HomeMy WebLinkAbout2010-123 - 1998 Library Certificates of ParticipationRESOLUTION NO. 2010-123
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING THE ESCROW
AGREEMENT, APPROPRIATING FUNDS AND
AUTHORIZING THE CITY MANAGER TO TAKE ALL
NECESSARY ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Newport Beach (the "City ") has previously caused to be sold
and delivered the City of Newport Beach Certificates of Participation, Series 1998 (Central
Library Building Project) (the "Library COP'S "), pursuant to the terms of a Trust Agreement
dated as of June 1, 1998 (the "1998 Trust Agreement "); and
WHEREAS, the City Council by adoption of this resolution finds that it is in the best
interests of the City to defease the Library COP'S by depositing cash in accordance with the
Escrow Agreement and to redeem the Library COP'S on December 1, 2010.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Newport
Beach that:
Section 1. The Escrow Agreement between the City and the Trustee in substantially
the form submitted at this meeting and made a part hereof as though set forth in full herein is
hereby approved. The Mayor of the City and/or the City Manager of the City are hereby
authorized and directed to execute the Escrow Agreement in the form presented at this meeting
with such changes, insertions and omissions as may be approved by the Mayor or City Manager,
said execution being conclusive evidence of such approval.
Section 2. The appropriation of $3,630,000 is hereby approved. The City Manager is
authorized and directed to cause such funds to be deposited in accordance with the Escrow
Agreement.
Section 3. The Mayor, the City Manager and any other proper officer of the City,
acting singly, be and each of them hereby is authorized and directed to execute and deliver any
and all documents and instruments, including any agreements with the Trustee relating to the
Escrow Agreement, and to do and cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by the Escrow Agreement and this
Resolution.
Section 4. This Resolution shall take effect immediately upon adoption.
ADOPTED, SIGNED AND APPROVED this 26th day of October, 2010.
ATTEST:
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Mayor
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City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } as.
CITY OF NEWPORT BEACH }
I, Leilam I. Brown, City Clerk of the City of Newport Beach, California, do hereby
certify that the whole number of members of the City Council is seven; that the foregoing resolution,
being Resolution No. 2010 -123 was duly and regularly introduced before and adopted by the City
Council of said City at a regular meeting of said Council, duly and regularly held on the 26th day of
October, 2010, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Selich, Rosansky, Henn, Webb, Gardner, Daigle
Noes: None
Absent: Mayor Curry
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 27th day of October, 2010.
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City Clerk
Newport Beach, California
(Seal)