Res99 13565 - Laserfiche WebLink

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Section 2. This City Council hereby preliminarily determines that the public interest and necessity justify the refunding of the Prior Bonds under and pursuant to the 1984 Act, subject to further proceedings under the 1984 Act for the establishment of a reassessment district (the "District") to be known as "Consolidated Reassessment District (Seaport)". Section 3. This City Council hereby preliminarily declares that it intends to issue the Refunding Bonds to refund the Prior Bonds and to levy and collect reassessments as security for the Refunding Bonds under and pursuant to the 1984 Act. Section 4. This City Council hereby refers the matter of the proposed refunding of the Prior Bonds and the levy and collection of reassessments as security for the Refunding Bonds to MBIA Munifinancial as the entity qualified to prepare and file with the City Clerk a report in writing containing the matters specified in Section 9523 of the California Streets and Highways Code, and directs MBIA Munifinancial to prepare such report, and upon completion, to file it with the City Clerk. Such report shall contain an administrative fee in an amount equal to 1.5% of the principal amount of the Bonds, payable to the City upon issuance of the Bonds for administrative costs incurred by the City incident to the calling, retiring and paying of the bonds to be refunded and to the issuance of the Bonds, which amount shall be a "cost of issuing refunding bonds" as described in Section 9600 of the California Streets and Highways Code and payable upon issuance of the Bonds. Section 5. When the report provided for in Section 4 hereof is filed with the City Clerk, the City Clerk is directed to present said report to this City Council for consideration pursuant to Sections 9524 and 9525 of the 1984 Act. Section 6. The City Council directs the City Manager to advise the principal landowners in the District, that concurrently with the issuance of the Bonds, they will be required to enter into agreements with the City to provide certain information requested by the City and the City's redevelopment agency from time to time to facilitate the projection of tax increment generated by property within the District which is owned by such landowners and within the boundaries of a City redevelopment project area. Subject to the City Manager's sole discretion, the agreement to provide such information shall be in a form satisfactory to the City Attorney and shall be recorded in the San Mateo County records and binding upon successor owners of such property. Section 7. The firm of William Euphrat Municipal Finance, San Francisco, California, is appointed and employed to do and perform all financial advisor services for the City as required in the conduct of said reassessment proceedings and in connection with the issuance of the Bonds, for a fee of not to exceed $45,000. Section 8. The firm of E. Wagner & Associates, Inc., Pleasanton, California, and Salomon Smith Barney are appointed as Underwriters to the City in connection with the issuance of the Bonds for an Underwriter's discount not to exceed $121,500. Section 9. The law firm of Nossaman, Guthner, Knox & Elliott, LLP, San Francisco, California, is appointed and employed to do and perform all bond counsel services for the City as required in the conduct of said reassessment proceedings and in connection with the issuance of the Bonds, for a fee of not to exceed $50,000, plus disbursements not to exceed $5,000. Section 10. The law firm of Stradling Yocca Carlson & Ranth, A Professional Corporation, San Francisco, California, is appointed and employed to do and perform all disclosure counsel services -2- 13565