CC Resolution 11963RESOLUTION N0.11963
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL DIRECTING
PREPARATION OF PROCEEDINGS FOR THE REFINANCING OF OUTSTANDING
CERTIFICATES OF PARTICIPATION, APPROVING A FINANCING TEAM, AND
PROVIDING OTHER MATTERS RELATING THERETO
WHEREAS, the City previously caused execution and delivery of the following
certificates of participation (the "Outstanding Certificates of Participation"): (i)
$13,480,000 1997 Refunding Certificates of Participation (Civic Center Project) (the
"1997 COPS") and (ii) $11,930,843.30 2002 Refunding Certificates of Participation
(Civic Center Project) (the "2002 COPs");
WHEREAS. a portion of the 1997 COPS and the 2002 COPs is payable from
payments made by the City of Campbell Successor Agency (the "Successor Agency"),
as the successor agency to the City of Campbell Redevelopment Agency (the "Former
Agency"), in repayment of an advance (the "Advancement") made by the City to the
Former Agency, pursuant to a Third Amended and Restated Indebtedness Agreement,
dated as of July 1, 2002 (the "Indebtedness Agreement"), by and between the City and
the Former Agency;
WHEREAS, the City has determined that savings may accrue to the City as a
result of a refinancing of the Outstanding Certificates of Participation, to the extent they
are eligible to be refinanced, and the Successor Agency expects to concurrently
refinance its repayment obligation under the Indebtedness Agreement, to the extent it is
eligible to be refinanced;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Campbell, as follows:
1. Direction to Refund. The City Council hereby directs staff, to the maximum extent
possible, to undertake the refunding of the Outstanding Certificates of Participation by
the issuance of refunding certificates of participation or lease revenue bonds (the
"Refunding Obligations"). The City Council hereby directs staff to work with its financing
team to prepare the legal documentation required for the issuance of the Refunding
Obligations and to return to this City Council for approval of the proposed Refunding
Obligations.
2. Approval of Financing Team and Related Agreements. The City Council hereby
approves the appointment of the following firms to its financing team and hereby directs
the Finance Director to execute agreements with each of such firms:
(a) Jones Hall, A Professional Law Corporation, as bond counsel and disclosure
counsel;
(b) Fieldman, Rolapp & Associates, as municipal advisor; and
(c) A corporate bank to be identified by the Finance Director after a competitive
process to act as trustee and refunding escrow agent.
3. Effective Date. This Resolution shall take effect upon its passage and
adoption.
PASSED AND ADOPTED this 5th day of April , 2016, by the following roll call vote:
AYES : Councilmembers: Kotowski, Resnikoff, Cristina, Gibbons, Baker
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPROVED:
~ `~ A~-_
J on T. Baker, Mayor
ATTEST:
Wendy od, City Clerk