HomeMy WebLinkAboutReso 007-86 COP $11,968,000 RESOLUTION NO. 7 - 86
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
A RESOLUTION AMENDING SECTION 8 OF RESOLUTION NO. 134-85,
ADOPTED DECEMBER 18, 1985
BE IT RESOLVED by the City Council of the City of
Dublin, California, that Section 8 of Resolution No. 134-85 be
amended as follows:
Section 8. The Purchase Contract presented at this
meeting and on file with the City Clerk and the sale of
Certificates pursuant thereto are hereby approved. As set forth
more fully in the Purchase Contract, the purchase price of the
Certificates is $11,968,000, representing an aggregate principal
amount of $11,968,000, plus accrued interest thereon from December
18, 1985, to date of delivery, and less a discount to be
established; interest on the Certificates shall be payable
commencing August 1, 1986, and semiannually thereafter on each
February 1 and August 1 until maturity; the Certificates shall
mature on February 1 of each year and in the principal amounts and
bear interest at the rates of interest per annum set forth below.
Year Amount Rate
1987 $173,000 6.75
1988 $180,000 7.25
1989 $195,000 7.50
1990 $205,000 7.75
1991 $225,000 8.00
1992 $240,000 8.20
1993 $260,000 8.40
1994 $280,000 8.60
1995 $305,000 8.80
1996 $335,000 9.00
1997 $365,000 9.00
1998 $395,000 9.00
1999 $g30,000 9.00
2010 $8,380,000 9.25
Sinking fund payments are hereby established for the
mandatory redemption and payment of the Term Certificates maturing
on February 1, 2010, which payments shall become due during the
years ending on the dates and in the amounts as set forth in the
following schedule:
Year Ending
February 1
2000
2001
2002
2003
2004
2005
2006
Sinking Fund
Payment
$470 0o0.00
515 000.00
56O 000.00
615 000.00
670 000.00
735 000.00
800000.00
Year Ending
February 1
Sinking Fund
Payment
2007 $875,000.00
2008 955,000.00
2009 1,045,000.00
2010 1,140,000.00
Ail such sinking fund payments shall be deposited in a
separate account in the Principal Account hereinafter referred to,
which account is hereby established and shall be known as the
"Sinking Fund Account" (herein called the "Sinking Fund Account")
and which account the City hereby agrees and covenants to maintain
so long as any Term Certificates are outstanding. Ail money in
the Sinking Fund Account shall be used and withdrawn by the Paying
Agent at any time, upon the Written Request of the City, for the
purchase of Term Certificates maturing on February 1, 2010, at
public or private sale as and when and at such prices as it may in
its discretion determine, but not to exceed the principal amount
of such Term Certificates, and all Term Certificates so purchased
shall be cancelled. Ail money in the Sinking Fund Account on
February 1 of each year, beginning on February 1, 2000, shall be
used and withdrawn by the Paying Agent on such February 1 for the
mandatory redemPtion or payment of Term Certificates maturing on
February 1, 2010, and the City hereby agrees and covenants with
the Holders of the Term Certificates to call and redeem or pay
Term Certificates maturing on February 1, 2010, from sinking fund
payments deposited in the Sinking Fund Account pursuant to this
paragraph whenever on February 1 in any year, beginning February
1, 2000, there is money in the Sinking Fund Account available for
such purpose.
NOW, THEREFORE, BE IT RESOLVED that Section 8A be added
to Resolution No. 134-$5 to read as follows:
"Section SA. If the City, for any reason whatsoever,
cannot acquire ownership of APN 9~1-1~01-01~-05 (the site upon
which the project will be built) by December 31, 1986, it shall
call for redemption, without premium, all outstanding Certificates
commencing August 1, 1987.
BE IT FURTHER RESOLVED that the City Council of the City
of Dublin does hereby ratify and affirm all acts, actions, and
documents signed or isSued by the City in connection with the
issuance of $11,968,000 Certificates of Participation including
all such changes in tha Lease Agreement, Trust Agreement, Agency
Agreement and Trustee Agreement.
t986.
PASSED, APPROVED AND ADOPTED this 13th day of January,
AYES:
Councilmembers Hegarty, Jeffery, Moffatt,
Vonheeder and Mayor Snyder
NOES: None
ABSENT: None