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HomeMy WebLinkAboutReso - BFA - 003-2010RESOLUTION NO. FA3-2010 RESOLUTION OF THE BURLINGAME FINANCING AUTHORITY APPROVING THE FORM OF AND AUTHORIZING EXECUTION AND DELIVERY OF AN OFFICIAL STATEMENT AND BOND PURCHASE AGREEMENT FOR THE BURLINGAME FINANCING AUTHORITY STORM DRAINAGE REVENUE BONDS, SERIES 2010, AND AUTHORIZING OTHER MATTERS RELATING THERETO 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, under and pursuant to Resolution No. FA2-2010 (the "Bond Resolution") adopted by the Governing Board of the Authority on April 19, 2010, the Authority approved the issuance of Burlingame Financing Authority Storm Drainage Revenue Bonds, Series 2010 (the "Bonds") for the purpose of financing or refinancing improvements to the storm drainage system of the Authority (the "Projects"); and WHEREAS, pursuant to the Bond Resolution, a validation action was filed in connection with the issuance of the Bonds, and the Superior Court of the County of San Mateo entered a default judgment on June 29, 2010; WHEREAS, the Authority now desires to approve the sale of the Bonds; and WHEREAS, in connection with the sale of the Bonds, the Authority desires to approve the form and authorize the distribution of a preliminary form of the Official Statement relating to the Bonds and a final Official Statement relating to the Bonds; and WHEREAS, the Authority and City will enter into a Purchase Agreement (the "Purchase Agreement") for the Bonds with E. J. De La Rosa & Co., Inc. (the "Underwriter); and WHEREAS, there have been submitted and are on file with the Secretary of the Authority proposed forms of the Official Statement and Purchase Agreement relating to the Bonds; NOW THEREFORE, the Governing Board of the Burlingame Financing Authority hereby finds, determines, declares and resolves as follows: Section 1. All of the recitals set forth above are true and correct, and the Authority so finds and determines. OHS West:260938032.3 . J ► I ♦, 4 . -d Section 2. The proposed form of Official Statement relating to the Bonds (the "Official Statement"), on file with the Secretary of the Authority, is hereby approved. The Executive Director of the Authority (or other officer designated by the Executive Director) is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver an Official Statement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. The Underwriter is hereby directed to distribute copies of the Official Statement to all actual purchasers of the Bonds. Distribution by the Underwriter of a preliminary Official Statement relating to the Bonds is hereby approved and the Executive Director of the Authority (or other officer designated by the Executive Director) is hereby authorized and directed, to execute a certificate confirming that the preliminary Official Statement has been "deemed final" by the Authority for purposes of Securities and Exchange Commission Rule 15c2-12. Section 3. The proposed form of Purchase Agreement, by and among the Underwriter, the Authority and the City, on file with the Secretary of the Authority, is hereby approved. The Executive Director of the Authority (or other officer designated by the Executive Director) is hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver a bond purchase agreement 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, the underwriting discount (not including original issue discount) shall not exceed two percent (2%) of the aggregate principal amount of the Bonds. Section 4. All terms and provisions of the Bond Resolution shall remain in full force and effect, and all authorizations, provisions and terms of the Bond Resolution shall apply to this resolution with the same effect as if set forth herein. The officers and agents of the Authority are, and each of them hereby is, authorized and directed to do any and all things and to execute and deliver any and all documents which they or any of them deem necessary or advisable in order to consummate the transactions contemplated by this resolution, and otherwise to carry out, give effect to and comply with the terms and intent of this resolution, and all such actions heretofore taken by such officers are hereby ratified, confirmed and approved. OHS West:260938032.3 2 � r .► r sue. .,�+ r approval. Section 5. This Resolution shall take effect from and after its adoption and Cathy Baylock, Mayor I, Mary Ellen Kearney, Secretary of the City of Burlingame Financing Authority, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting of the Burlingame Financing Authority Board held on the 19th day of July, 2010, by the following vote to wit: AYES: Councilmembers BAYLOCK, BROWNRIGG, DEAL, KEIGHRAN, NAGEL NOES: Councilmembers: NONE ABSENT: Councilmembers: NONE Mary Ellen Kearney, 6ty Clerk OHS West:260938032.3 3