HomeMy Public PortalAbout89-062 (04-04-89)RESOLUTION NO. 89- 62
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
PROVIDING THAT ANY PAYMENT MADE BY THE CITY IN CONNECTION
WITH THE ACQUISITION AND IMPROVEMENT OF A CORPORATE YARD IS
TO BE MADE IN ANTICIPATION OF REIMBURSEMENT FROM A PORTION
OF THE PROCEEDS OF CERTAIN CERTIFICATES OF PARTICIPATION IN
LEASE PAYMENTS TO BE MADE BY THE CITY AND OTHERS TO THE
ICLFA DESIGNATED POOL (THE CORPORATION) AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
BE IT RESOLVED by the City Council of the City of Lynwood,
California (the "City "):
WHEREAS, the City, working together with the ICLFA, is
proposing to proceed with a joint lease financing; and
WHEREAS, in connection therewith, the City proposes to
finance the acquisition and improvement of a corporate yard
- (the "Project ") and the other Participants propose to
finance separate projects; and
' WHEREAS, each Participant will enter into separate
lease agreements pursuant to which it will make semi - annual
lease payments to the Corporation for its project; and
WHEREAS, in order to provide sufficient funds for the
acquisition, construction and improvement of each project,
the Corporation will assign its right to receive such lease
payments to a trustee bank which bank will execute and
deliver certificates of participation in such payments (the
"Certificates ") and will sell the Certificates, on behalf of
the Participants, to an underwriter, for ultimate resale to
individual investors; and
WHEREAS, it is in the best interest of the City to set
forth its expectation of reimbursement from the proceeds of
the Certificates for amounts expended with respect to the
Project prior to the availability of such proceeds;
NOW, THEREFORE BE IT RESOLVED, that City Council of the
City of Lynwood hereby resolve as follows:
Section 1. Any payment made by the City from its
general fund or otherwise in connection with the Project
prior to the execution, delivery and sale of the
Certificates is intended to be made strictly in anticipation
of reimbursement therefor from the proceeds of the
Certificates.
Section 2. The Mayor, City Manager or Finance Director
is hereby authorized and directed to do any and all things
and take any and all actions which may be necessary or
advisable in accordance with this Resolution.
1
Section 3. This resolution shall go into effect
immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 4th day of
Ap 1989.
EVEL WE S, Mayor
City of Lynwood
ATTEST:
ANDREA L. HOOPER, City Clerk
' APPROVED
Lynwood
5:resyard
APPROVED AS TO CONTENT:
DONALD J. FRASER
Assistant City Manager
City of Lynwood
PA
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
ss.
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the foregoing resolution was passed and
adopted by the City Council of the City of Lynwood at a regular
meeting held on the 4th day of April. ,1989.
AYES: COUNCILMEMBERS HEINE, HENNING, MORRIS, WELLS
NOES: NONE
ABSENT: NONE
ABSTAIN: COUNCILMEMBER RICHARDS 1
U'
City Clerk, City of Lynwood
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, and
Clerk of the City Council of said City, do hereby certify that the
above and foregoing is a full, true and correct copy of Resolution
No. 89 -6C an file in my office and that said resolution was adopted
on the date and by the vote therein stated.
Dated this 7th day of April 1989.
,§
City Clerk
0
J
!n