HomeMy WebLinkAboutReso CIFA 8-1993 VOIDRESOLUTION NO. 8-93
CAPITAL IMPROVEMENTS FINANCING AUTHORITY,
CITY OF SOUTH SAN FRANCISCO ·
STATE OF CALIFORNIA
A RESOLUTION OF THE CITY OF SOU~ .qAN FRANCISCO
CAPITAL IMPROVEMENTS F I NANkiNG ~h~UT HOR I T Y
AUTHORIZING THE PURCHASE AND SALE ~ NOT SO EXCEED
$11, 000,000 PRINCIPAL AMOUNT ~ OF ~ATEWAY
REDEVELOPMENT PROJECT 1993 TAX ALL~CATICN BONDS
UPON CERTAIN TERMS AND CONDITIONs ~/PPROVING
DISTRIBUTION OF OFFICIAL STAT~ENT RELA~G THERETO
AND PROVIDING OTHER MATTERS~ PROPERLY RELATING
THERETO: k /
WHEREAS, the City of South San ~rancisco and
Redevelopment Agency of the South Ban
"Agency"] have heretofore Joint Exerci
the
( the
of Powers
Agreement establishing the Cit of San Fr.
Improvements Financing Authcrity (the
purpose, among others, of purchasing issued
for financing and refinancing uublic capital
capital, or proj whenever there are s
benefits, as the ~gency, pursu&nt
of Artiqle 4 (commenci wi Section 65
Division! 7 of Title 1 the ~vernment
California "Act"); an,
Capital
) for the
the Agency
working
ficant public
the provisions
Chapter 5 of
of the State of
WHEREAS,
authorized to
purchasers at publi(
the Act the Aul .ority is further
bonds :o purchased to public or private
.r negot Lted sale; and
WHEREAS, the ity
not to exceed $11,0
Redevelopment Agency of
Redevelopment Project 1993
solely from the proceeds receiw
sale of the Bonds to Prager,
and,
sires to
~regate
of Sout
from
&
hase from the Agency
[pal amount of
San Francisco Gateway
n Bonds (the "Bonds"),
Authority's concurrent
(the "Underwriter");
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 %he 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 determines.
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
Authorisy, 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
interes~ cost payable on the Bonds shall not exceed eight percent
(8%) per annum, and the purchase price paid by ~he Underwriter for
the purchase'of the 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. 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 adoDted by the City of South San Francisco Capital
Improvements Financing Authority at a regular meeting
held on the 27th day of Jan.ary , 1993 by the
following vote:
AYES:
Boardmembers Jack Draqo, JoseDh A. Fernekes, John R. Penna,
NOES:
ABSTAIN:
ABSENT:
Robert Yee, and Chairwoman Roberta Cerri Te.qlia
None
None
None
CITY OF SOUTH SAN FRANCISCO
CAPITAL IMPROVEMENTS FINANCING
AUTHORITY
ATTEST:
/s/ Barbara A. Battaya
Clerk
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