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HomeMy WebLinkAbout001-94 RESOLUTION NO. 1-94 A RESOLUTION AMENDING AND SUPPLEMENTING RESOLUTION NO. 160-93 "A RESOLUTION PROVIDING FOR THE ISSUANCE OF REFUNDING BONDS" (SYCAMORE VALLEY REASSESSMENT DISTRICT NO. 1993-2) RESOLVED, by the Town Council of the Town of Danville, California, as follows: WHEREAS, this Council has undertaken reassessment and reassessment bond proceedings under its Resolution No. 157-93; WHEREAS, as a part of the proceedings, this Council did, on the 7th day of December, 1993, adopt its Resolution No. 160-93, "A Resolution Providing for the Issuance of Refunding Bonds" wherein it provided for the issuance of this Town's Limited Obligation Improvement Bonds, Sycamore Valley Reassessment District No. 1993-2 (herein "Reassessment Bonds"); WHEREAS, pursuant to its Resolution No. 161-93, the Reassessment Bonds have been sold to the Town of Danville Financing Authority; WHEREAS, as a part of the sale, the Town desired that the Reassessment Bonds be assigned an investment grade rating by a nationally recognized rating agency in order to maximize savings to the owners of the properties reassessed in the proceedings; WHEREAS, in order to obtain such a rating, Moody's Investors Service, Inc., a nationally recognized rating agency, has requested that the Town add for the protection of the owners of the Reassessment Bonds the additional covenants set forth below; WHEREAS, it is in the public interest that such covenants be added to the proceedings for the benefit of the owners of the Reassessment Bonds; and WHEREAS, the pricing and actual maturity schedule for the Reassessment Bonds has been ascertained; NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED, as follows: 1. The recitals are true and correct. 2. Resolution No. 160-93 is amended by the addition of Section 7.02A thereto, to read as follows: "SECTION 7.02A Teeter Plan. (a) The Town covenants that it will not voluntarily- remove the collection of the reassessment levied for the 32130\00006\7557.1 PAGE 1 OF RESOLUTION NO. 1-94 Reassessment Bonds from the procedures used by the County pursuant to Sections 4101-4107 of the California Revenue and Taxation Code (the "Teeter Plan"); (b) The Town will notify Moody's Investors Service, Inc. in the event that the County ceases to collect the reassessment levied for the Reassessment Bonds pursuant to the Teeter Plan; (c) The Town covenants that exception (i) to its covenant to foreclose in the event of a delinquent reassessment installment, as set forth in 7.02, shall not be applicable if, in the prior year, there was a draw on the Reserve Fund." 3. To reflect the actual maturity schedule for the Reassessment Bonds, Exhibit A to Resolution No. 160-93 is revised to read in accordance with Exhibit A hereto, and the Clerk is directed to certify on the Delivery Date, pursuant to Section 3.01, as to the final maturity schedule. 4. The Clerk's actions in completing the blanks in Sections 6.01 and 6.01A, pursuant to Section 9.06, are ratified and approved. 32130\00006\7557.1 PAGE 2 OF RESOLUTION NO. 1-94 I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the Town Council of the Town of Danville, California, at a meeting thereof held on the 18th day of January, 1994, by the following vote: AYES: NOES: ABSENT: RITCHEY, GREENBERG, DOYLE, SHIMANSKY, WALDO NONE NONE OR ATTEST: CITY CLERK 32130\00006\7557.1 PAGE 3 OF RESOLUTION NO. 1-94 EXHIBIT A MATURITY SCHEDULE TOWN OF DANVILLE LIMITED OBLIGATION IMPROVEMENT BONDS SYCAMORE VALLEY REASSESSMENT DISTRICT NO. 1993-2 Maturity Date (September 2) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Principal Amount $ 686,277 01 715,000 00 745,000 00 785,000 00 825,000 O0 870,000 00 915,000 00 970,000 00 1,025,000 00 1,085,000 00 1,150,000 00 1,220,000 00 $10,991,277 01 32130\00006\7557. PAGE A-1 OF RESOLUTION N0.1-94 (D PPPPPPPPPPPPPPP 000000000000000 ooooooooooooooo ,.,. _. ~O.i~iG©CD~,iCOOOCOG~OCO~DCO~') 0 9} 0 O~OOGOr,.DOOOC~.I~PO0~-~.O0~'4r' ............... G Z~30< ooooooooooooooo~ C~O <m C:r- I'rl · 13.4 O~ O> Om m; :i,m ~Z m-I Z-- ~Z ZO (H1) $10,990,000.00 TOWN OF DANVILLE FINANCING AUTHORITY REASSESSMENT REVENUE BONDS (Sycamore Valley Reassessment District No. 1993-2) CERTIFICATE OF THE TOWN OF DANVILLE FINANCING AUTHORITY AS TO FINALITY OF PRELIMINARY OFFICIAL STATEMENT I, Joseph A. Calabrigo, certify that I am the Executive Director of the Town of Danville Financing Authority (the "Authority"), and as such I am authorized to execute this Certificate on behalf of the Authority. I further certify that there has been delivered to Stone & Youngberg (the "Underwriter") of the Town of Danville Financing Authority, Reassessment Revenue Bonds, (Sycamore Valley Reassessment District No. 1993-2) (the "Bonds") a preliminary official statement relating to the Bonds, dated December 16, 1993 (including the cover page and all appendices thereto, the "Preliminary Official Statement"), which the Authority deems to be final as of its date for purposes of Rule 15c2-12 promulgated under the Securities Exchange Act of 1934, as mended ("Rule 15c2-12"), except for information permitted to be omitted therefrom by Rule 15c2-12. The Authority approves of the use and distribution by the Underwriter of the Preliminary Official Statement. Dated: December 16, 1993 TOWN OF DANVILLE FINANCING AUTHORITY By: 'Josephd'/h A~ Cala~go ~J~ecutive Director 32130\00006~A 819.6 Moody !nvcstors Setwee 99 Church Street New York, NY 10007 Dec mber 20, 1993 Ms. Holly Brock-Cohn Town of Danville 510 La Gonda Way Danville, California 94528-1740 Dear Ms. Brock-Cohn: We wish to inform you that our Rating Committee has assigned the rating of Baa to the $11,035,000 Danville Financing Authority, California (Sycamore Valley reassessment District No. 1993-2) Bonds to be sold through negotiation December 21, 1993. We have also reviewed and confirmed the rating of Baa to the outstanding Danville Assessment District 1990-1 (Sycamore Valley). In order that we may maintain the rating, we will require current updating information. We will appreciate your continued cooperation in the future. We would appreciate receiving a copy of the final Official Statement when available. You will be receiving a copy of our credit report on the above referenced bond sale. Should you have any questions regarding the above, please do not hesitate to contact Ronald Junker at (415) 274-1736. Sincerely, Daniel N. Heimowitz Executive Vice President Director Public Finance Department RJ:tn cc: Mr. William Euphrat William Euphrat Municipal Finance Inc. 3100 Clay Street San Francisco, California 94115