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HomeMy WebLinkAboutReso - BFA - 002-1995BURLINGAME FINANCING AUTHORITY RESOLUTION NO. 2-1995 RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF LEASE REVENUE BONDS FOR THE BURLINGAME LIBRARY RECONSTRUCTIO: PROJECT; AUTHORIZING EXECUTION AND DELIVERY OF LEASE REVENUE BONDS; AUTHORIZING THE PROCUREMENT OF BOND INSURANCE FOR THE BONDS; APPROVING THE FORMS OF A TRUST AGREEMENT, A FACILITIES LEASE, AND A FACILITIES SUBLEASE; APPROVING FORMS OF AND AUTHORIZING PUBLICATION AND DISTRIBUTION OF AN OFFICIAL NOTICE OF SALE, A NOTICE OF INTENTION TO SELL BONDS, AND AN OFFICIAL STATEMENT DESCRI SAID BONDS; AUTHORIZING SUBSTITUTION OF CITY LIBRARY FOR LEASED FACILITIES UPON COMPLETION; AND AUTHORIZING EXECUTION OF DOCUMENTS AND THE TAKING OF ALL NECESSARY ACTIONS RELATING TO THE ISSUANCE OF THE BONDS 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; and WHEREAS, this Board of the Authority hereby determines that there are significant public benefits, including 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"); and WHEREAS, in order to achieve such significant public benefits and public purpose, this Board of the Authority desires to authorize the issuance and sale by public sale of not to exceed $10,000,000 in aggregate principal amount of its Burlingame Financing Authority Lease Revenue Bonds (Library Reconstruction Project), Series 1995 (the "Bonds"); and WHEREAS, there have been submitted and are on file with the Secretary of the Authority proposed forms of an Official Notice of Sale of Bonds, a Notice of Intention to SF2- 4245.2 41483-24NM- 8/29/95 ell Bonds, and an Official Statement, all with respect to not to exceed $10,000,000 ,gregate principal amount of Bonds proposed to be sold; and WHEREAS, this Authority now desires to approve the form and authorize the ublication of said Notices, and the distribution of a preliminary form of said Official tatement describing the Bonds and a final Official Statement for the Bonds; and WHEREAS, the Authority desires ,greement") with the trustee named therein (the Bonds; and to enter into a Trust Agreement (the "Trust "Trustee"), for the purpose of securing the WHEREAS, in order to finance the Project, the Authority desires to lease from the City certain facilities (the "Facilities") pursuant to a facilities lease (the "Facilities Lease") between the City and the Authority, and the Authority desires to lease back to the City the Facilities pursuant to a facilities sublease (the "Facilities Sublease") between the Authority and the City; and WHEREAS, there have been presented to this meeting proposed forms of the Trust Agreement, Facilities Lease and Facilities Sublease; NOW THEREFORE, the Governing Board of the Burlingame Financing Authority hereby finds, determines, declares and resolves, as follows: Section 1. The foregoing 'recitals are true and correct and the Authority hereby so finds and determines. Section 2. The issuance and sale of the Burlingame Financing Authority Lease Revenue Bonds (Library Reconstruction Project), in an aggregate principal amount not to exceed $10,000,000, are hereby approved. Section 3. (a) The proposed form of Trust Agreement, tentatively dated as of December 1, 1995, by and between the Authority and Trustee, 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 trust agreement 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 date, maturity date or dates (not to exceed December 1, 2025), interest rate or rates (not to exceed nine percent (9 %) per annum, interest payment dates, series, denominations, forms, registration privileges, manner of execution, place or places of payment, tender or purchase options, terms of redemption and other terms of the Bonds shall be as provided in said Trust Agreement, as finally executed. SF2-44245.2 2 41483-2-7MH-0 29/95 (b) First Interstate Bank of California is hereby approved and appointed as Trustee of the Authority with respect to the Bonds, and shall be authorized to act as Trustee in accordance with the terms of the Trust Agreement. (c) The Treasurer and Controller of the Authority is hereby authorized and directed to hold the funds and accounts created under the Trust Agreement and specified therein to be held by the Treasurer and Controller of the Authority, in trust as a fiduciary for the owners of the Bonds as set forth in said documents. Section 4. 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 Secretary of the Authority, is hereby approved. The Executive Director (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 facilities lease 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; provided, however, that the term of said facilities lease shall end no later than December 1, 2035. Section 5. The proposed form of Facilities Sublease, tentatively dated as of December 1, 1995, by and between the Authority and City, on file with the Secretary of the Authority, is hereby approved. The Executive Director (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 facilities .sublease 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; provided, however, that the term of said facilities sublease shall end no later than December 1, 2035. Section 6. The substitution of the Project for the Facilities under and pursuant to the Facilities Lease and the Facilities Sublease is hereby approved, and the members and officers of the Authority 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 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 7. The form of proposed Official Notice of Sale inviting bids for the Bonds, in substantially the form submitted to this Board and on file with the Secretary of the Authority is hereby approved, subject to such corrections, revisions or additions as deemed necessary by the Executive Director of the Authority. Rauscher