4883-1735-0240v1/200998-0002
RESOLUTION NO. PFA-2023-0072
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE MCFARLAND
PUBLIC FINANCING AUTHORITY AUTHORIZING THE EXECUTION AND
DELIVERY BY THE AUTHORITY OF AN ESCROW AGREEMENT IN
CONNECTION WITH THE REFUNDING OF THE AUTHORITY’S REVENUE BONDS, 2010 SERIES A (WATER AND WASTEWATER FINANCING PROJECTS)
AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND
CERTIFICATES AND RELATED ACTIONS
WHEREAS, the City of McFarland (the “City”) is a member of the McFarland Public Financing Authority (the “Authority”), a joint exercise of powers agency; and WHEREAS, in 2010, the Authority issued its Revenue Bonds, 2010 Series A (Water and Wastewater Financing Projects) (the “2010 Bonds”), to finance certain capital improvements to the City’s water and wastewater system; and
WHEREAS, the 2010 Bonds are payable from net revenues of the City’s water and wastewater system; and
WHEREAS, the City desires to refund the 2010 Bonds for debt service savings; and WHEREAS, in order to effect the refunding of the 2010 Bonds, the Authority desires to enter into an Escrow Agreement (2010 Bonds) (the “Escrow Agreement”) with the City and U.S.
Bank Trust Company, National Association, the trustee for the 2010 Bonds; WHEREAS, the Board of Directors of the Authority (the “Board”) has been presented with the form of the Escrow Agreement, and the Board has examined and approved such document and desires to authorize and direct the execution of such document and the consummation of such refinancing; and
WHEREAS, all acts, conditions and things required by the laws of the State of California to exist, to have happened and to have been performed precedent to and in connection with the consummation of such refinancing authorized hereby do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the Authority is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such refinancing for the purpose, in the manner and upon the terms herein provided; and NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the McFarland Public Financing Authority that it hereby finds and determines as follows:
1) Each of the above recitals is true and correct.
2) The form of the Escrow Agreement on file with the Secretary of the Board is hereby approved, and the Chair of the Board, the Vice Chair of the Board or such other member of the Board as the Chair may designate, the Executive Director of the Authority and the Treasurer of the Authority (the “Authorized Officers”) are each hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver the Escrow Agreement in substantially said forms, with such
changes, insertions and omissions therein as the Authorized Officer executing the same may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof.
3) The Authorized Officers and other officers, employees and agents of the Authority are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable in order to consummate the transactions herein authorized and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution, including, but not limited to, the execution and delivery of instructions to the 2010 Trustee relating to the notices of redemption and defeasance of the 2010 Bonds. All actions heretofore taken by the Authorized Officers and other officers, employees and agents of the Authority with respect to the transactions set forth above are hereby approved, confirmed and ratified.
PASSED AND ADOPTED at a regular meeting of the Board of Directors of the McFarland Public Financing Authority on the 8th day of June, 2023 by the following vote:
AYES: ____________________________________________________________________ NOES: ____________________________________________________________________ ABSENT: __________________________________________________________________ ABSTAIN: _________________________________________________________________ ATTEST:
____________________________________
Francisca Alvarado, Board Secretary
MCFARLAND PUBLIC
FINANCING AUTHORITY:
_________________________
Saul Ayon, Chair
I, _________________________, Secretary of the Board of Directors of the McFarland Public Financing Authority, DO HEREBY CERTIFY that the foregoing resolution is a true and accurate copy of the Resolution passed and adopted by the Board of Directors of the McFarland Public Financing Authority on the date and by the vote indicated herein. ____________________________________
Francisca Alvarado, Board Secretary