HomeMy WebLinkAboutReso 13-2006
RESOLUTION NO. 13-2006
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE ISSUANCE OF TAX
ALLOCATION BONDS BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SOUTH SAN FRANCISCO TO
FINANCE AND REFINANCE REDEVELOPMENT
ACTIVITIES
WHEREAS, the Redeveloplnent Agency of the City of South San Francisco (the
"Agency") is authorized by Part 1 of Division 24 of the Health and Safety Code of the State of
California, as alnended (the "Redevelopn1ent Law"), and particularly Chapter 6 thereof, to issue
and sell tax allocation bonds for any of its corporate purposes; and
WHEREAS, the Agency has adopted redevelopn1ent plans for the Gateway, EI Calnino
Corridor, Downtown/Central and U.S. Steel/Shearwater Project Areas (the "Constituent Project
Areas") under Part 1 of Division 24 of the Health and Safety Code of the State of California (the
"Redeveloplnent Law"); and
WHEREAS, the Redevelopment Law, and particularly Chapter 6 thereof, authorizes
redevelopment agencies to incur indebtedness for any of their corporate purposes; and
WHEREAS, in order to finance various redeveloplnent projects in the Downtown/Central
Redevelopment Project Area, the Agency issued its $11,590,000 aggregate principal alnount of
Redevelopment Agency of the City of South San Francisco Downtown/Central Redeveloplnent
Project 1997 Tax Allocation Bonds (the "1997 Downtown/Central Bonds"); and
WHEREAS, in order to finance various redeveloplnent projects in the Gateway
Redeveloplnent Project Area, the Agency issued its $28,045,000 aggregate principal alnount of
Redevelopment Agency of the City of South San Francisco 1999 Tax Allocation Bonds, Series A
(Gateway Redevelopment Project) (the "1999 Gateway Bonds"); and
WHEREAS, the City of South San Francisco Capital hnprovelnents Financing Authority
(the "Authority") issued its 1999 Revenue Bonds, Series A (South San Francisco Redeveloplnent
Projects) in the aggregate principal amount of $31,720,000 (the "1999 Authority Bonds")
pursuant to an Indenture of Trust (the" 1999 Authority Indenture"), dated as of February 1, 1999,
between the Authority and The Bank of New York Trust Company, N.A., as successor to U.S.
Bank National Association (the "1999 Trustee"); and
WHEREAS, $28,045,000 of the proceeds of the 1999 Authority Bonds were used to
purchase the 1999 Gateway Bonds, and $3,675,000 of the proceeds of the 1999 Authority Bonds
were used to purchase the Agency's $3,675,000 1999 Tax Allocation Bonds, Series B (Housing
Set-Aside Tax Revenues) (the "1999 Housing Set-Aside Bonds"); and
WHEREAS, attached as Exhibit B to the 1999 Authority Indenture is the amortization
schedule for the 1999 Gateway Bonds and the 1999 Housing Set-Aside Bonds, and the 1999
Authority Bonds shown as maturing (or subject to mandatory redemption) under the colulnn
"Gateway Bonds" in said Exhibit B are referred to herein as the "Refunded 1999 Authority
Bonds"; and
WHEREAS, the Agency has determined to refund and defease the 1997
Downtown/Central Bonds and the 1999 Gateway Bonds, but not the 1999 Housing Set-Aside
Bonds; and
WHEREAS, the refunding and defeasance of the 1999 Gateway Bonds will refund and
defease the Refunded 1999 Authority Bonds; and
WHEREAS, the 1999 Gateway Bonds and the Refunded 1999 Authority Bonds are
referred to herein as the "Plior Gateway Bonds", and the Prior Gateway Bonds and the 1997
Downtown/Central Bonds are referred to herein as the "Prior Bonds"; and
WHEREAS, effective June 30, 2005, the Agency caused the Constituent Project Areas to
be fiscally merged, as pennitted by the Redevelopment Law, such areas, subsequent to such
fiscallnerger, being referred to herein as the "Merged Project Area"; and
WHEREAS, the Agency wishes to issue and sell tax allocation bonds, aggregating not to
exceed $80,000,000 Plincipal mnount (the "Bonds") under the Redeveloplnent Law, secured by a
pledge of tax increlnent revenues allocated to the Agency under and pursuant to the
Redeveloplnent Law, to refund the Prior Bonds, and to finance redeveloPlnent activities in the
City of South San Francisco (the "City"), and n10re particularly located in or of benefit to the
Merged Redevelopment Project; and
WHEREAS, the Redeveloplnent Law requires that the City Council approve the issuance
of the Bonds by reason of the pledge of said tax increment revenues as security for the payment
of the Bonds; and .
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purpose of the City that the City approve the issuance of the Bonds by the Agency for the
aforesaid purposes.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco as follows:
Section 1. The City Council of the City of South San Francisco hereby approves the
issuance of the Bonds by the Agency under the Redeveloplnent Law for the purpose of refunding
the Prior Bonds, and financing the Agency's redevelopment activities in the Merged
Redeveloplnent Project.
Section 2. This Resolution shall take effect ilnlnediately upon its adoption.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the City Council of the City of South San Francisco at a regular meeting held on the 22il day of
February 2006 by the following vote:
AYES:
Counci1members Mark N. Addiego, Pedro Gonzalez and Karyl Matsumoto,
Vice Mayor Richard A. Garbarino and Mayor Toseph A. Fernekes
NOES:
ABSTAIN:
ABSENT:
ATTEST: