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HomeMy Public PortalAbout91-085 (06-04-91)RESOLUTION NO. 91 -85 r RESOLUTION AUTHORIZING THE CITY OF LYNWOOD TO ENTER INTO A FIRST AMENDMENT TO LEASE AGREEMENT WITH INDEPENDENT CITIES LEASE FINANCE AUTHORITY IN CONNECTION WITH CERTIFICATES OF PARTICIPA- TION IN LEASE PAYMENTS MADE BY THE CITIES OF BER140SA BEACH, LYNWOOD AND VERNON, AND AUTHORIZING THE EXECUTION OF OTHER INSTRUMENTS AND THE TARING OF OTHER ACTIONS RELATED TO SUCH AMENDMENT WHEREAS, Independent Cities Lease Finance Authority (the "Authority ") is a joint powers agency created and operating under the California Government Code Sections 6500 et seq, and as such, is authorized under the Marks -Roos Local Bond Pooling Act of 1985 commencing with Section 6584 of the California Government Code, as amended (the "Act "), to issue its bonds and other obligations to finance public capital improvements for local agencies (as such terms are defined in the Act); and WHEREAS, the Authority is authorized by the Act to enter into lease agreements pursuant to which local agencies lease public capital improvements from the Authority, and the Authority is authorized by the Act to charge and collect rents under such lease agreements; and WHEREAS, the City of Lynwood, California, a municipal corporation duly organized and existing under the laws of the State of California (the "City "), is a "local agency" (within the meaning of Section 6585(f) of the Act), and the City has entered into a Lease Agreement (the "Lease Agreement ") dated as of September 1, 1989, with the Authority, as lessor, in order to finance certain projects being leased to the City by the Author- ity, as more particularly described in the Lease Agreement (the "Project "), and the Project constitutes "public capital improve- ments" (within the meaning of Section 6585(g) of the Act); and WHEREAS, it has been determined that the Project will be completed after the Acquisition Date (as defined in the Lease Agreement) and that "significant public benefits" (within the meaning of Section 6586 of the Act) will accrue to the City if the definition of the facilities constituting the Project is modified through' the amendment of the Lease Agreement; and i WHEREAS; there have been reviewed by the City of the City (the "Council ") with the aid of its staff and before this meeting the following documents to be entered connection with the amendment of the Lease Agreement: Council are now into in (1) First Amendment to Lease Agreement (the "Lease Amendment "); (2) First Amendment to the Site and Facility Lease, Conveyance and Right of Entry Agreement (the "Amended Site Lease "). ) NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lynwood, as follows: Section 1. The City is hereby authorized to enter into the Lease Amendment in substantially the form presented to this meeting, under which the Acquisition Date under the Lease Agree- ment will be extended and the description of the Project will be amended, upon the terms and conditions as set forth in said form of Lease Amendment, submitted to and reviewed by the Council on the date hereof, with such changes from the form of Lease Amend- ment presented to this meeting as shall be approved by the Authorized Representative executing the Lease Amendment on behalf of the City, such Authorized Representative's signature thereon being conclusive evidence of such approval. Section 2. The City is hereby authorized to execute and deliver the Amended Site Lease in substantially the form submit- ' ted to and reviewed by the Council on the date hereof, with such changes from the form of Amended Site Lease presented to this meeting as shall be approved by the Authorized Representative executing the Amended Site Lease on behalf of the City, such Authorized Representative's signature thereon being conclusive evidence of such approval. Section 3. The Council hereby finds and determines in accordance with Section 6586 of the Act that the amendment of the Acquisition Date and the description of the Project through the Lease Amendment as authorized by this Resolution will result in significant public benefits for the City. The Council further finds and determines. oursuant to Section 701 of the Trust Acres - ment dated as or beptember 1, 1989 (the "Trust Agreement^), among the Authority, the City, the Cities of Hermosa Beach and Vernon, California and Seattle -First National Hank, as trustee, that the amendments authorized by this Resolution are necessary and desir- able and are not inconsistent with the Trust Agreement or the Lease Agreement. Section 4. The Mayor of the City (the "Authorized Representati a ") — is hereby authorized and directed to execute and deliver the Lease Amendment and the Amended Site Lease for and on behalf of, and as the act and deed of, the City, and the City Clerk of the City is hereby authorized and directed to attest and ' impress the corporate seal of the City upon each of the foregoing documents on behalf of the City if such attestation is required. Section 5. The City shall, and the officers, employees and agents the City are hereby authorized and directed to, take such action and execute such other agreements, documents, financing statements, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Resolution and to carry out, comply with and perform the duties of the City with respect to the agreements mentioned herein, as executed. All acts and doings of the officers and employees of the City which are in conformity with the purposes and intent of this Resolution and in furtherance of the financing of the Project are hereby in all respects, authorized, ratified, approved and confirmed. Section 6. The provisions of this Resolution are hereby declared to �e siparable, and if any section, phrase or provision shall for any reason be declared invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions hereof. Section 7. All ordinances, resolutions and orders, or parts them, in conflict with the provisions of this Resolution are, to the extent of such conflict, hereby repealed. ' Section 8. The provisions of this Resolution shall constitute a. contract binding between the City and the owners of the Bonds, and this Resolution shall not be repealed or amended in any respect which would adversely affect the rights of such owners so long as any of the Bonds or the interest thereon remains unpaid. SECTION 9. THIS RESOLUTION SHALL BE IN FULL FORCE AND EFFECT IMMEDIATELY UPON ITS PASSAGE. PASSED AND ADOPTED THIS 4TH DAY OF JUNE, 1991, BY THE FOLLOWING VOTE: AYES: COUNCILMEMBERS HEINE, REA, RICHARDS, WELLS, HENNING NOES: NONE 0 ABSENT: NONE ATTEST: CITY CLERK