HomeMy WebLinkAboutReso - CC - 071-2001RESOLUTION NO. 71-2001
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE ISSUANCE BY THE BURLINGAME FINANCING
AUTHORITY OF NOT TO EXCEED $15,000,000 AGGREGATE PRINCIPAL
AMOUNT OF LEASE REVENUE BONDS TO FINANCE A CORPORATION
YARD PROJECT; AUTHORIZING EXECUTION AND DELIVERY OF A
FACILITIES LEASE AND A FACILITIES SUBLEASE; APPROVING FORM
OF OFFICIAL STATEMENT; AND AUTHORIZING EXECUTION OF
DOCUMENTS AND THE TAKING OF ALL NECESSARY ACTIONS
RELATING TO THE LEASE FINANCING WITH THE BURLINGAME
FINANCING AUTHORITY
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
$15,000,000 in aggregate principal amount of Burlingame Financing Authority Lease Revenue
Bonds (Corporation Yard Project), Series 2001 (the "Bonds") for the purpose of financing the
acquisition, construction, improvement and equipping of a corporation yard (the "Project"); and
WHEREAS, in order to finance the Project, the City desires to lease to the
Authority certain facilities (the "Facilities") pursuant to a facilities lease (the "Facilities Lease")
between the City and the Authority, and the City desires to lease back from the Authority the
Facilities pursuant to a facilities sublease (the "Facilities Sublease") between the Authority and
the City; and
WHEREAS, there have been submitted and are on file with the City Clerk
proposed forms of the Facilities Lease and Facilities Sublease, 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 Facilities Lease and Facilities Sublease 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 Project, and that it furthers the public purpose to assist
in such financing;
DOCSSFI:5216312
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 $15,000,000, to finance the Project.
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 Facilities Sublease, 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 Facilities Lease, tentatively dated as of
August 1, 2001, 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 a facilities lease 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, provided, however, that the term of said facilities lease shall end no later than
August 1, 2035.
Section 4. The proposed form of Facilities Sublease, tentatively dated as of
August 1, 2001, 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 a
facilities sublease 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; provided, however, that: (i) the term of said facilities sublease shall end no later than
August 1, 2035; and (ii) the maximum annual amount of base rental shall not exceed $1,300,000.
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 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
DOCSSF1:521631.2
effectuate the purposes of this Resolution and the transactions contemplated hereby, including
but not limited to obtaining bond insurance.
Section 7. 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 carry out all of the provisions of such Continuing
Disclosure Certificate.
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.
I 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 18th day of June, 2001, by the following vote of the members thereof:
AYES: COUNCILMEMBERS: COFFEY, GALLIGAN, JANNEY, O'NAHONY, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEM 3ERS: NONE
ATTEST: azlti V 11&444D
City Clerk
YOR
DOCSSF1:521631.2
CLERK'S CERTIFICATE
1, ANN T. Mus so , 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 June 18, 2001, of which all of such members had
due notice, as follows:
AYES: COFFEY, GALLIGAN, JANNEY, O'MAHONY, SPINELLI
NOES: NONE
ABSTAIN:NONE
ABSENT: NONE
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: JUNE 1$_, 2001.
[Seal]
DOCSSF1:521631.2
aiw J c
Clerk of the City of Burlingame