HomeMy WebLinkAboutReso - CC - 018-2004RESOLUTION NO. 18-2004
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE ISSUANCE BY THE BURLINGAME FINANCING AUTHORITY
OF NOT TO EXCEED $23,000,000 AGGREGATE PRINCIPAL AMOUNT OF WATER
AND WASTEWATER REVENUE BONDS TO FINANCE CERTAIN IMPROVEMENTS
TO THE WATER AND WASTEWATER SYSTEMS OF THE CITY;
AUTHORIZING EXECUTION AND DELIVERY OF INSTALLMENT SALE
AGREEMENTS; APPROVING FORM OF OFFICIAL STATEMENT; AND
AUTHORIZING EXECUTION OF DOCUMENTS AND THE TAKING OF ALL
NECESSARY ACTIONS RELATING TO THE FINANCING WITH THE
BURLINGAME FINANCING AUTHORITY
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, the City of Burlingame (the "City") and the Redevelopment Agency of the
City of Burlingame (the "Agency") have heretofore executed a Joint Exercise of Powers
Agreement, dated as of May 15, 1995 (the "Joint Powers Agreement"), by and between the City
and the Agency, which Joint Powers Agreement creates and establishes the Burlingame
Financing Authority (the "Authority"); and
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of California (the "Marks -Roos Local Bond Pooling Act of 1985")
and the Joint Powers Agreement, the Authority is authorized to issue bonds for financing public
capital improvements whenever there are significant public benefits to be realized; and
WHEREAS, the City desires to approve the Authority's issuance of not to exceed
$23,000,000 in aggregate principal amount of Burlingame Financing Authority Water and
Wastewater Revenue Bonds, Series 2004 (the "Bonds") for the purpose of financing the
construction of certain improvements to the water and wastewater systems of the City (the
"Projects"); and
WHEREAS, in order to finance the Projects, the City desires to enter into an installment
sale agreement (water system) and an instalhnent sale agreement (wastewater system)
(collectively, the "Installment Sale Agreements"); and
WHEREAS, there have been submitted and are on file with the City Clerk proposed
forms of the Installment Sale Agreements, an Official Statement with respect to the Bonds
proposed to be sold by the Authority, and a Trust Agreement by and between the Authority and
BNY Western Trust Company (the "Trust Agreement"); and
WHEREAS, the issuance of the Bonds by the Authority and the execution and delivery
of the Installment Sale Agreements will result in significant public benefits through demonstrable
savings in the effective interest rates and bond issuance costs expected to be paid for the bonds
issued to finance the Projects, and that it furthers the public purpose to assist in such financing,
NOW THEREFORE, the City Council of the City of Burlingame hereby finds,
determines, declares and resolves as follows:
1. All of the recitals set forth above are true and correct, and the City Council so finds
and determines.
2. The City Council hereby approves the issuance of the Bonds by the Authority, in an
aggregate principal amount not to exceed $23,000,000, to finance the Projects. The City
Manager and Finance Director/Treasurer of the City are hereby directed to perform the duties, if
any, imposed upon each of them by the provisions of the financing documents approved herein,
including the Trust Agreement for the Bonds and the Installment Sale Agreements, and the
Finance Director/Treasurer of the City is hereby authorized and directed to hold the funds and
accounts created in said financing documents and directed or permitted to be held by the City.
3. The proposed form of Installment Sale Agreement (Water System) by and between the
City and the Authority, on file with the City Clerk, is hereby approved. The City Manager and
the Finance Director/Treasurer, jointly and severally, are hereby authorized and directed, for and
in the name and on behalf of the City, to execute and deliver an installment sale agreement in
substantially said form, with such changes therein as such officers may require or approve
(including changes as may be necessary to obtain municipal bond insurance for the Bonds), such
approval to be conclusively evidenced by the execution and delivery thereof; provided, however,
that: (i) the term of said installment sale agreement shall end no later than April 1, 2033; and (ii)
the maximum annual amount of said installment sale payments shall not exceed $1,100,000.
4. The proposed form of Installment Sale Agreement (Wastewater System) by and
between the Authority and City, on file with the City Clerk, is hereby approved. The City
Manager and Finance Director/Treasurer, jointly and severally, are hereby authorized and
directed, for and in the name and on behalf of the City, to execute and deliver an installment sale
agreement in substantially said form, with such changes therein as such officers may require or
approve (including changes as may be necessary to obtain municipal bond insurance for the
Bonds), such approval to be conclusively evidenced by the execution and delivery thereof,
provided, however, that: (i) the term of said installment sale agreement shall end no later than
April 1, 2033; and (ii) the maximum annual amount of said installment sale payments shall not
exceed $700,000.
5. The proposed form of Preliminary Official Statement relating to the Bonds (the
"Preliminary Official Statement"), on file with the City Clerk, is hereby approved. The City
Manager and Finance Director/Treasurer, jointly and severally, are hereby authorized, for and in
the name 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 as such officers may
require or approve, such approval to be conclusively evidenced by the execution and delivery
thereof. Distribution by the financial advisor of a Preliminary Official Statement relating to the
Bonds is hereby approved.
6. The City Manager and Finance Director/Treasurer, jointly and severally, are hereby
authorized 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 cant' out all of the provisions of such Continuing Disclosure Certificate.
7. The officers and City Council members of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all documents
and certificates which they deem necessary or advisable in order to consummate the execution
and delivery of the documents mentioned herein and otherwise to effectuate the purposes of this
Resolution and the transactions contemplated hereby, including but not limited to obtaining bond
insurance.
8. All actions heretofore taken by the officers and agents of the Council of the City with
respect to the financing of the Project are hereby ratified, confirmed and approved.
9. This Resolution shall take effect from and after its adoption and approval and
supersedes and replaces Resolution No. 1-2004.
Mayor
I, ANN T. MUSSO, City Clerk, hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the City Council of the City of
Burlingame at a regular meeting thereof held on the 1 st day of March, 2004, by the following
vote of the members thereof:
AYES: COUNCILMEMBERS: BAYLOCK, COFFEY, GALLIGAN, NAGEL, 0-MAHONY
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
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1—)C . City Clerk
CLERK'S CERTIFICATE
I, ANN T. MUSSO, Clerk of the City of Burlingame, do hereby certify as follows:
The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a
vote of a majority of the City Council of the City of Burlingame at a regular meeting of said
Council duly and regularly and legally held at the Council Chambers, 501 Primrose Road,
Burlingame, California, on March 1, 2004, of which all of such members had due notice, as
follows:
AYES: BAYLOCK, COFFEY, GALLIGAN, NAGEL, O'MAHONY
NOES:
ABSENT:
An agenda of said meeting was posted at least 72 hours before said meeting at 501
Primrose Road, Burlingame, California, a location freely accessible to members of the public,
and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting on file
and of record in my office, and the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its
adoption and the same is now in full force and effect.
Dated: March a , 2004.
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