HomeMy WebLinkAboutReso - CC - 073-1995RESOLUTION NO. 73-95
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 LEASE REVENUE BONDS TO
FINANCE THE BURLINGAME LIBRARY RECONSTRUCTION PROJECT;
AUTHORIZING EXECUTION AND DELIVERY OF A FACILITIES
LEASE AND A FACILITIES SUBLEASE; AUTHORIZING
SUBSTITUTION OF CITY LIBRARY FOR LEASED FACILITIES UPON
COMPLETION; 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 $10,000,000 in aggregate principal amount of Burlingame Financing Authority Lease
Revenue Bonds (Library Reconstruction Project), Series 1995 (the "Bonds") for the purpose
of financing the acquisition, construction, improvement, equipping and remodeling of a
public library building and related facilities (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 not to exceed $10,000,000 aggregate principal amount of Bonds proposed to be
sold by the Authority, and a Trust Agreement by and between the Authority and a trustee
named therein (the "Trust Agreement"); and
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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 the financing, acquisition, construction, improvement, equipping and
remodeling of a public library building and related facilities (the "Project");
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
Project. The City Manager, Finance Director, and 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 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
December 1, 1995, by and between the City and the Authority, on file with the City Clerk,
is hereby approved. The City Manager, or in his absence the Finance Director, is 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 December 1, 2035.
Section 4. The proposed form of Facilities Sublease, tentatively dated as of
December 1, 1995, by and between the Authority and City, on file with the City Clerk, is
hereby approved. The City Manager, or in his absence the Finance Director, is 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 December 1, 2035; and (ii) the maximum annual amount of base rental
payable over the term of such lease shall not exceed $1,500,000.
Section 5. The substitution of the Project upon the completion thereof for the
Facilities under and pursuant to the Facilities Lease and the Facilities Sublease is hereby
approved, and the City Manager, Finance Director, and officers and employees of the City
are hereby authorized and directed to do any and all things and to obtain, amend, execute,
deliver, file and record, as appropriate, any and all documents, certificates and opinions
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which shall be required by the Facilities Lease, Facilities Sublease, or the Trust Agreement,
or which they otherwise deem necessary or advisable, in order to accomplish said
substitution.
Section 6. 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, or in his absence the Finance Director, is hereby authorized,
for and in the name and on behalf of the City, to execute the final Official Statement, if in
the opinion of the City Manager, the City's execution of said Official Statement is advisable
or required, 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 underwriters of a
Preliminary Official Statement relating to the Bonds is hereby approved.
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.
Section 8. The City Manager and the Finance Director are hereby authorized
on behalf of the City to execute a Continuing Disclosure Certificate or to enter into a
Continuing Disclosure Agreement with the Trustee appointed under the Trust Agreement
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 or Agreement.
Section 9. 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.
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approval. Section 10. This Resolution shall take effect from and after its adoption and
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 5th day of September, 1995, by the following vote of the
members thereof:
AYES: COUNCILMEMBERS: HARRISON, KNIGHT, O'MAHONY, PAGLIARO, SPINELLI
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ATTEST.
City Clerk
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