HomeMy WebLinkAboutReso 5-1990 RESOLUTION NO. 5-90
~. CITY C~UNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
| A RESOLUTION DECLARING INTENTION TO ISSUE
I BONDS FOR THE PURPOSE OF PROVIDING FINANCING
FOR CERTAIN PUBLIC FACILITIES
F R COMMUNITY FACILITIES DISTRICT NO. 1 (SHEARWATER)
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REAS, the City of South San Francisco is authorized
to Mello-Roos Community Facilities Act of 1982, Section
t seq., of the California Government Code, to issue and
bonds for the purpose of providing financing for certain
mprovements; and
~EAS, the City intends to issue bonds under such Act (the
for the purpose of providing financing for, among other
~ertain costs and expenses in connection~with the public
~nts for Shearwater generally described in Exhibit "A"
and by this reference incorporated (the "Project") and
assure that amounts expended for the Project may be
~d from the proceeds of the Bonds; and
lEAS, it is in the public interest, for public benefit
~rtherance of the public purposes of the City that the
lcil provide preliminary approval of the issuance of the
the purposes described above;
NOW~ THEREFORE, BE IT RESOLVED by the City Council of the
City of South San Francisco as follows:
1. [The City hereby declares its intent, subject to
negotiation of all terms and conditions to the full satisfaction
of the C~ty, to issue and sell the Bonds in a principal amount of
not to e~ceed $2,000,000 for the purpose of providing financing
for preliminary planning and design costs in connection with the
Project.
2. [The City hereby declares its intent to use proceeds of
the Bond~ to pay for such planning and design costs of the
Project Which are incurred after the date of issuance of the
Bonds, asl well as to reimburse the City or others for amounts
paid or incurred for such planning and design costs or for the
Bonds prior to bond issuance.
3. The City hereby determines that, subject to negotiation
of all terms and conditions to the full satisfaction of the City,
it will take all action necessary or advisable in connection with
the issuance and sale of the Bonds.
4. The Bonds shall be special obligations of the City
payable solely from the sources described in the authorization of
the Bonds and shall not constitute an indebtedness of the City or
a loan of credit thereof within the meaning of any constitutional
or statutory provisions.
5. I The issuance and sale of the Bonds shall be upon such
terms an~ conditions as may be subsequently determined by the
City and~shall be subject to completion of proceedings for
issuance!, sale and delivery of the Bonds by the City.
6. The proceeds of the Bonds shall include such related and
necessary issuance costs, administrative expenses, debt service
reserves and interest payments as may be required to accomplish
the financing successfully.
7. The City Council hereby finds that the adoption of this
resolution is a substantial inducement to the City and others to
expend anounts for planning and design costs in connection with
the Project and for the Bonds in advance of issuance of the Bonds
and that the Project will further the public purposes of the
City.
8. This Resolution may be amended by the City Council, at
its option, to increase the nature and amount of costs of the
Project that it intends to fund, and to increase the amount of
Bonds that it intends to issue and sell.
9. This Resolution is adopted solely for the purpose of
assuring that the exclusion of interest on the Bonds for federal
income tax purposes will not be adversely affected by reason of
the use of proceeds of the Bonds for the reimbursement of costs
paid or incurred in advance of issuance of the Bonds, and the
action o£ the City Council in adopting this Resolution shall not
vest in the City or in others a right to require reimbursement in
the event that the City Council, in its sole discretion
determines, in the course of proceedings for issuance and sale of
the Bonds, not to reimburse for costs paid or incurred in
contemplation of issuance of the Bonds.
-2-
I ~ereby 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
l[th day of January , 1990 by
the following vote:
AYES: Councilmembers Jack Drago, Gus Nicolopulos, John R. Penna,
AYES: Roberta Cerri Teolia, and Mayor RiChard A. Haffe¥
NOES: None
ABSTAIN: None
ABSENT: None
3
RESOLUTION NO. 5-90
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CITY OF SOUTH SAN FRANCISCO
Community Facilities District No. 1
(Shearwater)
DESCRIPTION OF WORK
~hin the City of South San Francisco, County of San Mateo,
California, the following public improvements, together
ated costs of acquiring all required lands, easements,
~f way, permits, franchises and licenses, the construction
uxiliary work necessary and/or convenient therefor
ng the removal of toxic materials related to public
.ents), together with the costs of the acquisition of
rights of service and use, engineering, soils
ons and engineering, plans and specifications and
nce and payment bonds, consultants and bond financing,
osed to be constructed and/or acquired:
Street improvements, including all required clearing,
, grading, installation of base, pavement, medians,
utters, sidewalks, bike paths, bus turnouts and shelters,
lng and related irrigation systems and controls, water,
d storm drainage systems including all required mains,
, valves, hydrants, fittings, inlets, maholes and
~nces and underground utility facilities, street lights
~equired signs, signals and striping for Oyster Point
~, Airport Boulevard, Shearwater Drive, Alexander Drive
les Boulevard.
Public Marina Shoreline improvements, including
dredging, shoreline erosion control facilities, public
piers, paths, related signs, lighting and landscaping.
Oyster Point Separation costs for the construction of
~r Point Separation at Highway 101.
Fire protection equipment.
Public parking facilities, including all required
~s, ramps, signage, lighting and appurtenances.
EXHIBIT A