06/22/1998 Council Minutes - Laserfiche WebLink

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• • • (a) it is desirable and in the best interest of the City to enter into the Ground Lease, the Lease, the Disbursing Agreement and the Continuing Disclosure Agreement. (b) the terms of the Ground Lease, the Lease, the Disbursing Agreement, the Indenture, the Assignment and the Continuing Disclosure Agreement are found to be advantageous to the City and the form and terms thereof are hereby approved. (c) The Site and the Facilities described in the Lease constitute essential government property, and the City presently intends to appropriate all Lease Payments under the Lease for the term of the Lease; however, the obligations of the City under the Lease are not to be payable from nor charged upon any funds of the City other than the funds appropriated annually to the payment thereof, and the Lease shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City except its interest in the Lease and in the Site and the Facilities under the Lease. Section 3. Authorization of Documents. The Mayor and the City Clerk -Treasurer are authorized and directed to execute and deliver the Ground Lease, the Lease, the Disbursing Agreement and the Continuing Disclosure Agreement on behalf of the City, substantially in the forms on file, but with all such changes therein as shall be approved by the officers executing the same, which approval shall be conclusively evidenced by the execution thereof. Copies of all of the transaction documents shall be delivered, filed and recorded as provided therein. The Mayor, the City Clerk -Treasurer and other City officers are also authorized and directed to execute such other instruments as may be required to give effect to the transactions herein contemplated. The Official Statement, as completed and supplemented, and its distribution to potential purchasers of the Series 1998A Bonds, are hereby approved. The City, as an "obligated person" with respect to the Series 1998A Bonds, will comply with the requirements of Rule 15c2 -12(b)(5) of the Securities and Exchange Commission, as set forth in the Continuing Disclosure Agreement. Section 4. Approval of Issuance and Sale of Series 1998A Bonds. The issuance and sale by the Authority of the Series 1998A Bonds as described in the Official Statement is hereby approved in all respects, provided that the true interest cost of the Series 1998A Bonds (computed in accordance with the Official Terms of Proposal reproduced in the Official Statement) shall not exceed 5.2685 % per annum. The City will pay, from proceeds of the Series 1998A Bonds or from other City funds, the costs of issuance of the Series 1998A Bonds. Section 5. Payment of Lease Payments. The City will pay to the Trustee, promptly when due, all of the Lease Payments and other amounts required by the Lease. To provide moneys to make such payments, the City will include in its annual budget, for each Fiscal Year during the term of the Lease, commencing with the Fiscal Year ending on December 31, 1999, moneys sufficient to pay and for the purpose of paying all Lease Payments, a reasonable estimate of Additional Lease Payments, and other amounts payable under the Lease. The agreement of the City in this Section is subject to the City's right to terminate the Lease at the end of any Fiscal Year, as set forth in Section 5.6 of the Lease. BMB145001 LN140-60 2