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HomeMy WebLinkAboutReso RDA 2-1993 RESOLUTION NO. Z-93 REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO STATE OF CALIFORNIA A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $11,000,000 TAX ALLOCATION BONDS RELATING TO THE GATEWAY REDEVELOPMENT PROJECT, APPROVING AND AUTHORIZING AND DIRECTING EXECUTION OF INDENTURE OF TRUST RELATING THERETO, AUTHORIZING SALE OF SUCH BONDS, APPROVING OFFICIAL STATEMENT AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO WHEREAS, the Agency is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of the Community Redevelopment Law of the State of California, constituting Part 1 of Division 24 of 'the Health and Safety Code of the State of California (the "Law"), including the power to issue bonds for any of its corporate purposes; and WHEREAS, a Redevelopment Plan for the Gateway Redevelopment Project, in the City of South San Francisco (the "Redevelopment Project"), has been adopted in compliance with all requirements of the Law; and WHEREAS, the Agency wishes at this time to issue its Gateway Redevelopment Project 1993 Tax Allocation Bonds in the aggregate principal amount of not to exceed $11,000,000 (the "Bonds") pursuant to the Law for the purpose of providing funds to repay a portion of a loan, the proceeds of which have been used to finance redevelopment activities in the Redevelopment Project; and WHEREAS, the Bonds are proposed to be issued pursuant to an Indenture of Trust (the "Indenture") dated as of February 1, 1993, by and between the Agency and Bank of America National Trust and Savings Association, as trustee; and WHEREAS, the Agency proposes to sell the Bonds to the City of South San Francisco Capital Improvements Financing Authority (the "Authority") which will concurrently sell the Bonds to Prager, McCarthy & Sealy, as purchaser of the Bonds (the "Underwriter"), all on the terms and conditions herein set forth and as provided in the form of a Purchase Contract (the "Purchase Contract") on file with the Clerk of the Agency, and WHEREAS, the Underwriter has caused to be prepared an Official Statement describing the Bonds, the preliminary form of which is on file with the Clerk of the Agency (the "Official Statement"); and WHEREAS, the Agency wishes at this time to authorize the issuance of the Bonds and authorize and direct the sale thereof; NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of South San Francisco as follows: Section 1. Issuance of Bonds: AQproval of Indenture. The Agency hereby authorizes the issuance of the Bonds in the aggregate principal amount of not to exceed $11,000,000. The Bonds shall be issued pursuant to the Indenture. The Agency hereby approves the Indenture in substantially the form on file with the Clerk of the Agency, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director of the Agency, whose execution thereof shall be conclusive evidence of such approval, including, without limitation, the addition to the Indenture of the final interest rates as contained in the Purchase Contract hereinafter approved. The Executive Director and Clerk of the Agency are hereby authorized and directed to execute, attest and affix the seal of the Agency to the final form of the Indenture for and on behalf of the Agency. Section 2. Sale of Bonds. The Agency hereby authorizes the sale of the Bonds to the Authority for concurrent resale by the Authority to the Underwriter pursuant to and in accordance with the Purchase Contract in substantially the form on file with the Clerk of the Agency together with any additions thereto or changes therein approved by the Executive Director, whose execution thereof shall be conclusive evidence of such approval. The Agency hereby delegates to the Executive Director the authority to accept an offer from the Underwriter to purchase the Bonds from the Authority and to execute the Purchase Contract for and in the name and on behalf of the Agency; provided, however, that the true interest cost payable on the Bonds shall not exceed eight percent (8%) per annum, and the purchase price paid by the Underwriter for the purchase of Bonds shall be not less than ninety-eight and four-tenths percent (98.4%) of the par amount thereof, excluding any original issue discount on the Bonds. Section 3. Official Statement. The Agency hereby approves and authorizes the Executive Director to deem final within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 except for permitted omissions, a preliminary form of Official Statement describing the Bonds. Distribution of such preliminary Official Statement by the Underwriter to prospective purchasers of the Bonds is hereby approved. The Executive Director is hereby authorized to execute the final form of the Official Statement, including as it may be modified by such additions thereto and changes therein as the Executive Director shall deem necessary, desirable or appropriate, and the execution of the final Official -2- Statement by the Executive Director shall be conclusive evidence of the approval of any such additions and changes. The final Official Statement shall be executed in the name and on behalf of the Agency by the Executive Director. Section 4. Official Actions. All actions heretofore taken by the officers and agents of the Agency with respect to the issuance of the Bonds are hereby approved, confirmed and ratified. The Chairman, the Executive Director, the Treasurer, the Clerk and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agency, 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 transactions described herein. Section 5. Repeal of Inconsistent Resolutions. Resolutions No. 11-92 and No. 17-92, adopted by the Agency on September 23, 1992, and November 18, 1992, respectively, and authorizing issuance of bonds with respect to the Redevelopment Project are hereby repealed. Section 6. Effective Date. This resolution shall take - effect from and after the date of approval and adoption thereof. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the Redevelopment Agency of the City of South San Francisco at a requ]ar meeting held on the 27th day of January , 1993 by the following vote: AYES: Boardmembers Jack Drago, Joseph A. Fernekes, John R. Penna, Robert Yee, and Chairwoman Roberta Cerri Teglia None NOES: None ABSTAIN: None ABSENT: Agency Clerk ~/ -3-