Pierce Refsnes, San Francisco, California (herein called the "Financial Advisor"), is hereby authorized and directed to cause to be mailed to prospective bidders for the Bonds copies of said Official Notice of Sale in the form finally approved by the Executive Director of the Authority. Section g. The form of proposed Notice of Intention to Sell Bonds, in substantially the form submitted to this Board and on file with the Secretary of the Authority, SF2-44245.2 3 41483-24MMU29/95 is hereby approved, subject to such corrections, revisions or additions as deemed necessary by the Executive Director of the Authority. The Executive Director is hereby authorized and directed to cause said Notice of Intention to Sell Bonds to be published once at least fifteen days before the date of sale in THE BOND BUYER. Section 2. (a) The Executive Director, or his designee, is hereby authorized and directed to entertain bids for the Bonds, and to accept the lowest true interest cost bid, provided that (i) the maximum interest rate on the Bonds shall not exceed nine per cent (9 %) per annum, and (ii) the price to be paid for the Bonds shall not be less than 99 % of the par value thereof (without taking into account the premium, if any, for a policy of municipal bond insurance with respect to the bonds), plus accrued interest, if any, to the date of delivery. If such true interest cost and price are acceptable to the Executive Director, the Executive Director is hereby authorized to award the sale of the Bonds to the maker of the best responsive bid for the Bonds; if no bid for the Bonds is acceptable, the Executive Director is requested to reject all bids for the Bonds and to re -bid the Bonds or, if the Executive Director shall deem it necessary, to sell the Bonds by negotiated sale as permitted by law. (b) The Authority hereby consents to obtaining a bid for the Bonds from the Financial Advisor. r Section 10. The officers of the Authority are hereby authorized to negotiate with providers of bond insurance for the Bonds, ' and, if the Executive Director determines it is in the best interests of the Authority and the City, to commit to purchase or enter into or approve agreements providing for bond insurance for some or all of the Bonds. Section 11. The proposed form of Preliminary Official Statement relating to the Bonds (the "Preliminary Official Statement"), on file with the Secretary of the Authority, is hereby approved, subject to such corrections, revisions or additions as deemed necessary or desirable by the Executive Director of the Authority. The Financial Advisor is hereby authorized and directed to cause to be printed and mailed to prospective bidders for the Bonds copies of the Preliminary Official Statement in substantially the same form of Official Statement approved and adopted as the Official Statement describing the Bonds, as so added to, corrected or revised, and to supply to the accepted bidder or bidders for the Bonds copies of the final Official Statement, completed to include the interest rate or rates, principal amounts, and final sale information. The Executive Director (or other officer designated by the Executive Director) is hereby authorized and directed to execute and deliver the final Official Statement (the "Official Statement") and 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 12. The Executive Director (or other officer designated by the Executive Director) is hereby authorized on behalf of the Authority to execute a Continuing SP2-44245.2 4 41483-24MR-O 29/95 Disclosure Certificate or to enter into a Continuing Disclosure Agreement with the Trustee appointed under the Trust Agreement containing such covenants of the Authority as shall be necessary to comply with the requirements of Securities and Exchange Commission Rule 15c2-12. The Authority hereby covenants and agrees that it will comply with and carry out all of the provisions of such Continuing Disclosure Certificate or Agreement. Section 1 . The officers and directors of the Authority 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 issuance, sale and delivery of the Bonds and otherwise to effectuate the purposes of this Resolution and the transactions contemplated hereby. Section 14. The officers and board members of the Authority are hereby authorized and directed, jointly and severally, to execute and deliver any Certificate of the Authority or Written Request of the Authority required to be delivered pursuant to the Trust Agreement. Section 15. This Resolution shall take effect from and after its adoption. I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the Burlingame Financing Authority at a regular meeting thereof held on the 5th day of September, 1995, by the following vote of the members thereof. AYES: BOARDMEM3ERS: HARRISON, KNIGHT, O-MAHONY, PAGLIARO, SPINELLI NOES: BOARDMEMBERS: NONE ABSENT: BOARDMEMBERS: NONE SF2-44245.2 5 41483-2-JMH-08/29/95 I, do hereby certify as follows: SECRETARY'S CERTIFICATE Secretary of the Burlingame Financing Authority, The foregoing resolution is a full, true and correct copy of a resolution duly adopted by a vote of a majority of the members of the Governing Board of said Authority at a special meeting of the Governing Board of said Authority duly and legally held at City Hall, Burlingame, California, on September 5, 1995, of which meeting all of such members had due notice, as follows: AYES: NOES: ABSTAIN: ABSENT: An agenda of said meeting was posted at least 72 hours before said meeting at 501 Primrose Road, Burlingame, California, a location freely accessible to members of the public, and a brief description of said resolution appeared on said agenda. I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: , 1995. Secretary of the Burlingame Financing Authority SF2-44245.2 41483-2-7MH-08/29/95