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HomeMy Public PortalAboutResolution - 03-38- 20031022 - 2003 Revenue Bonds SCC RESOLUTION NO. 03-3 8 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT APPROVING THE ISSUANCE BY THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT FINANCING AUTHORITY OF ITS 2004 REVENUE BONDS, AND DETERMINING THAT THERE ARE SIGNIFICANT PUBLIC BENEFITS TO THE DISTRICT FROM SUCH FINANCING IN SANTA CLARA COUNTY WHEREAS,the Board of Directors(the"Board of Directors")of the Midpeninsula Regional Open Space District (the"District") is authorized by law to acquire real property for open space purposes of the District; and WHEREAS,the District proposes to enter into a Site Lease(the"Site Lease") and a related Project Lease(the"Project Lease")with the Midpeninsula Regional Open Space District Financing Authority(the"Authority") in connection with the issuance by the Authority of its 2004 Revenue Bonds(the"Bonds") for the purposes(among others) of acquiring real property for open space purposes of the District located within the boundaries of the District in Santa Clara County, as more particularly provided in the copies of such two leases on file with the Secretary of the Board of Directors(the"Secretary"); and WHEREAS,the Board of Directors called a public hearing in Santa Clara County, which was held by the Board of Directors on Wednesday, the 22nd day of October, 2003, at the hour of 7:30 o'clock P.M., at the regular meeting place of the Board of Directors, 330 Distel Circle, Los Altos, California 94022, at which public hearing the Board of Directors considered the acquisition of such real property in Santa Clara County for open space purposes of the District by the issuance and sale by the Authority of the Bonds, and whether there are any significant public benefits to the District from such financing, including demonstrable savings from the issuance and sale of the Bonds, such as savings in effective interest rate, bond preparation, bond underwriting or bond issuance costs(in accordance with Section 6586 of the California Government Code); and WHEREAS, a notice of such public hearing was duly published by the District as required by law in the San Jose Mercury News, a newspaper of general circulation published in Santa Clara County, and a copy of the proof of publication of such notice of public hearing is on file in the office of the Secretary; and WHEREAS, such public hearing was duly convened by the Board of Directors at the time and place set forth in the notice of public hearing therefor, and at such public hearing the Board of Directors heard all interested persons desiring to address the Board of Directors on the foregoing matters; and WHEREAS, evidence of the public benefits to the District from such proposed financing was presented by a representative of Stone & Youngberg LLC, as the underwriter(the "Underwriter") of the Bonds; and WHEREAS, the District has considered the presentation given by the Underwriter and is fully advised in the premises. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Midpeninsula Regional Open Space District, as follows: Section 1. All of the foregoing recitals are true and correct, and the Board of Directors so finds and determines. Section 2. The Board of Directors hereby approves the financing of the acquisition of real property for open space purposes of the District located within the boundaries of the District in Santa Clara County by the issuance by the Authority of the Bonds, and hereby determines that there are significant public benefits to the District from the financing of the acquisition of such real property in that there will be demonstrable savings from the issuance and sale of the Bonds, including savings in bond preparation, bond underwriting or bond issuance costs(in accordance with Section 6586 of the California Government Code). Section 3. This resolution shall take effect from and after its passage and approval. RESOLUTION No. 03-38 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on October 22, 2003, at a Regular Meeting thereof, by the following vote: AYES: N. Hanko, K. N.c tz, P. Sieme", M. Davey, J. Cyh, L. Hazlett, D. Litt e NOES: None ABSTAIN: None ABSENT: Nose ATTEST: APPROVED: i e tary Pi4sident oard of Directors Board of Directors i 1, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly held and called on the above day. Dis ' Clerk