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CITY COUNCIL OF THE CITY OF PLEASANTON <br />ALAMEDA COUNTY, CALIFORNIA <br />RESOLUTION NO. 91-127 <br />RESOLUTION APPROVING FINANCING PLAN FOR SENIOR <br />CENTER <br />WHEREAS, at its meeting of August 6, 1991, the City Council <br />reviewed the report of the Director of Finance <br />(SR 91:302) regarding proposed financing plans for the <br />new Senior Center on Sunol Boulevard; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES <br />AS FOLLOWS: <br />Section 1: Council approves Option 2, which is an asset transfer <br />arrangement whereby the City of Pleasanton Public <br />Facilities Corporation would sell Certificates of <br />Participation for the purpose of purchasing the Library <br />from the City. The City would then utilize the money <br />received from the sale of the Library to pay for the <br />Senior Center construction. City General Fund revenue <br />would be used to lease back the Library from the Public <br />Facilities Corporation, and the Public Facilities <br />Corporation would utilize the lease revenue to make debt <br />service payments on the Certificates of Participation. <br />After the twenty year lease and debt service term <br />expires, the Library would revert back to the ownership <br />of the City. <br />Section 2: This resolution shall become effective immediately <br />upon its passage and adoption. <br />I HEREBY CERTIFY THAT THE FOREGOING WAS DULY AND <br />REGULARLY ADOPTED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, AT <br />A MEETING HELD ON AUGUST 6, 1991 BY THE FOLLOWING VOTE: <br />AYES: Councilmembers - Mohr, Scribner, and Mayor Mercer <br />NOES: None <br />ABSENT: Councilmembers - Butler and Tarver <br />ABSTAIN: None <br />ATTEST: ~, <br />Pegg~t/~L~Ezidr~J, City Clerk <br />APPROVED AS TO FORM: <br />Cr, <br />Michael H. Roush, City Attorney <br />