HomeMy WebLinkAboutReso RDA 6-1993 RESOLUTION NO. 6-93
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SOUTH SAN FRANCISCO AUTHORIZING
BUDGET AMENDMENT 93-6 RELATING TO THE SALE
OF GATEWAY BONDS
WHEREAS, a purchase contract was signed for Gateway Tax
Allocation bonds to repay a portion of the outstanding debt to
Homart Corporation; and
WHEREAS, bond proceeds will be used to pay for the costs
of issuing Gateway bonds and the debt to Homart; and
WHEREAS, under the revised Owner Participation Agreement
the Agency is obligated to use all tax increment received to
pay principal and interest on the remaining debt.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency
of the City of South Francisco as follows:
1. Appropriate $293,407 from bond proceeds for costs of
issuing Gateway bonds.
2. Appropriate $9,374,976 from bond proceeds for payment
of the debt to Homart.
3. Appropriate $900,000 from the undesignated fund
balance of the Gateway Project for payment of debt
service to Homart on the remaining debt.
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 requ]ar meeting
held on the 24th day of February , 1993 by the
following vote.
AYES: Boardmembers Jack Drago, Joseph A. Fernekes, John R. Penna,
Robert Yee, and Chairwoman Roberta Cerri Teqlia
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
Redevelopment Agency of the
City of South San Francisco