RES 13612 - Laserfiche WebLink

RESOLUTION NO. 13-612 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING AN AMENDMENT TO A LEASE AGREEMENT WITH THE PLEASANTON JOINT POWERS FINANCING AUTHORITY, AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the City of Pleasanton (the "City") is a municipal corporation duly organized and validly existing under the laws of the State of California, and in connection therewith has previously provided for the execution and delivery of Certificates of Participation, Series 2003 (Golf Course/Senior Center Project) (the "Certificates"); and WHEREAS, the City and the Pleasanton Joint Powers Financing Authority (the "Authority") desire to enter into that certain First Amendment to Lease Agreement, currently dated as of May 1, 2013 by and between the City and the Authority (the "Amended Lease Agreement"), the form of which has been presented to this Board of Directors at the meeting at which this Resolution has been adopted, to correct a defective provision of the Lease Agreement and conform such provision to the terms of the trust agreement, dated as of April 1, 2003 (the "Trust Agreement"), among the City, The Bank of New York Mellon Trust Company, N.A., as successor in interest to BNY Western Trust Company (the "Trustee") and the Authority, and the Certificates; and WHEREAS, the City intends to prepay the Certificates once the Amended Lease Agreement is approved by Ambac Assurance Corporation (the "Insurer"), the insurer of the Certificates. NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. Approval of Amended Lease Agreement. The form of Amended Lease Agreement, as presented to this meeting is hereby approved. The City Manager or the Director of Finance (or their designated representative), each acting alone (collectively the "Officers"), and the City Clerk are hereby authorized and directed, for and on behalf of the City, to execute, acknowledge and deliver the Amended Lease Agreement, in substantially the form presented to this meeting, with such changes therein as such Officers may require or approve, with the advice and approval of the City Attorney and Nossaman LLP ("Bond Counsel"), such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 2. Direction to Prepay Certificates. Upon receipt of approval of the Amended Lease Agreement by the Insurer, the Officers are hereby authorized to undertake prepayment of the Certificates. The funds to be committed for the payoff of the Certificates are as follows: Golf Course Reserve - General Fund $ 2,000,000 Golf Course Reserve - Golf Course Fund 1, 92,611 Internal Service Fund - Retiree Medical 6,480,643 The funds to be recommitted for the payoff of the Certificates are as follows: Temporary Recession Reserve - General Fund 11 170,000 Total Funds $20,843,254