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HomeMy WebLinkAboutReso - CC - 003-2003RESOLUTION NO. 3-2003 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME APPROVING THE ISSUANCE BY THE BURLINGAME FINANCING AUTHORITY OF NOT TO EXCEED $10,000,000 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 $10,000,000 in aggregate principal amount of Burlingame Financing Authority Water and Wastewater Revenue Bonds, Series 2003 (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 installment 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: Section 1. All of the recitals set forth above are true and correct, and the City Council so finds and determines. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority, in an aggregate principal amount not to exceed $10,000,000, 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. Section 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 $550,000. Section 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 $325,000. Section 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. Section 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 shalt 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 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. Section 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. Section 9. This Resolution shall take effect from and after its adoption and approval. s. ,4 I, ANN T. MUSSO, 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 6th day of January , 2003, and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: BAYLOCK, COFFEY GALLIGAN, JANNEY, 01MAHONY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE CITY ERK CLERK'S CERTIFICATE I, AonT. Mosso , 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 January 6, 2003, of which all of such members had due notice, as follows: AYES: BAYLOCK, COFFEY, GALLIGAN, JANNEY, O'MAHONY NOES: NONE ABSTAIN: NONE ABSENT: An agenda of said meeting was posted at least 72 hours b efore 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: January 6, 2003. y� �, _ o Clerk the QCii Lty(,}off Burlingame DOCSSF1:623045.3