RESOLUTION NO. 2022-21
RESOLUTION OF THE CITY OF HESPERIA APPROVING INSTITUTION OF PROCEEDINGS TO REFINANCE OUTSTANDING 2012 LEASE REVENUE BONDS (WATER RIGHTS ACQUISITION) OF THE HESPERIA JOINT PUBLIC FINANCE AUTHORITY, AND ENGAGING PROFESSIONAL SERVICES RELATING THERETO WHEREAS, the Hesperia Joint Public Finance Authority (the “Financing Authority”) has previously issued its 2012 Lease Revenue Bonds (Water Rights Acquisition) in the aggregate principal amount of $26,735,000 (the “2012 Bonds”), under an Indenture of Trust dated as of December 1, 2012, which are secured by lease payments made by the City of Hesperia (the “City”) under a Lease Agreement dated as of December 1, 2012 (the “2012 Lease Agreement”), between the Financing Authority as lessor and the City as lessee; and WHEREAS, the 2012 Bonds maturing on or after October 1, 2023 are subject to optional redemption, without premium, prior to maturity on any date on or after October 1, 2022, at the option of the Authority; and
WHEREAS, the Financing Authority is authorized to issue its refunding lease revenue bonds (the “Refunding Bonds”) for the purpose of refinancing the 2012 Bonds and thereby providing debt service savings to the Financing Authority and the City; and WHEREAS, the City Council has considered a financing plan for such purposes and wishes at this time to authorize and direct City staff to implement such financing plan and to engage the necessary professional services.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hesperia, as follows:
Section 1. The City Council hereby authorizes and directs the City Manager and/or the Director of Administrative Services to initiate proceedings for the issuance of Refunding Bonds by the Financing Authority under the applicable provisions of California law, for the purpose of refinancing the 2012 Bonds. Such officers and staff shall cause the necessary documentation relating to the issuance and sale of the Refunding Bonds to be prepared and presented to the City Council and to the governing board of the Financing Authority for consideration at a future meeting of the City Council and the Financing Authority.
Section 2. In connection with the issuance and sale of the Refunding Bonds, the City Council hereby designates the following professional firms to participate in the transaction: (a) Fieldman, Rolapp & Associates as municipal advisor; (b) Jones Hall, A Professional Law Corporation, as bond counsel and disclosure counsel; and (c) Stifel, Nicolaus & Company, Incorporated, as underwriter. The City Manager and/or the Director of Administrative Services, each acting alone, is hereby authorized and directed to execute agreements for said services with Fieldman, Rolapp & Associates and Jones Hall, A Professional Law Corporation, in the respective forms on file with the City Clerk. The City Council will approve a bond purchase agreement among the City, the Financing Authority and the Underwriter in connection with approving the Refunding Bonds. The City Manager and/or the Director of Administrative Services, each acting alone, is hereby authorized and directed to select a state or national bank to act as trustee for the Refunding Bonds and to execute an agreement with such bank.
Section 3. Effective Date. This Resolution shall take effect immediately upon its passage and adoption. * * * * * * * * * * * *
PASSED, APPROVED AND ADOPTED by the City Council of the City of Hesperia at a regular meeting held this 15th day of March, 2022.
AYES: Councilmember:
NOES: Councilmember:
ABSENT: Councilmember:
ABSTAIN: Councilmember
Brigit Bennington, Mayor
ATTEST:
Erin Baum, Assistant City Clerk
Resolution No. 2022-21