Authorization and Purpose. The Authority was formed pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the “JPA Act”), and is authorized pursuant to Article 4 of the JPA Act (the “Bond Law”) to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of the District to provide financing or refinancing for public capital improvements of the District. The Bonds shall be substantially in the form described in and shall be issued and secured under the provisions of, the Indenture. The Bonds shall be described in the Indenture and the Official Statement dated the date hereof relating to the Bonds (which, together with all appendices attached thereto and such amendments or supplements thereto that shall be approved by the Underwriter and the Authority, is hereinafter called the “Official Statement”). The Local Obligations are being issued pursuant to the ▇▇▇▇▇-▇▇▇▇ Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Act”), a resolution of the City, acting as the legislative body of the District, adopted on , 2020 (the “CFD Authorizing Resolution”) and two separate Bond Indentures, each dated as of July 1, 2020 (collectively, the “Local Obligation Bond Indentures”), each by and between the District and Wilmington Trust, National Association, as trustee (the “District Trustee”). The Improvement Area No. 8C Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2012 Series A (Improvement Area No. 8C) (the “Prior Improvement Area No. 8C Bonds”). The Improvement Area No. 8C Special Tax Refunding Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 8C of the District (“Improvement Area No. 8C”). The refunding of the Prior Improvement Area No. 8C Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2012 Local Agency Revenue Bonds, Series A (Improvement Area No. 8C) (the “Prior 2012 Authority Bonds”) The Improvement Area No. 17B Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2011 Series A and 2011 Series B (Improvement Area No. 17B) ) (the “Prior Improvement Area No. 17B Bonds,” and with the Prior Improvement Area No. 8C Bonds, the “Prior Bonds”). The Improvement Area No. 17B Special Tax Refunding Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 17B of the District (“Improvement Area No. 17B”). The refunding of the Prior Improvement Area No. 17B Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2011 Local Agency Revenue Bonds, Series A (Improvement Area No. 17B) (the “Prior 2011 Authority Bonds”). Improvement Area No. 8C and Improvement Area No. 17B are collectively referred to as the “Taxing Jurisdictions.” Each of the Local Obligations are payable from the revenues generated by a special tax to be levied on the taxable real property within the related Taxing Jurisdiction (the “Special Taxes”) pursuant to the applicable rate and method of apportionment of such Taxing Jurisdiction (together, the “RMAs”). The net proceeds of the Local Obligations, along with other available funds, will be used to (i) make deposits into two separate escrow funds to be held by Wilmington Trust, National Association, as escrow agent (the “Escrow Agent”) pursuant to two separate Escrow Agreements, each dated as of July 1, 2020 (collectively, the “Escrow Agreements”) for the purpose of redeeming the Prior Bonds; (ii) purchase a municipal bond insurance policy (the “Policy”) issued by (the “Insurer”) for the purpose of paying the principal of and interest on the Bonds when due; (iii) purchase a reserve policy issued by the Insurer to be credited to the Reserve Fund for the Bonds (the “Reserve Policy”); and (iv) pay the costs of issuing the Bonds. This Purchase Agreement, the Local Obligation Bond Indentures, the Local Obligations, and the Escrow Agreements are collectively referred to herein as the “CFD Documents.” This Purchase Agreement, the Indenture, the Escrow Agreement, the Bonds, and the Continuing Disclosure Agreement, dated as of the Closing Date (the “Authority Continuing Disclosure Agreement”), by and between the Authority and ▇▇▇▇ Municipal Finance, LLC, as dissemination agent, are collectively referred to herein as the “Authority Documents.”
Appears in 1 contract
Sources: Bond Purchase Agreement
Authorization and Purpose. The Authority was formed pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the “JPA Act”), and is authorized pursuant to Article 4 of the JPA Act (the “Bond Law”) to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of the District to provide financing or refinancing for public capital improvements of the District. The Bonds are being issued by the Authority to acquire the Local Obligations. The Bonds shall be substantially in the form described in and shall be issued and secured under the provisions of, the Indenture. The Bonds shall be described in the Indenture and the Official Statement dated the date hereof relating to the Bonds (which, together with all appendices attached thereto and such amendments or supplements thereto that shall be approved by the Underwriter and the Authority, is hereinafter called the “Official Statement”). The Local Obligations are being issued pursuant to the ▇▇▇▇▇-▇▇▇▇ Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Act”), a resolution of the CityCity Council of the City of Beaumont (the “City Council”), acting as the legislative body of the District, adopted on , 2020 2021 (the “CFD Authorizing Resolution”) ). The Improvement Area No. 7B 2021 Bonds are being issued pursuant to an Indenture of Trust dated January 15, 1994, as amended and two separate Bond Indenturessupplemented, each including as supplemented by a Thirty-Eighth Supplemental Indenture of Trust dated as of July 1, 2020 2021, (collectivelytogether, the “Local Obligation Bond IndenturesImprovement Area No. 7B Indenture”), each by and between the District and Wilmington Trust, National Association, as trustee (the “District Trustee”). The Improvement Area No. 8C 7C 2021 Bonds are being issued pursuant to an Indenture of Trust dated as of 1, 2021, (the “Improvement Area No. 7C Indenture”), by and between the District and the District Trustee. The Improvement Area No. 17A 2021 Bonds are being issued pursuant to an Indenture of Trust dated as of 1, 2021, (the “Improvement Area No. 17A Indenture”), by and between the District and the District Trustee. The Improvement Area No. 19C 2021 Bonds are being issued pursuant to an Indenture of Trust dated January 15, 1994, as amended and supplemented, including as supplemented by a Thirty- Ninth Supplemental Indenture of Trust dated as of 1, 2021, (together, the “Improvement Area No. 19C Indenture”), by and between the District and the District Trustee. The Improvement Area No. 20 Bonds are being issued pursuant to a Bond Indenture, dated as of 1, 2021 (the “Improvement Area No. 20 Indenture, and together with the Improvement Area No. 7B Indenture, the Improvement Area No. 7C Indenture, the Improvement Area No. 17A Indenture and the Improvement Area No. 19C Indenture, the “Local Obligation Bond Indentures” and each, a “Local Obligation Bond Indenture”), by and between the District and the District Trustee. The Improvement Area No. 7B Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Refunding Bonds, 2012 Series C (Improvement Area No. 7B) (the “Prior 2012 Series C Bonds”) and the City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2012 Series D (Improvement Area No. 7B) (the “Prior 2012 Series D Bonds” and together with the Prior 2012 Series C Bonds, the “Prior Improvement Area No. 7B Bonds”). The refunding of the Prior Improvement Area No. 7B Bonds, together with the refunding of the Prior Improvement Area No. 7C Bonds (as defined below), will cause a simultaneous refunding of the Beaumont Financing Authority’s 2012 Local Agency Revenue Bonds, Series C (Improvement Area No. 7B and Improvement Area No. 7C) (the “Prior 2012C Authority Bonds”). The Improvement Area No. 7B 2021 Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 7B of the District (“Improvement Area No. 7B”) on a parity with the District’s Special Tax Bonds, 2018 Series A (Improvement Area No. 7B) currently outstanding in the principal amount of $2,045,000 (the “Improvement Area No. 7B 2018 Bonds” and together with the Improvement Area No. 7B 2021 Bonds, the “Improvement Area No. 7B Bonds”). The Improvement Area No. 7C Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Refunding Bonds, 2012 Series E (Improvement Area No. 7C) (the “Prior 2012 Series E Bonds”) and the City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2012 Series F (Improvement Area No. 7B) (the “Prior 2012 Series F Bonds” and together with the Prior 2012 Series E Bonds, the “Prior Improvement Area No. 7C Bonds”). The refunding of the Prior Improvement Area No. 7C Bonds, together with the refunding of the Prior Improvement Area No. 7B Bonds, will cause a simultaneous refunding of the Prior 2012C Authority Bonds. The Improvement Area No. 7C 2021 Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 7C of the District (“Improvement Area No. 7C”) The Improvement Area No. 17A Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2013 Series B (Improvement Area No. 17A) (the “Prior Improvement Area No. 17A Bonds”). The refunding of the Prior Improvement Area No. 17A Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2013 Local Agency Revenue Bonds, Series B (Improvement Area No. 17A) (the “Prior 2013B Authority Bonds”). The Improvement Area No. 17A 2021 Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 17A of the District (“Improvement Area No. 17A”). The Improvement Area No. 19C Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2013 Series A (Improvement Area No. 19C) (the “Prior Improvement Area No. 19C Bonds”). The refunding of the Prior Improvement Area No. 19C Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2013 Local Agency Revenue Bonds, Series A (Improvement Area No. 19C) (the “Prior 2013A Authority Bonds”). The Improvement Area No. 19C 2021 Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 19C of the District (“Improvement Area No. 19C”) on a parity with the District’s Special Tax Refunding Bonds, 2017 Series A (Improvement Area No. 19C) currently outstanding in the principal amount of $12,129,618 (the “Improvement Area No. 19C 2017 Bonds” and together with the Improvement Area No. 19C 2021 Bonds, the “Improvement Area No. 19C Bonds”). The Improvement Area No. 20 Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2012 Series A (Improvement Area No. 8C) B (the “Prior Improvement Area No. 8C 20 Bonds,” and together with the Prior Improvement Area No. 7B Bonds, the Prior Improvement Area No. 7C Bonds, the Prior Improvement Area No. 17A Bonds and the Prior Improvement Area No. 19C Bonds, the “Prior Improvement Area Bonds”). The Improvement Area No. 8C Special Tax Refunding 20 Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 8C 20 of the District (“Improvement Area No. 8C20”). The refunding of the Prior Improvement Area No. 8C 20 Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2012 Local Agency Revenue Bonds, Series A (Improvement Area No. 8C) (the “Prior 2012 Authority Bonds”) The Improvement Area No. 17B Special Tax Refunding Bonds are being issued by the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2011 Series A and 2011 Series B (Improvement Area No. 17B) 20) (the “Prior Improvement Area No. 17B 2012B Authority Bonds,” and together with the Prior Improvement Area No. 8C 2012C Authority Bonds, the Prior 2013B Authority Bonds and the Prior 2013A Authority Bonds, the “Prior Bonds”). The Improvement Area No. 17B Special Tax Refunding Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 17B of the District (“Improvement Area No. 17B”). The refunding of the Prior Improvement Area No. 17B Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2011 Local Agency Revenue Bonds, Series A (Improvement Area No. 17B) (the “Prior 2011 Authority Bonds”). Improvement Area No. 8C 7B, Improvement Area No. 7C, Improvement Area No. 17A, Improvement Area No. 19C and Improvement Area No. 17B 20 are collectively referred to in this Official Statement as the “Taxing JurisdictionsImprovement Areas.” Each of the Local Obligations are payable from the revenues generated by a special tax to be levied on the taxable real property within the related Taxing Jurisdiction Improvement Area (the “Special Taxes”) pursuant to the applicable rate and method of apportionment of such Taxing Jurisdiction Improvement Area (together, the “RMAs”). The net proceeds of the Local Obligations, along with other available funds, will be used to
(i) make deposits into two four separate escrow funds to be held by Wilmington Trust, National Association, as escrow agent (the “Escrow Agent”) pursuant to two four separate Escrow Agreements, each dated as of July 1, 2020 2021 (collectively, the “Escrow Agreements”) for the purpose of redeeming the Prior Improvement Area Bonds; (ii) purchase a municipal bond insurance policy (the “Policy”) issued by (the “Insurer”) for the purpose of paying the principal of and interest on the Bonds when due; (iii) purchase a reserve policy issued by the Insurer to be credited to the Reserve Fund for the Bonds (the “Reserve Policy”); and (iv) pay the costs of issuing the Bonds. This Purchase Agreement, the Local Obligation Bond Indentures, the Local Obligations, and the Escrow Agreements are collectively referred to herein as the “CFD Documents.” This Purchase Agreement, the Indenture, the Escrow Agreement, the Bonds, and the Continuing Disclosure Agreement, dated as of the Closing Date (the “Authority Continuing Disclosure Agreement”), by and between the Authority and ▇▇▇▇ Municipal Finance, LLC, as dissemination agent, are collectively referred to herein as the “Authority Documents.”
