CC RESOLUTION 3540RESOLUTION NO. 3540
RESOLUTION OF THE CITY OF EL SEGUNDO
AUTHORIZING AND APPROVING A PURCHASE AGREEMENT
WITH SEIDLER - FITZGERALD PUBLIC FINANCE IN
CONNECTION WITH THE SALE AND DELIVERY OF A
MAXIMUM AMOUNT OF $1,750,000 CERTIFICATES OF
PARTICIPATION, SERIES 1988 (LIBRARY EXPANSION
AND REMODELING PROJECT), DATED JULY 7, 1988.
WHEREAS, the City of E1 Segundo, California (the "City "), is
a municipal corporation and general law city of the State of
California; and
WHEREAS, the E1 Segundo Capital Improvement Corporation (the
"Corporation "), is a nonprofit public benefit corporation duly
organized and existing under the Nonprofit Public Benefit
Corporation Law of the State of California (the "Act "), for the
purpose of benefiting and carrying out the purpose of the City,
by providing for the planning, development, acquisition,
construction, improvement, extension, repair, renovation and /or
financing of public buildings, works, projects, facilities,
furnishings and equipment for the benefit and use of the City;
and
WHEREAS, pursuant to a Resolution adopted on March 1, 1988,
the City Council approved the formation, purposes, activities,
Articles of Incorporation, Bylaws and the initial members of the
Board of Directors of the Corporation; and
WHEREAS, the City Council has heretofore determined and does
again find and determine that it is necessary and desirable for
the City to make certain improvements to the existing public
library (the "Improvements "), and that such action is within the
authority of the City and a public purpose.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EL SEGUNDO, CALIFORNIA:
Section 1. The City is hereby authorized to enter into
the following document, in substantially the form presented
to and reviewed by the City Council at this meeting and
attached to this Resolution (copies of which document shall
be filed in the records of the City), with such changes
therein as shall be approved by the officer of the City
executing such documents, such officer's signature thereon
being conclusive evidence of such officer's approval thereof:
(1) the Purchase Agreement dated July 7, 1988, by
and among the Corporation, the City and Seidler-
Fitzgerald Public Finance (the "Purchase Agreement "),
under which the Corporation and City agree to cause the
execution, sale and delivery of the certificates of
participation to the underwriter, as defined therein,
upon the terms and conditions set forth therein,
provided that the maximum amount of the issue will not
exceed $1,750,000; the discount will not exceed 40 of
the issue and the interest rate for any maturity will
not exceed 80.
Section 2. Execution of Document. The City is hereby
authorized to enter into and the Mayor is hereby authorized
and directed to execute and deliver the Purchase Agreement
for and on behalf of and as the act and deed of the City.
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Section 3. Further Authority. The City shall, and all
duly authorized officers, agents and employees of the City
are hereby authorized and directed to, take such further
action, and execute all documents, certificates and instru-
ments as may be necessary or desirable to carry out and
comply with the intent of this Resolution, and to carry out,
comply with and perform the duties of the City with respect
to the Purchase Agreement.
Section 4. Effective Date. This Resolution shall take
effect and be in full force from and after its adoption by
the City Council.
Adopted by the City
Council of the City of E1 Segundo,
I HEREBY CERTIFY that the above and foregoing
duly passed and adopted by the E1 Segundo City
regular meeting held on the 5th day of July,
following vote, to wit:
AYES:
NOES:
ABSENT:
resolution was
Council at its
1988 by the
Mayor Jacobson; Scot Dannen; H.R. "Bob" Anderson;
West. -U�ln Cluttai and Alan
None
arm
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0 STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
CITY OF EL SEGUNDO )
SS
• I, Ronald L. Hart City Clerk of the City of El Segundo,
California, DO HEREBY CERTIFY that the whole number of members of
July, 1988 and that the same was so passed and adopted by the
following vote:
AYES: Councilmembers Anderson, Clutter, Dannen,
West, and Mayor Jacobson
NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 8th day
• of July, 1988.
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RONALD L. HART
City Clerk of the
City of El Segundo, California
(SEAL)
the City Council
of the said City
is five; that the foregoing
resolution, being
Resolution No. 3540 was duly passed and adopted
•
by the said City
Council, approved
and signed by the Mayor of
said City, and attested by the City
Clerk of said City, all at a
regular meeting of
the said Council held on the 5th day of
July, 1988 and that the same was so passed and adopted by the
following vote:
AYES: Councilmembers Anderson, Clutter, Dannen,
West, and Mayor Jacobson
NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 8th day
• of July, 1988.
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RONALD L. HART
City Clerk of the
City of El Segundo, California
(SEAL)