Loading...
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