HomeMy Public PortalAbout91-085 (06-04-91)RESOLUTION NO. 91 -85
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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
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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