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Home My WebLink AboutTC Res 1990-05-16 (4) RESOLUTION NO. 2709 RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON APPROVING BOND PURCHASE CONTRACT AND ORDERING SALE OF BONDS COMMUNITY FACILITIES DISTRICT NO. 1985-1 The Town Council of the Town of Tiburon resolves: The Town Council approves the form of the Bond Purchase Contract of the Tiburon Public Facilities Financing Authority (the "Authority") regarding the Special Tax Refunding Bond, Community Facilities District No. 1985-1, Marin County, California, Refunding Series 1990, attached hereto as Exhibit A and by reference incorporated herein. The Town Manager of the Town of Tiburon is authorized to execute the Bond Purchase Contract in substantially the form as attached which shall include the maturity schedule, interest rates, bond date and closing date for the delivery of bonds at any time prior to June 15, 1990. The signature of the Town Manager on the final Bond Purchase Contract shall be conclusive evidence of the approval, by the Town, of the final Bond Purchase Contract. This Council appoints Mark Pressman Associates as Financial Advisor in connection with the purchase of the Series 1990 bonds. The Town Council directs the sale and delivery of the bonds to the Authority in accordance with the terms and conditions stated in the Bond Purchase Contract. * * * PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon on May 16, 1990, by the following vote: AYES: Councilmembers Friedman, Coxhead, Kuhn, Thayer and Logan NOES: None ABSENT: None MAYOR ATTEST: 2 MARK PRESSMAN ASSOCIATES Investment Banking 250 Montgomery Street, Suite 1200 San Francisco, CA 94104 FAX: (415) 421-0755 (415) 421-7300 . May 16, 1990 Town Council Town of Tiburon Tiburon, California 94920 Re: Limited Obligation Special Tax Refunding Bond Community Facilities District No. 1985-1 Town of Tiburon, Marin County, California, Refunding Series 1990 (The "Bond") Dl'ar Members of the Council: This purchase offer has been prepared on behalf of the Town by its Financial Advisor, Mark Pressman Associates. The Tiburon Public Facilities Financing Authority (The "Authority") hereby offers to purchase all, but not less than all, of the above referenced Bond to be offered by the Town of Tiburon (the ''Town'') pursuant to the MelIo-Roos Community Facilities Act of 1982, sections 53311 and following, of the Government Code of the State of California to represent the cost of refunding the Community Facilities Refunding District No. 1985- 1 (Point Tiburon) Town of Tiburon, Marin County, California Bonds. The Bond shall be issued pursuant to an Indenture of Trust of the Town (the "Indenture"). Amount of Bond: $5,573,000.00 Form of Bond: Registered bond to be issued with serial maturities. Bond call denominations will be in $1,000 multiples. First Interest Payment Maturity Schedule: Interest on the Bond shall be payable on January 15 and July 15 of each year commencing January 15, 1991 with principal payments commencing July 15, 1991, and annually thereafter in the amounts as specified in the Official Statement for the above referenced bond issue (the "Official Statement"). Price: 100% of par value plus accrued interest, if any. Term: 20 years. Interest Rates: As specified in the Official Statement, with a net interest cost of 7.659851 % Date of Bond and Closing Date: June 1, 1990 Mailing Address: P. O. Box 26690, San Francisco, CA 94126 iburon 990 fe Clause: Not later than October 1 in any year, the Town shall file an action in the Superior Court to foreclose the lien of each delinquent special tax if the sum of uncured special tax delinquencies for the preceding fiscal year exceeds five percent (5%) of the special tax installments posted to the tax roll for that fiscal year, and if the amount of the special reserve fund is less than the Reserve Requirement as described below. rketability nentshall lthority fthe )f the Jnd: The Town shall establish a reserve fund in the amount of not less than three percent (3%) of the principal amount of the issue (the "Reserve Requirement"). As required by the credit requirements of the Authority, it is reasonably required for this issue, and vital to the marketing of the Bond, that proceeds from the investment of monies in said reserve fund should be credited to the Redemption Fund to be applied to debt service. ~ss of the lrt United tes of yor made by or ~venue ose or effect, ion upon the In Premium: As specified in the Official Statement. ;ent trar: Meridian Trust Company of California, San Francisco, California. nion: tion: A no litigation certificate of the Town shall accompany the Bond at delivery. Advisor: The opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, without qualification and without expense to the Authority as to the legality of the proceedings leading to the issuance of the Bond and as to the federal and state tax- exempt status of the Bond. Such opinion, dated as of the Closing Date, to be printed on the Bond when issued. ~ss of the .n issued by ~gulation rm of notice rtange jurisdiction e general The services of MPA as Financial Advisors to the Town shall be paid as set forth in the Official Statement from Bond proceeds on the Closing Date. In under or lded, or ler or other nded,orthat ~ ral character riting al Statement securities !i Precedent: The obligation of the Authority to accept delivery of and pay for the Bond on the Closing Date shall be subject, at the option of the Authority, to the following additional conditions: (a) Receipt by the Authority, within seven business days from the date of execution of copies of the Official Statement sufficient in number to allow the Authority to comply with paragraph (b)(4) of the SEC Rule 15C2-12 and to satisfy Municipal Securities Rulemaking Board Rule G-32 or any other rules adopted by the MSRB. (b) The Indenture and any other applicable agreements shall be in full force and effect, and shall not have been amended, modified or supplemented except as may have been agreed in writing by the Authority, and there shall have been taken in connection therewith, with the issuance of the Bond and with the transactions contemplated thereby and by this Purchase Contract, all such actions as, in the opinion of Sturgis, Ness, Brunsell & Sperry, Emeryville, California, Bond Counsel for the Town, shall be necessary and appropriate; )n or action other of the In), ,ty of the nplated Town otnburon May 16, 1990 Pap Pour Limited Obligation: Town Coverw:rt: PlAce of OotmF 11m2 of CloMs: 'Exl'!ratlons I j I I Aft)' 8V1!ftt oo:wrlng, or f.t1Iormation becoaling knoWft whic:h, in the judgment cl tha Authority makesiuntrut orm1sleading in any: ma.terW r~pa:t any stl.hm'1ent or information contained if\. the Offering Statement co~aming the ToW%\, the improvement project.. the llr\do\\~er!, or the property ~ the Bone!. I Any aUa.m!tCIus act of Cod such ~ flooding, land movement, Qr ether which dJ:eet1y or ~y affects the 'Value of the property uaessed. and/or the secU.:ity of the 'Send. I . !he Bond s...Ull be a ~ted obligation" of tho Tq~ ~ed only by the property A"'M~ In theM pmceed1ngs -v..'ith no Tpwn tlnandal responsihlllty tor Boncl debt lllll'V1c:e. I The To'Pr'U shall cov.enant to taka any ac;tion wttlUn its powers t~ mAintmn the l tax--exe.tnpt status of the 1301'14. C,) (5) To be amnp!. Not latm' than 48 hours aftar the Town notifies tlie UIlder!1gned that the !Jond is ready lo!' delivery. If the sut2ject Bond is not dellvered by 5:00 pm. on the third day alter the nforemention~ de11~ty da~, the Authox1ty reserves tl"te right to r~egoHaht the price and I or the rate or *,ter=t. . 1 This offer expll'E$ noon on May 17, 1990. 1 I V try truly youra, ~. RobctLJ~~ TownM!natp I I