CITY COUNCIL
Darrell Steinberg, Mayor
Angelique Ashby, Vice Mayor, District 1
Sean Loloee, District 2
Jeff Harris, District 3
Katie Valenzuela, District 4
Jay Schenirer, District 5
Eric Guerra, Mayor Pro Tem, District 6
Rick Jennings, II, District 7
Mai Vang, District 8
CHARTER OFFICERS
Mindy Cuppy, City Clerk
Susana Alcala Wood, City Attorney
Jorge Oseguera, City Auditor
Howard Chan, City Manager
John Colville, City Treasurer
City Council
Financing Authority
Housing Authority
Public Financing Authority
Redevelopment Agency
Successor Agency
915 I Street, 1st Floor, Sacramento
Published by the Office of the City Clerk
(916) 808-5163
SUPPLEMENTAL MATERIAL
Description: Attached is revised language received after publishing the agenda outlining revisions to the staff report and resolution (attachment 2) of Public Hearing Item 16. The attached copies of the staff report and resolution (changes shown in tracked changes), replace the original staff report and resolution (attachment 2) in their entirety.
For the Meeting of: Tuesday, September 20, 2022, at 5:00 p.m.
Agenda Item: Public Hearing Item 16
16. Conduct a Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) Hearing and Adopt a Resolution Approving the Issuance of Bonds by California Municipal Finance Authority (“CMFA”) for the Purpose of Financing Improvements to Solid Waste Disposal Facilities (Noticed 09/12/2022)
File ID: 2022-01545
Location: District 6
Recommendation: Conduct a public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended (the “Code”) regarding the proposed issuance of bonds by the CMFA, a joint powers authority and public entity organized under the laws of the State of California for the benefit of USA Waste of California, Inc., a corporation duly organized and existing under the laws of the State of Delaware, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the “Borrower”), and upon conclusion, adopt a Resolution authorizing the issuance of bonds by CMFA for the benefit of the Borrower for the purpose of financing improvements to solid waste disposal facilities.
Contact: Claudia Lara, Debt Analyst, (916) 808-2267, [email protected]; Brian Wong, Debt Manager, (916) 808-5811, [email protected], Office of the City Treasurer; John Febbo, Integrated Waste General Manager, (916) 808-4949, [email protected], Department of Public Works City of Sacramento Page 1 of 3
Public Hearing Item 16 Staff Report – Clean Version
City of Sacramento
City Council Report
915 I Street, 1st Floor
Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
Conduct a Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) Hearing and Adopt a Resolution Approving the Issuance of Bonds by California Municipal Finance Authority (“CMFA”) for the Purpose of Financing Improvements to Solid Waste Disposal Facilities (Noticed 09/12/2022)
File ID: 2022-01545
Location: District 6
Recommendation: Conduct a public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended (the “Code”) regarding the proposed issuance of bonds by the CMFA, a joint powers authority and public entity organized under the laws of the State of California for the benefit of USA Waste of California, Inc., a corporation duly organized and existing under the laws of the State of Delaware, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the “Borrower”), and upon conclusion, adopt a Resolution authorizing the issuance of bonds by CMFA for the benefit of the Borrower for the purpose of financing improvements to solid waste disposal facilities.
Contact: Claudia Lara, Debt Analyst, (916) 808-2267, [email protected]; Brian Wong, Debt Manager, (916) 808-5811, [email protected], Office of the City Treasurer; John Febbo, Integrated Waste General Manager, (916) 808-4949, [email protected], Department of Public Works
Presenter: Claudia Lara, Debt Analyst, (916) 808-2267, [email protected], Office of the City Treasurer
Attachments:
1- Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: The Borrower has requested that the Authority issue tax-exempt facility revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $355 million (the “Bonds”) for a multijurisdictional issuance. A portion of the principal amount of the Bonds, in an amount not to exceed $35 million, will be used to finance some or all of the following projects (the City of Sacramento Page 2 of 3
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
“Project”) located within the City of Sacramento at the Sacramento Recycling and Transfer Station (“SRTS”), 8491 Fruitridge Road, Sacramento, California, 95826:
• improvements to existing collection (hauling) and transfer station facilities, including but not limited to:
− acquisition of solid waste disposal and recycling trucks and support vehicles, − acquisition of solid waste disposal and recycling containers and related equipment, − acquisition of solid waste sorting and processing and recycling equipment, − site and/or land improvements,
− the construction of one or more buildings for supporting operations of the Project and − acquisition of other equipment and assets necessary to support the foregoing improvements and place them into service
The remainder of the Bonds will be used to finance solid waste disposal facilities and improvements located in the jurisdictions of other public agencies in California.
