Loading...
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 6901H 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 6901H 2 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. 6901H 3 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 6901H 4 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