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Resolution 14862CITYOFALAMEDARESOLUTIONNO.14862 RESOLUTIONAPPROVINGTHEFORMANDAUTHORIZINGTHE EXECUTIONOFCERTAINLEASEFINANCINGDOCUMENTSIN CONNECTIONWITHTHEOFFERINGANDSALEOFCERTIFICATESOF PARTICIPATIONRELATINGTHERETOTOREFUNDTHECITY'S OUTSTANDING2002CERTIFICATESOFPARTICIPATION(CITYHALL REFINANCINGPROJECT)ANDTOFINANCETHECOSTSOF CONSTRUCTIONOFANEWCITYEMERGENCYOPERATIONSCENTER ANDASSOCIATEDEXPENSESANDAUTHORIZINGANDDIRECTING CERTAINACTIONSWITHRESPECTTHERETO RESOLVED,bytheCityCouncil(the"Council")oftheCityofAlameda(the "City"),asfollows: WHEREAS,theCity,workingwiththeAlamedaPublicImprovementCorporation (the"Corporation"),hasheretoforecausedtheexecutionanddeliveryofthe2002 CertificatesofParticipation(CityHallRefinancingProject)(the"2002Certificates"), representingundividedfractionalinterestsoftheownersthereofinleasepaymentsto bemadebytheCityastherentalforcertainpropertypursuanttoaleaseagreement withtheCorporation,deliveredtorefundcertaincertificatesofparticipationexecuted anddeliveredin1995tofinancetheseismicupgradeandrenovationofAlamedaCity Hall;and WHEREAS,the2002Certificatesarecurrentlyoutstandingintheprincipal amountof$7,395,000;and WHEREAS,theCity,withtheassistanceoftheCityofAlamedaFinancing Authority(the"Authority"),hasdeterminedatthistime,duetoprevailinginterestratesin themunicipalbondmarketandforotherreasons,to(a)refundthe2002Certificatesand (b)financethecostsofconstructionofanewCityEmergencyOperationsCenterand associatedexpenses(the"2013Project"),andtoimplementaleasefinancinqforsuch purposes;and WHEREAS,itisinthepublicinterestandforthepublicbenefitthattheCity authorizeanddirectexecutionoftheLeaseAgreement(hereinafterdefined)andcertain otherfinancingdocumentsinconnectiontherewith;and WHEREAS,apreliminaryofficialstatementcontaininginformationmaterialtothe offeringandsaleoftheCertificatesdescribedbelow(the"PreliminaryOfficial Statement")hasbeenpreparedonbehalfoftheCity;and WHEREAS,thedocumentsbelowspecifiedshallbefiledwiththeCityandthe membersoftheCityCouncil(the"Council")oftheCity,withtheaidofitsstaff,shall reviewsaiddocuments. 01019.20 NOW,THEREFORE,itisherebyORDEREDandDETERMINED,asfollows: Section 1.CertificatesofParticipation(2013FinancingProject)(the "Certificates")areherebyauthorizedtobeexecutedanddeliveredpursuanttothe provisionsoftheTrustAgreement,ashereinafterdefined,torefundthe2002 Certificatesandtofinancethe2013Project. Section 2.Thebelow-enumerateddocuments,intheformsonfilewiththeCity Clerk,beandareherebyapproved,andtheMayor,theCityManager,theAssistantCity ManagerortheFinanceDirector,orthedesigneethereof(each,a"DesignatedOfficer"), areherebyauthorizedanddirectedtoexecutesaiddocuments,withsuchchanges, insertionsandomissionsasmaybeapprovedbysuchofficials,andtheCityClerkis herebyauthorizedanddirectedtoattesttosuchofficial'ssignature: (a)asiteandfacilitylease,byandbetweentheCity,aslessor,andtheAuthority, aslessee,pursuanttowhichtheCitywillleasecertainexistingproperty(the"Property") totheAuthority,forthepurposeofleasingthePropertybacktotheCitypursuanttothe LeaseAgreement; (b)aleaseagreementrelatingtotheProperty,betweentheAuthority,aslessor, andtheCity,aslessee(the"LeaseAgreement"),solongastheprincipalamountofthe