HomeMy WebLinkAboutReso 23-1999CITY OF SOUTH SAN FRANCISCO
RESOLUTION NO. 23-99
A RESOLUTION DETERMINING SIGNIFICANT PUBLIC BENEFITS TO THE
CITY OF SOUTH SAN FRANCISCO FROM THE FINANCING OF PUBLIC
IMPROVEMENTS FOR THE CITY BY THE ISSUANCE AND SALE OF THE
CITY OF SOUTH SAN FRANCISCO CAPITAL IMPROVEMENTS FINANCING
AUTHORITY 1999 REVENUE BONDS, SERIES A (SOUTH SAN FRANCISCO
REDEVELOPMENT PROJECTS)
WHEREAS, the City Council (the "Council") of the City of South San Francisco (the
"City") on October 18, 1998, adopted a resolution approving the issuance by the Redevelopment
Agency of the City of South San Francisco (the "Agency") of the Agency's 1998 Tax Allocation
Bonds, Series A (Gateway Redevelopment Project) (the "Gateway Bonds") in an aggregate
principal amount of not to exceed $31,500,000 and (b) the Agency's 1998 Tax Allocation Bonds,
Series B (Housing Set-Aside Tax Revenues) (the "Housing Set-Aside Bonds") in an aggregate
principal amount of not to exceed $4,500,000 (the Gateway Bonds and the Housing Set-Aside
Bonds being referred to herein as the "Agency Bonds"); and
WHEREAS, the Agency Bonds are to be purchased by the City of South San Francisco
Capital Improvements Financing Authority (the "Authority") from the proceeds of the
Authority's 1999 Revenue Bonds, Series A (South San Francisco Redevelopment Projects) (the
"Authority Bonds") to create a single issue of bonds, and thereby achieve economic efficiencies
in the issuance of the Agency's Bonds; and
WHEREAS, Section 6586.5 of the California Government Code requires, effective
January 1, 1999, that bonds issued by a joint exercise of powers agency be approved by one of
the members of such authority, after a noticed public hearing; and
WHEREAS, a notice of such public hearing was duly published by the City as required
by law in the San Mateo Times, a newspaper of general circulation in the City of South San
Francisco, and a copy of the proof of publication of such notice of public hearing is on file in the
office of the City Clerk;
WHEREAS, such public hearing was duly convened by the Council at the time and place
as set forth in the noticed public hearing, and at such public hearing the Council heard all
interested persons desiring to be heard;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SOUTH
SAN FRANCISCO, AS FOLLOWS:
Section 1. All of the recitals herein contained are true and correct and the Council so
finds and determines.
Section 2. The Council hereby: (i) approves the issuance of the Authority Bonds; and (ii)
determines that there are significant public benefits to the City from the proposed financing in
that there will be demonstrable savings to the Agency from the issuance and sale of the
Authority Bonds and the funding of the Agency Bonds to be acquired with proceeds of the
Authority Bonds, including savings in bond preparation, bond underwriting and bond issuance
costs (in accordance with Section 6586 of the California Government Code).
Section 3. This resolution shall take effect from and after its passage and adoption.
PASSED AND ADOPTED by the Council of the City of South San Francisco this 24th day of
February, 1999, by the following vote, to wit:
AYES: Councilmembers Joseph A. Fernekes, Eugene R.
Karyl Matsumoto, and Mayor James. L. Datzman
NOES: None.
Mullin, John R. Penna and
ABSENT: None.
[SEAL]
ATTEST:
Clerk of the
th San Francisco