AgdaPkt 2000-12-18 - Laserfiche WebLink

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/a-�7 engineering, planning and designing the Facilities; and (b) all costs associated with the creation of the District, the issuance of the bonds, the determination of the amount of special taxes to be levied, costs otherwise incurred in order to carry out the authorized purposes of the District and administering the District (collectively, the "Incidental Expenses"); and WHEREAS, the Council, acting as the legislative body of the District, has determined that it is in the best interests of the District that the District issue at this time a series of bonds to be designated "Redwood Shores Community Facilities District No.99-1 (Shores Transportation Improvement Project) of the City of Redwood City Special Tax Bonds, Series 2001" (the "Bonds") for the purpose of financing a portion of the Facilities and Incidental Expenses; and WHEREAS, prior to the issuance of the Bonds the Council desires to incur certain capital expenditures (the "Expenditures") with respect to the Facilities from available moneys of the City of Redwood City (the "City); and WHEREAS, the Council has determined that those moneys to be advanced on and after the date hereof to pay the Expenditures are available only for a temporary period and it is necessary to reimburse the City for the Expenditures from the proceeds of the Bonds; and WHEREAS, in order to implement the issuance of the Bonds, the following documents have been prepared and presented at this meeting, copies of which are on file with the Clerk of the City: (a) a Fiscal Agent Agreement (the "Fiscal Agent Agreement") between the District and BNY Western Trust Company as fiscal agent (the "Fiscal Agent"); (b) a Continuing Disclosure Certificate (the "Continuing Disclosure Certificate") related to the Bonds; (c) a Bond Purchase Contract (the "Bond Purchase Contract") between the District and Stone & Youngberg LLC (the "Underwriter"); and (d) a Preliminary Official Statement pertaining to the Bonds (the "Preliminary Official Statement"); and WHEREAS, the Council has determined in accordance with Government Code Section 53360.4 that a negotiated sale of the Bonds to the Underwriter in accordance with the terms of the Bond Purchase Contract will result in a lower overall cost to the District than a public sale; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY, A MUNICIPAL CORPORATION OF THE STATE OF CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF THE DISTRICT, AS FOLLOWS: SECTION 1. Recitals The above recitals are true and correct. SECTION 2. Authorization to Issue Bonds For the purpose of financing a portion of the Facilities and Incidental Expenses, the Council hereby authorizes the issuance of the Bonds in an aggregate principal amount not to exceed $5,500,000, with the exact principal amount of the Bonds to be set forth in the Bond Purchase Contract as finally executed. The Council hereby determines that it is prudent in the management of the District's fiscal affairs to issue the Bonds.. The Bonds 2 DOCSSF\ I 7384v5�2293 I .0003 _ . _ _.... _ _ _. _._