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RESOLUTION NO. 17-910
<br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON
<br /> APPROVING THE FORM OF AN INSTALL,', ENT SALE AGREEMENT CONCERNING
<br /> THE ACQUISITION OF CERTAIN 1 1UNICIPAL -ATER SYSTE ; IMPROVEMENTS
<br /> AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF; AND
<br /> APPROVING THE ISSUANCE BY THE PLE,,SANTON JOINT PO".�'�-ERS FINANCING
<br /> AUTHORITY OF NOT TO EXCEED $7,400,000 ,°,GGREGATE PRINCIPAL AL,,'OUNT
<br /> OF ,iATER REVENUE BONDS, SERIES 2017
<br /> WHEREAS, Article 1 of Chapter 5 of Division 7 of Title 1 of the Government Code of the
<br /> State of California authorizes and empowers local agencies to form a joint powers authority and
<br /> Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California
<br /> (the "Mark-Roos Local Bond Pooling Act of 1985") authorizes and empowers such an authority
<br /> to issue bonds for the purpose of financing and refinancing public capital improvements,
<br /> working capital, liability and other insurance needs, or projects whenever there are significant
<br /> public benefits, as determined by the local agency; and
<br /> WHEREAS, the City of Pleasanton (the "City") and the Housing Authority of the City of
<br /> Pleasanton have created and established, pursuant to the laws of the State of California, the
<br /> Pleasanton Joint Powers Financing Authority (the "Authority") for the purpose of issuing bonds
<br /> to finance and refinance public capital improvements, working capital, liability and other
<br /> insurance needs or projects, including but not limited to the engineering, design, acquisition,
<br /> installation, and improvement of certain facilities for the expansion of the municipal recycled
<br /> water system of the City (the "Project"); and
<br /> HEREAS the City has determined that it is desirable and furthers the public purpose
<br /> and that there are significant public benefits to be derived from securing the assistance of the
<br /> Authority in financing the Project, in that the City and the Authority will benefit from
<br /> demonstrable savings in the cost of financing the Project as a result of the issuance of bonds by
<br /> the Authority pursuant to the Marks-Roos Local Bond Pooling Act of 1985, and
<br /> HEREAS, in order to achieve such public purpose, the City desires to approve the
<br /> Authority's issuance of not to exceed $7,400,000 in aggregate principal amount of the
<br /> Authority's Pleasanton Joint Powers Financing Authority Water Revenue Bonds, Series 2017
<br /> (the "Bonds") to finance the Project, and
<br /> °HEREAS, there has been presented to this meeting a proposed form of 2017
<br /> Installment Sale Agreement, dated as of February 1, 2017 (the "Agreement"), by and between
<br /> the City and the Authority, pursuant to which the City will transfer of the Project to the Authority,
<br /> and the Authority will sell the Project to the City and the City will agree to make payments to the
<br /> Authority for the purchase of the Project, as the terms of such payments are set forth in the
<br /> Agreement, and
<br /> WHEREAS, the Authority intends to sell the Bonds to JP Morgan Chase Bank, N.A. (the
<br /> "Purchaser") and all other acts necessary or desirable in connection therewith; and
<br /> WHEREAS, there has been presented to this meeting a proposed form of purchase
<br /> contract (the "Purchase Contract"), by and among the Purchaser, the City and the Authority
<br /> pursuant to which the Purchase will purchase the Bonds from the Authority
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