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Home My WebLink AboutReso 66-1987 RESOLUTION 66-87 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION AUTHORIZING AN AGREEMENT WITH SECURITY PACIFIC MERCHANT BANK FOR THE FINANCING OF THE WESTBOROUGH PARK BUILDING PROJECT WHEREAS, the City Council of the City of South San Francisco has determined that a true and very special need exists for the construction of the Westborough Park Building Project, as more fully described in the Municipal Lease and Option Agreement; and WHEREAS, the City has taken the necessary steps, including any legal bidding requirements, under applicable law to arrange for the construction of such Project. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the terms of the Municipal Lease and Option Agreement are in the best interests of the City as Lessee for the construction of the Project and the City Council authorizes the City Manager to execute and deliver the Security Pacific Merchant Bank Municipal Lease and Option Agreement and any related docu- ments necessary to the consummation of the transactions contemplated by the Municipal Lease and Option Agreement; and BE IT FURTHER RESOLVED, that the City Council hereby represents that the reasonably anticipated amount of qualified tax-exempt obligations which have been and will be issued by the City, as Lessee, does not exceed Ten Million Dollars ($10,000,000) for the calendar year within which this Municipal Lease and Option Agreement is entered into and hereby designates this Municipal Lease and Option Agreement to be a "qualified tax-exempt obligation" pursuant to Section 265(b)(3) of the Internal Revenue Code. 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 27th day of May , 19 87 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Councilmembers John "Jack" Drago, Richard A. Haffey, Gus Nicolopulos, Roberta Cerri Te§lia, and Mark N. Addiego N6ne None None -2-