HomeMy WebLinkAboutReso SSF 1-1991 (CIFA) CITY OF SOUTH SAN FRANCISCO
CAPITAL IMPROVEMENTS FINANCING AUTHORITY
RESOLUTION No. -~-1-91
RF_~OLLrrION AUTHORIZING THE ISSUANCE OF NOT TO EXCEEI~ $~900,000
PRINCIPAL AMOUNT OF 1991 REVENUE BONDS RELATING TO THE CONFERENCE
CENTERP~, AUTHORIZING AND D~G EXECUTION OF RELATED
INDENTURE OF TRUST AND CONFERENCE CENTER USE AGREEMENT,
AUTHORrZING SALE OF BONDS, APPROVING OFFICIAL STATEMENT,
APPOINTING BOND COUNSEL AND AUTHOR172NG 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 Exerdse of Powers Agreement dated as of 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 proposes at this time to issue its City of South San
Francisco Capital Improvements Financing Authority 1991 Revenue Bonds (Conference
Center Project) in an aggregate principal amount of not to exceed $5,900,000 (the "Bonds")
for the purpose of providing funds to construct a conference center at 255 South Airport
Boulevard, South San Francisco, for use by the City; 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 o--' Division 7 of Title 1 of the Government Code of the State of California, and
pursuant to an Indenture of Trust, dated as of October 1, 1991, by and between the
Authority and a trustee to be chosen by the Authority, as trustee (the "Trustee"); and
WI~'3~S, Stone & Youngberg (the "Underwriter") has caused to be prepared an
Official Sta-~ment describing the Bonds, the Project, the City and the Agreement, the
preliminary form of which is on file with the Executive Director; and
WHEREAS, the Board has duly considered such transactions and wishes at this
time to approve said transactions in the public interests of the Authority;
NOW, TIqEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
Board of Directors of the City of South San Francisco Capital Improvements Financing
Authority as follows:
Section 1. Iss~mnce of Bond~. The Board hereby authorizes the issuance of the
Bonds under and pursuant to the Act and the Indenture in the aggregate principal
~mount of not to exceed $5,900,000 for the purposes hereinbefore described. The Board
hereby approves the Indenture in substantially the form on file with the Secretary,
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 Secretary is hereby authorized and directed to attest the ~inal form of the
Indenture for and in the name and on behalf of the Authority. The Board hereby
authorizes t~e delivery and performance of the Indenture.
Section 2. ADDrovnl of Pr~ect and C~l~ferenee C~nter llse ~oveem~k, The Board
hereby authorizes and approves the South San Francisco Conference Center Project (the
"Project") to be financed by the Authority from the proceeds of the Bonds in a principal
amount of not to exceed $5,900,000. The Project shall be made available for the City's use
pursuant to and in accordance with the terms of the Conference Center Use Agreement,
dated as of November 1, 1991, by and among the Authority, the City and the Trustee,
relating to the City's right to use the Project, as well as the Payments to be made by the
City therefor (the "Conference Center Use Agreement"). The Board hereby approves the
Conference ~enter Use Agreement in substantially the form on file with the Secretary,
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, an~. the Secretary is hereby authorized and directed to attest and affix the seal of
the Authori;y 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.
Section 3. Officio! ~tement, The Board hereby approves the preliminary Official
Statement describing the Bonds, in substantially the form submitted by the Underwriter
and on file with the Secretary. 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 o_-' said Official Statement. The Final Official Statement shall be executed in
the name ar_d on behalf of the Authority by the Executive Director.
Sect/_on 4. Al~Dolntment of Rond C~o~n~el. Jones Hall Hill & White is hereby
engaged as '~ond counsel in connection with such financing proceedings, pursuant to the
agreement on file with the Secretary, which is hereby approved and authorized to be
executed by the Executive Director.
Section 5. Official Actio~- The Executive Director, the Secretary, 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 the name and on behalf of the
Authority, to do any and all things and take any and all actions, including execution and
delivery of any and all assignments, certificates, requisitions, agreement, notices,
consents, instruments of conveyance, warrants and other documents, which they, or any
of them, m~y deem necessary or advisable in order to consummate the lawful issuance
and sale of ~he Bonds and the construction of the Project as described herein; provided
that the same shall have been approved as to form by the Authority General Counsel.
Section 6. Effective I~Rte~ This Resolution shall take effect from and after the date
of its passage and adoption.
2
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the Board of the CitY of South San Francisco
Capital Improvements Financing Authority at a regular meeting held on
the 2Sth day of September, 1991.by the following vote:
AYES:
Boardmembers Richard A. Haffey, Roberta Cerri Teglia, and
NOES:
Chairman.Jack Drago
Boardmembers John R. Penna, and Gus Nicolopulos
ABSTAIN: None
ABSENT: None
ecretary ~
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