Resolution 149590
0
�z
V
0
CL
ss.
0
CITY OF ALAMEDA RESOLUTION NO. 14959
AUTHORIZING THE COMMENCEMENT OF PROCEEDINGS IN
CONNECTION WITH THE EXTERNAL LEASE FINANCING OF A NEW FIRE
STATION NO. 3 AND AUTHORIZING THE CITY MANAGER TO
NEGOTIATE, EXECUTE AND DELIVER ALL APPROPRIATE FINANCING
DOCUMENTS WITHIN SPECIFIED PARAMETERS
RESOLVED, by the City Council (the "Council ") of the City of Alameda (the
"City "), as follows:
WHEREAS, the City has determined to finance the construction of a new Fire
Station No. 3 on a City -owned site located at the corner of Hibbard Street and Buena
Vista Avenue (the "Project ") by a combination of one -time available funds, an internal
loan and an external lease- leaseback financing; and
WHEREAS, it is desirable for the Council to authorize the City Manager to
negotiate the necessary documents for the external lease financing component of the
Project on behalf of the City and to complete such external lease financing within
specified parameters;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The Council hereby delegates to the City Manager the authority to
identify the appropriate financing vehicle for such external lease financing, including
financing through the California Infrastructure and Economic Development Bank or a
direct placement with an institutional investor.
Section 2. The Council hereby delegates to the City Manager the authority to
negotiate the terms and the required documents for such external lease financing and to
execute and deliver the final forms thereof, so long as the total amount of such external
lease financing does not exceed $3,000,000, the term thereof does not exceed 20 years
and the interest rate payable in connection therewith does not exceed 5.5% per annum.
Section 3. The Council hereby authorizes the City Manager to identify an
unencumbered asset or assets of the City, totaling not less than $3,000,000 in value, for
use in connection with the external lease financing.
Section 4. The Mayor, the Mayor Pro Tem, the City Manager, the Finance
Director, the City Clerk and other appropriate officers and officials of the City are hereby
authorized and directed to take such action and to execute such documents as may be
necessary or desirable to effectuate the intent of this resolution.
Section 5. This Resolution shall take effect from and after the date of its passage
and adoption.
I, the undersigned hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a special joint
meeting assembled on the 29th day of July, 2014, by the following vote to wit:
AYES: Councilmembers Chen, Daysog, Ezzy Ashcraft, Tam and
Mayor Gilmore — 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
said City this 30th day of July, 2014.
[Q1 A"t, !��
Sara Weisiger, City alerk
City of Alameda