APFA Resolution 08-17ALAMEDA PUBLIC FINANCING AUTHORITY RESOLUTION NO. 08-17
APPROVING, AUTHORIZING AND DIRECTING PREPARATION AND
EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH
RESPECT THERETO
WHEREAS, the City of Alameda (the "City"), working together with the
Alameda Public Improvement Corporation (the "Corporation"), has heretofore
caused the execution and delivery of the $2,770,000 City of Alameda
Certificates of Participation (1996 Police Building and Equipment Refinancing
Project) (the "1996A Certificates"), representing undivided proportional interests
of the owners thereof in lease payments to be made by the City as the rental
for certain property pursuant to a lease agreement with the Corporation to
refinance the acquisition and construction of certain capital projects within the
geographic boundaries of the City; and
WHEREAS, the 1996A Certificates are currently outstanding in the
principal amount of $1,505,000; and
WHEREAS, the City, working together with the Corporation, has also
heretofore caused the execution and delivery of the $4,900,000 City of
Alameda Certificates of Participation (1996 Library and Golf Course Financing
Project) (the "1996B Certificates"), representing undivided proportional interests
of the owners thereof in lease payments to be made by the City as the rental
for certain property pursuant to a lease agreement with the Corporation to
finance the acquisition and construction of certain capital projects within the
geographic boundaries of the City; and
WHEREAS, the 1996B Certificates are currently outstanding in the
principal amount of $3,555,000; and
WHEREAS, the City has determined at this time, due to prevailing
interest rates in the municipal bond market and for other reasons, to refinance
its obligations with respect to the 1996A Certificates and the 1996B Certificates
and to implement a lease financing for such purpose, and the City has
requested the assistance of the Alameda Public Financing Authority (the
"Authority"), in connection with such financing; and
WHEREAS, it is in the public interest and for the public benefit that the
Authority authorize and direct execution of certain financing documents in
connection therewith; and
WHEREAS, the documents below specified shall be filed with the
Authority and the members of the Board of Directors, with the aid of its staff,
shall review said documents.
NOW, THEREFORE, BE IT RESOLVED, as follows:
Section 1. The below-enumerated documents, substantially in the forms
on file with the Secretary, be and are hereby approved, and the Chair, the
Executive Director or the Treasurer is hereby authorized and directed to
execute said documents, with such changes, insertions and omissions as may
be approved by such official, and the Secretary is hereby authorized and
directed to attest to such official's signature:
(a) a site and facility lease, between the City, as lessor, and the
Authority, as lessee, pursuant to which the City will lease certain property (the
"Property") to the Authority;
(b) a lease agreement, between the Authority, as lessor, and the City, as
lessee (the "Lease Agreement"), pursuant to which the Authority will lease the
Property back to the City;
(c) an assignment agreement, by and between the Authority and Union
Bank of California, N.A., as trustee (the "Trustee"), pursuant to which the
Authority will assign certain of its rights under the Lease Agreement, including
its right to receive lease payments thereunder, to the Trustee; and
(d) a trust agreement, by and among the Authority, the City and the
Trustee, relating to the financing and the execution and delivery of certificates
of participation evidencing the direct, undivided fractional interests of the
owners thereof in lease payments to be made by the City under the Lease
Agreement.
Section 2. The President, the Executive Director, the Treasurer, the
Secretary and other officials of the Authority are hereby authorized and directed
to execute such other agreements, documents and certificates as may be
necessary to effect the purposes of this resolution and the lease financing
herein authorized.
Section 3. This Resolution shall take effect upon its adoption by the
Board of Directors.
I, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Board of Directors of the Alameda Public Financing
Authority in a Special Joint Meeting of the City Council, Alameda Public Financing
Authority, Alameda Reuse and Redevelopment Authority and the Community Improvement
Commission on the 17th day of June, 2008, by the following vote to wit:
AYES: Boardmembers deHaan, Gilmore, Matarrese Tam and
Chair Johnson - 5.
NOES: None,
ABSENT: None,
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said
Authority this 18th day of June, 2008.
Lara Weisiger, Secretar
Alameda Public Financin
uthority