HomeMy WebLinkAboutReso - CC - 020-1991RESOLUTION NO. 20-91
OF THE CITY COUNCIL OF THE
CITY OF BURLINGAME
RESOLUTION DETERMINING TO PROCEED WITH CERTIFICATE OF
PARTICIPATION FINANCING FOR MODIFICATION TO AND UPGRADE
OF THE CITY'S WASTEWATER TREATMENT FACILITIES;
AUTHORIZING ITS FINANCIAL ADVISOR TO DISTRIBUTE
PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL NOTICE OF
SALE; AUTHORIZING SPECIAL COUNSEL TO CAUSE TO BE
PUBLISHED CITY'S INTENT TO SELL CERTIFICATES OF
PARTICIPATION; AND AUTHORIZING CITY OFFICIALS TO TAKE
NECESSARY ACTIONS TO CONSUMMATE TRANSACTIONS.
WHEREAS, this City Council hereby determines that it
is in the best interest of the City to enter into a
certificate of participation financing for the modification to
and upgrade of its wastewater treatment facilities (herein
called the "Project");
WHEREAS, this City Council desires to reduce the
costs of modifications to and upgrading of its wastewater
treatment facilities and such modifications and upgrading
constitute governmental affairs of the City;
WHEREAS, it is contemplated that the City will lease
certain parcels of real property together with improvements
thereon (herein called the "Demised Premises") to Municipal
Leasing Associates, Inc. (herein called the "Corporation")
pursuant to a Site Lease dated as of April 1, 1991, and the
Corporation will lease back the Demised Premises together with
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improvements thereon (herein called the "Facility") to the
City pursuant to a Facility Lease dated as of April 1, 1991
(herein called the "Facility Lease");
WHEREAS, it is contemplated that the trustee under a
trust agreement to be executed in connection with the
certificate of participation financing will execute and
deliver certificates of participation (herein called the
"Certificates of Participation") representing rental payments
to be made by the City for the Facility pursuant to the
Facility Lease;
WHEREAS, the proceeds of the Certificates of
Participation will be applied to pay the cost of the Project;
WHEREAS, a form of a preliminary official statement
describing the Certificates of Participation and a form of an
official notice of sale containing terms and conditions of the
sale and inviting bids for the Certificates of Participation
have been submitted to this City Council;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Burlingame, as follows:
Section 1. All of the recitals herein contained are
true and correct and this City Council so finds.
Section 2. This City Council hereby determines to
proceed with a Certificates of Participation financing for the
construction of the Project.
Section 3. The form of a preliminary official
statement describing the Certificates of Participation is
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hereby approved. Rauscher Pierce Refsnes, Inc., as financial
advisor to the City in connection with the Certificates of
Participation, is hereby authorized and directed to distribute
to prospective purchasers of the Certificates of Participation
copies of a preliminary official statement in such form as is
acceptable to the City Manager. The City Manager is
authorized to certify on behalf of the City that the
preliminary official statement is deemed final as of its date,
within the meaning of Rule 15c2-12 promulgated under the
Securities Exchange Act of 1934 (except for the omission of
certain final pricing, rating and related information as
permitted by said Rule).
Section 4. The form of an official notice of sale
inviting bids for the purchase of the Certificates of
Participation is hereby approved. Rauscher Pierce Refsnes,
Inc., as financial advisor to the City in connection with the
Certificates of Participation, is hereby authorized and
directed to distribute to prospective purchasers copies of an
official notice of sale in such form as shall be acceptable to
the City Manager.
Section 5. Orrick, Herrington & Sutcliffe, as
special counsel to the City in connection with the
Certificates of Participation, is hereby authorized and
directed to cause to be published a notice of the City's
intent to sell the Certificates of Participation, which notice
shall be in the form attached hereto as Exhibit A.
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Section 6. Rauscher Pierce Refsnes, Inc. is hereby
authorized to bid on the Certificates of Participation under a
competitive sale and in accordance with the terms of the
official notice of sale.
Section 7. Rauscher Pierce Refsnes, Inc., Orrick,
Herrington & Sutcliffe and the appropriate City officials are
hereby authorized to take the necessary actions to accomplish
said financing.
Section 9. This resolution shall take effect from
and after its date of adoption.
[Seal]
Attest:
PASSED AND ADOPTED this 20th day of February, 1991.
AYES: BARTON, HARRISON, LEMBI, O'MAHONY, PAGLIARO
NOES: NONE
ABSENT OR NOT VOTING: NONE
Mayor of the City of Burlingame,
State of California
l / / �_
.,. /i �. .tea
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EXHIBIT A
NOTICE OF INTENTION TO SELL
1991 CERTIFICATES OF PARTICIPATION
(Wastewater Treatment Capital Improvement Projects)
Evidencing and Representing a
Proportionate and Undivided
Interest of the Registered Owners
Thereof
in Base Rental Payments to be Made
by the
CITY OF BURLINGAME, CALIFORNIA
to
MUNICIPAL LEASING ASSOCIATES, INC.
Assignor
FIRST INTERSTATE BANK, LTD.
Assignee
NOTICE IS HEREBY GIVEN that the City of Burlingame
in San Mateo County, State of California, intends to offer for
public sale on Monday, March 18, 1991 at the hour of ten
o'clock a.m., California time, at the offices of Rauscher
Pierce Refsnes, Inc., One California Street, Suite 2630, San
Francisco, California 94111, $ principal amount of
certificates of participation of the City of Burlingame
designated the "City of Burlingame, California, 1991
Certificates of Participation (Wastewater Treatment Capital
Improvement Projects)" (the "Certificates").
NOTICE IS HEREBY FURTHER GIVEN that the Certificates
will be offered for public sale subject to the terms and
conditions of the Official Notice of Sale of the Certificates,
dated , 1991. Copies of the Official Notice of Sale and
an Official Statement relating to the Certificates will be
furnished upon request to Raushcer Pierce Refsnes, Inc., One
California Street, Suite 2630, San Francisco, California
94111.
Dated: 1991
Judith A. Malfatti
City Clerk of
the City of Burlingame
4423M