HomeMy WebLinkAboutReso - BFA - 002-2019BURLINGAME FINANCING AUTHORITY
RESOLUTION NO. 002-2019
A RESOLUTION OF THE BURLINGAME FINANCING AUTHORITY
AUTHORIZING THE SUBSTITUTION OF FACILITIES; AND
APPROVING THE TAKING OF ALL NECESSARY OR DESIRABLE
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Burlingame, a city organized and validly existing under
the Constitution and general laws of the State of California (the "City"); and
WHEREAS, the Burlingame Financing Authority (the "Authority') is a joint
exercise of powers entity created pursuant to a Joint Exercise of Powers Agreement, dated as of
May 15, 1995 between the Redevelopment Agency of the City; and
WHEREAS, the Authority and the City entered into a Facilities Lease (the
"Facility Lease") and a Facility Sublease (the "Sublease"), each dated as of September 1, 2010
(collectively, the "Leases") in connection with the issuance of the Authority's Lease Revenue
Refunding Bonds, Series 2010 (the "Bonds"); and
WHEREAS, the Bonds were issued pursuant to that certain Trust Agreement (the
"Trust Agreement"), dated as of September 1, 2010, by and between the Authority and The Bank
of New York Mellon Trust Company, N.A., as trustee (the "Trustee") for the Bonds; and
WHEREAS, Section 6.08 of the Trust Agreement provides that the Trustee may
consent to any supplement, amendment, modification or termination of the Leases in connection
with a substitution for the real property leased under the Leases (the "Facilities") pursuant to
Section 2.04 of the Sublease; and
WHEREAS, Section 2.04 of the Sublease provides that the Facilities may be
substituted in accordance with the requirements of the Leases for other City -owned real property
(the "Substitute Properties") and the City and the Authority desire to make such a substitution
pursuant to an Amendment to Facility Lease and Amendment to Facility Sublease (the "Lease
Amendments"), each by and between the City and the Authority with the consent of the Trustee;
and
WHEREAS, the Authority has full legal right, power and authority under the laws
of the State of California to enter into the agreements hereinafter authorized.
NOW THEREFORE, BE IT RESOLVED by the Governing Board of the
Burlingame Financing Authority, as follows:
Section 1. The foregoing recitals are true and correct and this Board hereby so
finds and determines.
Section 2. The Governing Board hereby authorizes the execution and delivery
of the Lease Amendments, and the Executive Director of the Authority (or other officer
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designated by the Executive Director, the "Authorized Officers") is hereby authorized and
directed, acting singly, for and in the name and on behalf of the Authority, to enter into the Lease
Amendments.
Section 3. The Authorized Officers, each acting alone, are hereby authorized
and directed to do any and all things and to execute and deliver any and all documents which
they may deem necessary or advisable in order to carry out, give effect to and comply with the
terms and intent of this resolution, including without limitation the execution and delivery of
termination agreements, releases and certificates required in connection with the Lease
Amendments. Such actions heretofore taken by such officers are hereby ratified, confirmed and
approved.
Section 4. This Resolution shall take effect from and after its adoption.
Donna Colson, Chair
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I hereby certify that the foregoing is a full, true and correct copy of a resolution
duly passed and adopted by the Burlingame Financing Authority at a regular meeting thereof
held on the 18th day of November, 2019, by the following vote of the members thereof:
AYES: BOARDMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
Se etary
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SECRETARY'S CERTIFICATE
I, Meaghan Hassel -Shearer, Secretary of the Burlingame Financing Authority, 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 members of the Governing Board of said Authority at a
regular meeting of the Governing Board of said Authority duly and legally held at City Hall,
Burlingame, California, on November 18, 2019, of which meeting all of such members had due
notice, as follows:
AYES: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ
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: Ot,v- I v , 2019.
of the Burlingame
ing Authority
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