HomeMy WebLinkAboutRes - 1994.187 - Installment Purchase Agreement /3
RESOLUTION NO.19 9 4 . 18 7
RESOLUTION OF THE BOARD OF DIRECTORS OF THE EAST
VALLEY WATER DISTRICT APPROVING THE SALE OF
INSTALLMENT PURCHASE REVENUE BONDS IN THE AMOUNT
OF NOT TO EXCEED $8,000,000; APPROVING THE TIME AND
PLACE FOR TAKING BIDS, APPROVING THE NOTICE INVITING
BIDS AND APPROVING THE PRELIMINARY OFFICIAL
STATEMENT
WHEREAS, the Board of Directors of the Corporation deems it proper and the necessity
therefor appears that bids be invited for East Valley Public Facilities Corporation, Treatment
Plant and Capital Improvements, Certificates of Participation, Series 1994 (the "Certificates") in
the amount of not to exceed $8,000,000 and that if bids are satisfactory said Certificates be sold
in the manner and at the time and place hereinafter set forth; and
WHEREAS, the Certificates are secured by Installment Payments made pursuant to an
Installment Purchase Agreement, dated as of June 1, 1994 by and between the District and the
East Valley Public Facilities Corporation (the "Corporation") (the "Installment Purchase
Agreement") entered into by the parties to provide for the construction of the Project; and
WHEREAS, the District, the Corporation and Bank of America National Trust and
Savings Association, as Trustee desire to enter into a trust agreement titled "Trust Agreement"
dated as of June 1, 1994, to provide for the issuance and security of the Certificates and to
provide for the construction of the Project; and
WHEREAS, the Corporation will assign to the Trustee pursuant to an Assignment
Agreement dated of of June 1, 1994, the Installment Payments; and
WHEREAS, a preliminary official statement with respect to the Bonds (the "Preliminary
Official Statement"), has been prepared by Fieldman, Rolapp & Associates (the "Financial
Advisor"); and
WHEREAS, there has been presented to this Board of Directors copies of each of the
aforementioned documents and certain other documents relating to the foregoing;
NOW, THEREFORE, THE DISTRICT'S BOARD OF DIRECTORS DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. That sealed proposals for the purchase of the Certificates in the amount of
not to exceed $8,000,000 (the exact amount to be determined by the General Manager of the
District following the receipt of construction bids on the Project) be received by the Board of
Directors of the Corporation at the offices of Fieldman, Rolapp & Associates, 2100 S.E. Main
Street, Second Floor, Irvine, California 92714 (714) 660-8500 on the date and at the time to be
determined by the General Manager of the District.
SECTION 2. That Fieldman, Rolapp & Associates is hereby authorized and directed to
publish a notice inviting such sealed proposals by one insertion in The Bond Buyer, a newspaper
of general circulation, circulated within the State, said publication to be at least fifteen (15) days
prior to the date of opening bids stated in said notice attached hereto as Exhibit A.
SECTION 3. The District hereby approves the initial draft of the Preliminary Official
Statement, and the Financial Advisor is authorized to complete the Preliminary Official Statement
and distribute the Preliminary Official Statement to prospective purchasers in the form hereby
approved, together with such conforming changes therein and additions thereto as are deemed
necessary by the General Manager of the District to make such Preliminary Official Statement
complete and accurate as of its date. The General Manager of the District is hereby authorized
to certify that the Preliminary Official Statement is final within the meaning of Rule 15c-2-12 of
the Securities Exchange Act of 1934, as amended. The General Manager of the District is
hereby directed to execute and deliver, for and in the name and on behalf of the District, the
final Official Statement relating to the Certificates, which shall be in substantially the form of the
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Preliminary Official Statement with such changes therein and additions thereto as are deemed
necessary by the General Manager of the District, such approval to be conclusively evidenced by
the execution and delivery thereof.
SECTION 4. That Fieldman, Rolapp & Associates is hereby authorized and directed to
cause to be furnished to prospective bidders copies of the Preliminary Official Statement and a
notice inviting proposals. That said notice shall be substantially as set forth in Exhibit B attached
hereto. The failure, in whole or in part, to comply with this Section 4 and Section 3 hereof shall
not in any manner affect the validity of the sale of said Certificates.
SECTION 5. The Installment Purchase Agreement, the Assignment Agreement and the
Trust Agreement are approved in substantially the form submitted to this Board of Directors with
such changes to be made by this Board of Directors as deemed necessary following the sale of
the Certificates.
ADOPTED, SIGNED AND APPROVED this day of 9, , 1994.
AYES: Directors: Negretem Sturgeon, Lightfoot, Douglas
NOES: None
ABSENT: Sirector Stoops , C' �/
President of the Board of Directors of East
Valley Water District
(SEAL)
ATTEST:
•
Secretary of the Board of Directors of
of East Valley Water District
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