For the Bonds to qualify as tax-exempt bonds, the City of Sacramento, as well as all of the public agencies that are going to have facilities funded by the Bonds, must conduct a public hearing (the “TEFRA Hearing”). The City’s hearing must provide members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project. Prior to such TEFRA Hearing, reasonable notice must be provided to the members of the community. TEFRA Hearing notice was provided on September 12, 2022.
Policy Considerations: Under § 147(f) of the Tax Code, the City Council must conduct a public hearing because a portion of the Bonds are for the Project located within the City. The City must also adopt a resolution approving the issuance of the bonds by the Authority for the benefit of the Borrower to satisfy the requirements of the Tax Code.
Economic Impacts: Not applicable.
Environmental Considerations:
California Environmental Quality Act (CEQA): The authorization to issue the Bonds, is a governmental fiscal activity that does not involve the approval of any physical development or activity that would have the potential for causing a significant effect on the environment.
Approval is not a project requiring review under the CEQA. CEQA Guidelines sections 15378 (b)(4) and 15060(c)(3).
Sustainability: Not applicable.
City of Sacramento Page 3 of 3
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
Commission/Committee Action: Not applicable.
Rationale for Recommendation: The City is already a member of the Authority; however, under §147(f) of the Tax Code, the Authority may not issue the Bonds unless the City approves the issuance after holding a public hearing for which reasonable public notice is given. The Authority has requested that City Council hold the required public hearing regarding the issuance of Bonds and approve the issuance of Bonds by the Authority for the Borrower.
Financial Considerations: The Bonds to be issued by the Authority for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability or responsibility for the Project or the repayment of the Bonds for the financing of the Project. All financing documents with respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of California but are to be paid for solely from funds provided by the Borrower.
Local Business Enterprise (LBE): Not applicable.
Background:
Waste Management’s Sacramento Recycling & Transfer Station
The SRTS is one of many facilities owned and operated by the Borrower of which proceeds of the issuance of the Bonds will benefit from. SRTS is designed to handle the recycling and disposal needs for the residents of Sacramento and the surrounding region.
California Municipal Finance Authority
The Authority was created on January 1, 2004, pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 300 municipalities, including the City of Sacramento, have become members of the Authority.
The Authority was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. The Authority’s representatives and its Board of Directors have considerable experience in bond financings.
Attachment 2: Resolution – Clean Version
RESOLUTION NO. 2022-xxxx
Adopted by the Sacramento City Council
September 20, 2022
Resolution Approving a Plan of Finance for the California Municipal Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project) in an Aggregate Principal Amount Not to Exceed $35,000,000 of a $355,000,000 Bond Issuance for the Purpose of Financing Improvements to Solid Waste Disposal Facilities Located Within the City and Certain Other Matters Relating Thereto
BACKGROUND
A. USA Waste of California, Inc., a corporation duly organized and existing under the laws of the State of Delaware, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the “Borrower”), have requested that the California Municipal Finance Authority (the “Authority”) issue tax-exempt solid waste disposal facility revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $355,000,000 (the “Bonds”) as part of a plan of finance to finance certain qualified solid waste disposal facility projects pursuant to section 142(a)(6) of the Internal Revenue Code of 1986 (the “Code”).
B. A portion of the principal amount of the Bonds, in an amount not to exceed $35,000,000, will be used to finance the following projects (collectively, the “Project”) located within the City of Sacramento (the “City”) at the Sacramento Recycling and Transfer Station, 8491 Fruitridge Road, Sacramento, California, 95826: improvements to existing collection (hauling)and transfer station facilities, including but not limited to (i) acquisition of solid waste disposal and recycling trucks and support vehicles, (ii) acquisition of solid waste disposal and recycling containers and related equipment, (iii) acquisition of solid waste sorting and processing and recycling equipment, (iv) site and/or land improvements, (v) the construction of one or more buildings for supporting operations of the Project and (vi) acquisition of other equipment and assets necessary to support the foregoing improvements and place them into service.
C. The Project will be initially owned and/or operated by the Borrower.
D. The remaining principal amount of the Bonds (the “Remaining Amount”) is intended 2 to be used to finance similar projects of the Borrower located in other cities and counties (the “Remaining Projects”), and the issuance of such Remaining Amount of Bonds to finance such Remaining Projects is subject to the approval of the elected representatives in the applicable cities or counties (the “Other Elected Representatives”).
E. Pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by an applicable elected representative of a governmental unit within the territorial limits of which the Project is situated.
F. The Project is situated wholly within the territorial limits of the City.
G. The City Council of the City (the “Council”) is the elected legislative body of the City and is an “applicable elected representative” of the City.
H. The Authority has requested that the Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City.
I. The Authority has advised that the Bonds may be issued pursuant to a “plan of finance” and that, for purposes of this resolution, the plan of finance consists of a general plan of the Authority and the Borrower to monitor capital markets and the capital needs of the Borrower within the City and, if market conditions warrant, issue one or more additional series of Bonds in an aggregate principal amount not to exceed $35,000,000 to finance the Project located within the City and within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution.
3 J. Pursuant to Section 147(f) of the Code and Section 6586.5 of the Government Code of the State of California, the City has, following notice duly given, held a public hearing regarding the Project and the plan of finance for the issuance of the Bonds, and the Council now desires to approve the Project and the plan of finance for the issuance of the Bonds by the Authority.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:
Section 1. The statements in paragraphs A through J of the Background are true.
Section 2. The Council hereby approves the plan of finance for the issuance of $35,000,000 of Bonds by the Authority for the Project located within the City.
This approval (a) is given for the sole purpose of complying with Section 147(f) of the Code and Section 4 of the Agreement; (b) is conditioned on the City Council’s understanding that the City is not obligated to pay any principal, interest, fees, or other costs associated with the Authority’s issuance of Bonds; and (c) is neither an approval of the underlying credit issues of the proposed Project nor an approval of the financial structure of the Bonds.
Section 3. The City finds that the actions authorized hereby regarding the financing of the Project will result in more efficient delivery of City services to residential and commercial development to produce significant public benefits.
Section 4. The issuance of the Bonds will be subject to the approval of the Authority of all related financing documents to which the Authority is a party. The City will have no responsibility or liability whatsoever with respect to the Bonds or the Project, and the City Council’s approval of the Authority’s issuance and sale of the Bonds is neither an approval of the underlying credit issues of the Project nor an approval of the financial structure of the Bonds.
Section 5. This resolution does not obligate the City or any City department or any City fund (a) to provide any financing for the Project or any refinancing of the Project; (b) to approve any application or request for, or take any other action in connection with, any planning approval, permit, or other action necessary for the Project; (c) to make any contribution or advance any funds to the Authority; or (d) to take any further action with respect to the Bonds, the Authority, or the City’s membership in the Authority.
Section 6. The officers of the City are hereby authorized and directed, jointly and 4 severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
Section 7. This resolution shall take effect immediately upon its passage.
Public Hearing Item 16 Staff Report – Redlined Version
City of Sacramento
City Council Report
915 I Street, 1st Floor
Sacramento, CA 95814
www.cityofsacramento.org
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
Conduct a Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) Hearing and Adopt a Resolution Approving the Issuance of Bonds by California Municipal Finance Authority (“CMFA”) for the Purpose of Financing Improvements to Solid Waste Disposal Facilities (Noticed 09/12/2022)
File ID: 2022-01545
Location: District 6
Recommendation: Conduct a public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended (the “Code”) regarding the proposed issuance of bonds by the CMFA, a joint powers authority and public entity organized under the laws of the State of California for the benefit of USA Waste of California, Inc., a corporation duly organized and existing under the laws of the State of Delaware, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the “Borrower”), and upon conclusion, adopt a Resolution authorizing the issuance of bonds by CMFA for the benefit of the Borrower for the purpose of financing improvements to solid waste disposal facilities.
Contact: Claudia Lara, Debt Analyst, (916) 808-2267, [email protected]; Brian Wong, Debt Manager, (916) 808-5811, [email protected], Office of the City Treasurer; John Febbo, Integrated Waste General Manager, (916) 808-4949, [email protected], Department of Public Works
Presenter: Claudia Lara, Debt Analyst, (916) 808-2267, [email protected], Office of the City Treasurer
Attachments:
1- Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: The Borrower has requested that the Authority issue tax-exempt facility revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $355 million (the “Bonds”) for a multijurisdictional issuance. A portion of the principal amount of the Bonds, in an amount not to exceed $35 million, will be used to finance some or all of the following projects (the City of Sacramento Page 2 of 4
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
“Project”) located within the City of Sacramento at the Sacramento Recycling and Transfer Station (“SRTS”), 8491 Fruitridge Road, Sacramento, California, 95826:
• i mprovements to existing landfill facilities; including but not limited to:
− construction of new disposal cells and liners within currently permitted acreage − additions and improvements to the leachate collection and treatment system, including leachate trenching,
− additions and improvements to the methane gas systems, including collection, processing and treatment systems for the capture, conversion and/or distribution of landfill gas,
− installation of new liners for intermittent and final closure of completed sections of the landfill facilities,
− site and/or land improvements, and construction of building facilities, − acquisition of equipment to be used at the landfill facilities, and • improvements to existing collection (hauling) and transfer station facilities, including but not limited to:
− acquisition of solid waste disposal and recycling trucks and support vehicles, − acquisition of solid waste disposal and recycling containers and related equipment, − acquisition of solid waste sorting and processing and recycling equipment, − site and/or land improvements,
− the construction of one or more buildings for supporting operations of the Project and − acquisition of other equipment and assets necessary to support the foregoing improvements and place them into service
The remainder of the Bonds will be used to finance solid waste disposal facilities and improvem ents located in the jurisdictions of other public agencies in California.
