Resolution - 2013-55RESOLUTION NO.2013-55
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA AUTHORIZING STAFF AND CONSULTANTS TO PREPARE
THE NECESSARY DOCUMENTATION FOR THE ISSUANCE OF NOT,
TO EXCEED $3,200,000 OF TAX-EXEMPT BONDS TO I REFINANCE
OUTSTANDING WEST COVINA PUBLIC FINANCING AUTHORITY
LEASE REVENUE BONDS, 2003 SERIES A (COMMUNITY CENTER
PROJECT); AND APPROVING FINANCING TEAM MEMBERS IN
CONNECTION THEREWITH
WHEREAS, the City of West Covina (the "City") and the West Covina Community
Development Commission, as successor to the Redevelopment Agency of the City of West
Covina (the "Commission"), have heretofore entered into a Joint Exercise of Powers Agreement,
dated as of .February 1, 1990,. establishing the West Covina Public Financing Authority (the
"Authority") for the purpose, among other things, of issuing its bonds to be used to provide
financing and refinancing for public capital improvements of the City; and
WHEREAS, the City desires that the Authority issue its Variable Rate Demand Lease
Revenue Refunding Bonds, 2013 Series A (Community Center Project) (the `Bonds") for the
purpose of refunding all of the Authority's outstanding Lease Revenue Bonds,.2003 Series A
(Community Center Project) (the "Prior Bonds"); and
" WHEREAS, the City Council of the City of West Covina (the "City Council") desires to
approve certain members of the financing team in, connection with the issuance of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council as follows:
SECTION 1. Approval of Recitals. The City hereby finds and, determines that the
foregoing recitals are true and correct.
SECTION 2. Authorization to. Prepare Documents. The City hereby authorizes staff
and Bond and Disclosure Counsel to prepare necessary documentation for review and approval
by the City and the Authority for the refunding, of the Prior Bonds in an aggregate principal.
amount not to exceed $3,200,000.
. SECTION 3. Approval of Certain Financing Team Members. The City hereby approves
the appointment of (a) Fulbright & Jaworski LLP, to provide Bond and Disclosure Counsel
services in connection with the Bonds, (b) Fitzgerald Public Finance, a division of Gates Capital
Corporation, as Underwriter/Placement Agent in connection with the Bonds, (c) Gates Capital
Corporation, as Remarketing Agent for the Bonds, and (d) U.S. Bank National Association, as
Trustee in connection with the Bonds. The City Manager is hereby authorized and directed to
execute services agreements with these financing team members.
SECTION 4. Effective Date. This Resolution shall become effective immediately upon
adoption.
SECTION 5. Certification. The. City Clerk shall certify to the adoption of this
Resolution.
Resolution No. 2013-55
Page 2
APPROVED AND ADOPTED on this 61h day of August 2013.
ATTE
ity Clerk Lauri6 Carrico =
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at a regular meeting held thereof on the 6th day of August 2013 by the following vote
of the City Council:
AYES: McIntyre, Sotelo, Sykes, Sanderson
NOES: None
ABSENT: Herfert
ABSTAIN: NoneA GX"%%��
City Clerk LauriJ Carrico"-:.
APPROVED AS TO FORM:
*ityyAttormi/ney Arnold Alvarez-Glasman