R 4352 RESOLUTION NO. 4352
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE AUTHORIZING THE REFUNDING OF
CERTAIN OBLIGATIONS SECURED BY ITS WATER SUPPLY
CONTRACT WITH THE SAN LUIS OBISPO COUNTY FLOOD
CONTROL AND WATER CONSERVATION DISTRICT
WHEREAS, the City Council of the City of Arroyo Grande (the "City Council ") executed and
delivered a form of Contract between the San Luis Obispo County Flood Control and Water
Conservation District (the "District ") and the City of Arroyo Grande (the "City "), effective
September 19, 2000 (the "Existing Contract "), respecting the water provided through the
District's Lopez Dam facility, including its appurtenances (collectively referred to as the
"Facility "); and
WHEREAS, the City Council, by its Resolution No. 4318, adopted November 9, 2010
( "Resolution No. 4318 "), did approve an amendment to the Existing Contract ( "Amendment No.
2," and, together with the Existing Contract, the "Amended Contract") to allow for the refunding
of certain tax - exempt obligations (the "Tax- Exempt Obligations ") secured by the revenues under
the Amended Contract; and
WHEREAS, the City and the District did enter into Amendment No. 2; and
WHEREAS, circumstances in the financial markets will now permit the refunding of the Tax -
Exempt Obligations on terms beneficial to the ratepayers and taxpayers of the City; and
WHEREAS, the City now wishes to establish revised parameters under which the Tax - Exempt
Obligations may be refunded, pursuant to Resolution No. 4318.
NOW, THEREFORE, the City Council does hereby resolve and determine as follows:
1. The foregoing recitals are true and correct.
2. In connection with the above - described refunding, the City understands and agrees that
delivery of revenue bonds by the SLO County Financing Authority intended to effect the
refunding will be conditioned upon a showing that the refunding will result in savings to
the City in the amount of not less than 3.0% of present value of the City's pro rata share
of Installment Debt Service (as defined in the Amended Contract).
3. This Resolution shall take effect immediately upon its adoption.
On motion by Council Member Brown, seconded by Council Member Ray, and on the following
roll call vote:
AYES: Council Members Brown, Ray, Costello, Guthrie, and Mayor Ferrara
NOES: None
ABSENT: None
The foregoing Resolution was adopted this 12'" day of April 2011.
RESOLUTION NO. /35,9
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CAREN - • • YOR PRO TEM
ATTEST:
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KELLY ETM�R , CITY CLERK
APPROVED AS TO CONTENT:
STEVEN CITY MANAGER
APPROVED AS TO FORM:
vt,ci—
TIMO /HY J. R , CITY ATTORNEY
OFFICIAL CERTIFICATION
I, KELLY WETMORE, City Clerk of the City of Arroyo Grande, County of San
Luis Obispo, State of Califomia, do hereby certify under penalty of perjury, that
Resolution No. 4352 is a true, full, and correct copy of said Resolution passed
and adopted at a regular meeting of the City Council /Redevelopment Agency of
the City of Arroyo Grande on the 12 day of April 2011.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 15
day of April 2011.
`2 isid J1 I
KELLY Ey ORE, CITY CLERK