For the Bonds to qualify as tax-exempt bonds, the City of Sacramento, as well as all of the public agencies that are going to have facilities funded by the Bonds, must conduct a public hearing (the “TEFRA Hearing”). The City’s hearing must provide members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project. Prior to such TEFRA Hearing, reasonable notice must be provided to the members of the community. TEFRA Hearing notice was provided on September 12, 2022.
Policy Considerations: Under § 147(f) of the Tax Code, the City Council must conduct a public hearing because a portion of the Bonds are for the Project located within the City. The City must also adopt a resolution approving the issuance of the bonds by the Authority for the benefit of the Borrower to satisfy the requirements of the Tax Code.
Economic Impacts: Not applicable.
City of Sacramento Page 3 of 4
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
Environmental Considerations:
California Environmental Quality Act (CEQA): The authorization to issue the Bonds, is a governmental fiscal activity that does not involve the approval of any physical development or activity that would have the potential for causing a significant effect on the environment.
Approval is not a project requiring review under the CEQA. CEQA Guidelines sections 15378 (b)(4) and 15060(c)(3).
Sustainability: Not applicable.
Commission/Committee Action: Not applicable.
Rationale for Recommendation: The City is already a member of the Authority; however, under §147(f) of the Tax Code, the Authority may not issue the Bonds unless the City approves the issuance after holding a public hearing for which reasonable public notice is given. The Authority has requested that City Council hold the required public hearing regarding the issuance of Bonds and approve the issuance of Bonds by the Authority for the Borrower.
Financial Considerations: The Bonds to be issued by the Authority for the Project will be the sole responsibility of the Borrower, and the City will have no financial, legal, moral obligation, liability or responsibility for the Project or the repayment of the Bonds for the financing of the Project. All financing documents with respect to the issuance of the Bonds will contain clear disclaimers that the Bonds are not obligations of the City or the State of California but are to be paid for solely from funds provided by the Borrower.
Local Business Enterprise (LBE): Not applicable.
Background:
Waste Management’s Sacramento Recycling & Transfer Station
The SRTS is one of many facilities owned and operated by the Borrower of which proceeds of the issuance of the Bonds will benefit from. SRTS is designed to handle the recycling and disposal needs for the residents of Sacramento and the surrounding region.
California Municipal Finance Authority
The Authority was created on January 1, 2004, pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 300 municipalities, including the City of Sacramento, have become members of the Authority.
City of Sacramento Page 4 of 4
File ID: 2022-01545 9/20/2022 Public Hearing Item 16.
The Authority was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California.
The Authority’s representatives and its Board of Directors have considerable experience in bond financings.
Attachment 2: Resolution – Redlined Version
RESOLUTION NO. 2022-xxxx
Adopted by the Sacramento City Council
September 20, 2022
Resolution Approving a Plan of Finance for the California Municipal Finance Authority Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project) in an Aggregate Principal Amount Not to Exceed $35,000,000 of a $355,000,000 Bond Issuance for the Purpose of Financing Improvements to Solid Waste Disposal Facilities Located Within the City and Certain Other Matters Relating Thereto
BACKGROUND
A. USA Waste of California, Inc., a corporation duly organized and existing under the laws of the State of Delaware, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the “Borrower”), have requested that the California Municipal Finance Authority (the “Authority”) issue tax-exempt solid waste disposal facility revenue bonds in one or more series from time to time in an aggregate principal amount not to exceed $355,000,000 (the “Bonds”) as part of a plan of finance to finance certain qualified solid waste disposal facility projects pursuant to section 142(a)(6) of the Internal Revenue Code of 1986 (the “Code”).
