Resolution No. 4899RESOLUTION NO. 4899
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CYPRESS AWARDING THE SALE OF CYPRESS
BUSINESS AND PROFESSIONAL CENTER
ASSESSMENT DISTRICT LIMITED OBLIGATION
IMPROVEMENT BONDS
WHEREAS, the City Council of the City of Cypress heretofore negotiated for the sale of
improvement bonds to be issued by the City in Cypress Business and Professional Center
Assessment District pursuant to the Improvement Bond Act of 1915 (the "Bonds "); and
WHEREAS, the underwriting firm of Westhoff, Cone & Holmstedt (the "Underwriter ")
has submitted a form of written Bond Purchase Contract pursuant to said negotiations which has
been reviewed and considered.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CYPRESS DOES
HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1. The form of the Bond Purchase Contract of the Underwriter for
$2,290,000 par value of the Bonds, subject to the terms of Section 2, shall be and is hereby
accepted, and upon their issuance the City Treasurer is hereby authorized and directed to deliver
the Bonds to the Underwriter upon payment to the City Treasurer of the purchase price. The Bonds
shall bear interest at the rates established in said Bond Purchase Contract, payable March 2, 1998,
and semiannually thereafter.
SECTION 2. The sale of the Bonds to the Underwriter at a purchase price of not
less than the aggregate principal amount of the Bonds less the Underwriter's commission not to
exceed 2.5% of the face value of the Bonds and at an interest rate of not to exceed 12% is hereby
authorized, approved and confirmed, and the City Manager, Finance Director or Director of Public
Works /City Engineer, or their designees are hereby authorized, empowered and directed to do all
such acts and things and to execute all such documents as may be necessary to effectuate the sale of
the Bonds.
SECTION 3. Subject to the above terms, the form and content of the Bond
Purchase Contract is hereby authorized, approved and confirmed, and the City Manager, Finance
Director or Director of Public Works /City Engineer or their designees are hereby authorized,
empowered and directed to accept the Bond Purchase Contract for and on behalf of the City in
substantially the form and content now before this Council but with such changes, modifications,
additions or deletions therein as shall to them seem necessary, desirable or appropriate, their
acceptance thereof to constitute conclusive evidence of their approval of any and all changes,
modifications, additions, or deletions therein from the form and content of the Bond Purchase
Contract now before this Council and that, from and after the execution and delivery of the
purchase contract, the City Manager or his designee is hereby authorized, empowered and directed
to do all such acts and things and to execute all such documents as may be necessary to carry out
and comply with the provisions of the Bond Purchase Contract as executed.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 26th day of January, 1998.
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
MAYOR f F T l7CITY OF CYPRESS
3b.5-
I, LILLIAN M. HAINA, City Clerk for the City of Cypress, do HEREBY CERTIFY that
the foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the
26th day of January, 1998, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Bowman, Carroll, Keenan, Piercy and
NOES: 0 COUNCIL MEMBERS: None Jones
ABSENT: 0 COUNCIL MEMBERS: None
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CITY CLERK OF THE CITY OF CYPRESS