AgdaPkt 2003-11-03 - Laserfiche WebLink

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L_ _ R ( /O - D + .[. � .r � a • � � � - �- � L Y � �� Y • ' _ ' _ y ._ � � y� • _ p .l *'� 1 - 1 tilib _ _ N a B/drd .b #y ,j V y +`',� � LTC�. ;T , .]IA From the E .�Dand CitX Manager er:"LaR PPM 1�la� =IVrm %onyCOUnd ftie City- Managef F�+onii November 3, 2003 Subject Approval of bond financing documents in connection with the issuance of City of Redwood City Public Financing Authority (the "PFA ") Lease Revenue Bonds (the "2003 Bonds "). Recommendalon It is recommended that the City Council and the Board of the Public Financing Authority adopt respective resolutions which will provide for the issuance of up to $12.5 million of Public Financing Authority lease revenue bonds. These resolutions will approve, in substantially final form, the following documents: • Indenture of Trust (PFA); • Subordinate Site Lease (City and PFA); • Subordinate Lease Agreement (City and PFA); • Continuing Disclosure Agreement with the trustee for the 2003 Bonds (City); • Bond Purchase Contract with the underwriter of the 2003 Bonds (PFA); • Preliminary Official Statement and its distribution (PFA); and, will authorize all actions specified in the resolutions in connection with the issuance of the 2003 bonds. Background The purposes of this bond issue are (1) to refinance the City's outstanding 1991 PFA lease revenue bonds in order to provide the City with interest cost savings, (2) to provide the City with sufficient funds to make a loan in the amount of approximately $2.89 million to the City's Redevelopment Agency (the "Agency") in order to allow the Agency to complete its funding program for a series of projects that were approved on August 11, 2003 by the Agency Board and (3) to provide the capability to support a loan guarantee of up to $1.5 million to the Police Activities League. The Agency projects are listed in Attachment I, an excerpt from the August 11, 2003 staff report (budget adoption). The main fire station, the main library and Red Morton Park, which serve as the leased facilities for the 1991 and 1998 bonds, will continue to serve as the leased facilities for the 1998 bonds and the 2003 bonds.