HomeMy WebLinkAboutReso - CC - 033-2005RESOLUTION NO. 33-2005
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
PURCHASE OF A FACILITY BY COMMUNITY GATEPATH
Local Government
Participant:
Issuer:
Borrower:
Project:
Obligations:
Maximum
Principal Amount:
Public Hearing
Date:
City of Burlingame, California
California Statewide Communities Development Authority
Community Gatepath, a California nonprofit public benefit corporation
described in Section 501(c)(3) of the Internal Revenue Code of 1986
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
Notes, Bonds or any other evidence of indebtedness of the Issuer
$2,800,000
May 16, 2005
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(f) 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(f) of the Government Code of the State of California;
NOW, THEREFORE, IT IS 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.
2. The City Clerk (the Clerk of the Local Government Participant) shall certify the adoption
of this resolution, and thenceforth and thereafter the same shall be in full force and effect.
vlcE MAYOR
I, DORIS MORTENSEN, City Clerk ofthe City of Burlingame, do hereby certify that the foregoing
resolution was introduced at a regular meeting of the City Council held on the jMjday of May 2005,
and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: sAYLou, com y, NAGEL, olmmoNY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: GALLIGAN
CMY CLERK