city of Chula Vista

File #: 16-0236    Name:
Type: Action Item Status: Passed
In control: City Council
On agenda: 5/24/2016 Final action: 5/24/2016
Title: CONSIDERATION OF APPROVAL TO REFINANCE 2006 AND 2010 CERTIFICATES OF PARTICIPATION A. RESOLUTION NO. 2016-098 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MODIFYING, IN PART, RESOLUTION NO. 2016-058 AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY 2016 LEASE REVENUE REFUNDING BONDS B. RESOLUTION NO. 2016-099 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING REQUIRED FINDINGS, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE SALE AND DELIVERY OF NOT TO EXCEED $10,000,000 2016 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT), AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH C. RESOLUTION NO. 2016-003 OF THE BOARD OF DIRECTORS OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY MODIFYING, IN PART, RESOLUTION NO. 2016-002 AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF THE CHULA ...
Attachments: 1. Item 14 - Attachment 1 - Preliminary Official Stmt (MFA - LRRB) 5-16-2016, 2. Item 14 - Attachment 2 - Second Supplement to Amended & Restated Trust Agmt (2016 COPs).pdf, 3. Item 14 - Attachment 3 - Third Amendment to Lease Purchase Agmt (2016 COPs).pdf, 4. Item 14 - Attachment 4 - 2006 Escrow Agmt (2016 COPs).pdf, 5. Item 14 - Attachment 5 - Third Amendment to Assignment Agmt (2016 COP's).pdf, 6. Item 14 - Attachment 6 - Purchase Contract (2016 COP's).pdf, 7. Item 14 - Attachment 7 - Continuing Disclosure Agmt (2016 COP's).pdf, 8. Item 14 - Attachment 8 - Preliminary Official Stmt (2016 COPs) 5-16-2016, 9. Item 14 - Resolution A - CITY COUNCIL RESOLUTION AMENDING RESOLUTION OF ISSUANCE, 10. Item 14 - Resolution B - CITY COUNCIL RESOLUTION AUTHORIZING 2016 REFUNDING COPS, 11. Item 14 - Resolution C - AUTHORITY AMENDING RESOLUTION, 12. Item 14 - Resolution D - AUTHORITY RESOLUTION FOR CHULA VISTA AUTHORIZING 2016 REFUNDING COPS
Title
CONSIDERATION OF APPROVAL TO REFINANCE 2006 AND 2010 CERTIFICATES OF PARTICIPATION

A. RESOLUTION NO. 2016-098 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MODIFYING, IN PART, RESOLUTION NO. 2016-058 AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY 2016 LEASE REVENUE REFUNDING BONDS

B. RESOLUTION NO. 2016-099 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA MAKING REQUIRED FINDINGS, AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE SALE AND DELIVERY OF NOT TO EXCEED $10,000,000 2016 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT), AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH

C. RESOLUTION NO. 2016-003 OF THE BOARD OF DIRECTORS OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY MODIFYING, IN PART, RESOLUTION NO. 2016-002 AND AUTHORIZING THE DISTRIBUTION OF AN OFFICIAL STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF THE CHULA VISTA MUNICIPAL FINANCING AUTHORITY 2016 LEASE REVENUE REFUNDING BONDS

D. RESOLUTION NO. 2016-003 OF THE CHULA VISTA PUBLIC FINANCING AUTHORITY APPROVING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION WITH THE SALE AND DELIVERY OF THE CITY OF CHULA VISTA 2016 REFUNDING CERTIFICATES OF PARTICIPATION, (CIVIC CENTER PROJECT) IN A PRINCIPAL AMOUNT NOT TO EXCEED $10,000,000 AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH.

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RECOMMENDED ACTION
Recommended Action
Council adopt Resolutions A and B, Municipal Financing Authority adopt Resolution C and Public Financing Authority adopt Resolution D.

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SUMMARY
In April 2016, the City approved a refinancing of its outstanding City of Chula Vista 2006 Certificates of Participation and City of Chula Vista 2010 Certificates of Participation to reduce annual debt service payments. The refinancing was expected to be accomplished by the issuance of one series of Lease Revenue Refunding Bonds issued b...

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