HomeMy WebLinkAboutReso 211-1985 A RESOLUTION 211-85
A RESOLUTION APPOINTING MANAGING UNDERWRITER
THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2
(Reassessment of Series 86-A Bonds)
RESOLVED, by the City Council of the City of South San Francisco, County
of San Mateo, that
WHEREAS, this City Council proposes to consider proceedings for the levy
of reassessments and the issuance of and to sell bonds pursuant to proceedings
undertaken for the refunding of certain bonds designated "Improvement Bonds,
City of South San Francisco, The Gateway Assessment District No. ST-82-2,
Series 86-A dated December 2, 1982, issued for public improvements generally
described in Resolution of Intention To Make Acquisitions And Improvements
No. 74-82, adopted by said Council on July 7, 1982;
WHEREAS, this Council upon the terms and conditions hereinafter set
forth, desires to appoint a managing underwriter to underwrite the issue of
said bonds and to render advice and perform services customary with respect
thereto;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED as follows:
1. Dean ~itter Reynolds, Inc., San Francisco, California be, and is
hereby, appointed as Managing Underwriter ("Underwriter") with respect to said
bonds.
2. Underwriter will:
a) fully advise-and make recommendations to staff, the City's
financial consultants and th~s Council with respect to the
security, structure, t~ming, terms and other condit}ons
pertaining to the issuance of said bonds;
b) submit at the appropriate time or times to this Council a
contract or contracts for the purchase of satd bonds or each
series thereof;
c) as a condition of award of sale of bonds to Underwriter,
assume full responsibility for due diligence ~nvestigat~on and
disclosure and prepare and circulate at its expense any and
all required preliminary and final statements with respect to
said bonds;
d) render all other services customarily performed by a Managing
Underwriter with respect to a negotiated sale of bonds of the
type proposed.
3. Th~s Council recognizes that Underwriter will commit, on a fully
contingent basts, considerable t~me and expense in the performance of such
services and thus requires assurances that such time and expense will be
compensated for and recovered ~n the process of the successful underwriting of
the issue of said bonds.
4. If this Council, in its sole discretion, determines that the
Underwriter ts not satisfactorily performing the services which ~t is hereby
appointed to perform or if a satisfactory bond purchase agreement cannot be
reached, this Council may discontinue the services of Underwriter at no cost
to the City.
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5. Nhen adopted by th~s Council the provisions hereof shall constitute
an agreement by and between Underwriter and the C~ty of South San Francisco.
Said agreement, unless sooner terminated by the City, shall expire March 1,
1986.
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 this 25th day of September , 1985, by the
following vote:
AYES'
Counci~members Mark N. Addiego, Emanuele N. Damonte, Richard A.
Haffey, Gus Nicolopulos; and Roberta Cerri Teglia
NOES' None
ABSENT None
ATTEST:
South San Francisco