HomeMy Public PortalAboutResolution - 03-39- 20031022 - 2004 Revenue Bonds SMC RESOLUTION NO. 03-39
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 SAN MATEO 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
San Mateo 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 San Mateo County,
which was held by the Board of Directors on Tuesday, the 2 1 st day of October, 2003, at the hour
of 7:30 o'clock P.M., at the Town Hall, Town of Portola Valley, 765 Portola Road, Portola
Valley, California 94028, at which public hearing the Board of Directors considered the
acquisition of such real property in San Mateo 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 Mateo County Times, a newspaper of general circulation published in
San Mateo 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 San Mateo 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. 03-39
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,itz, P. Siemenz, M. Davey, J. Cyrc, L. H"zett, D. LittCe
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: APPROVED:
e ary resident
and of Directors Board of Directors
I, 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.
D' Clerk
i