City of South San Francisco to Purchase $65M in Bonds – Council Meeting Wed Feb 12

South San Francisco, Ca   February 9, 2020

Important info as the City of #SSF works to approve purchase of $65,000,000,on this Wed mtg. Those interested should follow this link CLICK HERE to read the staff report as well:

Facilities Financing Authority
Regular Meeting Agenda
NOTICE IS HEREBY GIVEN, pursuant to Section 54957.5 of the Government Code of the State of California, the South San Francisco Public Facilities Financing Authority will hold a Regular Meeting on Wednesday, February 12, 2020, at 7:01 p.m., in the City Council Chambers, Municipal Services Building, 33 Arroyo Drive, South San Francisco, California.
Purpose of the meeting:
Call To Order.
Roll Call.
Agenda Review.
Public Comments.
ADMINISTRATIVE BUSINESS
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)
1.
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.

READ MORE CLICK HERE

File #: 20-99 Name:
Type: Staff Report Status: Public Hearing
File created: 2/5/2020 In control: South San Francisco Public Facilities Financing Authority
On agenda: 2/12/2020 Final action:
Title: 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)
Attachments: 1. A_Form of Ground Lease, 2. B_ Form of Lease Agreement, 3. C_Form of Indenture, 4. D_Form of Assignment Agreement, 5. E_Form of Bond Purchase Agreement, 6. F_Form of Offical Statement
Related files: 20-100

4 comments for “City of South San Francisco to Purchase $65M in Bonds – Council Meeting Wed Feb 12

  1. Your neighbor
    February 11, 2020 at 1:07 am

    The community needs to be aware of this important meeting because government OVERREACH WILL BE ON DISPLAY @ Feb. 12, 2020 meeting @ 7pm. Arrive early @ 6pm. Look for item 5

    The Civic Campus has no funding. IT IS ESTIMATED TO COST UPWARDS OF $210.800 M.
    The sales tax the city collected in 2016, was approved by the voters as a GENERAL TAX in 2015, not A SPECIFIC Tax requiring 2/3 passage, that it did not receive ( only 59%) . . The city, is scrambling to keep THEIR SIGNATURE Project funded, voted themselves the authority as board of directors, AND formed THE city of SSF Public Facilities
    FInancing AUTHORITY. Council gave themselves the right to issue lease revenue bonds series 2020A to fund the Civic Campus. They chose this path over asking the voters and putting it on a ballot for the 2/3 required, BECAUSE THEY FEARED it would /will not PASS.(rightly so)

    The authority they have is the ability to lease Orange Park for 73M. & the parking garage on Miller, worth 13M. These 2 parcels ARE to pay off the bonds.
    The public has no idea how much it is going to cost for how long. Public records give no numbers dates, or signatures.
    The public is kept in the dark.

    THE City cannot use the sales tax rev enue for the Civic Campus and have PLEDGED NOT TO Even as it goes in the General Fund.

    Question is : they have used 14M OF the collected tax. Are they going to pay it back?

    The City must be held accountable.

    Come to the meeting show up ask questions, it’s your city, money, your right to demand transparency.

    • mel perry
      February 18, 2020 at 6:19 pm

      what scam are the crooks in city hall
      trying to float this time, hock the city’s
      (public’s) property for yet another scheme? remember this at the next
      election, time to drain the swamp

  2. Editor
    February 13, 2020 at 7:52 pm

    Editor Note: Ligaya Jareta Oliveros shared this important comment on our Facebook page, and it is worthy of re-posting here:
    ‘Orange Memorial Park and the Miller Avenue Parking garage are being pledged. These 2 properties can be foreclosed if the City defaults on the bonds. Annual $3 million debt service payments on the bonds will come from the lease payments. It would be helpful if the report and the documents reflect what the estimated lease payments will be and if the payments can support the bond debt service.’

  3. mel perry
    February 16, 2020 at 11:21 am

    another backdoor deal by the crooks in
    city hall

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