HomeMy WebLinkAboutReso - CC - 009-1998RESOLUTION NO. 9-98
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE ISSUANCE BY THE BURLINGAME FINANCING
AUTHORITY OF NOT TO EXCEED $18,500,000 AGGREGATE PRINCIPAL
AMOUNT OF LEASE REVENUE BONDS TO REFUND 1991
CERTIFICATES OF PARTICIPATION (WASTEWATER TREATMENT
CAPITAL IMPROVEMENT PROJECTS) AND TO FINANCE CERTAIN
ADDITIONAL WASTEWATER TREATMENT PROJECTS; AUTHORIZING
EXECUTION AND DELIVERY OF A FACILITIES LEASE AND A
FACILITIES SUBLEASE; APPROVING FORM OF OFFICIAL STATEMENT;
AND AUTHORIZING EXECUTION OF DOCUMENTS AND THE TAKING
OF ALL NECESSARY ACTIONS RELATING TO THE LEASE FINANCING
WITH THE BURLINGAME FINANCING AUTHORITY
WHEREAS, the City of Burlingame (the "City") and the Redevelopment Agency
of the City of Burlingame (the "Agency") have heretofore executed a Joint Exercise of Powers
Agreement, dated as of May 15, 1995 (the "Joint Powers Agreement"), by and between the City
and the Agency, which Joint Powers Agreement creates and establishes the Burlingame
Financing Authority (the "Authority"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Marks -Roos Local Bond Pooling Act of
1985") and the Joint Powers Agreement, the Authority is authorized to issue bonds for financing
public capital improvements whenever there are significant public benefits to be realized; and
WHEREAS, the City desires to approve the Authority's issuance of not to exceed
$18,500,000 in aggregate principal amount of Burlingame Financing Authority Lease Revenue
Bonds (Wastewater Treatment Projects), Series 1998 (the "Bonds") for the purpose of refunding
the City's 1991 Certificates of Participation (Wastewater Treatment Capital Improvement
Projects) (the "1991 Certificates") and financing the acquisition, construction, improvement,
equipping and remodeling of certain additional capital improvements to the wastewater treatment
system (the "Project"); and
WHEREAS, in order to refund the 1991 Certificates and to finance the Project,
the City desires to lease to the Authority certain facilities (the "Facilities") pursuant to a facilities
lease (the "Facilities Lease") between the City and the Authority, and the City desires to lease
back from the Authority the Facilities pursuant to a facilities sublease (the "Facilities Sublease")
between the Authority and the City; and
WHEREAS, there have been submitted and are on file with the City Clerk
proposed forms of the Facilities Lease and Facilities Sublease, an Official Statement with respect
to not to exceed $18,500,000 aggregate principal amount of Bonds proposed to be sold by the
Authority, and a Trust Agreement by and between the Authority and BNY Western Trust
Company (the "Trust Agreement"); and
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WHEREAS, the issuance of the Bonds by the Authority and the execution and
delivery of the Facilities Lease and Facilities Sublease will result in significant public benefits
through demonstrable savings in the effective interest rates and bond issuance costs expected to
be paid for the bonds issued to refund the 1991 Certificates and to finance the Project, and that it
furthers the public purpose to assist in such refunding and financing;
NOW THEREFORE, the City Council of the City of Burlingame hereby finds,
determines, declares and resolves as follows:
Section 1. All of the recitals set forth above are true and correct, and the City
Council so finds and determines.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority, in an aggregate principal amount not to exceed $18,500,000, to refund the 1991
Certificates and to finance the Project. The City Manager and Finance Director/Treasurer of the
City are hereby directed to perform the duties, if any, imposed upon each of them by the
provisions of the financing documents approved herein, including the Trust Agreement for the
Bonds and the Facilities Sublease, and the Finance Director/Treasurer of the City is hereby
authorized and directed to hold the funds and accounts created in said financing documents and
directed or permitted to be held by the City.
