HomeMy WebLinkAboutResolution No. 6499 (Bonds Equireal Office Building)RESOLUTION NO. 6499
A RESOLUTION OF THE SAN RAFAEL CITY COUNCIL
AUTHORIZING THE ISSUANCE, SALE AND DELIVERY
OF CITY OF SAN RAFAEL CERTIFICATE OF DEPOSIT
REVENUE BONDS TO FINANCE THE CONSTRUCTION OF
AN OFFICE BUILDING BY EQUIREAL DEVELOPMENT
CORPORATION (EL MARINERO II PROJECT)
WHEREAS, the City Council of the City of San Rafael
(the "Ci ty") has, by Ordinance No. 1441, adopted by the Counci 1 on
October 4, 1982, enacted the City of San Rafael Economic Develop-
ment Revenue Bond Law (herein called the "Law"), authorizing and
establishing a procedure for the issuance of revenue bonds by the
City for the purpose of providing financing to participating
parties for economic development purposes; and
WHEREAS, the City Council of the City has, by Resolution
No. 6414, adopted on October 4, 1982, preliminarily approved the
issuance of revenue bonds to finance the acquisition and con-
struction by EquiReal Development Corporation, a California
corporation, (the "Company") of an office and retail building (the
"Project"), to be located at Nos. 10 and 20 North San Pedro Road
in the City; and
WHEREAS, final approval of the terms of the issuance
and sale of such bonds and various related matters is now sought.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of San Rafael, as follows:
Section 1. Pursuant to the Law, revenue bonds of the
City, designated "City of San Rafael Certificate of Deposit
Revenue Bonds (El Marinero II Project) 1983 Series A" (the "Bonds"),
in an aggregate principal amount not to exceed $3,500,000, bearing
interest at a rate or rates not to exceed 13% per annum, and
maturing not later than 20 years from the date of issuance thereof,
are hereby authorized to be issued.
Section 2. The proposed form of indenture of trust
(the "Indenture"), between the City and Central Bank of Denver,
A Banking Corporation (the "Trustee"), presented to this meeting,
is hereby approved. The Mayor or City Manager is hereby authorized
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RESOLUT ION NO. _6_4_, __ _
and directed, for and in the name and on behalf of the City, to
execute and deliver the Indenture in substantially said form, with
such changes therein as such officer and the City Attorney may
require or approve, such approval to be conclusively evidenced by
the execution and delivery thereof. The date, maturity dates,
interest rate or rates, interest payment dates, demoniminations,
forms, registration privileges, manner of execution, place or
places of payment, terms of redemption and other terms of the
Bonds shall be as provided in said Indenture, as finally executed,
subject to the limitations set forth in Section 1 above.
Section 3. The proposed form of deposit agreement (the
"Deposit Agreement"), among the City, the Trustee and Bell Savings
and Loan Association (the "Lender"), presented to this meeting, is
hereby approved. The Mayor or City Manager is hereby authorized
and directed, for and in the name and on behalf of the City, to
execute and deliver the Deposit Agreement in substantially said
form, with such changes therein as such officer and the City
Attorney may require or approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 4. The proposed form of program agreement (the
"Program Agreement"), among the City, the Lender and the Company,
presented to this meeting, is hereby approved. The Mayor or City
Manager is hereby authorized and directed, for and in the name and
on behalf of the City, to execute and deliver the Program Agreement
in substantially said form, with such changes therein as such
officer and the City Attorney may require or approve, such approval
to be conclusively evidenced by the execution and delivery thereof.
Section 5. Boettcher & Co., Inc. (the "Underwriter") is
hereby designated as underwriter of the Bonds, and is hereby
authorized to distribute and deliver an official statement to
purchasers of the Bonds. The form and content of such official
statement including any supplements or amendments thereto shall be
subject to approval by the City Manager and City Attorney.
Section 6. Sale of the Bonds by the City to the Under-
writer, at any time within 180 days after the date of adoption of
this resolution, is hereby approved. Such sale shall be pursuant
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to a bond purchase contract (the "Purchase Contract"), between the
City and the Underwriter, in such form as may be approved by the
City Manager and City Attorney.
Section 7. Forms of the proposed Indenture, Deposit
Agreement and Program Agreement shall be placed on file in the
office of the City Clerk.
Section 8. Bonds in an aggregate principal amount not
to exceed $3,500,000 shall be executed by the manual or facsimile
signature of the Mayor and the seal of the City or a facsimile
thereof shall be affixed or imprinted thereon and attested by the
manual or fascimile signature of the City Clerk.
Section 9. The Bonds, when so executed, shall be
delivered to the Trustee for authentication. The Trustee is
hereby requested and directed to authenticate the Bonds by exe-
cuting the Trustee's certificate of authentication appearing
thereon, and to deliver the Bonds, when duly executed and authen-
ticated, to the Underwriter in accordance with written instructions
executed on behalf of the City by the Mayor or City Manager, which
instructions said officer is hereby authorized and directed, for
and in the name and on behalf of the City, to execute and deliver
to the Trustee. Such instructions shall provide for the delivery
of the Bonds to the Underwriter upon payment of the purchase price
thereof, which shall be not less than 96% of the principal amount
of the Bonds, plus interest accrued from the date thereof to the
date of such purchase.
Section 10. The City Clerk is hereby authorized and
directed to attest the signature of the Mayor and the City Manager
and to affix and attest the seal of the City as may be requested
in connection with the execution and delivery of the Bonds and the
Indenture, Deposit Agreement, Program Agreement, Official Statement
and Purchase Contract in accordance with this resolution.
Section 11. All actions heretofore taken by the officers
and agents of the City with respect to the sale and issuance of
the Bonds are hereby approved, confirmed and ratified, and the
officers of the City and their authorized deputies are hereby
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authorized and directed, jOintly and severally, to do any and all
things and to execute and deliver any and all certificates and
other documents which they may deem necessary or advisable in
order to consummate the issuance, sale and delivery of the Bonds
and otherwise to carry out, give effect to and comply with the
terms and intents of this resolution, the Bonds and the Indenture,
Deposit Agreement, Program Agreement, Official Statement and
Purchase Contract.
Section 12. This resolution shall take effect immedi-
ately upon its passage.
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
hereby certify that the foregoing resolution was duly and regularly
introduced and adopted at a regular meeting of the Council of said
Ci ty on Monday the 21st day of March , 1983, by the -------
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Jensen, Miskimen &
Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
" ~C: , n~ . J~ LEONe !,CitY Clerk
26 Aj17
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