HomeMy WebLinkAboutReso 170-98 93 COP Prepay RESOLUTION NO. 170 - 98
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN
ELECTING TO ISSUE A PREPAYMENT OF ALL 1993 DUBLIN CIVIC CENTER
CERTIFICATES OF PARTICIPATION AND AUTHORIZING THE PROVISION OF PROPER
NOTICE TO THE TRUSTEE
WHEREAS, the City of Dublin issued Certificates of Participation ("Certificates") dated June 1, 1993 related
to the construction of the Dublin Civic Center; and ·
WHEREAS, the "Certificates" prOvided a tax exempt financing mechanism which allowed for the ownership
of the Civic Center project and site to be held by Dublin Information, Inc. and leased to the City; and
WHEREAS, the terms of the arrangement are specified in a Lease Agreement dated June 1, 1993 between
Dublin Information, Inc., as Lessor and the City of Dublin, as Lessee; and
WHEREAS, annual lease payments by the City are distributed by the Trustee to the owners of the
"Certificates" as principal and interest payments in accordance with the financing documents; and
WHEREAS, as of December 15, 1998 the principal amount of Certificates which have a stated maturity after
February 1, 1999 total $13,850,000; and
WHEREAS, under section 10.3 of the Lease Agreement the City may prepay in whole the principal amount
of outstanding Lease Payments, provided the Trustee shall be given adequate written notice; and
WHEREAS, the City Council has determined that it has adequate resources to make a prepayment of all
outstanding Certificates and that it would be beneficial to the City to take this action at this time.
NOW, THEREFORE, BE IT RESOLVED that the City Manager and/or his designee, is hereby authorized to
provide the required notice to the Trustee, in order to effectuate the prepayment on February 1, 1999 of all
1993 Certificates of Participation which have a stated maturity date subsequent to February 1, 1999.
BE IT FURTHER RESOLVED, that the Staff are authorized to initiate any necessary legal documents
required to complete the transaction, including but not limited to the transfer of the Title for the property.
PASSED, APPROVED AND ADOPTED this 15t~ day of December, 1998.
AYES:
NOES:
ABSENT:
ABSTAIN:
Councilmembers Howard, Lockhart, McCormick, Zika, & Mayor Houston
None
None
None ~,~~Mayor~k~
ATTEST:
\\DUBLINFS2\CM~CC-MTGS\98--QTR4\DEC\ 12-15-98~reso~recall.doc