Loading...
HomeMy WebLinkAboutResolution No. 6544 (Bonds Marin Square Project)RESOLUTION NO. 6544 ------ A RESOLUTION OF THE SAN RAFAEL CITY COUNCIL AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF SAN RAFAEL COMMERCIAL REVENUE BONDS (MARIN SQUARE PROJECT) 1983 SERIES A WHEREAS, the City of San Rafael (the "City") has, by Ordinance No. 1441, adopted by the Council on October 4, 1982, enacted the City of San Rafael Economic Development Revenue Bond Law comprising Chapter 3.30 of Title 3 of the Ordinance Code of the City of San Rafael (herein called the "Law"), authorizing and establishing a procedure for the sale and issuance of revenue bonds or other evidences of indebedness by the City for the purpose of making loans to participating parties to finance facilities maintained and operated for industrial, commercial or business purposes; and WHEREAS, the City Council of the City has, by Resolution No. 6450, adopted by the Council on November 15, 1982, given pre- liminary approval for the issuance of such bonds to fund a loan to Marin Square Partners (the "Developer") to finance the construction of certain shopping center facilities to be located on Bellam Boulevard, between Highways 17 and 101 in the City (the "Project"), and authorized proper officers of the City to proceed to prepare or cause to be prepared the documentation necessary for such purpose; and WHEREAS, pursuant to Section 103(k) of the Internal Revenue Code, as amended (the "Code"), the Bonds are required to be approved, by an elected representative of the issuer of the Bonds, following a public hearing; and WHEREAS, this City Council is the elected legislative body of the City of San Rafael; and WHEREAS, the Project is located wholly within the City of San Rafael; and WHEREAS, this City Council caused a notice to appear in the Independent-Journal, which is a newspaper of general cir- culation in the City, on May 2, 1983, to the effect that a public hearing would be held by this City Council on May 16, 1983 IGliNA · RESOLUT ION NO. ')544 regarding the issuance of the Bonds and the nature and location of the Project; and WHEREAS, this City Council held the said public hearing on such date, at which time an opportunity was provided to present arguments both for and against the issuance of the Bonds and the nature and location of the Project. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Rafael: 1. Pursuant to the Law, revenue bonds of the City, designated "City of San Rafael Commercial Revenue Bonds (Marin Square Project) 1983 Series A" in an aggregate principal amount not to exceed $6,250,000 (herein called the "Bonds"), are author- ized to be issued. 2. Pursuant to Section 103(k) of the Code, this City Council hereby approves the issuance of the Bonds to finance costs of the Project. It is the purpose and intent of the issuance of bonds by the applicable elected representative of the issuer in accordance with said Section 103(k). 3. The proposed form of loan agreement (the "Loan Agreement"), between the City and the Developer, presented to this meeting, is hereby approved. Each of the Mayor and the City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver a loan agreement in substantially said form, with such changes therein as either such officer and the City Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 4. The proposed form of trust indenture (the "Inden- ture"), between the City and a trustee to be selected subject to the approval of the Mayor or the City Manager (herein called the "Trustee"), presented to this meeting, is hereby approved. Each of the Mayor and the City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknow- ledge and deliver a trust 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 - 2 - RESOLUTION NO. )544 ----- by the execution and delivery thereof. The date, maturity date or dates, interest rate or rates, interest payment dates, denomin- ations, forms, registration privileges, manner of execution, place or places of payment, terms of redemption and other terms of the Bonds thereto shall be as provided in the Indenture as finally executed. 5. Sale of the Bonds by the City is hereby approved, at a price and a final principal amount to be agreed upon by the Mayor or the City Manager, the Developer and Stone & Youngberg, as underwriter of the Bonds (the "Underwriter"). The proposed form of bond purchase contract (the "Bond Purchase Contract") between the City and the Underwriter, presented to this meeting, is hereby approved. Each of the Mayor and the City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver a bond purchase contract in substantially said form, with such changes therein as either such officer and the City Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 6. The proposed form of Official Statement relating to the offering of the Bonds by the Underwriter (the "Offical Statement") presented to this meeting, is hereby approved. The Mayor or City Manager is hereby authorized to execute and deliver the Official Statement, on behalf of the City, 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 of the Official Statement. 7. Forms of the proposed Loan Agreement, Indenture, Bond Purpose Contract and Official Statement are on file in the office of the City Clerk. 8. Bonds in an aggregate principal amount not to exceed $6,250,000 shall be executed by the manual or facsimile signature of the Mayor, and the seal of the City shall be affixed or imprinted thereon and attested by the manual or facsimile - 3 - RESOLUTION NO. j544 signature of the City Clerk, in forms set forth in or otherwise in accordance with the Indenture. The seal of the City may be reproduced in facsimile form. 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 executing the Trustee's certificate of authentication appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Underwriter in accordance with written instructions executed on behalf of the City by the Mayor or City Manager, which instructions said officers are 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. 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, the Loan Agreement, the Indenture and the Bond Purchase Contract in accord- ance with this resolution. 11. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all 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 the resolution, the Bonds, the Loan Agreement, the Indenture, the Bond Purchase Agreement and the Official Statement. - 4 - RESOLUTION NO. 12. This resolution shall take effect immediately 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 City on Monday , the 16th day of May , 1983, by the following vote, to wit: AYES: COUNCILMEMBERS: Frugoli, Miskimen & Vice-Mayor Jensen NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Breiner & Mayor Mulryan J Clerk 26 B/16 - 5 -