HomeMy WebLinkAboutReso - CC - 022-2010RESOLUTION NO. 22-2010
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BURLINGAME APPROVING THE ISSUANCE BY THE
BURLINGAME FINANCING AUTHORITY OF STORM
DRAINAGE REVENUE BONDS TO FINANCE CAPITAL
IMPROVEMENTS TO THE STORM DRAINAGE SYSTEM OF
THE CITY; AUTHORIZING EXECUTION AND DELIVERY OF
INSTALLMENT SALE AGREEMENTS; AND AUTHORIZING
EXECUTION OF DOCUMENTS AND THE TAKING OF ALL
NECESSARY ACTIONS RELATING TO THE 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, from time to
time, of Burlingame Financing Authority Storm Drainage Revenue Bonds (the "Bonds") for the
purpose of financing or refinancing improvements to the storm drainage system of the City (the
"Projects"); and
WHEREAS, in order to finance the Projects, the City desires to execute and
deliver, from time to time, installment sale agreements (the "Installment Sale Agreements") with
respect to the Projects; and
WHEREAS, there have been submitted and are on file with the City Clerk a
proposed form of the Installment Sale Agreements and a proposed form of the trust agreements
by and between the Authority and The Bank of New York Mellon Trust Company, N.A. (the
"Trust Agreements") securing the Bonds; and
WHEREAS, the issuance of Bonds by the Authority pursuant to the Trust
Agreements and the execution and delivery of the Installment Sale Agreements 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 finance the Projects, and that it
furthers the public purpose to assist in such financing;
NOW THEREFORE, the City Council of the City of Burlingame hereby finds,
determines, declares and resolves as follows:
OHS West260813036.6
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 first series of
Bonds, titled `Burlingame Financing Authority Storm Drainage Bonds, Series 2010" (the
"Series 2010 Bonds") by the Authority, in an aggregate principal amount not to exceed
$11,000,000, to finance improvements to the storm drainage system of the City. The Series 2010
Bonds may be issued in one or more subseries, and all or a portion of the Series 2010 Bonds may
be issued as `Build America Bonds."
Section 3. The proposed form of Installment Sale Agreement relating to the
Series 2010 Bonds (the "2010 Installment Sale Agreement"), 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 an installment sale agreement in substantially
said form, with such changes therein as such officers may require or approve (including changes
as may be necessary to obtain municipal bond insurance for the Series 2010 Bonds or that may
result in lower borrowing costs), such approval to be conclusively evidenced by the execution
and delivery thereof; provided, however, the principal amount of the purchase price shall not
exceed $11,000,000 and the term of the 2010 Installment Sale Agreement shall end no later than
July 1, 2039.
Section 4. The City Council hereby approves the issuance, from time to time, of
additional series of Bonds pursuant to trust agreements, substantially in the form of Trust
Agreement on file with the City Clerk, for the purpose of financing or refinancing Projects. The
City Council hereby approves the execution and delivery of additional installment sale
agreements, substantially in the form of Installment Sale Agreement on file with the City Clerk,
for the purpose of financing or refinancing the Projects.
Section 5. The City Manager and the Finance Director/Treasurer, jointly and
severally, are hereby authorized and directed to do any and all things, including bringing a
validation action under Section 860 of the California Code of Civil Procedure with respect to the
validity of this Resolution, the Bonds, the Trust Agreements and the Installment Sale
Agreements, and to take any and all actions (including any required publications of summons or
other notice) and execute and deliver any and all documents which they or any of them deem
necessary or advisable in order to consummate the transactions contemplated by this Resolution,
the Bonds, the Trust Agreements and the Installment Sale Agreements (including but not limited
to obtaining bond insurance) and otherwise to carry out, give effect to and comply with the terms
and intent of this Resolution, the Trust Agreements and the Installment Sale Agreements.
Section 6. All actions heretofore taken by the officers and agents of the Council
of the City with respect to the financing of the Projects are hereby ratified, confirmed and
approved.
Section 7. This Resolution shall take effect from and after its adoption and
approval.
