HomeMy WebLinkAboutReso SSF 2-1993 (CIFA)RESOLUTION NO. SSF-2-93
CAPITAL IMPROVEMENTS FINANCING AUTHORITY
CITY OF SOUTH SAN FRANCISCO
STATE IF CALIFORNIA
A RESOLUTION ORDERING THE ISSUANCE OF NOT
TO EXCEED $6,900,000 PRINCIPAL AMOUNT OF
1993 REFUNDING REVENUE BONDS RELATING TO
THE SOUTH SAN FRANCISCO CONFERENCE CENTER
PROJECT, AUTHORIZING AND DIRECTING EXECUTION
OF RELATED INDENTURE OF TRUST AND AMENDED
AND RESTATED CONFERENCE CENTER USE AGREEMENT,
AUTHORIZING SALE OF BONDS, APPROVING OFFICIAL
STATEMENT, APPOINTING BOND COUNSEL AND
AUTHORIZING OFFICIAL ACTION
WHEREAS, the City of South San Francisco (the "City") and the
Redevelopment Agency of the City of South San Francisco (the
"Agency") 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
Authority (the "Authority") for the purpose of providing an entity
which can assist in providing financing for purposes which are
authorized under the Joint Powers Law (Section 6500 et seq. of the
California Government Code); and
WHEREAS, the Authority issued its 1991 Revenue Bonds
(Conference Center Project) in an aggregate principal amount of
$5,715,000 (the "Prior Bonds") for the propose of providing funds
to construct a conference center at 255 South Airport Boulevard,
South San Francisco, for use by the City (the "Conference Center");
and
WHEREAS, the Authority has determined that it is in the best
interests of the Authority to refund the Prior Bonds with the
proceeds of its 1993 Refunding Revenue Bonds (South San Francisco
Conference Center) (the "Bonds"); and
WHEREAS, the Bonds are to be issued pursuant to the Marks-Roos
Local Bond Pooling Act of 1985 (the "Act") constituting Article 4
(commencing with Section 6584) of Chapter 5 of Division 7 of Title
1 of the Government Code of the State of California, and pursuant
to an Indenture of Trust, dated as of August 1, 1993, by and
between the Authority and a trustee to be chosen by the Authority,
as trustee (the "Trustee"); and
WHEREAS, Stone & Youngberg (the "Underwriter") has caused to
be prepared an Official Statement describing the Bonds, the
Conference Center, the City and the Amended and Restated Conference
Center Use Agreement, dated as of August 1, 1993, by and between
the Autkority, the City and the Trustee (the "Conference Center
Agreement"), the form of which is on file with the Executive
Director; and
WHEREAS, the Board h~s duly considered such transactions and
wishes at this time to approve said transactions in the public
interests of the Authority.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of
the City of South San Francisco Capital Improvements Financing
Authority as follows:
1. Issuance of Bonds.
The Board hereby authorizes the issuance of the Bonds
under and pursuant to the Act and the Indenture in the aggregate
principal amount of not to exceed $6,900,000 for the purposes
hereinbefore described, so long as the final maturity date of the
Bonds doss not extend beyond September 1, 2018. The Board hereby
approves the Indenture in substantially the form on file with the
Clerk, together with any additions thereto or changes therein
deemed necessary or advisable by the Executive Director. The
Executive Director is hereby authorized and directed to execute,
and the Clerk is hereby authorized and directed to attest the final
form of the Indenture for and in the name and on behalf of the
Authority. The Board hereby authorizes the delivery and
performance of the Indenture.
2. Approval of Conference Center Use Agreement.
The Board hereby approves the Conference Center Use
Agreemen't in substantially the form on file with the Clerk,
together with any additions thereto or changes therein deemed
necessary or advisable by the Executive Director. The Executive
Director or his designee is hereby authorized and directed to
execute, and the Clerk is hereby authorized and directed to attest
and affix the seal of the Authority to, the final form of the
Conference Center Use Agreement for and in the name and on behalf
of the Authority. The Board hereby authorizes the delivery and
performance of the Conference Center Use Agreement.
3. Sale of Bonds.
The Board hereby approves the sale of the Bonds by
negotiation with the Underwriter, pursuant to the Purchase Contract
by and among the Authority and the Underwriter, pursuant to the
Purchase Contract by and among the Authority and the Underwriter,
in substantially the form on file with the Clerk, together with any
changes therein or additions thereto approved by the Executive
Director or an authorized representative or designee of the
Executive Director, whose execution thereof shall be conclusive
evidence of approval of any such additions and changes. The
purchase Contract shall be executed in the name and on behalf of
the Authority by the Executive Director or his designee, who is
hereby authorized nd directed to execute and deliver said form of
Purchase Contract on behalf of the Authority upon submission of a
proposal by the Underwriter to acquire the Bonds, which proposal is
acceptable to the Executive Director. The purchase price received
by the Authority for the Bonds from the Underwriter, exclusive of
original issue discount paid to the investors, shall be not less
than ninety-eight and one-half percent (98-1/2%) of the par amount
thereof, and the debt service due on the Bonds does not exceed
$600,000 per annum.
4. official Statement.
The Board hereby approves the preliminary official
Statement describing the Bonds, in substantially the form submitted
by the Underwriter and on file with the Clerk. Distribution of the
Preliminary Official Statement by the Underwriter is hereby
authorized and approved. The Board hereby authorizes the
distribution of the final Official Statement by the Underwriter.
The Executive Director or his designee is hereby authorized and
directed to approve any changes in or additions to a final form of
said official Statement. The Final Official Statement shall be
executed in the name and on behalf of the Authority by the
Executive Director.
5. Approval of Escrow Agreement.
The Board hereby approves the Escrow Agreement in
substantially the form on file with the Clerk, together with any
additions thereto or changes therein deemed necessary or advisable
by the Executive Director. The Executive Director or his designee
is hereby authorized and directed to execute, and the Clerk is
hereby a'athorized and directed to attest and affix the seal of the
Authority to, the final form of the Escrow Agreement for and in the
name and on behalf of the Authority. The Board hereby authorizes
the delivery and performance of the Escrow Agreement.
6. ADpointment of Bond Counsel.
Jones Hall Hill & White is hereby engaged as bond counsel
in connection with such financing proceedings, pursuant to the
agreement on file with the Clerk, which is hereby approved and
authorized to be executed by the Executive Director.
7. Official Action.
The Executive Director, the Clerk, the Chairperson of the
Board, the Authority's General Counsel and any and all other
officers of the Authority are hereby authorized and directed, for
and in t~e name and on behalf of the Authority, to do any and all
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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 Project as described herein,
provided that the same shall have been approved as to form by the
Authority General Counsel.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted, ky the City Council of the City of South San
Francisco at a spec]~ meeting held on the 14th day of
July , 1993 by the following vote:
AYES:
Boardmembers Jack Drago, Joseph A. Fernekes, John R. Penna,
Robert Yee, and Chairwoman Roberta Cerri Te~lia
NOES: None
ABSTAIN: None
ABSENT: None
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