HomeMy WebLinkAboutReso CIFA 53-1997RESOLUTION NO. WP 53-97
CAPITAL IMPROVEMENTS FINANCING AUTHORITY,
CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION OF THE CITY OF SOUTH SAN FRANCISCO
CAPITAL IMPROVEMENTS FINANCING AUTHORITY
AUTHORIZING THE PURCHASE AND SALE OF NOT TO EXCEED
$13,000,000 PRINCIPAL AMOUNT OF DOWNTOWN/CENTRAL
REDEVELOPMENT PROJECT 1997 TAX ALLOCATION BONDS
UPON CERTAIN TERMS AND CONDITIONS, APPROVING
DISTRIBUTION OF OFFICIAL STATEMENT RELATING THERETO
AND PROVIDING OTHER MATTERS PROPERLY RELATING
THERETO
WHEREAS, the City of South San Francisco and the
Redevelopment Agency of the City of South San Francisco (the
"Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the City of South San Francisco Capital
Improvements Financing Authority (the "Authority") for the
purpose, among others, of purchasing bonds issued by the Agency
for financing and refinancing public capital improvements, working
capital, or projects whenever there are significant public
benefits, as determined by the Agency, pursuant to the provisions
of Article 4 (commencing with Section 6584) of Chapter 5 of
Division 7 of Title 1 of the Government Code of the State of
California (the "Act"); and
WHEREAS, pursuant to the Act the Authority is further
authorized to sell bonds so purchased to public or private
purchasers at public or negotiated sale; and
WHEREAS, the Authority desires to purchase from the Agency
not to exceed $13,000,000 aggregate principal amount of
Redevelopment Agency of the City of South San Francisco
'Downtown/Central Redevelopment Project 1997 Tax Allocation Bonds
(the "Bonds"), solely from the proceeds received from the
Authority's concurrent sale of the Bonds to PaineWebber,
Incorporated (the "Underwriter"); and
WHEREAS, the Underwriter has caused a form of Official
Statement relating to the Bonds (the "Official Statement") to be
submitted to the Authority for approval for distribution to
purchasers of the Bonds; and
WHEREAS, the Board of Directors (the "Board") of the
Authority has duly considered such transactions and wishes at this
time to authorize proceedings for the purchase and sale of the
Bonds in the public interests of the Authority;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the City of South San Francisco as follows:
Section 1. The foregoing recitals are true and correct and
this Authority so finds and deterraines.
Section 2. The proposed form of bond purchase agreement (the
"Purchase Contract"), by and among the Agency, the Authority and
the Underwriter on file with the Secretary of the Authority is
hereby approved. The Executive Director of the Authority is
hereby authorized and directed, for and in the name and on behalf
of the Authority, to purchase the Bonds from the Agency and to
accept the offer of the Underwriter to purchase the Bonds from the
Authority, subject to the terms and conditions of the Purchase
Contract, and to execute and deliver the Purchase Contract to the
Agency and the Underwriter; provided, however, that the true
interest cost payable on the Bonds shall not exceed seven percent
(7%) per annum, and the purchase price paid by the Underwriter for
the purchase of the Bonds shall be not less than ninety-eight and
one-half percent (98.5%) of the par amount thereof, excluding any
original issue discount on the Bonds. Approval of any additions
or changes in such form shall be conclusively evidenced by such
execution and delivery of the Purchase Contract.
Section 3. The Official Statement relating to the Bonds,
together with such amendments and supplements as shall be
necessary or convenient to accurately describe the Bonds in
accordance with the Purchase Contract, this Resolution and the
other related proceedings and documents, is hereby approved for
distribution to the purchasers of the Bonds.
Section 4.
its adoption.
This resolution shall take effect from and after
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the City of South San Francisco Capital
Improvements Financing Authority at a special meeting
held on the 28th day of May , 1997 by the
following vote:
AYES:
Boardmembers James L. Datzman, Eugene R. Mullin, Robert Yee
and Chairman Joseph A. Fernekes
NOES: None
ABSTAIN: Boardmember John R. Penna
ABSENT: NnnP
Attest:
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