HomeMy WebLinkAboutReso RDA 01-2006
RESOLUTION NO. 01-2006
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA
RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SOUTH SAN FRANCISCO
APPROVING OF THE SELECTION OF CITIGROUP TO
SERVE AS UNDERWRITER OF THE 2006 TAX
ALLOCATION BONDS
WHEREAS, the Agency Board held a study session on potential RDA funding
needs on August 17, 2005, and in a joint session with the City Council on Novelnber 16,
2005 the Agency Board gave conceptual approval for a list of capital projects and
directed staff to proceed with an RDA Bond sale; and
WHEREAS, the Agency considers the selection of its bond underwriter to be an
ilnportant endeavor, as it will have significant ilnpact on (1) the structure of the Agency's
bond financing, (2) the Agency's success at achieving a favorable bond rating, and (3) the
overall cost-efficiency of the Agency's bond sale; and
WHEREAS, the Agency and its financial advisor conducted an extensive
selection process which included interviewing top qualifying underwriting firms, and
evaluating these for the most appropriate qualifications, experience, and fee proposals;
and
WHEREAS, City staff and the Agency's financial advisor agreed that Citigroup
was the most qualified underwriter for the 2006 Tax Allocation Bond Sale, based on the
finn's written proposal and its presentation; and
WHEREAS, approval of Citigroup as underwriter will not commit the Agency to
selling bonds, as staff will bring back the legal doculnents for the bond sale at an
upcOlning meeting; and
WHEREAS, those bond doculnents will include the formal contract between the
Agency and Citigroup, known as the bond purchase agreelnent; and
WHEREAS, Citigroup will be compensated only through the bond proceeds of a
successful bond sale.
NOW, THEREFORE, BE IT RESOLVED by the Redeveloplnent Agency of the
City of South San Francisco that the Redevelopment Agency Board hereby approves of
the selection of Citigroup as the underwriter of its 2006 Tax Allocation Bonds.
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I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the Redeveloplnent Agency of the City of South San Francisco at a regular
Ineeting held on the 8th day of February 2006 by the following vote:
AYES:
Boardmelnbers Mark N. Addiego. Pedro Gonzalez and Karyl Matsulnoto.
Vice Chair Richard A. Garbarino and Chair Joseph A. Femekes
NOES:
ABSTAIN:
ABSENT:
ATTEST: