HomeMy WebLinkAboutReso 115-1989RESOLUTION NO. 115-89
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF A LEASE
AGREEMENT WITH OPTION TO PURCHASE AND AGENCY
AGREEMENT, APPROVING PURCHASE COMMITMENT, AND
AUTHORIZING RELATED ACTIONS (1989 STREET LIGHTING
FACILITIES ACQUISITION PROJECT - CITY OF SOUTH SAN
FRANCISCO)
WHEREAS, the City Council has previously authorized acquisition by the
City of certain prescribed street lighting facilities from the Peninsula
Street Lighting Authority, a California joint powers authority; and
WHEREAS, the City has received {1) a proposed form of Lease Agreement
With Option to Purchase, dated as of September 1, 1989, between the City
and the Authority with a related Agency Agreement and (2) a proposed purchase
commitmen~ from Stone & Youngberg, offering to pay a prescribed purchase price
to the Ci-~ for an assignment of the entitlement of the Authority to receive
Lease Paynents from the City pursuant to the Lease Agreement; and
WHEREAS, the City Council wishes to authorize execution of the Lease and
Agency Agreements, to approve the purchase commitment from Stone & Youngberg,
and to auchorize all further action by appropriate officers of the City related
to the accomplishment of the 1989 Street Lighting Facilities Acquisition Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco that:
1. It hereby authorizes and approves the proposed Lease Agreement With
Option to Purchase in the principal amount of Five Hundred Thirty Eight
Thousand Three Hundred Six Dollars {$538,306.00) and authorizes execution of
the Lease Agreement and the related Agency Agreement by the City Manager. This
authorization is given subject to the express further authorization that either
agreement may be modified or amended in any manner approved by the City Manager
prior to )xecution, with execution to constitute conclusive evidence of approval
of any modifications or amendments made prior to such execution.
2. It hereby approves this purchase commitment as submitted by Stone &
Youngberg and authorizes execution thereof on behalf of the City by such
representative of the City as Stone & Youngberg shall request. The City
Council hereby authorizes such modifications or amendments to such purchase
commitment prior to such execution as are approved by such City representative,
such approval to be conclusively established by such execution of the purchase
commitment as amended or modified, provided that no such amendment or
modification shall (1) increase the principal amount above that provided in
the Lease Agreement, {2) increase the discount above three percent {3%),
(3) increase the interest rate above seven and one-quarter percent (7.25%),
or (4) extend the term of the Lease Agreement beyond ten (10) years.
BE IT FURTHER RESOLVED that the City Council hereby authorizes such further
actions by any City officer as may be reasonably required by Stone & Youngberg
to complete the subject financing in the normal course and in the customary
manner for such financings, as outlined in that certain memorandum from Stone
& Youngberg, dated July 24, 1989, with attachments.
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
regular meeting held on the 9th day of August
, 1989~ by the
following vote:
AYES:
NOES:
ABSTAIN:
Councilmembers Mark N. Addieao. Jack Drago, Richard A. Haffe¥.
Gus Nicolopulos, and Mayor Roberta Cerri Teglia
None
None
ABSENT: None
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