HomeMy WebLinkAboutReso - CC - 042-2006RESOLUTION NO. 42-2006
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR
RENOVATION OF A FACILITY BY COMMUNITY GATEPATH
Local Government
Participant:
City of Burlingame, California
Issuer:
California Statewide Communities Development Authority
Borrower:
Community Gatepath, a California nonprofit public benefit
corporation described in Section 501(c)(3) of the Internal Revenue
Code of 1986
Project:
Financing and refinancing of the acquisition of property, including
real and personal property, to be used as, or as a part of, a social
service facility providing a variety of programs for persons with
disabilities, including a children's center
Obligations:
Notes, Bonds or any other evidence of indebtedness of the Issuer
Maximum
Principal Amount:
$3,000,000
Public Hearing Date:
June 19, 2006
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the Borrower has requested that the Issuer issue its notes, bonds or any other
evidence of indebtedness (the "Obligations") in an aggregate principal amount not expected to exceed
the Maximum Principal Amount for the purpose of providing funds to finance or refinance the Project
and pay related costs;
WHEREAS, the Issuer has requested that this Council, the governing body of the Local
Government Participant approve the issuance of the Obligations and the Project in order to satisfy the
public approval requirement of Section 147(t) of the Internal Revenue Code of 1986, as amended (the
"Code"), and the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers
Agreement (the "Joint Powers Agreement'), dated as of June 1, 1988, among certain local agencies,
including the Local Government Participant; and
WHEREAS, the Local Government Participant held a public hearing on the Public Hearing
Date providing a reasonable opportunity for persons to comment on the issuance of the Obligations and
the Project; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of
the Obligations and the Project required by Section 147(f) of the Code, Section 9 of the Joint Powers
Agreement and Section 91530(t) of the Government Code of the State of California;
NOW, THEREFORE, BE IT RESOLVED AND ORDERED:
1. The issuance of the Obligations and the Project are hereby approved for the purposes of
Section 147(f) of the Code and Section 9 of the Joint Powers Agreement.
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2. The City Clerk (the Clerk of the Local Government Participant) shall certify the
adoption of this resolution, and thenceforth and thereafter the same hall be in full force and effect.
MAYOR
I, DORIS MORTENSEN, 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 19`h day of June,
2006, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BAYLOCK, COHEN, KEIGHRAN, NAGEL, O'MAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
1.
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