HomeMy WebLinkAboutReso - CC - 055-2009RESOLUTION NO. 55-2009
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING A REVISED FINANCING PLAN OF THE SOUTH BAYSIDE
WASTE MANAGEMENT AUTHORITY TO FINANCE THE CONSTRUCTION
OF THE SHOREWAY ENVIRONMENTAL CENTER; APPROVING THE
ISSUANCE OF $56.5 MILLION IN SOLID WASTE ENTERPRISE REVENUE
BONDS AND AUTHORIZING THE CITY TREASURER TO ENTER INTO A
USE OF FUNDS AGREEMENT IN THE AMOUNT OF $3 MILLION FOR A
FIVE YEAR PERIOD
WHEREAS, the City of Burlingame is one of twelve equity members of the
South Bayside Waste Management Authority Joint Exercise of Powers Agreement
(herein referred to as the SBWMA JPA); and
WHEREAS, SBWMA has proposed construction of a new refuse transfer station
and recycling facility, the Shoreway Environmental Center (PROJECT, herein), located
in San Carlos, and has proposed the issuance of solid waste enterprise revenue bonds to
finance the construction of PROJECT; and
WHEREAS, the City of Burlingame originally opposed the financing plan for
PROJECT as being unnecessarily costly; and
WHEREAS, after review and discussion with SBWMA staff, other agencies and
the SBWMA financing team, SBWMA has revised its plan to finance the cost of the
PROJECT by reducing the new bond issuance to the amount of $56.5 million,
eliminating the issuance of variable rate bonds, and borrowing $10 million from the
member agencies in the form of subordinate revenue bonds, maturing in 5 years rather
than 25 years; and
WHEREAS, as part of this revised financing plan, the City of Burlingame will
loan SBWMA $3 million of the $10 million borrowed from the SBWMA members, for a
period of five years, secured by $3 million in solid waste enterprise subordinate revenue
bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
BURLINGAME DOES HEREBY RESOLVE AND ORDER AS FOLLOWS:
1. The City Council of the City of Burlingame approves SBWMA's revised
financing plan for the construction of the SBWMA Shoreway Environmental Center
Project; the financing plan includes a general issuance of $56.5 million in solid waste
revenue bonds generally and a specific issuance of $10 million in solid waste subordinate
revenue bonds to member agencies, including $3 million to the City of Burlingame.
2. The City Council of the City of Burlingame authorizes the City Treasurer to enter
into a use of funds agreement with SBWMA in an amount not to exceed $3 million, to be
secured by solid waste subordinate revenue bonds, as part of the financing plan for the
construction of the SBWMA Shoreway Environmental Center Project.
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Ann Keighran, Mayor
I, Mary Ellen Kearney, City Clerk of the City of Burlingame, do hereby certify
that the foregoing resolution was introduced at a regular meeting of the City Council
held on the 15'h day of June, 2009, and was adopted thereafter by the following vote:
AYES:
Councilmembers:
NOES:
Councilmembers:
ABSENT:
Councilmembers:
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Mary 41enKeaJey , City Clerk