HomeMy WebLinkAboutReso RDA 11-1992 RESOLUTION NO. 11-92
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO AUTHORIZING THE ISSUANCE AND SALE OF
NOT TO EXCEED $13,200,000 TAX ALLOCATION BONDS RELATING
TO THE GATEWAY REDEVELOPMENT PROJECT, AND AUTHORIZING
OFFICIAL ACTIONS
WHEREAS, the Agency is a public body, corporate and politic,
duly established and authorized to transact business and exercise
powers under and pursuant to the provisions of the Community
Redevelopment Law of the State of California, constituting Part 1
of Division 24 of the Health and Safety Code of the State of
California (the "Law"), including the power to issue bonds for any
of its corporate purposes; and
WHEREAS, a Redevelopment Plan for the Gateway Redevelopment
Project, in the City of South San Francisco (the "Redevelopment
-Project"), has been adopted in compliance with all requirements of
the Law; and
WHEREAS, the Agency wishes at this time to issue its Gateway
Redevelopment Project 1992 Tax Allocation Bonds in the aggregate
principal amount of not to exceed $13,200,000 (the "Bonds")
pursuant to the Law for the purpose of providing funds to repay a
loan, the proceeds of which have been used to finance
redevelopment activities in the Redevelopment Project; and
WHEREAS, the Agency wishes at this time to authorize the
issuance of the Bonds and authorize and direct the public sale
thereof;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of
the City of South San Francisco as follows:
Section 1. Issuance of Bonds: Aooroval of Indenture. The
Agency hereby authorizes the issuance of the Bonds in the
aggregate principal amount of not to exceed $13,200,000. The
Bonds shall be issued pursuant to an Indenture of Trust dated as
of October 1, 1992 (the "Indenture") by and between the Agency and
Bank of America National Trust and Savings Association, as fiscal
agent. The Agency hereby approves the Indenture in substantially
the form on file with the Agency Secretary, together with any
additions thereto or changes therein deemed necessary or advisable
by the Executive Director of the Agency. The Executive Director
and Secretary of the Agency are hereby authorized and directed to
execute, attest and affix the seal of the Agency to the final form
of the Indenture for and on behalf of the Agency.
Section 2. Call for Bids: Authorization of ComDetitive Sale
of Bonds. The Agency hereby calls for bids to be received for the
purchase of the Bonds at the offices of Bartle Wells Associates,
1636 Bush Street, San Francisco, California 94109, on Wednesday,
October 14, 1992 at 11:00 a.m. California time. Bids shall be
received, and the Bonds shall be sold, subject to the terms and
conditions set forth in the Official Notice of Sale in
substantially the form thereof on file with the Secretary together
with any additions thereto or changes therein deemed necessary or
advisable by the Executive Director. The sale of the Bonds is
subject to the Agency's action to award the sale as set forth in
the Official Notice of Sale.
Section 3. Publication of Notices. Pursuant to Section
33646 of the Health and Safety Code, the Secretary is hereby
authorized and directed to cause the Notice of Intention to Sell
Bonds, in substantially the form thereof on file with the
Secretary together with any additions thereto or changes therein
deemed necessary or advisable by the Executive Director, to be
published once in a newspaper of general circulation published in
the City of South San Francisco. Pursuant to Section 53692 of the
Government Code, the Secretary is hereby authorized and directed
'to cause such Notice of Intention to Sell Bonds to be published
once in The Bond Buyer.
Section 4. Official Statement. The Agency hereby approves
the preliminary Official Statement describing the Bonds prepared
by Bartle Wells Associates, as financial advisor to the Agency
(the "Financial Advisor"). The Financial Advisor is hereby
authorized to distribute the Official Statement in connection with
the solicitation of bids for the purchase of the Bonds. The
Executive Director is hereby authorized and directed to (a)
execute and deliver to the purchaser of the Bonds a certificate
deeming the preliminary Official Statement to be "final" within
the meaning of Rule 15c2-12 of the Securities Exchange Act of
1934, as of its date, (b) approve any changes in or additions to
cause such Official Statement to be put in final form, and (c)
execute said final Official Statement for and in the name and on
behalf of the Agency.
Section 5. Official Actions. All actions heretofore taken
by the officers and agents of the Agency with respect to the
issuance of the Bonds are hereby approved, confirmed and ratified.
The Chairman, the Executive Director, the Treasurer, the Secretary
and any and all other officers of the Agency are hereby authorized
and directed, for and in the name and on behalf of the Agency, to
do any and all things and take any and all actions, including
execution and delivery of any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they, or any of
them, may deem necessary or advisable in order to consummate the
transactions described herein.
Section 6. Rffective Date. This resolution shall take
effect from and after the date of approval and adoption thereof.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the Redevelopment Agency of the City of
South San Francisco at a re§u]ar meeting held on the
23rd day of September , 1992 by the following vote:
AYES: Boardmembers Joseph A. Fernekes, Roberta Cerri Teqlia,
Robert Yee, and Chairman John R. Penna
NOES: None
ABSTAIN: None
ABSENT: Boardmember Jack Drago
ATTEST: '~' Clerk~
Redevelopment Agency of the
· City of South San Francisco