HomeMy WebLinkAboutReso 131-1987 RESOLUTION NO. 131-87
CITY COU~ICIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY
DEMAND THE ACQUISITION, CONSTRUCTION AND COMPLETION OF
ORANGE MEMORIAL PARK IMPROVEMENTS AND THEIR FINANCING BY MEANS
OF THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE
CITY OF SOUTH SAN FRANCISCO
WHEREAS, Section 43600 et seq. of the Government Code of the State of California
(the "Act") authorizes cities to issue general obligation bonds to finance municipal
improvemerts upon the completion of proceedings required pursuant to the Act;
WHEREAS, the City of South San Francisco intends to issue general obligation
bonds under and pursuant to the Act to finance costs related to the acquisition and
improvement of park land and recreation facilities for Orange Memorial Park (collectively,
the "Improvements"); and
WHEREAS, in order to initiate proceedings under the Act to provide for the
financing
of the ImproVements, this Council must make certain findings and determinations.
NOW~ THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SOUTH SANI FRANCISCO as follows:
1. TI' e public interest and necessity demands, and it is the intention of this Council
to require, ;he acquisition of new park land and the construction and completion of
improvements to that park land, as more particularly described below, and to issue
general obligation bonds of the City to finance the cost thereof, subject to completion of
the proceed!ngs required by the Act.
2. The Improvements to be acquired, constructed and completed consist of
acquisition 0f land for the expansion of Orange Memorial Park and construction and/or
completion thereon of improvements constituting park and recreational facilities. The
Improvemenls may include but are not limited to land acquisition, landscaping, lighting,
play areas, picnic areas, and the like.
3. The estimated costs of the Improvements listed in Section 2 above is not to
exceed $5,000,000. Said estimated costs may include provision for legal and other fees,
and the costi of printing of bonds and other costs and expenses incidental to or connected
with the issUance and sale of general obligation bonds to finance the costs of the
Improvements. Alternately, the City may finance such incidental costs from funds other
than bond funds.
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4. -his Council hereby finds and determines that the costs of the Improvements
require an expenditure by the City greater than the amount allowed for them by the annual
tax levy of the City. The principal amount of general obligation bonds of the City to be
issued for ;he Improvements will not exceed the estimated costs set forth in Section 3
above for tl'e Improvements.
5. This resolution is adopted, and general obligation bonds of the City are to be
issued, pursuant to Article I (commencing with Section 43600) of Chapter 4 of Division 4 of
Title 4 of the Government Code of the State of California.
6. This resolution shall take effect upon its adoption by two-thirds vote of all the
members of the City Council of the City.
I her,
by the City
16th day of
AYES:
NOES:
ABSENT:
ABSTAIN:
,~by certify that the foregoing Resolution was regularty, introduced and adopted
3ouncil of the City of South San Francisco, at a ~e~u~J~'r~eting held on the
:)ecember, 1987 by the following vote:
Councilmembers Richard A. Haffey, Gus Nicolopulos,
Teglia, Jack Drago
None
Roberta Cerri
Counci!member Mark N. Addiego
None
Clerk
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