HomeMy WebLinkAboutReso 33-2007
RESOLUTION NO. 33-2007
CITY COUNCIL, CITY OF SOUTH SAN RANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING A SUPPLEMENTAL INDENTURE
OF TRUST, AND AUTHORIZING THE EXECUTION AND
DELIVERY THEREOF, AND OTHER ACTIONS IN
CONNECTION THEREWITH, ALL WITH RESPECT TO THE
MAGNOLIA PLAZA APARTMENTS
WHEREAS, the City of South San Francisco (the "City") has issued its Variable Rate
Demand Multifamily Revenue Bonds 1987 Series A (Magnolia Plaza Apartments Project), in
the aggregate principal amount of $6,100,000 (the "Bonds") pursuant to an Indenture of
Trust, dated as of May 1, 1987 (the "Indenture"), by and between the City and Seattle-First
National Bank, as succeeded by U.S. Bank National Association, as trustee (the "Trustee");
and
WHEREAS, the proceeds of the Bonds were used by the City to fund a loan to
provide financing with respect to a multifamily rental housing development located in the
City of South San Francisco and owned by South San Francisco Magnolia Plaza Associates,
A California Limited Partnership (the "Borrower"); and
WHEREAS, the Bonds are secured by a letter of credit (the "Letter of Credit") issued
by Wells Fargo Bank, National Association (the "Letter of Credit Bank"); and
WHEREAS, the Borrower and the Letter of Credit Bank have requested that the
Indenture be amended to allow for the purchase of Bonds by the Letter of Credit Bank in lieu
of the redemption of Bonds pursuant to the Indenture; and
WHEREAS, to provide for the purchase of Bonds in lieu of redemption, the City has
been requested to execute a supplement to the Indenture; and
WHEREAS, all actions to be taken or consents to be given prior to the execution and
delivery of a supplement to the Indenture, shall be taken or given as required by the
Indenture prior to the effective date thereof.
NOW, THEREFORE, BE IT RESOLVED by the City of South San Francisco as
follows:
SECTION 1. The First Supplemental Indenture of Trust (the "Supplemental
Indenture") between the City and U.S. Bank National Association, as trustee (the "Trustee"),
in the form on file with the City Clerk is hereby approved. The City Manager and the Deputy
City Manager (the "Designated Officers") are, and each of them acting alone, hereby
authorized and directed, for and in the name and on behalf of the City, to execute and deliver
the Supplemental Indenture, and the City Clerk is hereby authorized to attest the signature of
the Designated Officer, in substantially said form, with such additions thereto or changes
therein as are recommended or approved by the Designated Officers upon consultation with
bond counsel to the City, the approval of such additions or changes to be conclusively
evidenced by the execution and delivery by the City of the Supplemental Indenture.
SECTION 2. The Designated Officers and any and all other officials of the City or
such other person designated by the City are hereby directed, for and on behalf of the City, to
do any and all things and take :my and all actions, which they, or any of them on the advice
of bond counsel to the City, may deem necessary or advisable in order to effect the
provisions of the Supplemental Indenture, as provided herein, and to execute and deliver any
and all other documents, which they, or any of them, on the advice of bond counsel to the
City, may deem necessary or advisable in connection with the execution of the Supplemental
Indenture.
SECTION 3. This Resolution shall take effect from and after the date of its passage
and 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 25th
day of April 2007 by the following vote:
AYES:
Councilmembers Mark N. Addiego, Joseph A. Fernekes and Karvl Matsumoto,
Vice Mayor Pedro Gonzalez and Mayor Richard A. Garbarino
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: