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86R-208 11009-18 JHHW:BOQ:rms 04/28/86 05/02/86 ZI878 I RESOLUTION NO. 86R-~ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE BORROWING OF FUNDS FOR FISCAL YEAR 1986-1987 AND THE ISSUANCE OF 1986 TAX AND REVENUE. ANTICIPATION NOTES THEREFOR RESOLVED, by the City Council of the City of Anaheim, California. as follows: WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of the State of California, this City Council (the IICouncilU) has found and determined that borrowing is needed for the requirements of the City of Anaheim (the IICityll), a chartered city and municipal corporation duly organized and existing under the Constitution and laws of the State of California. to satisfy obligations payable from the General Fund of the City, and that it is appropriate that said borrowing be undertaken at this time by the issuance of temporary notes therefor in antic.ipation of the receipt of taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1986-1987; NOW, THEREFORE, the City Council of the City of Anaheim hereby finds, determines, declares and resolves as follows: Section 1. Limitation on Maximum Account. The principal amount of notes issued pursuant hereto, when added to the interest payable thereon, shall not exceed eighty-five percent (85~) of the estimated amount of the uncollected taxes, revenue and other moneys of the City for the General Fund of the Ci ty attri butab 1 e to Fi sca 1 Year 1986-1987, and avail ab 1 e for the payment of said notes and the interest thereon (as hereinafter provided). Section 2. Issuance and Terms of Notes. Solely for the purpose of anticipating taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1986-1987, and not pursuant to any common plan of financing, the City hereby determines to and shall borrow the aggregate principal sum of $23,600,000. Such borrowing shall be by the issuance of temporary notes under Sections 53850 et seq. of the Government Code of the State of California, designated "City of Anaheim 1986 Tax and Revenue Anticipation Notes" (the IINotesll), to be numbered from 1 consecutively upward in order of issuance, to be in the denomination of $25,000 each or any integral multiple thereof to be dated July 1, 1986, to mature (without option of prior redemption) on June 30, 1987, and to bear interest, payab 1 e at maturi ty and computed on a 3D-day month/360-day year basis, at the rate determined in accordance with the bid of the successful bidder or bidders for the Notes approved by the City Council of the City on the date of adoption of this Resolution. Both the principal of and interest on the Notes shall be payable, only upon surrender thereof, in lawful money of the United States of America, at the office of the City Treasurer, 200 South Anaheim Boulevard, Anaheim, California. :,""".-.,....- ..............- ...--.-...... ..- ~~...~. ." :-:.....- ..~~.:.....I~. _".."; .......... ...~ ........ .. ~III:......_...__...._._.._.--......_~..._...:.~~......... "___...__.__ Section 3. Form of Notes. The Notes shall be issued in bearer form, wi thout coupons, and shall be substant i all y in the form and substance set forth in Exhibit A attached hereto and by reference incorporated herein, the blanks in said form to be filled in with appropriate words and figures. Section 4. Use of Proceeds. The moneys so borrowed shall be deposited in the General Fund of the City and used and expended by the City for any purpose for which it is authorized to expend funds from the General Fund of the City. Section 5. Security. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, revenue and other moneys which are received by the City for the General Fund of the City for the Fiscal Year 1986-1987. As security for the payment of the principal of and interest on the Notes, the City hereby pledges the first lIunrestricted moneys'l, as hereinafter defined, to be received by the City in the amount of $5,900,000 in September, 1986, December, 1986, and March, 1987, and the first Ilunrestricted moneysll, as hereinafter defined, to be received by the City in the amount of $5,900,000 in June, 1987, plus an amount sufficient to pay interest due on the Notes at their maturity (such pledged amounts being hereinafter called the IIPledged Revenuesll). The principal of the Notes and the ; nterest thereon shall consti tute a fi rst 1 i en and charge thereon and shall be paid from the Pledged Revenues. To the extent not so paid from the Pledged Revenues, the Notes shall be paid from any other moneys of the City lawfully available therefor. In the event that there are insufficient unrestricted moneys received by the City to permit the deposit in the Repayment Fund, as hereinafter defined, of the full amount of the Pledged Revenues to be deposited in any month on the last business day of such month, then the amount of any deficiency shall be satisfied and made up from any other moneys of the City lawfully available for the repayment of the Notes and interest thereon. The term "unrestricted moneys" shall mean taxes, income, revenue and other moneys intended as receipts for the General Fund of the City and which are generally available for the payment of current expenses and other obligations of the City. Section 6. Paying Agent. The City Treasurer is hereby appointed to act as the Paying Agent and depository of the City for the purpose of receiving the payments of principal and interest made by the City on the Notes at maturity, to hold, allocate, use and apply said payments and to perform such other duties and powers of the Paying Agent as are prescribed in this Resolution. Section 7. Repayment Fund. There is hereby created a special fund to be held by the City Treasurer separate and di stinct from all other City funds and accounts designated the 111986 Tax and Revenue Anticipation Notes Repayment Fund II (the II Repayment Fund II) and app 1 i ed as directed in th; s Resolution. Any money placed in the Repayment Fund shall be for the benefit of the holders of the Notes, and until the Notes and all interest thereon are paid or until provision has been made for the payment of the Notes at maturity with interest to maturity, the moneys in the Repayment Fund shall be applied solely for the purposes for which the Repayment Fund is created. During the months of September, 1986, December, 1986, March, 1987, and June, 1987, the Ci ty shall depos ita 1 1 Pl edged Revenues in the Repayment -2- ...-.....-..... -~......... ........ .. ........ ...~...... .. __. -~- ._....a-_~. ..._...........__ ;.0.. ~._~_...._.................-....."__....._.._--..~_ ._...._.__ ....,........... Fund. On June 30, 1987, the City shall pay to the Paying Agent the moneys in the Repayment Fund necessary to pay the pri ncipa 1 and interest on the Notes at maturity and to the extent said moneys are insufficient therefor an amount of moneys from the General Fund which will enable payment of the full principal and interest on the Notes at maturity. Any moneys remaining in the Repayment Fund after the Notes and the interest thereon have been paid, or provision for such payment has been made, shall be transferred to the City for deposit in its General Fund. Section 8. Deposit and Investment of Repayment Fund. All moneys held by the City in the Repayment Fund, if not invested, shall be held in time or demand deposits as public funds and shall be secured at all times by bonds or other obligations which are authorized by law as security for public deposits, of a market value at least equal to the amount required by law. Moneys in the Repayment Fund shall, to the greatest extent possible, be invested by the City Treasurer directly, or through an investment agreement, in investments as permi tted by the 1 aws of the State of California as now in effect and as hereafter amended, and the proceeds of any such investments shall be deposited in the General Fund of the City monthly or at such other intervals as the City Treasurer shall deem appropriate. Sect ion 9. Execut i on of Notes. The Mayor of the Ci ty is hereby authorized to execute the Notes by manual or facsimi le signature, and the City Clerk of the City is hereby authorized to countersign the same by manual signature and to affix the seal of the City thereto either manually or by facsimile impression thereof, and said officers are hereby authori2ed to cause the blank spaces thereof to be filled in as may be appropriate. Sect ion 10. Covenants and Warrant i es. It is hereby covenanted and warranted by the City that all representations and recitals contained in this Resolution are true and correct, and that the City and its appropriate officials have duly taken all proceedings necessary to be taken by them, and will take any additional proceedings necessary to be taken by them, for the prompt co 11 ect i on and enforcement of the taxes, revenues and other moneys pledged hereunder in accordance with law and for carrying out the provisions of this Resolution. Section 11. Arbitrage Covenant. The City hereby covenants that it will make no use of the proceeds of the Notes which if such use had been made on the date hereof would have caused the Notes to be lIarbitrage bonds" under Section 103(c) of the Internal Revenue Code of 1954, as amended; and, to that end, so long as any of the Notes are outstanding, the City, and all officers having custody or control of the proceeds of the Notes, shall comply with all requirements of said section and of the regulations of the United States Department of the Treasury thereunder, to the extent that such regulations are, at the time, applicable and in effect, so that the Notes will not be lIarbitrage bonds". Section 12. Sale of Notes. The Notes are hereby ordered to be sold to the successful bidder or bidders therefor approved by the City Council of the City on the date of adoption of this Resolution. -3- .~. . ........... ~.....: _<N-....,t'-'~ ~...... .",. .... :.......... -:....:_ :...._. .___. .. .-.-..-...~ _.,. .__....i,jI~:..t~.a. .........._..~.__._.....__._......._ ............__..... ...--.: CLERK STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SSe CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 86R-208 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim held on the 20th day of May, 1986, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None AND I FURTHER certify that the Mayor Pro Tem of the City of Anaheim signed said Resolution No. 86R-208 on the 20th day of May, 1986. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 20th day of May, 1986. ~4--?t ~_ 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. 86R-208 duly passed and adopted by the Anaheim City Council on May 20, 1986. /../..j ,----2 ~~A_~ CITY CLERK ~..:..;. ..... .. ~.-...- ..0:....._._........................" ................._ _...----.. -__. .... ..~-........c .o&:........~ .........,. ......_ Section 13. Official Statement. The Director of Finance is hereby authorized to approve the Official Statement relating to the Notes prepared by the financial advisers to the City. The Director of Finance is authorized to execute a statement at the time of delivery of the Notes to the effect that the Official Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Section 14. Execution of Closing Documents. The Mayor, City Clerk, Director of Finance, Assistant Director of Finance, City Treasurer and other officers of the City are authorized and directed to execute such certificates, agreements and other closing documents as are necessary to consummate the transactions contemplated by this Resolution. * * * * * * * * THE FOREGOING RESOLUTION ;s approved and adopted by the City Council of the City of Anaheim this 20th day of May, 1986. By ATTEST: ,G~~ /i .~ CITY CLERK OF THE CITY OF ANAHEIM -4- .-.... ~ .--..---... ..-....... .........-a.".. "'.~... ~......- . .. .......... _..-.-.........~_._ ..._:._.__.........._.-......a............~....................... .....__-.......... EXHIBIT A CITY OF ANAHEIM, CALIFORNIA 1986 TAX AND REVENUE ANTICIPATION NOTE No. S Date: JUly 1, 1986 FOR VALUE RECEIVED, the City of Anaheim (the IICityll). State of Cal ifornia, acknowledges itself indebted to and promises to pay to the bearer hereof t at the offi ce of the C1 ty Treasurer, 200 South Anaheim Boulevard, Anaheim, California, the principal sum of DOLLARS ($ ) in lawful money of the United States of America, on June 30, 1987, together with interest thereon at the rate of S per annum in like lawful money from the date hereof until payment in full of said principal sum. Both the principal of and interest on this Note shall be payable only upon surrender of this Note as the same shall fall due; provided, however, no interest shall be payable for any periOd after maturity during which the holder hereof fails properly to present this Note for payment. It is hereby certified, recited and declared that this Note is one of an authorized issue of Notes in the aggregate principal amount of doll ars ($ ) . all of like tenor, issued pursuant to the provisions of a resolution of the City Council of the City entitled IIA Resolution of the City Council of the City of Anaheim Authorizing the Borrowing of Funds for Fiscal Year 1986-1987 and the Issuance of 1986 Tax and Revenue Anticipation Notes Thereforll, duly passed and adopted on May 20, 1986, and pursuant to Article 7.6 (commencing with Section 53850) of Chapter 4, Part 1, Division 2, Title 5, of the California Government Code, and that all things, conditions and acts required to exist, happen and be performed precedent to and in the issuance of this Note exist, have happened and have been performed in regular and due time, form and manner as required by law, and that this Note, together with all other indebtedness and obl igations of the City t does not exceed any limit prescribed by the constitution or statutes of the State of California. The principal amount of the Notes, together with the interest thereon, shall be payable from taxes, revenue and other moneys which are received by the Citl for the Fiscal Year 1986-1987. As security for the payment of the principal of and interest on the Notes, the City has pledged the first lIunrestricted moneys" to be received by the City in the amount of $5,900,000 in September, 1986, December, 1986, and March, 1987, and the first "unrestricted moneys" to be received by the City in the amount of $5,900,000 Exhibit A Page 1 - .-.a... ~~ .......:. ..._... ....... __... ... ..,......-.....~.......""'......... ........... .... ........_ ___.....~.. . in June, 1987, plus an amount sufficient to pay interest due on the Notes at their maturity (such pledged amounts being herein called the "Pledged Revenuesll). The principal of the Notes and the interest thereon shall canst; tute a fi rst 1 i en and charge thereon and shall be payable from the Pl edged Revenues and to the extent not so pa i d from the Pl edged Revenues, the Notes shall be paid from any other moneys of the City lawfully available therefor. The term lIunrestricted moneys" shall mean taxes, income, revenue and other moneys intended as receipts for the General Fund of the City and which are generally available for the payment of current expenses and other obligations of the City. IN WITNESS WHEREOF, the City of Anaheim has caused this Note to be executed by the Mayor of the City and countersigned by the City Clerk of the City, and caused its official seal to be affixed hereto a'l as of this 1st day of July, 1986. CITY OF ANAHEIM By Mayor (5 E A l) Countersigned: City Clerk Exhibit A Page 2 .--.....- . ".--180-... ....... ..._-..- ~... .-........ .., .........-......_-......,~._~_....on ........~_~ ......... '-..."".