RES 05062 - Laserfiche WebLink

Resolution No. 05-062 Page 2 WHEREAS, a public hearing was held by the City Council on the date hereof in the City Council Chambers following duly published notice thereof, and all persons desiring to be heard on the matter have been heard; and WHEREAS, the sole source of funds to satisfy the City's obligations under the installment sale agreement will be payments by the Corporation under a second installment sale agreement with the City, and the City's general fund will in no way be obligated in connection with the financing program; and WHEREAS, in addition to the financing to be provided by means of the installment sale agreement described above, the City will make two loans to the Corporation to assist in the financing of the Facility, and will lease the site on which the Facility is to be constructed to the Corporation; and WHEREAS, it is in the public interest and for the public benefit and the benefit of the Corporation that the City authorize and direct execution of certain financing and lease documents in connection with the Facility; and WHEREAS, the City Council now desires to approve the execution and delivery by the City of the installment sale agreement and related documents, and the documents evidencing the loans by the City to the Corporation, the lease of the Facility site by the City to the Corporation and related documents, all in order to assist in the financing of the Facility. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The below-enumerated documents, in the respective forms on file with the City Clerk, are hereby approved and the City Manager is hereby authorized and directed to execute each of said documents in such forms, together with such changes, insertions and omissions as may be approved by the City Manager upon consultation with the City Attorney and Bond Counsel, such approval to be conclusively evidenced by the execution and delivery of the respective documents by the City. (a) a Trust Agreement (the ''Trust Agreement") among the City, the Corporation and Wells Fargo Bank, National Association, as trustee (the ''Trustee''); (b) a First Installment Sale Agreement (the "First Installment Sale Agreement"), between the Corporation and the City;