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Report regarding approval of the City of South San Francisco Public Financing Authority (Police Station Project) Lease Revenue Bonds, Series 2020A. (Janet Salisbury, Director of Finance)
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RECOMMENDATION
Recommendation
Staff recommends that the board of directors of the City of South San Francisco Public Facilities Financing Authority consider adopting the following resolution:
Resolution approving execution and delivery of a Ground Lease, Lease Agreement, Indenture, Assignment Agreement and Bond Purchase Agreement in connection with the issuance of the City of South San Francisco Public Facilities Financing Authority Lease Revenue Bonds and authorizing the distribution of an Official Statement in connection therewith.
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BACKGROUND/DISCUSSION
General. This item relates to the issuance of lease revenue bonds by the City of South San Francisco Public Facilities Financing Authority (the "Authority") to finance certain costs of the first phase of the City of South San Francisco's (the "City") new main civic center campus project. In December 2019, the City and the Parking Authority of the City of South San Francisco approved a joint powers agreement, which created the Authority. The Authority is now duly formed and authorized to assist the City in the financing by issuing lease revenue bonds.
The Lease Revenue Bonds, Series 2020A (the "2020A Bonds") are being issued to finance certain costs of the first phase of the civic center campus project, consisting of a new police station facility.
Legal Structure. The Authority is the issuer of the proposed 2020A Bonds. In connection with the issuance of the 2020A Bonds, the City will enter into a Ground Lease with the Authority, pursuant to which the City will lease certain City-owned property (currently consisting of the Miller Parking Garage (excluding the commercial office space on the ground floor) and the Orange Memorial Park) (together, the "Leased Prop...
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