CC Min 2003-11-03 Jnt - Laserfiche WebLink

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Vice Mayor Ira left the dias due to a potential conflict of interest with a client owning property adjacent to the retail /cinema project. B. 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 ") — CITY COUNCIL AND PUBLIC FINANCING AUTHORITY (508) Director of Finance and Financial Planning Ponty stated that approval of this financing will complete the financing plan for the downtown improvements initially approved during the past budget study sessions and adoption of the Redevelopment Agency budget. He further explained the role of the Public Financing Authority developed in 1991 and three objectives for the action on this item: 1) refinance the bonds issued in 1991 to generate savings; 2) obtain funds to loan to the Redevelopment Agency for downtown projects; 3) obtain funds for the PAL loan guarantee (approved in Item 9.A.). Recess: 8:35 — 8:40 p.m. Mayor Claire opened the public hearing. There was no public comment. M/S Hartnett/Howard to close the public hearing. The motion passed by a unanimous voice vote. Recommendation: 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. M/S Hartnett/Ruskin to: ADOPT RESOLUTION 14561 OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING OF THE ACQUISITION OF LAND FOR PUBLIC USES, APPROVING ISSUANCE AND JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY NOVEMBER 3, 2003 AND REDEVELOPMENT AGENCY MEETING MINUTES PAGE 7 MINUTES Book No. 60 Page No. 93