HomeMy WebLinkAboutReso SSF 2-1991 (CIFA) CITY OF SOUTH SAN FRANCISCO
CAPITAL IMPROVEMENTS FINANCING AUTHORITY
RESOLUTION No. SSF 2-91
RESOLI. Y2ION AUTHOI~IZrNG THE, SALE OF REVENUE BONDS RELATING TO THE
CONFERENCE CENTER PROJECT AND AUTHORinG EXECUTION OF BOND
PURCHASE AGREEMENT
WHEREAS, the City of South San Francisco (the "City") and the Redevelopment
Agency of -,he City of South San Francisco (the "Agency") have heretofore entered into a
Joint Exercise 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 did, on September 25, 1991, adopt Resolution No. SSF-,1-91
entitled "RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$5,900,000 PRINCIPAL AMOUNT OF 1991 REVENUE BONDS RELATING TO THE
CONFERENCE CENTER PROJECT, AUTHORIZING AND DIRECTING EXECUTION
OF RELATED INDENTURE OF TRUST AND CONFERENCE CENTER USE
AGREEMENT, APPROVING OFFICIAL STATEMENT, APPOINTING BOND
COUNSEL AND AUTHORIZING OFFICIAL ACTION", thereby authorizing the
issuance of 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
WHE~, 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 I 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
WIfF. REAS, Stone & Youngberg (the "Underwriter") has caused to be prepared an
Official Statement describing the Bonds, the Project, the City and the Agreement, the
preliminary form of which is on file with the Executive Director; and
WI-ZEREAS, the Underwriter has prepared a bond purchase agreement dated the
date hereof, between the Underwriter and the Authority (the "Bond Purchase
Agreemen;"), a copy of which is on file with the Secretary of this Board, under which the
Underwriter has offered to purchase the Bonds from the Authority, in the maturity
amounts, at the prices and interest rates specified in the Bond Purchase Agreement,;
and
WKEREAS, the Board has duly considered such transactions and wishes at this
time to ap?ove said transactions in the public interests of the Authority;
NOW, THEREFORE, 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. Sale of Bonds. The Board hereby approves the
sale of ~he Bonds to the Underwriter pursuant to the Bond Purchase
Agreement, in the form on file with the Secretary. The Executive
Director is hereby authorized and directed to accept the
Underwri~er's offer to purchase the Bonds in accordance with the
Bond Purchase Agreement, and to execute said Agreement.
Section 2. Effective Date. This Resolution shall take
effect from and after the date of its passage and adoption.
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 re§u]ar
meeting held on the 9th day of October
, 1991 by the
following vote:
AYES:
Boardmembers Richard A. Haffey, Roberta Cerri Teglia, and
Chairman Jack Dra.qo
NOES:
Boardmembers John R. Penna, and Gus Nicolopulos
ABSTAIN: None
ABSENT: No ne
Secretary