LeaseAgreementisnotgreaterthan$12,000,000,themaximumannuallease paymentsdonotexceed$900,000,thetrueinterestcostoftheLeaseAgreementdoes notexceed5.50%andthetermoftheLeaseAgreementdoesnotextendbeyondMay 1,2035,allwiththegoalofgeneratingapproximately$3,000,000tofinancethe2013 Project; (c)atrustagreement,byandamongtheAuthority,theCityandTheBankofNew YorkMellonTrustCompany,N.A.,astrustee,relatingtotheexecutionanddeliveryof theCertificates(the'TrustAgreement"); (d)anescrowdepositandtrustagreement,byandbetweentheCityandThe BankofNewYorkMellonTrustCompany,N.A.,asescrowbank,relatingtothe defeasanceofthe2002Certificates; (e)aterminationagreement,byandamongtheCity,theCorporationandThe BankofNewYorkMellonTrustCompany,N.A.,assuccessortrusteeforthe2002 Certificates(the"2002Trustee"),wherebytheCity,theAuthorityandthe2002Trustee agreetoterminatethedocumentsrelatingtothe2002Certificates;and (f)acontinuingdisclosurecertificate. Section 3.TheCouncilherebyapprovesanoticeofintention,intheformonfile withtheCityClerk(the"NoticeofIntention"),togetherwithanychangesthereinor additionstheretodeemedadvisablebyanyDesignatedOfficer.TheCityClerkishereby -2- authorizedanddirectedtocausetobepublished,onceatleastfifteen(15)dayspriorto thedatetoreceivebids,theNoticeofIntentionin TheBondBuyer,afinancial publicationreasonablyexpectedtobedisseminatedamongprospectivebiddersforthe Certificates.TheCouncilherebyapprovesanoticeofsale,intheformonfilewiththe CityClerk(the"NoticeofSale"),togetherwithanychangesthereinoradditionsthereto deemedadvisablebyanyDesignatedOfficer.PublicFinancialManagement,Inc.,as financialadvisortotheCity(the"FinancialAdvisor"),isherebyauthorizedtocausetobe furnishedtoprospectivebidderscopiesoftheNoticeofSale. Section 4.TheCouncilherebyapprovesthePreliminaryOfficialStatement,inthe formonfilewiththeCityClerk,togetherwithanychangesthereinoradditionsthereto deemedadvisablebyanyDesignatedOfficer.TheCouncilauthorizesanddirectsany DesignatedOfficertodeemthePreliminaryOfficialStatement"final"pursuanttoRule 15c2-12undertheSecuritiesExchangeActof1934(the"Rule").TheFinancialAdvisor isherebyauthorizedtocausetobefurnishedtoprospectivebidderscopiesofthe PreliminaryOfficialStatement. Section 5.TheFinancialAdvisorisherebyauthorizedanddirected,onbehalfof theCity,toreceivethebidsatthetimeandplacespecifiedintheNoticeofSale,to examinesaidbidsforcompliancewiththeNoticeofSaleandtoverifythebidwiththe lowesttrueinterestcostasprovidedintheNoticeofSale.Intheeventtwoormorebids settingforthidenticaltrueinterestcostarereceived,theFinancialAdvisor,onbehalfof theCity,mayexerciseitsowndiscretionandjudgmentinmakingtheawardandmay awardtheCertificatesona prorata basisinsuchdenominationsastheFinancial Advisormaydetermine.TheFinancialAdvisor,onbehalfoftheCity,may,inits discretion,rejectanyandallbidsandwaiveanyirreqularltyorinformalityinanybid.The FinancialAdvisor,onbehalfoftheCity,shallawardtheCertificatesorrejectallbidsnot laterthan24hoursaftertheexpirationofthetimeprescribedforthereceiptofbids unlesssuchtimeofawardiswaivedbythesuccessfulbidder. If,atanytime,itisdeterminedbytheFinanceDirector,orthedesigneethereof, thatthecompetitivesaleoftheCertificatesisnotinthebestinterestoftheCityor,ifat thetimeofthecompetitivesaleoftheCertificates,nobidsarereceivedoritis determinedbytheFinanceDirector,orthedesigneethereof,thatallreceivedbidsare unsatisfactory,theCouncilherebyauthorizesthesaleoftheCertificatestoan underwriteridentifiedbytheFinancialAdvisorandapprovedbytheFinanceDirector,or thedesigneethereof.Insuchevent,theCouncilherebyauthorizesthepreparationofa certificatepurchaseagreementbetweensuchunderwriterandtheCity,withsuchterms andconditionsasshallbeapprovedbytheFinanceDirector,orthedesigneethereof.In suchcase,theFinanceDirector,orthedesigneethereof,isherebyauthorizedand directedtoexecuteacertificatepurchaseagreementforandinthenameandonbehalf oftheCity;provided,however,thatinconnectionwithsuchnegotiatedsaleofthe Certificates,thenetunderwriter'sdiscount,excludingreimbursableexpensesofthe Underwriter,shallnotexceed2%oftheaggregateprincipalamountofCertificates. -3- Section 6.AnyDesignatedOfficerisauthorizedanddirectedtocausethe PreliminaryOfficialStatementtobebroughtintotheformofafinalofficialstatement (the"FinalOfficialStatement")andtoexecutesaidFinalOfficialStatement,datedasof thedateofthesaleoftheCertificates,andastatementthatthefactscontainedinthe FinalOfficialStatement,andanysupplementoramendmentthereto(whichshallbe deemedanoriginalpartthereofforthepurposeofsuchstatement)were,atthetimeof saleoftheCertificates,trueandcorrectinallmaterialrespectsandthattheFinal OfficialStatementdidnot,onthedateofsaleoftheCertificates,anddoesnot,asofthe dateofdeliveryoftheCertificates,containanyuntruestatementofamaterialfactwith respecttotheCityoromittostatematerialfactswithrespecttotheCityrequiredtobe statedwherenecessarytomakeanystatementmadethereinnotmisleadinginthelight ofthecircumstancesunderwhichitwasmade.TheDesignatedOfficersshalltakesuch furtheractionspriortothesigningoftheFinalOfficialStatementasaredeemed necessaryorappropriatetoverifytheaccuracythereof.Theexecutionofthefinal OfficialStatement,whichshallincludesuchchangesandadditionstheretodeemed advisablebyanyDesignatedOfficerandsuchinformationpermittedtobeexcluded fromthePreliminaryOfficialStatementpursuanttotheRule,shallbeconclusive evidenceoftheapprovaloftheFinalOfficialStatementbytheCity. Section 7.TheFinalOfficialStatement,whenprepared,isapprovedfor distributioninconnectionwiththeofferingandsaleoftheCertificates. Section 8.TheMayor,theCityManager,theAssistantCityManager,theFinance Director,theCityClerkandanyandallotherofficersoftheCityareherebyauthorized anddirectedtoexecutesuchotheragreements,documentsandcertificatesasmaybe necessarytoeffectthepurposesofthisresolutionandthefinancinghereinauthorized. Section 9.ThisResolutionshalltakeeffectuponitsadoption by thisCouncil. Section10.TheCityClerkshallcertifytotheadoptionofthisResolutionand provideforappropriatedistributionthereof. ************ -4- I,theundersignedherebycertifythattheforegoingResolutionwasdulyand regularlyadoptedandpassedbytheCounciloftheCityofAlamedainaregular meetingassembledonthe17thdayofSeptember,2013,bythefollowingvotetowit: AYES:CouncilmembersChen,Daysog,EzzyAshcraft,Tamand MayorGilmore-5. NOES:None. ABSENT:None. ABSTENTIONS:None. INWITNESSWHEREOF,Ihavehereuntosetmyhandandaffixedthesealof saidCitythis18th dayofSeptember,2013. LaraWeisiger,CityCIrk CityofAlameda -5-