HomeMy Public PortalAbout2016.179 (08-02-16)RESOLUTION NO. 2016.179
RESOLUTION NO. 2016.005
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AND
THE LYNWOOD UTILITY AUTHORITY APPROVING A CONTRACT WITH RAMIREZ
& CO. AS UNDERWRITER FOR THE PROPOSED LYNWOOD UTILITY AUTHORITY
ENTERPRISE REFUNDING REVENUE BONDS, SERIES 2016A PUBLIC SALE AND
FOR THE MAYOR/PRESIDENT TO EXECUTE THE AFOREMENTIONED
CONTRACT IN A FORM APPROVED BY THE CITY ATTORNEY /AUTHORITY
COUNSEL
WHEREAS, the 2008 Series A and 2009 Series A Lynwood Utility Authority
bonds are eligible for refunding; and
WHEREAS, given current market conditions, the City and Authority can expect to
save approximately $120,000 per year from,the proposed refunding; and
WHEREAS, staff recommends refunding of the 2008 Series A and 2009 Series A
Lynwood Utility Authority bonds; and
WHEREAS, staff recommends the selection of Ramirez & Co.as underwriter for
the proposed refunding of the 2008 Series A and 2009 Series A Lynwood Utility
Authority bonds and
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF LYNWOOD AND
THE LYNWOOD UTILITY AUTHORITY DOES HEREBY FIND, DETERMINE, ORDER
AND RESOLVE AS FOLLOWS:
Section 1. The City Council and the Lynwood Utility Authority authorizes the
Mayor /President to execute a contract with Ramirez & Co. as underwriter for the
proposed Lynwood Utility Authority Enterprise Refunding Revenue Bonds, Series
2016A public sale.
Section 2. This resolution shall become effective immediately upon its
adoption.
Section 3. The City Clerk shall certify as to the adoption of this City Council
and Lynwood Utility Authority Resolution.
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PASSED, APPROVED and ADOPTED this 2 "d day of August 2016.
ATTEST:
APPROVED AS TO FORM:
David A. Garcia,
City Attorney /Authority Counsel
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Edwin Hernandez, or/President
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STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood /Secretary to the
Lynwood Utility Authority, do hereby certify that the foregoing Resolution was passed
and adopted by the City Council of the City of Lynwood and the Lynwood Utility
Authority at a regular meeting held on the 2nd day of August, 2016, and passed by the
following vote:
AYES: COUNCIL MEMBERS ALATORRE, SANTILLAN -BEAS, SOLACHE,
CASTRO AND HERNANDEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Maria Quinonez, Chy Clerk
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood /Secretary to the
Lynwood Utility Authority, do hereby certify that the above foregoing is a full, true and
correct copy of Resolution No. 2016.179 and Resolution No. 2016.005 on file in my
office and that said Resolution was adopted on the date and by the vote therein stated.
Dated this 2 t day of August, 2016.
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