Minutes 04/14/1987 - Laserfiche WebLink

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April 14, 1987 (b) The City ~anager and the Assistant City Manager for Administration a~d Finalize o~ ~h~ Cit~ cur either of them, are hereby authorized to execute, on behalf of the City, subscriptions for United States Treasury Obligations - State and Local Government Ssries, to be purchased by the Escrow Agent from moneys deposited in the 1987 Refunding ~rust Fund created and established under the Escrow Deposit Agreement. Such United States. Treasu-ry Obligations - State and' Local Government Series so purchased shall be held by the Escrow Agent unde~ and in. accordance with the provisions of the Bscrow Deposit Agreement. (c)(i) If and to the extent the 1982 Refunded P~blie Improvement Bonds are to be refunded and redeemed from the proceeds of the Bonds, the City Manager is hereby authorized to designate the ]982 Refunded Public Imprevemen~ Bonds for redemption on December 1, ~992 in accordance with the provisions of the aforementioned resolutions authorizing the issuance of the 1982 Public Improvemen~ Bonds adopted by the Council on November 9, 1982 and November 23, 1982 and ~o take all such actions as he shall deem to be necessary or desirable to effect the redemption of the 1982 Refunded Public Improvement Bonds on such date. (ii) If and to the extent the 1985 Refunded Public Improvement Bonds are to be refunded and redeemed from the proceeds of the Bonds, the City Manager is hereby authorized to designate the 1985 Refunded Public Improvement Bo~ds for ~edemption on November ~, 1995 in accordance with the provisions of the aforementioned resolutions authorizing the issuance of the 1985 Public Improvemen~ Bonds adopt%d by the Council on October t; 1985 and October 29, ~985 and to take all such actions as he shall deem to be necessary or desirable to effect the redemption of the 1985 Refunded Public Improvement Bonds on such date. 18. The action of the City Manager, the Assistant City Manager for Administration and Finance and other officials, employees, agents and attorneys Of the City in negotiating the sale of the Bonds, and all actions and proceedings heretofore ~aken by the Council, the City Manager, th~ Assistant City Manager for Administration and Finance and ~he other officials, employees, agents and attorneys of the City in connection with the authorization, issuance and sale of the Bonds (including the preparation a~d distribution of the Preliminary Official Sta.tement reIati~g to the Bonds) are hereby ratified, c~nfirm~d and apDroved. · ~ I~ ~e AsS~Rt ~lty 5~nager.for~A~ministrati~n ~i.[. and Finance is di~ec{~d ~ hold th~ ~go0d submitted by the Underwriter~s at the time of the execution of the Bond Purchase Agreement and to return such good faith check to the Purchasers at the time of the deliver~ of and payment for the Bonds or otherwise it0 apply such check in accordance with the terms' of the Bond Purchase Agreement. 12~ (a~ The proceeds of sale of t~e Bon~ shall be applied to the pa~en~ of the costs of the public improvement projects'described below in substantially the amounts set forth opposite the descriptioa of the respective projects: PROJECTS Community Services Edncation Parks and Recreation Drainage, Curbs, Gutters and Street Improvements Urban Renewal and Priority Action Programs Industrial and Economic Development AMOUNT 565,747 246,000 1,639,400 4,271,137 300,080 112,716 $7,135,000 prov&oeo, that if any such project shall requzre less than the entire respectiye amount set forth above, t~ difference a~pli~d to pay the cost of any other projec~c so se~