HomeMy WebLinkAboutReso 126-1991 CITY OF SOUTH SAN FRANCISCO
RESOLUTION No. 126-91
RESOLUTION AUTHORIZrNG TILE. EXECUTION AND DELH/ERY OF CONFERENCE
CENTER USE AGREEMENT AND AUTHOBIZ~IG OFFICIAL ACTIONS
WHEI~EAS, the Redevelopment Agency of the City of South San Francisco (the
"Agency") ar_d the City of South San Francisco (the "City") have heretofore entered into a
Joint Exercise of Powers Agreement dated September 11, 1991, 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 to be located at 255
South Airport Boulevard in the City (the "Project"); and
WHEREAS, Section 54240 et seq. of the Government Code requires that the act of
entering into the Conference Center Use Agreement (as hereinafter defined) be approved
by ordinance, and an ordinance of the City approving the Conference Center Use
Agreement (the "Ordinance") is being introduced concurrently herewith; and
WItEREAS, Stone & Youngberg (the "Underwriter") has caused to be prepared an
Official Statement describing the Bonds, the Project and the City, a preliminary form of
which is on _-'de with the City Clerk; and
WHEREAS, the City has duly considered such transactions and wishes at this
time to approve said transactions in the public interests of the City;
NOW, THEREFORE, BE IT RESOLVED, DETEP, MINED AND ORDERED by the
City of SoutL~ San Francisco as follows:
Section 1. Anorov~! of Pr~ect and Copfer~.nce Center Use .So're~m~nt. The City
approves the South San Francisco Conference Center Project (the "Project") to be
constructed by the Authority from the proceeds of the Bonds, and approves the
Conference Center Use Agreement (the "Agreement"), so long as the term of the
Agreement/_oes not exceed twenty (20) years, and so long as the payments due by the City
under the Ajreement in any fiscal year do not exceed $550,000. The City shall have use of
the Project in accordance with the terms of the Agreement dated as of November 1, 1991,
by and zmong the City, the Authority and Bank of American National Trust & Savings
Association as trustee (the "Trustee"). Pursuant to and subject to the Ordinance, the City
apprOves the Conference Center Use Agreement in substantially the form on fde with the
City Clerk, sogether with any additions thereto or changes therein deemed necessary or
advisable by the City Manager. On and after the effective date of the Ordinance, the City
Manager is authorized and directed to execute, and the City Clerk is hereby authorized
and directed_ to attest and affix the seal of the City to, the final form of the Conference
Center Use Agreement for and in the name and on behalf of the City. The City hereby
authorizes the delivery and performance of the Conference Center Use Agreement.
Sect'.on 2. (~;,ci~l Stat~.ment. The City hereby approves as being accurate those
portions of ;he Preliminary Official Statement describing the Project, the City and the
Agreement, in substantially the form submitted by the Underwriter and on file with the
City Clerk. Distribution of the Preliminary Official Statement by the Underwriter is
hereby authorized and approved. The City hereby authorizes the distribution of the final
Official Statement by the Underwriter. The City Manager is hereby authorized and
directed to approve any changes in or additions to a final form of said Official Statement.
SectLon 30ffieisl Action. The City Manager, the City Clerk, the Mayor, the City
Attorney, and any and all other officers of the City are hereby authorized and directed, for
and in the name and on behalf of the City, to do any and all 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
Agreement as described herein; provided that the same shall have been approved as to
form by the City Attorney.
Section4 Effec~ve~ This Resolution shall take effect from and after the date
of its passage and adoption.
PASSED AND ADOPTED by the City of South San Francisco at a regular meeting
thereof held on the 25th day of September, 1991.
AYES:
NOES:
ABSTAIN:
ABSENT:
Councilmembers Richard A. Haffey, Roberta Cerri Teg]ia, Mayor Drago
Councilmembers Gus Nicolopulos, and John R. Penna
None
None
ATTEST:
BY ~~i~y Clerk~~
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