HomeMy WebLinkAboutReso - CC - 008-2013BURLINGAME FINANCING AUTHORITY
RESOLUTION NO. KA 8-2013
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
WATER AND WASTEWATER REVENUE REFUNDING BONDS
TO REFUND WATER AND WASTEWATER REVENUE BONDS,
SERIES 2004; AUTHORIZING THE EXECUTION AND
DELIVERY OF A TRUST AGREEMENT, INSTALLMENT SALE
AGREEMENTS, A BOND PURCHASE AGREEMENT, AN
ESCROW AGREEMENT AND AN OFFICIAL STATEMENT; AND
AUTHORIZEVG EXECUTION OF DOCUMENTS AND THE
TAKING OF ALL NECESSARY ACTIONS RELATING TO THE
ISSUANCE OF THE BONDS
WHEREAS, the Burlingame Financing Authority (the "Authority") was duly
created and established on May 15, 1995; 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"), the Authority is authorized to issue bonds for financing or refinancing public capital
improvements whenever there are significant public benefits; and
WHEREAS, the Authority desires to authorize the issuance of not to exceed
$15,500,000 aggregate principal amount of Burlingame Financing Authority Water and
Wastewater Revenue Refunding Bonds, Series 2013 (the "Bonds") for the purpose of refunding
the Authority's Water and Wastewater Revenue Bonds, Series 2004 (the "Prior Bonds"); and
WHEREAS, this Board of the Authority hereby determines that there are
significant public benefits, including through demonstrable savings in the effective interest rates
and bond issuance costs expected to be paid for the Bonds issued to refund the Prior Bonds, and
that it furthers the public purpose to assist in such financing; and
WHEREAS, the Authority and City of Burlingame (the "City") will enter into a
Bond Purchase Agreement (the "Bond Purchase Agreement") for the Bonds with E. J. De La
Rosa & Co., Inc. (the "Underwriter"); and
WHEREAS, this Authority now desires to approve the form and authorize the
distribution of a preliminary form of the Official Statement describing the Bonds and a final
Official Statement for the Bonds; and
WHEREAS, the Authority desires to enter into a Trust Agreement (the "Trust
Agreement") with The Bank of New York Mellon Trust Company, N.A. (the "Trustee"), for the
purpose of securing the Bonds; and
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WHEREAS, in order to refund the Prior Bonds, the Authority desires to enter
into an installment sale agreement (water system) and an installment sale agreement (wastewater
system) (collectively, the "Installment Sale Agreements") with the City; and
WHEREAS, in order to refund the Prior Bonds, the Authority desires to enter
into an escrow agreement (the "Escrow Agreement') with the trustee for the Prior Bonds; and
WHEREAS, there have been presented to this meeting proposed forms of the
Trust Agreement, Installment Sale Agreements, Bond Purchase Agreement, Escrow Agreement
and Official Statement;
NOW THEREFORE, the Governing Board of the Burlingame Financing
Authority hereby finds, determines, declares and resolves, as follows:
Section 1. The foregoing recitals are true and correct and the Authority hereby so
finds and determines.
Section 2. The issuance of the Burlingame Financing Authority Water and
Wastewater Revenue Refunding Bonds, Series 2013, in an aggregate principal amount not to
exceed $15,500,000, is hereby approved.
Section 3. (a) The proposed form of Trust Agreement by and between the
Authority and Trustee, on file with the Secretary of the Authority, is hereby approved. The
Executive Director of the Authority (or other officer designated by the Executive Director) is
hereby authorized and directed for and in the name and on behalf of the Authority, to execute
and deliver a trust agreement in substantially said form, with such changes therein as such officer
may require or approve, such approval to be conclusively evidenced by the execution and
delivery thereof. The date, maturity date or dates (not to exceed April 1, 2029), interest rate or
rates (not to exceed a true interest cost of three and one-half percent (3.5%) per annum), interest
payment dates, series, denominations, forms, registration privileges, manner of execution, place
or places of payment, terms of redemption and other terms of the Bonds shall be as provided in
said Trust Agreement, as finally executed.
(b) The Bank of New York Mellon Trust Company, N.A. is hereby approved
and appointed as Trustee of the Authority with respect to the Bonds, and shall be authorized to
act as Trustee in accordance with the terms of the Trust Agreement.
Section 4. The proposed form of 2013 Installment Sale Agreement (Water
System), by and between the City and the Authority, on file with the Secretary of the Authority,
is hereby approved. The Executive Director (or other officer designated by the Executive
Director) is hereby authorized and directed, for and in the name and on behalf of the Authority,
to execute and deliver an installment sale agreement in substantially said form, with such
changes therein as such officer may require or approve, such approval to be conclusively
evidenced by the execution and delivery thereof, provided, however, that the term of said
installment sale agreement shall end no later than April 1, 2029.
