HomeMy WebLinkAboutReso 116-2007RESOLUTION NO. 116-2007
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SOUTH SAN FRANCISCO DECLARING ITS INTENT TO ISSUE
TAX-EXEMPT OBLIGATIONS TO BE USED TO REIMBURSE
THE CITY FOR EXPENDITURES PRIOR TO THE ISSUANCE
OF SUCH TAX-EXEMPT OBLIGATIONS, AND AUTHORIZING
THE CITY MANAGER TO SIGN LEASE DOCUMENTS
RELATED TO LEASE/PURCHASE OF FIRE ENGINES
WHEREAS, the City of South San Francisco (the "City") desires and intends to finance
the acquisition of two fire engines (the "Property"); and
WHEREAS, the City expects to cause the issuance of tax-exempt obligations for the
purpose of providing financing for all or a portion of the Property in a principal amount of
approximately $906,000.00 (the "Obligations"); and
WHEREAS, the City expects to incur certain Property expenditures and to pay for such
expenditures from the City's money on hand prior to the execution and delivery of the
Obligations (the "Reimbursement Expenditures"); and
WHEREAS, the City reasonably expects to use all or a portion of the proceeds of the
Obligations to reimburse the City for expenditures made prior to the date the Obligations are
entered into;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Declaration of Olficial Intent. The City hereby declares its official intent,
subject to the further approval of this City Council, to use approximately $906,000.00 of the
proceeds of the Obligations to reimburse itself for the Reimbursement Expenditures. It is
intended that this Resolution shall constitute a declaration of "official intent" within the meaning
of Section 1.150-2 of the Treasury Regulations promulgated under Section 150 of the Internal
Revenue Code of 1986, as amended.
Section 2. City Mana e~thorized to Sign Lease Documents. The City Manager is
hereby authorized to execute a Lease with Option to Purchase and to execute all other
agreements, documents, and certificates to finance the Property, provided that the principal.
amount of the lease shall not exceed $950,000 the lease term shall not exceed ten years and the
interest rate shall not exceed 5.5%.
Section 3. Other Approvals. The adoption of this Resolution shall not bind the City
to proceed with execution and delivery of the Obligations until and unless all other necessary
actions and approvals are taken or received in accordance with all applicable laws.
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 12th day of
December, 2007 by the following vote:
AYES: Councilmembers Mark Acidiego Richard Garbarino, Kevin Mullin,
Mayor Pro Tem Karyl Matsumoto and Mayor Pedro Gonzalez
NOES
ABSTAIN:
ABSENT:
-_ ~;
ATTEST: ~ ,~ .- ~ =~~/~-.
j Krista Ma inelli-Larso
ity Clerk
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