CC Resolution No. 7815
RESOIlJI'ION NO. 7815
A RESOIlJI'ION OF '!HE CITY CXXJNCIL OF T.HE CITY OF aJPERI'INO
DEClARING rrs Df.L'~'.L' IN :J3ORRCMING mNIES FRCM '!HE LOCAL
GOVERNMENT FINANCE AUIHORITY AND CERI'AIN MA'ITERS REIATED THEREID
WHEREAS, the City of CUpertino (the "city") desires to finance certain
present an:1 future obligations with respect to the purchase of park lan:1;
an:1
WHEREAS, the IDeal Government Finance Authority (the "Authority")
issued revenue oonJs (the "Authority BonJs") prior to the passage of the
Tax Refonn Act of 1986 an:1 the proceeds of a portion of such Authority
Bon::ls may be available to make loans to other governmental agencies to
furrl public projects; an:1
WHEREAS, the City has been advised that the City could save
substantial costs by obtaining a loan from the Authority; an:1
WHEREAS, the city must formally apply to the Authority for a loan in
order to obtain a loan to finance the Project; an:1
WHEREAS, the City is authorized to un:lertaJœ all of the above pursuant
to applicable laws of the state of California;
NCM, 'IHEREFORE, T.HE CITY CXXJNCIL OF T.HE CITY OF aJPERI'INO HEREBY
FINœ, RESOLVES, DEI'ERMINES AND ORDERS AS FO:Ll.CX'IS:
SECI'ION 1. '!hat the City is interested in obtaining a loan from the
Authority to furrl all or a portion of the Project.
SECI'ION 2. '!hat the City Manager be, an:1 hereby is authorized to
undertake any an:1 all acts necessary or desirable to make an application
to the Authority for a loan of a portion of the p:rçœed<: of the Authority
Bon::ls .
SECI'ION 3. '!he City includes in the application to the Authority a
request that Rauscher pierce Refsnes, Inc. underwrite any securities
issued by the Authority to refurrl the portion of the authority Bon::ls to be
used to furrl the loan to the City.
-1-
RESOIlJI'ION NO. 7815
SECI'ION 4. 'Ihat officers of the City are, an:1 each of them acting
alone is, hereby authorized an:1 directed to take such actions, an:1 to
execute such documents as may be necessary to effectuate the purposes of
this Resolution. For purposes of this resolution, the "officers of the
City" shall include, but not be Imted to, the Mayor, the City Manager,
the Director of Finance, the city Attorney an:1 the City Clerk.
SECI'ION 5. '!he city Clerk shall certify to the adoption of this
Resolution, an:1 thenceforth an:1 thereafter the same shall be in full force
an:1 effect.
PASSED AND AOOPI'ED at a regular meeting of the City Council of the
City of CUpertino this ---1.§..t... day of MAY , 1989 by the
following vote:
Vote Members of the Citv Council
AYES:
Gatto, Johnson, Koppel, Rogers, Plungy
NOES: None
ABSENT: None
ABSTAIN: None
APPROVED:
Is I John J, Plungy, Jr,
City Manager
A'ITEST:
Is I Dorothv Cornelius
City Clerk
-2-