Res15 15402 - Laserfiche WebLink

Browse Search

04/13/2015 WHEREAS, the debt service on the 1999 Bonds and the 2012 Bonds are secured by and payable from "Net Revenues" of the "Enterprise," as those terms are defined in the Master Indenture; and WHEREAS, the Board of Port Commissioners of the Port, after due investigation and deliberation, has determined by its Resolution No. P-2267 adopted on April 8, 2015, that it is in the interests of the Port at this time to provide for the issuance of its Refunding Revenue Bonds, Series 2015 (the "2015 Bonds") for the purpose of refunding the 1999 Bonds, funding a debt service reserve account for the 2015 Bonds, and paying certain expenses related to issuing the 2015 Bonds; and WHEREAS, the 2015 Bonds will be secured by and payable from Net Revenues on a parity basis with the 2012 Bonds. NOW THEREFORE, the City Council of the City of Redwood City hereby resolves as follows: Section 1. The City Council hereby approves the sale and issuance of not to exceed $8,100,000 aggregate principal amount of 2015 Bonds pursuant to Section 50b of the City Charter. Section 2. Each of the Mayor, the City Manager and the Assistant City Manager of the City and a written designee of any such officer is hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments which such officer deems necessary or advisable in order to consummate the issuance, sale and delivery of the 2015 Bonds by the Board of Port Commissioners of the Port, and to execute and deliver such certificates and other documents such officer may deem appropriate and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. Any actions heretofore taken by such officers are hereby ratified and approved. ATTY/RES0.3072/CC RE50 APPROVING ISSUANCE OF PORT RESO.#15402 REFUNDING REVENUE BONDS MUFF#505 REV:04-01-15 MLG Page 3 of 5