Title
Resolution of the City of South San Francisco Public Facilities Financing Authority Authorizing the 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 Authority (Police Station Project) Lease Revenue Bonds, Series 2020A, Approving the Issuance of Such Bonds in an Aggregate Principal Amount of Not to Exceed $65,000,000, Authorizing the Distribution of an Official Statement in Connection with the Offering and Sale of such Bonds and Authorizing the Execution of Necessary Documents and Certificates and Related Actions.
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WHEREAS, the City of South San Francisco (the "City") desires to finance the costs of the acquisition, construction and/or installation of a new City police station and related improvements, facilities and equipment (the "Project"); and
WHEREAS, the City of South San Francisco Public Facilities Financing Authority (the "Authority") and the City have determined that it would be in the best interests of the Authority, the City and residents of the City to authorize the preparation, sale and delivery of the "City of South San Francisco Public Facilities Financing Authority (Police Station Project) Lease Revenue Bonds, Series 2020A" (the "Bonds") for the purpose of financing the Project; and
WHEREAS, in order to facilitate the issuance of the Bonds, the City and the Authority desire to enter into a Ground Lease between the City and the Authority (the "Ground Lease") pursuant to which the City will lease certain real property and improvements thereon (which real property and improvements shall consist of assets generally described as the Miller Parking Garage (excluding the commercial office space therein which has been sold by the City) and Orange Memorial Park) (the "Leased Assets") to the Authority, and a Lease Agreement between the City and the Authority (the "Lease Agreement"), pur...
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