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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 ~ -3-