to
delivery of the Certificates.
Section 3. The City hereby determines that it will take all action necessary or advisable in
connection with the such lease financing and the detivery of the Certificates.
Section 4. The lease payments to be made by the City shall be general fund obligations
and shall not constitute an indebtedness of the City or a loan of credit thereof within the meaning
of any constitutionat or statutory provisions.
Section 5, The lease financing and the delivery of the Certificates shall be upon such
terms and conditions as may be subsequently determined by the City and shall be subject to
completion of proceedings for issuance, sale and delivery of the Certificates.
Section 6. The proceeds of the Certificates shall include such related and necessary
delivery costs, administrative expenses, debt service reserves and interest payments as may
be required to accomplish the financing successfully.
Section 7. The City Council hereby finds that the adoption of this resolution is a
substantial inducement to the City and others to expend amounts for the Project and the
Certificates in advance of delivery of the Certificates and that the Project ?viii further the public
purposes of the City.
Section 8. This Resolution is adopted solely for the purpose of assuring that the exclusion
of interest paid with respect to the Certificates for federal income tax purposes will not be
adversely affected by reason of the use of proceeds of the Certificates for the reimbursement of
costs paid or incurred in advance of delivery of t,h.e Certificates, and the action of the City Council
in adopting this Resolution shall not vest in the City or in others a right to require reimbursement in
.the event that the City Council, in its sole discretion determines, in the course of proceedings for
~ssuance of the Certificates, not to reimburse for costs paid or incurred in contemplation of delivery
of the Certificates.
Section g. The Resolution shall take effect immediately upon its adoption.
The FOREGOING RESOLUTION was approved and adopted by the City Council of
the City of Anaheim this 22nd day of October, 1991, by the following vote:
Attest:
CiTY CLERK OF THE CiTY OF ANAHEIM
-2-
STATE OF CALIFORNIA )
ORANGE CITY ) '..
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the
foregoing Resolution No. 91 R- 301 was introduced and adopted at a regular meeting provided by
law of the City Council of the City of Anaheim held on the 22nd day of October, 1991, by the
following vote of the members thereof:
AYES: COUNCIL MEMBERS: Simpson, Daly, Pickler, Ehrle and Hunter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said Resolution
No. 91R-30t onthe 23r~t dayof october ,1991.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Anaheim this 2'~-d day of ncroh~- ,1991.
CITY CLERK OF THE CiTY OF ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the
foregoing is the original of Resolution No. 91 R- 30! duly passed and adopted by the Anaheim
City Council on October 22, 1991.
CITY CLERK OF THE CITY OF ANAHEIM
EXHIBIT A
GENERAL DESCRIPTION OF PROJECT
THE EXPANSION PROJECT
The Convention Center Expansion - Betterment IV Project consists of the construction of
a lower-level conversion of an existing parking garage into an expansion to the existing
Convention Center complex, representing an approximately 150,000 square foot conversion, for
exhibit space,
The project will include civil, structural, mechanical, electrical, painting and finishing work
and all appurtenant work, possibly including replacement parking, portable support equipment,
including such items as staging or chairs, needed for convention center operations,