Section 5. The proposed form of 2013 Installment Sale Agreement (Wastewater
System), by and between the Authority and City, on file with the Secretary of the Authority, is
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hereby approved. The Executive Director (or other officer designated by the Executive Director)
is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute
and deliver an installment sale agreement in substantially said form, with such changes therein as
such officer may require or approve, such approval to be conclusively evidenced by the
execution and delivery thereof; provided, however, that the term of said installment sale
agreement shall end no later than April 1, 2029,
Section 6. The proposed form of Escrow Agreement, by and between the
Authority and the trustee for the Prior Bonds, on file with the Secretary of the Authority, is
hereby approved. The Executive Director (or other officer designated by the Executive Director)
is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute
and deliver the escrow agreement in substantially said form, with such changes therein as such
officer may require or approve, such approval to be conclusively evidenced by the execution and
delivery thereof.
Section 7. The proposed form of Bond Purchase Agreement among the
Authority, the Underwriter and the City, on file with the Secretary of the Authority, is hereby
approved. The Executive Director (or other officer designated by the Executive Director) is
hereby authorized and directed, for and in the name and on behalf of the Authority, to execute
and deliver a bond purchase agreement in substantially said form, with such changes therein as
such officer may require or approve, such approval to be conclusively evidenced by the
execution and delivery thereof; provided, however, the underwriting discount (not including
original issue discount) shall not exceed one and twenty-five hundredths percent (1.25%) of the
aggregate principal amount of the Bonds.
Section 8. The proposed form of Official Statement relating to the Bonds (the
"Official Statement"), on file with the Secretary of the Authority, is hereby approved. The
Executive Director (or other officer designated by the Executive Director) is each hereby
authorized and directed, to execute and deliver an Official Statement in substantially said form,
with such changes therein as such officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery thereof. The Underwriter is hereby
directed to distribute copies of the Official Statement to all actual purchasers of the Bonds.
Distribution by the Underwriter of a preliminary Official Statement relating to the Bonds is
hereby approved and the Executive Director (or other officer designated by the Executive
Director) is hereby authorized and directed, to execute a certificate confirming that the
preliminary Official Statement has been "deemed final" by the Authority for purposes of
Securities and Exchange Commission Rule 15c2-12.
Section 9. The Executive Director (or other officer designated by the Executive
Director) is hereby authorized on behalf of the Authority to execute a Continuing Disclosure
Certificate containing such covenants of the Authority as shall be necessary to comply with the
requirements of Securities and Exchange Commission Rule 15c2-12. The Authority hereby
covenants and agrees that it will comply with and carry out all of the provisions of such
Continuing Disclosure Certificate.
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Section 10. The Board hereby designates E. J. De La Rosa Inc. as the
Underwriter for the Bonds, Orrick, Herrington & Sutcliffe, LLP as Bond Counsel and Magis
Advisors, Public Financing Consulting as Pricing Advisor,
Section 11. The officers and directors of the Authority 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
issuance, sale and delivery of the Bonds and otherwise to effectuate the purposes of this
Resolution and the transactions contemplated hereby, including, but not limited to, making
appropriate changes to the year referenced in the series designation for the Bonds and changes to
dates in the documents.
Secfion 12. The officers and board members of the Authority are hereby
authorized and directed, jointly and severally, to execute and deliver any Certificate of the
Authority or Written Request of the Authority required to be delivered pursuant to the Trust
Agreement,
Section 13. This Resolution shall take effect from and after its adoption.
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I hereby certify that the foregoing is a full, true and correct copy of a resolution
duly passed and adopted by the Burlingame Financing Authority at a regular meeting thereof
held on the 15a' day of April, 2013, by the following vote of the members thereof:
AYES: BOARDMEMBERS: BAYLOCK, BROWNRIGG, DEAL, KEIGHRAN, NAGEL
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
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SECRETARY'S CERTIFICATE
I, Mary Ellen Kearney, Secretary of the Burlingame Financing Authority, 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 members of the Governing Board of said Authority at a
special meeting of the Governing Board of said Authority duly and legally held at City Hall,
Burlingame, California, on April 15, 2013, of which meeting all of such members had due
notice, as follows:
AYES: BAY LOCK, BROWNRIGG, DEAL, KEIGHRAN, NAGEL
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. ZI
Dated: -s° 2013.
t
Sec. my of the Burlingame
Financing Authority
OHSUSAi751018630.7