Appears in 1 contract
Sources: Bond Purchase Agreement
Authorization and Purpose. The Authority was formed pursuant to Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code (the “JPA Act”), and is authorized pursuant to Article 4 of the JPA Act (the “Bond Law”) to borrow money for the purpose of financing the acquisition of bonds, notes, and other obligations of the District to provide financing or refinancing for public capital improvements of the District. The Bonds are being issued by the Authority to acquire the Local Obligations. The Bonds shall be substantially in the form described in and shall be issued and secured under the provisions of, the Indenture. The Bonds shall be described in the Indenture and the Official Statement dated the date hereof relating to the Bonds (which, together with all appendices attached thereto and such amendments or supplements thereto that shall be approved by the Underwriter and the Authority, is hereinafter called the “Official Statement”). The Local Obligations are being issued pursuant to the ▇▇▇▇▇-▇▇▇▇ Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Act”), a resolution of the CityCity Council of the City of Beaumont (the “City Council”), acting as the legislative body of the District, adopted on , 2020 2025 (the “CFD Authorizing Resolution”) and two separate Bond Indentures, each ). The Improvement Area No. 7A1 Special Tax Refunding Bonds are being issued pursuant to an Indenture of Trust dated as of July June 1, 2020 2025 (collectively, the “Local Obligation Bond IndenturesImprovement Area No. 7A1 Indenture”), each by and between the District and Wilmington TrustZions Bancorporation, National Association, as trustee (the “District Trustee”). The Improvement Area No. 8C 19A Special Tax Refunding Bonds are being issued by pursuant to a Bond Indenture dated as of June 1, 2025 (the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2012 Series A (“Improvement Area No. 8C) (the “Prior Improvement Area No. 8C Bonds19A Indenture”), by and between the District and the District Trustee. The Improvement Area No. 8C Special Tax Refunding Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 8C of the District (“Improvement Area No. 8C”). The refunding of the Prior Improvement Area No. 8C Bonds will cause a simultaneous refunding of the Beaumont Financing Authority’s 2012 Local Agency Revenue Bonds, Series A (Improvement Area No. 8C) (the “Prior 2012 Authority Bonds”) The Improvement Area No. 17B 18 Special Tax Refunding Bonds are being issued by pursuant to a Bond Indenture dated as of June 1, 2025, (the District to refund the outstanding City of Beaumont Community Facilities District No. 93-1 Special Tax Bonds, 2011 Series A and 2011 Series B (“Improvement Area No. 17B) ) (the “Prior Improvement Area No. 17B Bonds,” and with the Prior Improvement Area No. 8C Bonds, the “Prior Bonds18 Indenture”), by and between the District and the District Trustee. The Improvement Area No. 17B 16 Special Tax Refunding Bonds are payable from Special Taxes levied on taxable property in Improvement Area No. 17B being issued pursuant to an Indenture of Trust dated as of June 1, 2025 (the District (“Improvement Area No. 17B16 Indenture”), by and between the District and the District Trustee. The refunding of the Prior Improvement Area No. 17B 8B Special Tax Refunding Bonds will cause are being issued pursuant to a simultaneous refunding Bond Indenture, dated as of June 1, 2025 (the Beaumont Financing Authority’s 2011 Local Agency Revenue Bonds, Series A (“Improvement Area No. 17B) (8B Indenture, and together with the “Prior 2011 Authority Bonds”). Improvement Area No. 8C and 7A1 Indenture, the Improvement Area No. 17B are collectively referred to as 19A Indenture, the Improvement Area No. 18 Indenture and the Improvement Area No. 16 Indenture, the “Taxing Jurisdictions.Local Obligation Bond Indentures” and each, a “Local Obligation Bond Indenture”), by and between the District and the District Trustee. Each of the Local Obligations are payable from the revenues generated by a special tax to be levied on the taxable real property within the related Taxing Jurisdiction Improvement Area (the “Special Taxes”) pursuant to the applicable rate and method of apportionment of such Taxing Jurisdiction Improvement Area (together, the “RMAs”). The net proceeds of the Local Obligations, along with other available funds, will be used to
(i) make deposits into two five separate escrow funds to be held by Wilmington TrustZions Bancorporation, National Association, as escrow agent (the “Escrow Agent”) pursuant to two five separate Escrow Agreements, each dated as of July June 1, 2020 2025 (collectively, the “Escrow Agreements”) for the purpose of redeeming the Prior Bonds; Bonds and the Prior BFA Bonds (as such terms are each defined in the Official Statement);
(ii) purchase a municipal bond insurance policy (the “Policy”) issued by (the “Insurer”) for the purpose of paying the principal of and interest on the Bonds when due; (iii) purchase a reserve policy issued by the Insurer to be credited to the Reserve Fund for the Bonds (the “Reserve Policy”)) to satisfy 75% of the initial Reserve Requirement; (iv) fund a cash deposit to the Reserve Fund for the remaining 25% of the initial Reserve Requirement and (ivv) pay the costs of issuing the Bonds. This Purchase Agreement, the Local Obligation Bond Indentures, the Local Obligations, and the Escrow Agreements are collectively referred to herein as the “CFD Documents.” This Purchase Agreement, the Indenture, the Escrow Agreement, the Bonds, and the Continuing Disclosure Agreement, dated as of the Closing Date (the “Authority Continuing Disclosure Agreement”), by and between the Authority and ▇▇▇▇▇▇ Municipal FinanceConsulting Group, LLC, as dissemination agent, are collectively referred to herein as the “Authority Documents.”
Appears in 1 contract
Sources: Bond Purchase Agreement