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HomeMy WebLinkAboutReso 80-1993 RESOLUTION NO. 80-93 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING BOND PURCHASE CONTRACT, OFFICIAL STATEMENT AND RELATED DOCUMENTS AND AUTHORIZING ACTIONS WITH RESPECT THERETO IN CONNECTION WITH THE WILLOW GARDENS, WEST PARK I & 2, AND WEST PARK 3 PARKS AND PARKWAYS MAINTENANCE DISTRICTS RESOLVED, by the City Council (the "Council") of the City of South San Francisco (the "City"), County of San Mateo, California, that WHEREAS, on this date, Stone & Youngberg (the "Underwriter") has presented to this Council a form of bond purchase contract (the "Bond Purchase Contract") for the purchase of not to exceed $905,000 par value of Limited Obligation Improvement Bonds, City of South San Francisco, Willow Gardens, West Park 1 & 2, and West Park 3 Parks and Parkways Maintenance District (the "Bonds") to be issued by the City in proceedings undertaken pursuant to the Resolution Authorizing Issuance of Bonds, Resolution No. 79-93 , adopted by this Council on June 23, 1993; WHEREAS, the Underwriter has prepared an Official Statement describing the Bonds, a preliminary form of which is on file with the City Clerk; WHEREAS, this Council has considered the Bond Purchase Contract and Preliminary Official Statement and finds them acceptable subject to the conditions set forth in this resolution; and WHE~.EAS, the public interest and convenience will be served by entering into the Bond Purchase Contract and authorizing the Preliminary Official Statemnet; NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED, that: 1. Bond Purchase Contract. The Bond Purchase Contract is hereby approved and the City Manager of the City, or such other official of the City as may be designated by this Council (the "Authorized Official'), is hereby authorized and directed to execute and deliver the Bond Purchase Contract, for and on behalf .of the City, substantially in the form of Bond Purchase Contract presented to this Council, with any changes, insertions and deletions as may be approved by the Authorized Official in consultation with Jones Hall Hill & White, A Professional Law Corporation, as bond counsel, with respect to these assessment proceedings, such approval to be conclusively evidenced by the execution of the Bond Purchase Contract by Authorized Official. 2. Conditions of Approval. The foregoing approval is hereby expressly conditioned upon the satisfaction of the following (i) the total principal amount of the Bonds shall not exceed $905,000; (ii) the average interest cost of the Bonds shall not' exceed eight percent (8%) per annum; and (iii) the Underwriser's discount for the Bonds shall not exceed two percent (2%) of the principal amount of the Bonds. 3. Delivery of Bonds. Upon execution of the Bond Purchase Contract by the Authorized Official on behalf of the City, the Bonds shall be printed, authenticated and delivered, all in accordance with the applicable terms of the Bond Purchase Contract and the Authorized Official and other responsible City officials are hereby authorized and directed to take such actions as are required under the Bond Purchase Contract to complete all actions required to evidence the delivery of the Bonds and the receipt of the purchase price thereof from the Underwriter. 4. Official Statement. The Council hereby approves the Preliminary Official Statement describing the financing described -2- herein, 5n substantially the form on file with the Authorized Official, together with any changes therein or additions thereto deemed advisable by the Authorized Official. The Council approves and authorizes the distribution by the Underwriter of the Preliminary Official Statement to prospective purchasers of the Bonds, and authorizes and directs the Authorized Official on behalf of the City to deem "final" pursuant to Rule 15c2-12 under the Securities Exchange Act of 1934 (the "Ruler), the Preliminary Official Statement prior to its distribution to prospective purchasers of the Bonds. The execution of the final Official Statement, which shall include such changes and additions thereto deemed advisable by the Authorized Official and such information permitted to be excluded from the Preliminary Official Statement pursuant to the Rule, shall be conclusive evidence of the approval of the final Official Statement by the City. 5. Further Actions Authorized. Ail actions heretofore taken by the officers and agents of the City with respect to the establishment of the assessment district and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements, contracts, and any other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, contract, and other document described in the documents herein approved. -3- 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 requ]ar meeting held on the 23rd day of June , 1993 by the following vote. AYES: Councilmembers Jack Dra.qo, Joseph A. Fernekes, John R. Penna, Robert Yee, and Mayor Roberta Cerri Teqlia NOES: None ABSTAIN: None ABSENT None City Clerk