RESOLUTION NO. R-2023-078
r A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH,
CALIFORNIA AUTHORIZING AND DIRECTING THE REDEMPTION OF ALL OUTSTANDING 2012 WASTEWATER REFUNDING REVENUE BONDS, AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City Council of the City of Pismo Beach (the City), has heretofore caused the Pismo Beach Public Financing Authority (the Authority) to issue its Pismo Beach Public Financing Authority, Series 2012 Wastewater Refunding Revenue Bonds (Wastewater Project of 2004) in the original aggregate principal amount of $5,710,000 (the 2012 Bonds), pursuant to (i) an Installment Sale Agreement, dated as of May 1, 2012, by and between the Authority and the City (the 2012 Installment Sale Agreement), and (ii) an Indenture, dated as of May 1, 2012, by and between U.S. Bank Trust Company, National Association, as successor trustee thereunder, and the Authority (the 2012 Indenture, and together with the 2012 Installment Sale Agreement, the 2012 Bond Documents); and
WHEREAS, there is approximately $3,320,000 of principal remaining outstanding on the 2012 Bonds; and
WHEREAS, the City wishes at this time to redeem the entire remaining outstanding balance of 2012 Bonds and pay interest thereon to the redemption date of November 1, 2023 (the Redemption Date), as authorized under the applicable prepayment provisions of the 2012 Bond Documents; and
WHEREAS, the monies needed to prepay the 2012 Bonds will be deposited with Trustee and will be applied by the Trustee on the Redemption Date to redeem all of the outstanding 2012 Bonds; and
WHEREAS, this action does not constitute a "Project' under California Environmental Quality Act (CEQA) Guidelines Section 15378.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pismo Beach as follows:
Section 1. The foregoing recitals are adopted as findings of the City Council as though set forth fully herein.
Section 2. The City Council hereby authorizes and directs the redemption of all outstanding 2012 Bonds in accordance with this Resolution and the 2012 Bond Documents.
Section 3. All actions heretofore taken by the officers and agents of the City with respect to the redemption of the 2012 Bonds are hereby ratified, confirmed and approved. The PAGE 1 OF 2
R-2023-078
City Manager, the Administrative Services Director, the City Clerk and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, may deem necessary or advisable in order to cause the redeem all of outstanding 2012 Bonds.
Section 4. This Resolution shall take effect from and after the date of its passage and adoption.
UPON MOTION OF Council Member Guthrie, seconded by Council Member Inman, the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 17th day of October 2023, by the following vote:
AYES:
4 Guthrie, Inman, Newton, Reiss
NOES:
0 ABSENT:
1 Waage
ABSTAIN:
0 RECUSED:
0 Majy Anff Reiss, Mayw Pro Tern pore
Attest:
ca In le i Clerk
l
PAGE 2 OF 2
R-2023-078