HomeMy WebLinkAboutReso SSF-3-1991 (CIFA) RESOLUTION NO. SSF-3-91
BOARD OF DIREC~
CITY OF SOUTH SAN FRANCISCO CAPITAL IMPROVEMENTS
FINANCING AUTHORITY, STATE OF CALIFORNIA
A R~SOLUTION APPROVING, AUTHORIZING AND DIRECTING
EXECUTION OF CERTAIN INSTALLMENT SALE FINANCING
DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN
ACT~..ONS WITH RESPECT THERETO
WHEREAS, the City of South San Francisco (the "City"), working together with the
Authority, is proposing to proceed with an installment sale financing of certain public
improvemer_ts; and
WHEREAS, in connection therewith, the City proposes to finance improvements to
its water quality control plant (the "Project") and it is in the public interest and for the
public bene~t that the Authority authorize and direct execution of an installment sale
agreement and certain other financing documents in connection therewith; and
WHEREAS, the documents below specified have been filed with the Authority, and
the Board of Directors of the Authority, with the aid of its staff, have reviewed said
documents;
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. The below-ew_~merated documents be and are hereby approved, and the
Executive Director is hereby authorized and directed to execute and deliver said
documents, for and in the name and on behalf of the Authority, with such changes,
insertions and omissions as may be approved by such official, such approval to be
conclusively evidenced by the execution of such documents by such official, and the
Secretary o_-' the Authority is hereby authorized and directed to attest to such official's
signature:
(a) an acquisition agreement, relating to the transfer of the City's water
qual£ty control plant to the Authority, between the City, as transferor, and the
Authority, as transferee (the "Acquisition Agreement");
(b) an installment sale agreement relating to the installment sale
financing of the Project, between the Authority, as seller, and the City, as
purcAaser (the "Installment Sale Agreement");
(c) a trust agreement relating to the financing and the execution and
delivery of certificates of participation evidencing undivided fractional interests of
the owners thereof in installment payments to be made by the City under the
Installment Sale Agreement by and among the Authority, the City and Bank of
America National Trust and Savings Association, San Francisco, California, as
trustee (the "Trustee");
(d) an assignment agreement, by and between the Authority and the
Trustee, pursuant to which the Authority will assign certain of its rights under
the Installment Sale Agreement, including its right to receive installment
payments thereunder, to the Trustee; and
(e) a purchase agreement, by and among Rauscher Pierce Refsnes, Inc.
(the "Underwriter"), the City and the Authority, relating to the purchase by the
Underwriter of the Certificates of Participation.
Section 2. 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 '~y the Board of Directors of the City of South San Francisco Capital
Impr°ven~ents Financing Authority at a regular meeting held on the 13th day of
November , 1991 by the following vote:
NOES:
Boardmembers Richard A. Haffey, Gus Nicolopulos, John R. Penna,
Roberta Cerri Teglia, and Mayor Jack Drago
None
ABSTAIN: None
ABSEI~. None
Secretary