Res98 13529 - Laserfiche WebLink

Browse Search

· · 12/7/98 ' ORIGINAL _ RESOLUTION NO. 13529 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD crrY APPROVING THE ISSUANCE OF PORT OF REDWOOD CITY REVENUE BONDS PURSUANT TO THE CITY CHARTER AND SECTION 147(0 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED WHEREAS, the Board of Commissioners of the Port Dcpartmant of the City of Redwood City (the "Port") proposes to issue its Revenue Bonds, Series 1999 (the "Bonds") in the aggregate principal amount not to exceed $12,000,000, the proceeds of which will be used to (i) finance the improvement of certain terminal and wharf facilities located at 675 Seaport Boulevard, Redwood City, California 94063 (the "Site"), including but not limited to the remediation of certain hazardous waste at the Site and the financing and refinancing of the constxuction of public capital improvements to the Port enterprises (collectively, the "Enterprise"), and (ii) finance other related expenses (collectively, the "Projecf'); and WHEREAS, notice of a public hearing concerning the Bonds and the nature and location of the facilities to be financed was published in a newspaper of general circulation in the City of Redwood City; and WI-~REAS, the Board of Port Commissioners (the "Board") of the Port Department of the City of Redwood City, on November 24, 1998 conducted a public hearing whereby interested parties were given the opportunity to be heard and to state their views concerning the sale and issuance of the Bonds, the nature and location of the facilities to be financed with a portion of the proceeds thereof and the Project; and WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the "Code"), requires, as a condition of the exclusion from income of the holders thereof of interest on the Bonds, and Section 50b of the Charter of the City of Redwood City (the "City Charter") requires, as a condition to the Port issuing revenue bonds, that before the Bonds are issued, the Bonds and the Project be approved by the City Council of the City of Redwood City (the "Council"); NOW THEREFORE, the City Council of the City of Redwood City hereby resolves as follows: Section 1. This Council hereby approves the sale and issuance of not to exceed $12,000,000 aggregate principal amount of Port of Redwood City Revenue Bonds, Series 1999, pursuant to Section 147(0(2) of the Code and Section 50b of the City Charter. Section 2. The Officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments which they may deem necessary or advisable in order to consummate the issuancei sale and delivery of the Bonds by the Port, and to execute and deliver such certificates and other documents they may deem appropriate and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. Any actions heretofore taken by such officers are hereby ratified and approved. Section 3. This Resolution shall take effect from and after its passage and approval. sh/Redw ood/Co uncil/Reso Reso-552.doc FXS/fs 12/1/98