HomeMy WebLinkAboutRes - 1991.122 - Installment Purchase Agreement RESOLUTION NO. 1U91 . 122
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
EAST VALLEY WATER DISTRICT APPROVING THE FORM
OF INSTALLMENT PURCHASE AGREEMENT, TRUST
AGREEMENT, ASSIGNMENT AGREEMENT AND
PRELIMINARY OFFICIAL STATEMENT RELATING TO THE
EAST VALLEY WATER DISTRICT PUBLIC FACILITIES
CORPORATION $8,L00,000 SERIES 1991
CERTIFICATES OF PARTICIPATION (ADMINISTRATIVE
FACILITIES) , AND AUTHORIZING CERTAIN ACTIONS
RELATED TO THE SALE OF CERTIFICATES OF
PARTICIPATION BY THE EAST VALLEY WATER
DISTRICT PUBLIC FACILITIES CORPORATION
WHEREAS, the Board of Directors (the "Board") of the East
Valley Water District (the "District") has the authority to
acquire administrative facilities and improvements to its
service yard (the "Project") ; and
WHEREAS, the District has formed• the East Valley Water
District Public Facilities Corporation (the "Corporation") for
the purpose, among others, of financing the construction of
various public improvements located in the boundaries of the
District; and
WHEREAS, the financing structure for the acquisition and
construction contemplates the District purchasing the Project
from the Corporation pursuant to the Installment Purchase
Agreement (Administrative Facilities) dated as of September 1.
1991, by and between the District and the Corporation (the
"Installment Purchase Agreement") , with the concurrent
assignment of the Corporation' s right in such Installment
Purchase Agreement to Security Pacific National Bank, N.A. , as
trustee (the "Trustee") pursuant to an Assignment Agreement
(Administrative Facilities) dated as of September 1, 1991. by
and between the Corporation and the Trustee (the "Assignment
Agreement") ; and
WHEREAS, the Corporation desires to issue its Series 1991
Certificates of Participation (Administrative Facilties) , (the
"Certificates") pursuant to the terms set forth in the Trust
Agreement dated as of September 1, 1991 by and among the
Corporation, the District and the Trustee (the "Trust
Agreement") in an aggregate principal amount not to exceed
$8,100,000; and
WHEREAS, the Certificates will be secured by the
Installment Purchase Payments to be made pursuant to the
Installment Purchase Agreement; and
WHEREAS, the Corporation has authorized the sale of the
Certificates, and the distribution of the Official Statement
(in preliminary and final form) for the Certificates to all
potential purchasers of the Certificates; and
WHEREAS, the Hoard of the District desires to approve, as
to form, the Installment Purchase Agreement, the Trust
Agreement, the Assignment Agreement and the Official Statement
(in preliminary and final form) ; and
WHEREAS, copies of each of the aforementioned documents
have been presented to the Board of Directors.
NOW, THEREFORE, the Board of the District does hereby
resolve, determine and order as follows:
Section 1. The Installment Purchase Agreement, the
Trust Agreement and the Assignment Agreement are each approved
in substantially the form presented.
•
Section 2. The Preliminary Official .Statement is
• approved and the distribution of said Preliminary Official
Statement to prospective purchasers of the bonds is approved;
provided, however, the Preliminary Official Statement may be
modified prior to said distribution with the approval of the
General Manager, Stradling, Yocca, Carlson & Rauth, Special
Counsel, Financial Advisor, and the Underwriter in order to
make the Preliminary Official Statement final as of its date,
except for the omission of certain information, as permitted by
Section 240.15c2-12(b) (1) of Title 17 of the Code of Federal
Regulations.
section 3 . The Officers of the District are authorized
and directed, jointly and severally, to do any and all things
and to execute and deliver any and all documents which they may
deem necessary and advisable in order to consummate the sale
and delivery of the Certificates. In order to effectuate the
purposes of this Resolution, such actions previously taken by
such officers are hereby ratified and confirmed.
Section 4 . This Resolution shall take effect from and
after its date of adoption.
ADOPTED, SIGNED, APPROVED, THIS 22ND DAY OF JULY, 1991.
ROLL CALL:
AYES : Directors Disch, Lightfoo Dou as chnarre, Stoops
NOES: None
ABSENT: None. Pre ent
ATTEST
ecretary
07/16/91
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CERTIFICATION
STATE OF CALIFORNIA )
)
COUNTY OF SAN BERNARDINO )
I, Sandra Shepherd, Secretary of the Board of Directors of
THE EAST VALLEY WATER DISTRICT, DO HEREBY CERTIFY that the
foregoing Resolution No. was duly adopted by the Board of
Directors of said District at a regular meeting thereof, held
the 22nd day of July, 1991, a full quorum present and acting
throughout the meeting, by the following vote to wit:
AYES: DIRECTORS:
NOYES: DIRECTORS:
ABSENT: DIRECTORS:
By:
Secretary of the Board of
Directors of the East Valley
Water District
CERTIFICATION
STATE OF CALIFORNIA )
)
COUNTY OF SAN .BERNARDINO )
I, Sandra Shepherd, Secretary of the Board of Directors of
THE EAST VALLEY WATER DISTRICT, DO HEREBY CERTIFY that the
attached is a full, true and correct copy. of Resolution
No. of said Board of Directors, adopted at a regular
meeting of the Board held on July 22, 1991, a full quorum
present and acting throughout the meeting, and that said
Resolution has not been amended nor appealed.
DATED: July 22, 1991
By:
Secretary of the Board of
Directors of the East Valley
Water District
•
07/16/91
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