B. A portion of the principal amount of the Bonds, in an amount not to exceed $35,000,000, will be used to finance the following projects (collectively, the “Project”) located within the City of Sacramento (the “City”) at the Sacramento Recycling and Transfer Station, 8491 Fruitridge Road, Sacramento, California, 95826: (a) improvements to existing landfill facilities, including but not limited to (i) construction of new disposal cells and liners within currently permitted acreage, (ii) additions and improvements to the leachate collection and treatment system, including leachate trenching, (iii) additions and improvements to the methane gas systems, including collection, processing and treatment systems for the capture, conversion and/or distribution of landfill gas, (iv) installation of new liners for intermittent and final closure of completed sections of the landfill facilities, (v) site and/or land improvements, and construction of building facilities, (vi) acquisition of equipment to be used at the landfill facilities, and (vii) acquisition of equipment, land and other assets necessary to support the foregoing additions and improvements and to place them into service; and (b) improvements to existing collection (hauling) 2 and transfer station facilities, including but not limited to (i) acquisition of solid waste disposal and recycling trucks and support vehicles, (ii) acquisition of solid waste disposal and recycling containers and related equipment, (iii) acquisition of solid waste sorting and processing and recycling equipment, (iv) site and/or land improvements, (v) the construction of one or more buildings for supporting operations of the Project and (vi) acquisition of other equipment and assets necessary to support the foregoing improvements and place them into service.
C. The Project will be initially owned and/or operated by the Borrower.
D. The remaining principal amount of the Bonds (the “Remaining Amount”) is intended to be used to finance similar projects of the Borrower located in other cities and counties (the “Remaining Projects”), and the issuance of such Remaining Amount of Bonds to finance such Remaining Projects is subject to the approval of the elected representatives in the applicable cities or counties (the “Other Elected Representatives”).
E. Pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority must be approved by an applicable elected representative of a governmental unit within the territorial limits of which the Project is situated.
F. The Project is situated wholly within the territorial limits of the City.
G. The City Council of the City (the “Council”) is the elected legislative body of the City and is an “applicable elected representative” of the City.
H. The Authority has requested that the Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the “Agreement”), among certain local agencies, including the City.
I. The Authority has advised that the Bonds may be issued pursuant to a “plan of finance” and that, for purposes of this resolution, the plan of finance consists of a general plan of the Authority and the Borrower to monitor capital markets and the capital needs of the Borrower within the City and, if market conditions warrant, issue one or more additional series of Bonds in an aggregate principal amount not to exceed $35,000,000 to finance the Project located within the City and within the three-year period commencing on the date of the issuance of the first series of Bonds pursuant to this resolution.
3 J. Pursuant to Section 147(f) of the Code and Section 6586.5 of the Government Code of the State of California, the City has, following notice duly given, held a public hearing regarding the Project and the plan of finance for the issuance of the Bonds, and the Council now desires to approve the Project and the plan of finance for the issuance of the Bonds by the Authority.
BASED ON THE FACTS SET FORTH IN THE BACKGROUND, THE CITY COUNCIL RESOLVES AS FOLLOWS:
Section 1. The statements in paragraphs A through J of the Background are true.
Section 2. The Council hereby approves the plan of finance for the issuance of $35,000,000 of Bonds by the Authority for the Project located within the City.
This approval (a) is given for the sole purpose of complying with Section 147(f) of the Code and Section 4 of the Agreement; (b) is conditioned on the City Council’s understanding that the City is not obligated to pay any principal, interest, fees, or other costs associated with the Authority’s issuance of Bonds; and (c) is neither an approval of the underlying credit issues of the proposed Project nor an approval of the financial structure of the Bonds.
Section 3. The City finds that the actions authorized hereby regarding the financing of the Project will result in more efficient delivery of City services to residential and commercial development to produce significant public benefits.
Section 4. The issuance of the Bonds will be subject to the approval of the Authority of all related financing documents to which the Authority is a party. The City will have no responsibility or liability whatsoever with respect to the Bonds or the Project, and the City Council’s approval of the Authority’s issuance and sale of the Bonds is neither an approval of the underlying credit issues of the Project nor an approval of the financial structure of the Bonds.
Section 5. This resolution does not obligate the City or any City department or any City fund (a) to provide any financing for the Project or any refinancing of the Project; (b) to approve any application or request for, or take any other action in connection with, any planning approval, permit, or other action necessary for the Project; (c) to make any contribution or advance any funds to the Authority; or (d) to take any further action with respect to the Bonds, the Authority, or the City’s membership in the Authority.
Section 6. The officers of the City are hereby authorized and directed, jointly and 4 severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
Section 7. This resolution shall take effect immediately upon its passage.