OHS West: 260813036.6 -2-
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 19th day of April, 2010, by the following vote of the members thereof:
AYES:
NOES
ABSENT:
COUNCILMEMBERS: BAYLOCR, BROWNRIGG, DEAL, REIGHRAN, NAGEL
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
ATTEST:
City Cl6k
OHS West260813036.6 -3-
RESOLUTION NO. 22_2010
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BURLINGAME APPROVING THE ISSUANCE BY THE
BURLINGAME FINANCING AUTHORITY OF STORM
DRAINAGE REVENUE BONDS TO FINANCE CAPITAL
IMPROVEMENTS TO THE STORM DRAINAGE SYSTEM OF
THE CITY; AUTHORIZING EXECUTION AND DELIVERY OF
INSTALLMENT SALE AGREEMENTS; AND AUTHORIZING
EXECUTION OF DOCUMENTS AND THE TAIUNG OF ALL
NECESSARY ACTIONS RELATING TO THE 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, from time to
time, of Burlingame Financing Authority Storm Drainage Revenue Bonds (the `Bonds") for the
purpose of financing or refinancing improvements to the storm drainage system of the City (the
"Projects"); and
WHEREAS, in order to finance the Projects, the City desires to execute and
deliver, from time to time, installment sale agreements (the "Installment Sale Agreements") with
respect to the Projects; and
WHEREAS, there have been submitted and are on file with the City Clerk a
proposed form of the Installment Sale Agreements and a proposed form of the trust agreements
by and between the Authority and The Bank of New York Mellon Trust Company, N.A. (the
"Trust Agreements") securing the Bonds; and
WHEREAS, the issuance of Bonds by the Authority pursuant to the Trust
Agreements and the execution and delivery of the Installment Sale Agreements 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 finance the Projects, and that it
furthers the public purpose to assist in such financing;
NOW THEREFORE, the City Council of the City of Burlingame hereby finds,
determines, declares and resolves as follows:
OHS West260813036.6
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 first series of
Bonds, titled `Burlingame Financing Authority Storm Drainage Bonds, Series 2010" (the
"Series 2010 Bonds") by the Authority, in an aggregate principal amount not to exceed
$11,000,000, to finance improvements to the storm drainage system of the City. The Series 2010
Bonds may be issued in one or more subseries, and all or a portion of the Series 2010 Bonds may
be issued as `Build America Bonds."
Section 3. The proposed form of Installment Sale Agreement relating to the
Series 2010 Bonds (the "2010 Installment Sale Agreement'), 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 an installment sale agreement in substantially
said form, with such changes therein as such officers may require or approve (including changes
as may be necessary to obtain municipal bond insurance for the Series 2010 Bonds or that may
result in lower borrowing costs), such approval to be conclusively evidenced by the execution
and delivery thereof, provided, however, the principal amount of the purchase price shall not
exceed $11,000,000 and the term of the 2010 Installment Sale Agreement shall end no later than
July 1, 2039.
Section 4. The City Council hereby approves the issuance, from time to time, of
additional series of Bonds pursuant to trust agreements, substantially in the form of Trust
Agreement on file with the City Clerk, for the purpose of financing or refinancing Projects. The
City Council hereby approves the execution and delivery of additional installment sale
agreements, substantially in the form of Installment Sale Agreement on file with the City Clerk,
for the purpose of financing or refinancing the Projects.
Section 5. The City Manager and the Finance Director/Treasurer, jointly and
severally, are hereby authorized and directed to do any and all things, including bringing a
validation action under Section 860 of the California Code of Civil Procedure with respect to the
validity of this Resolution, the Bonds, the Trust Agreements and the Installment Sale
Agreements, and to take any and all actions (including any required publications of summons or
other notice) and execute and deliver any and all documents which they or any of them deem
necessary or advisable in order to consummate the transactions contemplated by this Resolution,
the Bonds, the Trust Agreements and the Installment Sale Agreements (including but not limited
to obtaining bond insurance) and otherwise to carry out, give effect to and comply with the terms
and intent of this Resolution, the Trust Agreements and the Installment Sale Agreements.
Section 6. All actions heretofore taken by the officers and agents of the Council
of the City with respect to the financing of the Projects are hereby ratified, confirmed and
approved.
Section 7. This Resolution shall take effect from and after its adoption and
approval.
OHS West260813036.6 —2—
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 19th day of April, 2010, by the following vote of the members thereof:
AYES: COUNCILMEMBERS: BAYLOCK, BROWNRIGG, DEAL, KEIGHRAN, NAGEL
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ATTEST: L�A,�4 V�Z-4-�
City Clbrk
I hereby certify this to be a full, true and
correct copy of the document it purports
to be, the original of which is on file in
my office.
Dated, " 2
City Cle k
City of Burlingame
OHS West260313036.6 -�-