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HomeMy WebLinkAboutReso 85-1993 RESOLUTION NO. 85-93 CITY ~OUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AMENDED AND RESTATED CONFERENCE CENTER USE AGREEMENT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the Redevelopment Agency of the City of South San Francisco (the "Agency") and the City of South San Francisco (the "City") have heretofore entered into a Joint Exercise of Powers Agreement dated September 11, 1991, (the "Agreement") establishing the City of South San Francisco Capital Improvements Financing Authori'~y (the "Authority") for the purpose of providing an entity which can assist in providing financing for purposes which are authori~ed under the Joint Powers Law (Section 6500 et seq. of the Califorllia Government Code); and WH]]REAS, the Authority proposes at this time to issue its City of Souti% San Francisco Capital Improvements Financing Authority 1993 Refunding Revenue Bonds (South San Francisco Conference Center) in an aggregate principal amount of not to exceed $6,900,(~00 (the "Bonds") for the purpose of providing funds to advance refund the Authority's $5,715,000 1991 Revenue Bonds (ConferEnce Center Project); and WHEREAS, Stone & Youngberg (the "Underwriter") has caused to be prepared an Official Statement describing the Bonds, the Project and the City, a preliminary form of which is on file with the City Clerk; snd WH~ wishes ~ interest NOW of South Center U Agreemen the paym, do not e~ Center ii August 1 of Ameri ',Trustee~ together REAS, the City has duly considered such transactions and t this time to approve said transactions in the public s of the City. THEREFORE, BE IT RESOLVED by the City Council of the City San Francisco, California that: Approval of Amended and Restated Project and Conference Center Use Agreement. The City approves the Amended and Restated Conference ~e Agreement (the "Agreement"), so long as the term of the does not extend beyond September 1, 2018, and so long as ~nts due by the city under the Agreement in any fiscal year [ceed $600,000. The City shall have use of the Conference accordance with the terms of the Agreement, dated as of 1993, by and among the City, the Authority and the Bank ~a National Trust & Savings Association as trustee (the '), in substantially the form on file with the City Clerk, with any additions thereto or changes therein deemed necessary or advisable by the City Manager. The city Manager is authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest and affix the seal of the City to, the final form of the Amended and Restated Conference Center Use Agreement for and in the name and on behalf of the City. The City hereby authorizes the delivery and performance of the Amended and Restated Conference Center Use Agreement. 2. Official Statement. The City hereby approves as being accurate those portions of the Preliminary Official Statement describing the Conference Center, the City, the Bonds and the Agreement, in substantially the form suDmitted by the Underwriter and on file with the City Clerk. Distribation of the Preliminary Official Statement by the Underwriter is hereby authorized and approved. The City hereby authorizes the distribution of the final official Statement by the Underwriter. The City Manager is hereby authorized and directed to approve any changes in or additions to a final form of said Official Statement. The Director of Finance is hereby authorized to execute an appropriate certificate stating her determination that the Preliminary Official Statement has been deemed nearly final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934. 3. Official Action. The City Manager, the Finance Director, the City Clerk, the Mayor, the City Attorney, and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the execution of the Agreement as described herein, provided that the same shall have been approved as to form by the city Attorney. I introd~ Franci~ hereby certify that the foregoing Resolution was regularly ,ced and adopted by the City Council of the city of South San ~co at a regular meeting held on the 14th day of lu]y , 1993 by the following vote: AYES: Councilmembers Jack Draqo, Joseph A. Fernekes, John R. Penna, Robert Yee, and Mayor Roberta Cerri Teal ia NOES: None ABSTA] : None ABSENT: None W1