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APFA Resolution 14-24
ALAMEDAPUBLICFINANCINGAUTHORITYRESOLUTIONNO.14-24 RESOLUTIONELECTINGTOSUBSTITUTETHEREMARKETINGAGENT, APPROVINGTHEFORMANDAUTHORIZINGEXECUTIONOFA REMARKETINGAGENTAGREEMENTWITHTHESUCCESSOR REMARKETINGAGENT,ELECTINGTOREMOVETHECONFIRMING LETTEROFCREDIT,APPROVINGTHEFORMANDAUTHORIZING EXECUTIONOFAMENDMENTSTOTHEINDENTUREOFTRUST,DATEDAS OFDECEMBER1,2003,APPROVINGAMENDMENTSTOTHE REIMBURSEMENTAGREEMENT,DATEDASOFDECEMBER1,2003,AND APPROVINGAFEELETTER,ALLRELATINGTOTHE$9,080,000ALAMEDA PUBLICFINANCINGAUTHORITYVARIABLERATEDEMANDREVENUE BONDS(ALAMEDAPOINTIMPROVEMENTPROJECT),2003SERIESA,AND THE$4,360,000ALAMEDAPUBLICFINANCINGAUTHORITYTAXABLE VARIABLERATEDEMANDREVENUEBONDS(ALAMEDAPOINT IMPROVEMENTPROJECT),2003SERIESB,ANDAPPROVINGOFFICIAL ACTIONS RESOLVED,bytheBoardofDirectors(the"Board")oftheAlamedaPublic FinancingAuthority(the"Authority"),asfollows: WHEREAS,theAuthorityisajointpowersauthoritydulyorganizedandexisting underandpursuanttothatcertainJointExerciseofPowersAgreement,datedasof March17,1992,byandbetweentheCityofAlameda(the"City")andtheCityof AlamedaCommunityImprovementCommission(the"Commission"and,withtheCity, the"Members"),andundertheprovisionsofArticles1through4(commencingwith Section6500)ofChapter5ofDivision7ofTitle1oftheCaliforniaGovernmentCode (the"Act"),andisauthorizedpursuanttoArticle4oftheActtoborrowmoneyforthe purposeoffinancingtheacquisitionofbonds,notesandotherobligationsof,orforthe purposeofmakingloansto,publicentities,includingtheMembers,andtoprovide financingforpubliccapitalimprovementsofpublicentities,includingtheMembers;and WHEREAS,forthepurposeofprovidingfundstofinanceaportionofthecostsof theacquisition,construction,installationandequippingofvariouspubliccapital improvementstoAlamedaPoint(the"Improvements"),theAuthorityhasissuedits $9,080,000AlamedaPublicFinancingAuthorityVariableRateDemandRevenueBonds (AlamedaPointImprovementProject),2003SeriesA,and$4,360,000AlamedaPublic FinancingAuthorityTaxableVariableRateDemandRevenueBonds(AlamedaPoint ImprovementProject),2003SeriesB(collectively,the"Bonds");and WHEREAS,inordertoprovidefortherepaymentoftheBonds,theAuthorityhas pledgedcertainrevenues,substantiallyderivedfromrentalspaidtotheAlamedaReuse andRedevelopmentAuthority("ARRA")forcertainland,buildings,fixturesand equipmentleasedbyARRAtocertainsubtenantswhichrentalshavebeenassignedby ARRAtotheAuthority,whichrevenuesarecalculatedtobesufficienttoenablethe Authoritytopaytheprincipalofandinterestandpremium(ifany)ontheBondswhen dueandpayable;and WHEREAS,theobligationsofARRAhavebeenassumedbytheCity;and WHEREAS,theBondswereissuedbytheAuthoritypursuanttothatcertain IndentureofTrust,datedasofDecember1,2003(the"Indenture"),byandbetweenthe AuthorityandUnionBankofCalifornia,N.A.,nowknownasUnionBank,N.A.(the "Trustee");and WHEREAS,theAuthorityhasdeterminedtoremovetheexistingremarketing agentfortheBondsandtosubstituteanewremarketingagentinitsplace;and WHEREAS,Section2.11oftheIndentureauthorizestheAuthoritytoremovethe remarketingagentfortheBondsandtoselectasuccessortheretoinaccordancewith Section2.12oftheIndenture;and WHEREAS,theAuthorityhasdeterminedtocanceltheconfirmingletterofcredit establishedfortheBondsbecausethecostofmaintainingsuchconfirmingletterof creditexceedstheinterestratebenefitofretainingitand,infurtherancethereof,the AuthorityhasdeterminedtoamendtheIndenturetoremoveallreferencesand provisionsrelatingtoaconfirmingletterofcreditandtoaddaprovisionthatwouldallow futureamendmentstotheIndenture,ifrequired,withoutthenecessityofobtainingBond ownerconsent;and WHEREAS,Section7.01oftheIndentureprovidesthattheIndenturemaybe modifiedoramended,withtheconsentoftheownersoftheBondsandthepriorwritten consentoftheletterofcreditbank(solongastheletterofcreditthereunderisineffect andtheletterofcreditbankishonoringdrawsthereunder);and WHEREAS,suchamendmentsnecessitateamendmentstothereimbursement agreement,datedasofDecember1,2003(the"ReimbursementAgreement"),byand amongtheAuthority,ARRAandUnionBank,N.A.,asletterofcreditbank,previously knownasUnionBankofCalifornia,N.A.(the"Bank"). NOW,THEREFORE,itisherebyORDEREDandDETERMINED,asfollows: Section 1RemovaloftheRemarketingAgent;SelectionofNewRemarketing Agent;ApprovalofRemarketingAgreement.TheAuthorityherebydeterminesto removetheexistingremarketingagentfortheBonds,JPMorganSecuritiesLLC(the "PriorRemarketingAgent"),andselectsMitsubishiUFJSecurities(USA),Inc.toactas remarketingagentinitsplace(the"SuccessorRemarketingAgent").Aremarketing agreement,byandbetweentheAuthorityandtheSuccessorRemarketingAgent(the "RemarketingAgreement"),intheformthereofonfilewiththeSecretary,togetherwith anyadditionstheretoorchangesthereindeemednecessaryoradvisablebytheChair, theViceChair,theTreasurerortheExecutiveDirectorisherebyapprovedbythe Board.TheChair,theViceChair,theTreasurerortheExecutiveDirectorishereby authorizedanddirectedtoexecute,andtheSecretaryisherebyauthorizedanddirected toattestto,thefinalformoftheRemarketingAgreementforandinthenameandon behalfoftheAuthority.TheBoardherebyauthorizesthedeliveryandperformanceof theRemarketingAgreement.TheExecutiveDirectorisherebydirectedtoinformthe TrusteeoftheremovalofthePriorRemarketingAgentandtheselectionofthe substitutionofSuccessorRemarketingAgent. Section 2.CancellationoftheConfirmingLetterofCredit.TheAuthorityhereby electstocanceltheconfirmingletterofcreditfortheBonds(the"ConfirmingLetterof Credit"),currentlybeingprovidedbytheCaliforniaStateTeachers'RetirementSystem ("STRS").FollowingexecutionoftheRemarketingAgreement,theExecutiveDirectoris herebydirectedtorequestthatSTRSterminatetheConfirmingLetterofCredit.Doing sowillinstigateamandatorytenderoftheBondswhichwillberemarketedbythe SuccessorRemarketingAgent,butwithouttheConfirmingLetterofCreditprovidingany supportfortheBonds. Section 3.ApprovalofAmendmentstotheIndenture.Afirstsupplemental indenture,amendingandsupplementingtheIndenture,byandbetweentheAuthority andtheTrustee(the"FirstSupplementalIndenture"),intheformthereofonfilewiththe Secretary,togetherwithanyadditionstheretoorchangesthereindeemednecessaryor advisablebytheChair,theViceChair,theTreasurerortheExecutiveDirectorishereby approvedbytheBoard.TheChair,theViceChair,theTreasurerortheExecutive Directorisherebyauthorizedanddirectedtoexecute,andtheSecretaryishereby authorizedanddirectedtoattestto,thefinalformoftheFirstSupplementalIndenture forandinthenameandonbehalfoftheAuthority.TheBoardherebyauthorizesthe deliveryandperformanceoftheFirstSupplementalIndenture.TheFirstSupplemental IndentureshallnotbeeffectiveuntiltheSuccessorRemarketingAgent,assoleowner oftheBondsfollowingthemandatorytenderoftheBondsdescribedaboveshallhave provideditsconsenttoFirstSupplementalIndenture. Section 4.ApprovalofAmendmentstotheReimbursementAgreement.Afirst amendmenttoreimbursementagreement,amendingandsupplementingthe ReimbursementAgreement,byandamongtheAuthority,theCity(assuccessorto ARRA)andtheBank(the"FirstAmendmenttoReimbursementAgreement"),inthe formthereofonfilewiththeSecretary,togetherwithanyadditionstheretoorchanges thereindeemednecessaryoradvisablebytheChair,theViceChair,theTreasureror theExecutiveDirectorisherebyapprovedbytheBoard.TheChair,theViceChair,the TreasurerortheExecutiveDirectorisherebyauthorizedanddirectedtoexecute,and theSecretaryisherebyauthorizedanddirectedtoattestto,thefinalformoftheFirst AmendmenttoReimbursementAgreementforandinthenameandonbehalfofthe Authority.TheBoardherebyauthorizesthedeliveryandperformanceoftheFirst AmendmenttoReimbursementAgreement. Section 5.ApprovalofBankFeeLetter.Aletter,settingforthefeestobepaidto theBankundertheReimbursementAgreement,asamendedbytheFirstAmendment toReimbursementAgreement(the"FeeLetter"),intheformthereofonfilewiththe Secretary,togetherwithanyadditionstheretoorchangesthereindeemednecessaryor advisablebytheChair,theViceChair,theTreasurerortheExecutiveDirectorishereby approvedbytheBoard.TheChair,theViceChair,theTreasurerortheExecutive Directorisherebyauthorizedanddirectedtoexecute,thefinalformoftheFeeLetterfor andinthenameandonbehalfoftheAuthority.TheBoardherebyauthorizesthe deliveryandperformanceoftheFeeLetter. Section 6.OfficialActions.TheChair,theViceChair,theExecutiveDirector,the Treasurer,theSecretaryandanyandallotherofficersoftheAuthorityarehereby authorizedanddirected,forandinthenameandonbehalfoftheAuthority,todoany andallthingsandtakeanyandallactions,includingexecutionanddeliveryofanyand allassignments,certificates,requisitions,agreements,notices,consents,instrumentsof conveyance,warrantsandotherdocuments,whichthey,oranyofthem,maydeem necessaryoradvisableinordertoconsummatetheamendmentoftheIndenture. WheneverinthisresolutionanyofficeroftheAuthorityisauthorizedtoexecuteor countersignanydocumentortakeanyaction,suchexecution,countersigningoraction maybetakenonbehalfofsuchofficerbyanypersondesignatedbysuchofficertoact onhisorherbehalfinthecasesuchofficershallbeabsentorunavailable. Section 7.EffectiveDate.ThisResolutionshalltakeeffectfromandafterthe dateofitspassageandadoption. *********** I,theundersignedSecretaryoftheAlamedaPublicFinancingAuthority,hereby certifythattheforegoingisafull,trueandcorrectcopyofaresolutiondulyadoptedby theBoardofDirectorsoftheAuthority,atameetingthereofonthe is"dayofApril, 2014,bythefollowingvoteofthemembersthereof: AYES:BoardmembersChen,Daysog,EzzyAshcraft,Tamand Mayor/ChairGilmore-5. NOES:None. ABSENT:None. ABSTENTIONS:None. INWITNESS,WHEREOF,Ihavehereuntosetmyhandandaffixedtheofficial sealofsaidAuthoritythis16th dayofApril,2014. LaraWeisiger,Sectry AlamedaPublicFinancingAuthority