HomeMy WebLinkAboutReso - CC - 070-2006RESOLUTION NO. 70-2006
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE BOND PURCHASE AGREEMENT AND OFFICIAL STATEMENT
IN CONNECTION WITH PENSION OBLIGATION BONDS AND AUTHORIZING
OTHER MATTERS RELATING THERETO
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City Council (the "City Council") of the City of Burlingame (the "City")
adopted a retirement plan pursuant to the Public Employees' Retirement Law, commencing with
Section 20000 of the Government Code of the State of California, as amended (the "Retirement
Law"); and
WHEREAS, the Retirement Law obligates the City to (1) make annual contributions to
the California Public Employees' Retirement System (the "System") to fund pension benefits for
its employees, (2) amortize the unfunded accrued actuarial liability with respect to such pension
benefits, and (3) appropriate funds for the purposes described in (1) and (2); and
WHEREAS, the obligation of the City to pay its unfunded accrued actuarial liability to
the System and its normal annual contribution to the System for its police, fire and miscellaneous
pension plans (collectively, the "Pension Obligation") are evidenced by contracts between the
City and the System, as heretofore and hereafter amended from time to time (collectively, the
"PERS Contract"); and
WHEREAS, under and pursuant to Resolution No. 43-2006 (the "POB Resolution")
adopted on June 19, 2006, the City Council authorized the issuance of bonds (the "Pension
Obligation Bonds") in an aggregate principal amount not to exceed the Pension Obligation, plus
an additional amount to pay costs of issuance of the Pension Obligation Bonds, for the purpose of
refunding the PERS Contract and thereby providing funds to the System in payment of all or part
of the Pension Obligation; and
WHEREAS, the City Council determined to supplement the POB Resolution as provided
herein; and
WHEREAS, there are on file with the City Clerk the proposed forms of Bond Purchase
Agreement for the Pension Obligation Bonds (the "Purchase Agreement") between the City and
E.J. De La Rosa & Co., hie. as underwriter (the "Underwriter") and the Preliminary Official
Statement relating to the Pension Obligation Bonds,
NOW, THEREFORE, IT IS RESOLVED AND ORDERED:
Section 1. The proposed form of Purchase Agreement, between the City and the
Underwriter, on file with the City Clerk, is hereby approved. The City Manager and the Finance
Director/Treasurer (the "Authorized Representatives") are each hereby authorized and directed,
severally, or any such officer's designee, for and on behalf of the City, to execute and deliver the
Purchase Agreement, substantially in the form on file with the City Clerk, with such changes
therein, deletions therefrom and additions thereto as such Authorized Representative shall
approve, such approval to be conclusively evidenced by the execution and delivery thereof.
Section 2. The proposed form of Preliminary Official Statement relating to the Pension
Obligation Bonds (the "Preliminary Official Statement"), on file with the City Clerk, is hereby
approved. The Authorized Representatives are each hereby authorized and directed, severally, or
any such officer's designee, for 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,
deletions therefrom and additions thereto, as such Authorized Representative shall approve, such
approval to be conclusively evidenced by the execution and delivery thereof. Distribution by the
Underwriter of a Preliminary Official Statement relating to the Pension Obligation Bonds is
hereby approved.
Section 3. The Authorized Representatives are each hereby authorized and directed,
severally, or any such officer's designee, for and 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 4. Except as otherwise herein specifically supplemented, all terms and
provisions of the POB Resolution shall remain in full force and effect, and all authorizations,
provisions and terms of the POB Resolution shall apply to this resolution with the same effect as
if set forth herein. The officers and agents of the City are, and each of them hereby is, authorized
and directed to do any and all things and to 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 Trust Agreement, the Purchase Agreement and the Pension
Obligation Bonds and otherwise to carry out, give effect to and comply with the terms and intent
of this resolution, including but not limited to investment agreements, forward purchase
agreements and a letter of representations and other agreements with The Depository Trust
Company, and all such actions heretofore taken by such officers are hereby ratified, confirmed
and approved.
Section 5. This resolution shall take effect froip and after date of adoption.
MAYOR
N
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 5th day
of September , 2006, and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: sAY.ocx, com=er, KnGnRAN, olmAaoay
NOES: COUNCILMEMBERS:
/:�:L`1:1►11YtK�lIL[�llllr ul: