Loading...
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 SF2-04246.3 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 si2-04216.3 2 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. SF244M.3 3 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 SP244246.3 4