Board Meeting Materials
2000 - 2009
4/19/2017 3:24:15 PM
4/19/2017 3:24:10 PM
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Agreements will, in aggregate, equal the principal amount of the Bonds. The method of <br />determining the compensation to the counterpartics under the Swap Agreements shall be <br />approved by the Magnolia Finance Committee aftcr consultation with PFM Asset Management, <br />LLC, and PFM Asset Management, LLC will provide to the Authority a fair market certificate or <br />opinion with respect to the pricing of the Swap Agreements. Said Master Agreements, <br />Schedules, Credit Support Annexes and Confhnations, in the forms in which executed and <br />delivered, are hereinafter referred to collectively as the "Swap Agreements." The form of the <br />Swap Agreements, which arc to be executed and delivered prior to the issuance of the Bonds, are <br />hereby made a part of this Resolution as though set forth in full herein and the same are hereby <br />approved. <br />6. Pursuant to Section 5922(a) of the Government Code of the State of California, <br />the Board of Directors hcrcby finds and determines that (i) it is appropriate to enter into the <br />Swap Agrec~nents and related financing arrangements (including terns, conditions and <br />covenants relating to the Swap Agreements and the financing arrangements in the indenture of <br />Trust) and (ii) the Swap Agreements and sucli rclated financing arrangements are designed to <br />reduce the amount or duration of ratc risk and result in a lower cost of borrowing when used in <br />combination with the issuance of the Bonds. <br />7. Each of the President and Vice President of the Authority is hereby authorized <br />(i) to determine, in connection with the execution and delivery of the Swap Agreements, whether <br />to obtain insurance for all or any portion of the Authority's obligations under the Swap <br />Agreements ("Swap Insurance") and, if it is determined that Swap Insurance shall be obtained, <br />thc particular provider or providers with whom the Authority shall contract for such Swap <br />Insurance and (ii) to execute and deliver an insurance and reimbursement agreement or other <br />similar agreement betwccn the Authority and the provider of any Swap Insurance (the "Insurance <br />Agreement"). <br />8. Each of the President and Vice President of the Authority is hereby authorized to <br />determine, in connection with thc issuance and delivery of the Bonds, whether to obtain <br />municipal bond insurance for all or any portion of the Bonds ("Bond Insurance") and, if it is <br />deterrnincd that Bond lnsurance shall be obtained, the particular provider or providers with <br />whom the Authority shall contract for such Bond Insurance. <br />9. (a) Each of the President and Vice President of the Authority is hereby <br />authorized to determine, in connection with the execution and delivery of the Supplemental <br />Indenture and the Swap Agreements and the sale of the Bonds, and in consultation with and <br />approval by the Magnolia Finance Committee, the following: <br />(i) the aggregate principal amount of the Bonds (which shall not <br />exceed $250,000,000); <br />(ii) the initial interest rate of the Bonds; <br />(iii) the maximum interest rate of the Bonds;
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