Resolution No. 4314RESOLUTION NO. 4314
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF CYPRESS, CALIFORNIA,
DETERMINING THAT THE CITY OF CYPRESS,
CALIFORNIA, SHOULD BORROW FUNDS FOR
THE FISCAL YEAR 1994 -95 AND AUTHORIZING
THE SALE OF 1994 TAX AND REVENUE
ANTICIPATION NOTES, IN A PRINCIPAL
AMOUNT NOT TO EXCEED $4,000,000;
APPROVING THE FORM OF NOTICE OF SALE;
AUTHORIZING THE PUBLICATION THEREOF;
APPOINTING BOND COUNSEL AND
FINANCIAL ADVISOR; AND APPROVING THE
PRELIMINARY OFFICIAL STATEMENT.
WHEREAS, the City of Cypress, California (the "City "), a charter city and
municipal corporation duly organized and existing under the Constitution and the laws
of the State of California (the "State "), hereby finds and determines that it is necessary
and in the public interest that the City borrow sufficient funds on a temporary basis to
finance certain cash requirements of the City and to satisfy obligations payable from the
General Fund of the City for the fiscal year 1994 -95, commencing on July 1, 1994 and
ending on June 30, 1995 (the "Fiscal Year "); and
WHEREAS, pursuant to the Constitution and the laws of the State, specifically
Title 5, Division 2, Part 1, Chapter 4, Article 7.6, commencing with Section 53850, of
the California Government Code, as amended (the "Law "), the City is empowered to
issue tax and revenue anticipation notes by resolution; and
WHEREAS, the Law permits the sale of such notes by either public sale
following invitation of sealed bids or by private negotiation with potential purchasers; and
WHEREAS, the City wishes to sell at this time tax and revenue anticipation
notes designated "1994 Tax and Revenue Anticipation Notes" (the "Notes "), dated the
date of delivery, in the principal amount not to exceed $4,000,000 in anticipation of the
receipt of taxes, income, revenue, cash receipts and other moneys to be received by the
City for the General Fund of the City for the Fiscal Year; and
WHEREAS, Rauscher Pierce Refsnes, Inc. has prepared and presented to the
City a Preliminary Official Statement for the Notes, and the members of the City
Council, with the aid of City staff, have reviewed said Preliminary Official Statement and
have made such corrections and additions to it as they deemed proper;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF CYPRESS, CALIFORNIA, AS FOLLOWS:
Section 1. Sale Authorized. The sale of the Notes, dated the date of
delivery, in the principal amount not to exceed $4,000,000, in accordance with the Law,
is hereby authorized. The Mayor, City Manager, Finance Director and City Clerk are
hereby authorized to undertake all appropriate steps to implement the sale of the Notes
by public bid.
Section 2. Publication of Notice of Intention to Sell Securities. The
Notice of Intention to Sell Securities attached hereto and incorporated herein by reference
as Exhibit A is hereby approved. The Mayor, City Manager or Finance Director, is
hereby authorized to cause said Notice of Intention to Sell Securities to be: (a) published
in a newspaper of general circulation in the City once at least ten (10) days prior to the
278
day fixed for the receipt of bids; and (b) published in a financial publication generally
circulated throughout the State, namely The Bond Buyer, once at least fifteen (15) days
prior to the day fixed for the receipt of bids.
Section 3. Appointment of Bond Counsel and Financial Advisor.
Burke, Williams, Sorensen & Gaar is hereby appointed to act as bond counsel (the "Bond
Counsel ") and Rauscher Pierce Refsnes, Inc. is hereby appointed to act as financial
advisor (the "Financial Advisor ").
Section 4. Approval for Distribution. The Preliminary Official
Statement presented to the City and incorporated herein by reference is hereby approved
for distribution in the offering and sale of the Notes.
Section 5. Supplemental Information. The Mayor, City Manager,
Finance Director, City Clerk and /or the City Attorney are each hereby authorized to
approve corrections and additions to the Preliminary Official Statement, acting with the
advice of Bond Counsel, by supplement or amendment thereto, or otherwise as may be
appropriate, provided either that any such corrections or additions shall be necessary to
cause the information contained in the Preliminary Official Statement to conform with
facts or laws material to the Notes or to requirements of proceedings of the City, or that
such corrections or additions are of form rather than of substance.
Section 6. Distribution of the Notice of Sale and Preliminary Official
Statement. The Financial Advisor is authorized and directed to cause a reasonable
number of copies of the Notice of Sale (including the Proposal for the Purchase of the
Notes) and Preliminary Official Statement to be distributed to such municipal bond
broker - dealers, to such banking institutions and to such other persons as may be
interested in purchasing the Notes described and offered for sale therein.
Section 7. Effective Date. This Resolution shall take effect from and
after its adoption by the City.
PASSED AND ADOPTED by the City Council of the City of Cypress,
California, at a regular meeting held on the 23rd day of May, 1994.
(SEAL)
ATTEST:
4771-17.
-
CITY CLERK THE CITY OF CYPRESS
MAYOR OF THE CITY OF CYPRESS
STATE OF CALIFORNIA
COUNTY OF ORANGE
)SS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the City of Cypress, at a
regular meeting of said City Council held on the 23rd day of May, 1994, by the
following roll call vote:
AYES:
NOES:
ABSENT:
5 COUNCILMEMBERS: Age, Bowman, Kerry, Nicholson and Partin
0 COUNCILMEMBERS: None
0 COUNCILMEMBERS: None
ABSTAIN: 0
COUNCILMEMBERS: None
CITY L RK OF THE CITY/OF CYPRESS
280
EXHIBIT A
NOTICE OF INTENTION TO SELL SECURITIES
$3,850,000
City of Cypress, California
1994 Tax and Revenue Anticipation Notes
NOTICE IS HEREBY GIVEN that on June 13, 1994, at 10:30 a.m., Pacific
Daylight Time, in the offices of Rauscher Pierce Refsnes, Inc., 801 North Brand
Boulevard, Suite 650, Glendale, California, 91203 -1243, the City of Cypress, California,
will receive bids for the sale of its 1994 Tax and Revenue Anticipation Notes (the
"Notes "), in the principal amount of $3,850,000.
Copies of the complete Notice of Sale, the Preliminary Official Statement and
other information concerning the Notes may be obtained from Mr. Richard M. Storey,
Finance Director, City of Cypress, 5275 Orange Avenue, Cypress, California 90630
(714- 229 -6709) or Mr. Jonathan D. White, Vice President, Rauscher Pierce
Refsnes, Inc., 801 North Brand Boulevard, Suite 650, Glendale, California 91203 -1243
(818 -548- 8055).
CITY OF CYPRESS, CALIFORNIA
/s/ Richard M. Storey
Finance Director