HomeMy WebLinkAboutCC Resolution 13387 (Purchase Pt. San Pedro Ass. District's Limited Obligations Impr. Bond)RESOLUTION NO. 13387
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
AUTHORIZING THE CITY'S PURCHASE OF THE PT. SAN PEDRO
ROAD MEDIAN LANDSCAPING ASSESSMENT DISTRICT LIMITED
OBLIGATION IMPROVEMENT BONDS
WHEREAS, the financing of the construction of the Pt. San Pedro Road Median
Landscaping improvements in the Pt. San Pedro Road Median Landscaping Assessment District
previously established by the City Council requires the issuance by the City of San Rafael ofthe
Pt. San Pedro Road Median Landscaping Assessment District Limited Obligation Improvement
Bonds; and
WHEREAS, the purchase by the City of San Rafael, rather than sale on the open market,
of the Pt. San Pedro Road Median Landscaping Assessment District Limited Obligation
Improvement Bonds will result in a reduction in the cost of financing the construction of the Pt.
San Pedro Road Median Landscaping improvements, which will benefit the Assessment District
property owners who are required to pay assessments to cover the cost of these improvements;
and
WHEREAS, the City of San Rafael's Investment Policy, as contained in City Council
Resolution No. 13350 approved on June 4, 2012, allows the City of San Rafael to purchase
obligations issued by the City as Limited Obligation Bonds related to special assessment district
debt, for maturities up to 30 years, upon approval by the City Council;
NOW THEREFORE, the CITY COUNCIL OF THE CITY OF SAN RAFAEL
RESOLVES that the City Council approves the purchase by the City of San Rafael of the Pt. San
Pedro Road Median Landscaping Assessment District Limited Obligation Improvement Bonds,
consistent with the specifications in the Term Sheet attached hereto as Exhibit "A".
I, ESTHER C. BEIRNE, 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 City
Council of said City held on Monday, the 16`h day of July, 2012 by the following vote, to wit:
AYES: COUNCILMEMBERS: Connolly, McCullough & Mayor Phillips
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Heller, Levine
ESTHER C. BEIRNE, City Clerk
EXHIBIT A
Purchaser:
Purchase Date:
Principal Amount:
Interest Rate:
Final Maturity:
City of San Rafael
2012 Limited Obligation Improvement Bonds
(Point San Pedro Assessment District)
Bond Purchase Term Sheet
City of San Rafael
September 1, 2012
$1,750,000 (2032 Term Bond)
5.25%
September 2, 2032
Annual Principal Sinking Fund: September 2, 2013 —September 2, 2032