Resolution Number 98-5-19-4053
RESOLUTION NO. 98-5-19-4
ISSUANCE OF SERIES A OF 1998 GENERAL OBLIGATION
REFUNDING BONDS - OPEN SPACE PROGRAM
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF ITS
SERIES A OF 1998 GENERAL OBLIGATION REFUNDING BONDS (OPEN
SPACE PROGRAM) IN THE AMOUNT OF EIGHTEEN MILLION FIVE
HUNDRED THOUSAND DOLLARS ($18,500,000) FOR PARK, AGRICULTURE,
OPEN SPACE AND RELATED USES
WHEREAS, pursuant to the provisions of Chapter 4 of Division 4 of Title 4 of the
California Government Code (Sections 43600 et sea.), as amended, and pursuant to Ordinance No.
656 adopted by the City Council of the City of San Juan Capistrano on January 2, 1990 (the
"Ordinance") and Resolution No. 91-1-16-5 adopted by the City Council of the City of San Juan
Capistrano on January 16, 1990, a special election was duly and regularly held on the 10th day of
April 1990, in that territory included within the boundaries of the City (the "Election") at which
election there was submitted to the qualified voters of the said City the following:
PROPOSITION: Shall the City of San Juan Capistrano incur bonded
indebtedness in the principal amount of $21,000,000 to acquire lands for park,
agriculture, open space, and related uses, in order to save these lands from potential
residential and commercial development and to develop youth, senior and other
community facilities, all in accordance with the City's "Save Open Space" Program?
WHEREAS, more than two-thirds of the votes cast at the Election were in favor of
an assented to the incurring of such indebtedness, and all and singular the requirements of the
Constitution and laws of the State of California have been complied with in the holding of the
Election, and the City Council of the City was, as of the date of the Election, and is now authorized
and empowered to provide for the form of bonds of the City and for the issuance thereof for the
purpose provided for in the aforesaid Ordinance and resolution, payable, principal and interest, from
taxes levied exclusively upon the taxable property within the City as permitted or required by law;
and,
WHEREAS, on August 23, 1990, the City issued $4,995,000 in aggregate principal
amount of such bonds of the City (the "1990 Bonds") pursuant to the terms of Resolution No.
90-6-19-7 of the City Council, adopted by the City Council of the City on June 19, 1990 (the "1990
Resolution"); and,
WHEREAS, on March 7, 1991, the City issued $9,050,000 aggregate principal
amount of such bonds of the City (the "1991 Bonds") pursuant to the terms of Resolution No.
91-1-15-2 of the City Council, adopted by the City Council of the City on January 15, 1991, and
Resolution No. 91-3-6-2 amending Resolution No. 91-1-15-2, adopted by the City Council of the
City on March 6, 1991 (collectively, the "1991 Resolution"); and,
WHEREAS, in January, 1992, the City issued bonds in the amount of $6,955,000 on
a parity with the 1990 Bonds and the 1991 Bonds for the purpose hereinabove stated (The "1992
Bonds"); and,
054
WHEREAS, it is found and determined by this City Council that the best interests
of the City would be served by proceeding according to the provisions of Chapter 4 of Division 4 of
Title 4 of the California Government Code (Sections 43600 et seg.) and Articles 9 and 11 of Chapter
3 of Division 2 of Title 5 of the California Government Code to issue bonds (the 'Bonds") for the
purpose of refunding the 1990 Bonds, the 1991 Bonds and the 1992 Bonds; and,
WHEREAS, the City Council has determined that it is in the best interests of the City
to authorize the City Treasurer to select the initial paying agent for the Bonds subsequent to the
adoption of the Resolution.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED
BY THE CITY COUNCIL OF THE CITY OF SAN JUAN CAPISTRANO CALIFORNIA,
as follows:
SECTION 1. Each of the above recitals is true and correct.
SECTION 2. The issuance of the Series A of 1998 General obligation
Refunding Bonds is hereby approved and such Bonds shall mature on the dates and pay interest at
the rates set forth in and all other provisions of the Bonds shall be governed by the terms and
conditions of a Supplement to this Resolution to be prepared by Bond Counsel to the City and
executed by the Mayor of the City, or his written designee, which Supplement to Resolution shall be
in the form identified as Exhibit A and on file in the office of the City Clerk, together with such
additions thereto and changes therein as Bond Counsel and the City Treasurer deem necessary.
Approval of such changes shall be conclusively evidenced by the execution and delivery of the
Supplement to Resolution by the Mayor or designated City officer.
SECTION 3. The Mayor of the City, or his written designee, is hereby
authorized and directed to enter into any agreements to take any actions necessary to achieve the
purposes of this Resolution, including without limitation, a continuing disclosure agreement and an
Escrow Agreement substantially in the form presented at the meeting this date, together with such
additions thereto and changes therein as Bond Counsel and the City Treasurer deem necessary.
Approval of such changes shall be conclusively evidenced by the execution and delivery of the
Supplement to Resolution by the Mayor or designated City officer.
PASSED, APPROVED, AND ADOPTED this 19th day of
1998.
ATTEST:
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CITY CLERK
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
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I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano, California,
DO HEREBY CERTIFY that the foregoing is a true and correct copy of Resolution No.
98-5-19-4 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 19th day of May 1998, by the
following vote:
AYES: Council Members Swerdlin, Greiner, Hart, Campbell
and Mayor Jones
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
CHERYL JOHN96N, CITY CLERK
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