RES 93083 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 93-83 RESOLUTION APPROVING THE AGREEMENT FOR UNDERWRITING SERVICES WITH PAINEWEBBER, INCORPORATED, ANDAUTHORIZING THE CITYMANAGER TO DETERMINE THE DISTRICTS TO BE REFUNDED UP TO THE DATE OF BOND SALE WHEREAS, the City is taking certain actions to form four Consolidated Reassessment Districts (hereinafter called "Districts"), to refund certain assessment district bonds pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, as amended (Section 9500 et seq of the Streets and Highways Code of the State of California); and WHEREAS, the City, intending to sell bonds on behalf of the Districts to refund said bonds, requires the services of an investment banking firm experienced in financial consulting and municipal underwriting to assist it in structuring a cost-effective overall financing package; and WHEREAS, the Pleasanton Joint Powers Financing Authority (hereinafter called the "Authority"), intends to sell bonds on behalf of the Authority, purchase the District's bonds, assist it in structuring a cost-effective overall financial package, coordinate the marketing and distribution of the Authority's bonds, and to purchase those bonds from the Authority at negotiated sale; and WHEREAS, it cannot be determined which Districts can be refunded until the date of the bond sale, based on interest rates. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City hereby employs PaineWebber, Incorporated, as Underwriter to perform the services upon the terms, subject to the conditions of the attached "Agreement for Underwriting Services." Section 2: The City Manager is authorized to determine the actual Districts to be refunded based on the interest rate market up to the date of the bond sale.