Section 3. The proposed form of Facilities Lease, tentatively dated as of
March 1, 1998, by and between the City and the Authority, on file with the City Clerk, is hereby
approved. The City Manager and the Finance Director/Treasurer, jointly and severally, are
hereby authorized and directed, for and in the name and on behalf of the City, to execute and
deliver a facilities lease in substantially said form, with such changes therein as such officers
may require or approve, such approval to be conclusively evidenced by the execution and
delivery thereof; provided, however, that the term of said facilities lease shall end no later than
October 15, 2021.
Section 4. The proposed form of Facilities Sublease, tentatively dated as of
March 1, 1998, by and between the Authority and City, on file with the City Clerk, is hereby
approved. The City Manager and Finance Director/Treasurer, jointly and severally, are hereby
authorized and directed, for and in the name and on behalf of the City, to execute and deliver a
facilities sublease in substantially said form, with such changes therein as such officers may
require or approve, such approval to be conclusively evidenced by the execution and delivery
thereof; provided, however, that: (i) the term of said facilities sublease shall end no later than
October 15, 2021; and (ii) the maximum annual amount of base rental shall not exceed
$1,900,000.
Section 5. The proposed form of Preliminary Official Statement relating to
the Bonds (the "Preliminary Official Statement'), on file with the City Clerk, is hereby
approved. The City Manager and Finance Director/Treasurer, jointly and severally, are hereby
authorized, for and in the name and on behalf of the City, to execute the final Official Statement,
and to deliver the Official Statement in substantially said form, with such changes therein as such
officers may require or approve, such approval to be conclusively evidenced by the execution
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and delivery thereof. Distribution by the financial advisor of a Preliminary Official Statement
relating to the Bonds is hereby approved.
Section 6. The proposed form of Escrow Agreement, tentatively dated as of
March 1, 1998, by and between the City and BNY Western Trust Company, on file with the City
Clerk, is hereby approved. The City Manager and Finance Director/Treasurer, jointly and
severally, are hereby authorized and directed, for and in the name and on behalf of the City, to
execute and deliver a Escrow Agreement in substantially said form, with such changes therein as
such officers may require or approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 7. The officers and City Council members of the City are hereby
authorized and directed, jointly and severally, to do any and all things and to execute and deliver
any and all documents and certificates which they deem necessary or advisable in order to
consummate the execution and delivery of the documents mentioned herein and otherwise to
effectuate the purposes of this Resolution and the transactions contemplated hereby, including
but not limited to obtaining bond insurance.
Section 8. The City Manager and Finance Director/Treasurer, jointly and
severally, are hereby authorized on behalf of the City to execute a Continuing Disclosure
Certificate containing such covenants of the City as shall be necessary to comply with the
requirements of Securities and Exchange Commission Rule 15c2-12. The City hereby covenants
and agrees that it will comply with and carry out all of the provisions of such Continuing
Disclosure Certificate.
Section 9. All actions heretofore taken by the officers and agents of the
Council of the City with respect to the refunding of the 1991 Certificates and financing of the
Project are hereby ratified, confirmed and approved.
Section 10. This Resolution shall take effect from and after its adoption and
approval.
I hereby certify that the foregoing is a full, true and correct copy of a resolution
duly passed and adopted by the City Council of the City of Burlingame at a regular meeting
thereof held on the 2nd day of February, 1998, by the following vote of the members thereof.
AYES: COUNCILMEMBERS: GALLIGAN, JANNEY, KNIGHT, O'MAHONY, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ATTI
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CLERK'S CERTIFICATE
I, Judith A. Mal fatti , Clerk of the City of Burlingame, do hereby certify as
follows:
The foregoing resolution is a full, true and correct copy of a resolution duly
adopted by a vote of a majority of the City Council of the City of Burlingame at a regular
meeting of said Council duly and regularly and legally held at the Council Chambers, 501
Primrose Road, Burlingame, California, on February 2, 1998, of which all of such members had
due notice, as follows:
AYES: GALLIGAN, JANNEY, KNIGHT, O'MAHONY, SPINELLI
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
An agenda of said meeting was posted at least 72 hours before said meeting at
501 Primrose Road, Burlingame, California, a location freely accessible to members of the
public, and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting
on file and of record in my office, and the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its
adoption and the same is now in full force and effect.
Dated: FEB. 3 1998.
[Seal]
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