Resolution - 7193RESOLUTION NO. 7193
RESOLUTION OF THE CITY COUNCIL APPROVING
INSTITUTION OF PROCEEDINGS TO REFINANCE
1984 CERTIFICATES OF PARTICIPATION, AUTHORIZING
AGREEMENT FOR BOND COUNSEL SERVICES AND
DESIGNATING UNDERWRITERS IN CONNECTION THEREWITH
WHEREAS, the City of West Covina (the "City") has previously financed
the acquisition and construction of various civic center improvements
consisting generally of a city hall, police facilities and public parking
facilities, and land relating thereto, pursuant to the Lease Agreement dated
as of September 1, 1984, between the City and the Los Angeles County - West
Covina Civic Center Authority (the "Authority"), and pursuant to the Trust
Agreement dated as of September 1, 1984, among the City, the Authority and
Bank of America National Trust and Savings Association as trustee, under
which said trustee executed and delivered $20,430,000 principal amount of
Certificates of Participation (the "1984 Certificates"); and
WHEREAS, interest represented by the 1984 Certificates is substantially
in excess of the rate of interest on comparable tax-exempt securities under
current market conditions, and it appears that the City may realize
substantial interest cost savings by refinancing the 1984 Certificates at
this time;
NOW, THEREFORE, BE IT RESOLVED by -the City Council of the City of West
Covina as follows:
Section 1. Authorization to Institute Refinancing Proceedings. The
City Council hereby authorizes and directs City staff to.institute all
proceedings deemed necessary or advisable to structure a financially and
legally feasible refinancing of the City's obligations with respect to the
1984 Certificates, and to present to the City Council for its consideration
all agreements and documents necessary to consummate such refinancing.
Section 2. Engagement of Bond Counsel and Underwriters. The City
Council hereby authorizes and directs the Mayor to execute on behalf of the
City an agreement for bond counsel services in connection with such
refinancing with the firm of Jones Hall Hill & White, A Professional Law
Corporation, in substantially the form on file with the City Clerk. The
City Council further designates the firm of E. F. Hutton & Company to act as.
underwriter in connection with such refinancing.
Section 3. Effective Date. This Resolution shall take effect from and
after the date of its passage and adoption.
Section 4. The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 4th day of June 1986.
ATTEST:
kiy"Callerk/
I HEREBY CERTIFY that the foregoing Resolution No. 7193 was duly adopted
by the City Council of the City of West Covina at an adjourned regular meeting
• thereof on the 4th day of June, 1986, by the following vote:
AYES: Tennant, Bacon, Manners, Chappell, Shearer
NOES: None
ABSENT: None
• ABSTAIN None
City Clerk
APPROVED AS TO FORM:
-ki nn
City Atto ney
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