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TOWN OF TRUCKEE <br /> California <br /> RESOLUTION NO. 2017-35 <br /> A RESOLUTION WAIVING THE OPTION OF THE TOWN TO HAVE THE <br /> TRUCKEE PUBLIC FINANCING AUTHORITY LEASE REVENUE BONDS <br /> (PUBLIC SERVICE FACILITY PROJECT), SERIES 2009B (TAXABLE), <br /> REDEEMED DUE TO AN OCCURRENCE OF AN EXTRAORDINARY <br /> EVENT; AND AUTHORIZING TAKING OF NECESSARY ACTIONS AND <br /> EXECUTION OF NECESSARY CERTIFICATES IN CONNECTION <br /> THEREWITH <br /> WHEREAS, the Town of Truckee (the "Town") and the Truckee Redevelopment Agency <br /> (the "Agency") have heretofore entered into a Joint Exercise of Powers Agreement, dated as of <br /> March 23, 2000 (the "Joint Powers Agreement"), which Joint Powers Agreement creates and <br /> establishes the Truckee Public Financing Authority (the "Authority"); and <br /> WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the Government <br /> Code of the State of California (the "Marks-Roos Local Bond Pooling Act of 1985") and the Joint <br /> Powers Agreement, the Authority is authorized to issue bonds for financing public capital <br /> improvements whenever there are significant public benefits; and <br /> WHEREAS, the Authority previous issued the Truckee Public Financing Authority Lease <br /> Revenue Bonds (Public Service Facility Project), Series 2009B (Taxable) (the "2009B Bonds"), to <br /> finance, in part, the acquisition of land for the Public Service Facility for the Town, as well as certain <br /> utility improvements; and <br /> WHEREAS, this Town Council has heretofore determined that it would be in the best <br /> interest of the Town to proceed with a lease revenue financing for the purpose of advance <br /> refunding all or a portion of the outstanding 2009B Bonds to obtain interest rate savings; and <br /> WHEREAS, the 2009B Bonds were issued as "Build America Bonds" under Section 54M <br /> or 6431 of the Internal Revenue Code of 1986, as amended from time to time, which allows the <br /> Town to receive cash subsidy payments from the United States Treasury (the "Subsidy Payments") <br /> in order to offset a portion of each semiannual interest payment that is made with respect to the <br /> 2009B Bonds while the 2009B Bonds are outstanding pursuant to the terms of the Trust <br /> Agreement, dated as of September 1, 2009 (the "2009 Trust Agreement"), by and between the <br /> Authority and Wells Fargo Bank, National Association, as trustee, and <br /> WHEREAS, Section 2.03(d) of the 2009 Trust Agreement provides that the Town, at its <br /> option, can cause the Series 2009B Bonds to be optionally redemption prior to their stated <br /> maturities upon the occurrence of an Extraordinary Event (as defined in the 2009 Trust Agreement) <br /> from any source of available funds, as a whole or in part, at the Extraordinary Redemption Price <br /> (as defined in the 2009 Trust Agreement) (the "Extraordinary Optional Redemption Option"); and <br /> WHEREAS, the Town believes that an Extraordinary Event (as defined in the 2009 Trust <br /> Agreement) has not occurred on or prior to the date hereof; and <br />