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<br /> <br />REPORT <br /> <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />July 24, 2000 <br /> <br />Subject <br />Authorization to sell bonds for Pacific Shores Center Project <br /> <br />Recommendation <br />1. That the Council adopt a resolution: <br />A. Authorizing the issuance of Special Tax Bonds for and on behalf of the City of <br />Redwood City Community Facilities District No. 2000-1 (Pacific Shores Project), <br />B. Approving and directing the execution of a fiscal agent agreement, <br />C. Approving and directing the execution of a funding and acquisition agreement, <br />D. Approving the form of a preliminary official statement, <br />E. Approving a continuing disclosure agreement, <br />F. Approving a bond purchase agreement <br />G. Approving the sale of bonds, and <br />H. Approving other related documents and actions. <br /> <br />2. That the Council introduce an ordinance levying a special tax within the City of <br />Redwood City Community Facilities District No. 2000-1 (Pacific Shores Project). <br /> <br />Background <br />This is the fourth of five meetings at which actions have been requested of the City Council <br />in connection with the financing of public infrastructure for the Pacific Shores Center <br />Project. At its most recent meeting on the matter, the Council held a public hearing and <br />subsequently adopted a resolution to create the City of Redwood City Community Facilities <br />District No. 2000-1 (Pacific Shores Project) (the "District"), deemed it necessary to sell <br />bonds, opened and tabulated the ballot submitted by the single property owner, and <br />adopted a resolution declaring an affirmative election result. <br /> <br />Tonight's Actions <br />Principal documents relating to the sale of bonds to finance public infrastructure for the <br />Pacific Shores Project are substantially complete. The Council is being asked to approve <br />those documents in substantially final form in order to allow staff to implement the sale of <br />bonds. Descriptions of those documents are included as an attachment to this staff report. <br /> <br />Staff will be authorized to implement the sale provided that the principal amount of bonds <br />does not exceed $21,000,000, the underwriter's discount does not exceed 1.5% of the par <br />amount of bonds sold, and the true interest cost (a time-discounted measure of the <br />aggregate interest cost on the bonds) on the bonds does not exceed 7.25%, <br /> <br />.-"".... "~. T <br />