Loading...
HomeMy Public PortalAbout2019.160 (12-17-19) RESOLUTION NO. 2019.160 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD RESTATING THE ENTERPRISE LEASE AGREEMENT ESTABLISHING THE "TOTAL RENTAL" OF THE WATER AND WASTEWATER SYSTEMS SUBJECT TO THE ENTERPRISE LEASE AGREEMENT WHEREAS, on August 19, 2003, the City approved to enter into an Enterprise Lease Agreement with the Lynwood Utility Authority(LUA)for the lease of the City's Water and Sewer System (Enterprise) and approved an Enterprise Management Agreement; and WHEREAS, the LUA is authorized to lease the water and sewer systems (Enterprise) and to operate the Enterprise; and WHEREAS, under the Enterprise Lease Agreement, the LUA agreed to pay the City Lease Payments; and WHEREAS, on March 5, 2019, the City Council awarded a contract to Raftelis to prepare a valuation of the City's Water and Wastewater Systems; and WHEREAS, Raftelis has prepared a Water and Wastewater Valuation Report and established'a conservative value of the water and wastewater systems at $84,791,000; and ', WHEREAS, there'; is a',:rieed, ,to restate the Enterprise Lease Agreement establishing the "Total Rental" defined under the Enterprise Lease Agreement that is aligned with a professional valuation. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES HEREBY FIND, PROCLAIM, ORDER, AND RESOLVE AS FOLLOWS: Section 1. That the City Council restates the Enterprise Lease Agreement establishing the "Total Rental" under the Enterprise Lease Agreement as follows: "Total Rental"shall mean the total rental having an aggregate present value, when computed as of the Closing Date, of$84,781,000 or an amount to be agreed upon by the parties hereto subsequent to the Closing Date. Section 2. This resolution shall take effect immediately upon its adoption. Section 3. The City Clerk shall certify as to the adoption of this City Council Resolution. [Signatures on the following page] 1 PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Lynwood, California, this 17th day of December 2019. 001,4 Aide Castro, Mayor ATTEST: { r- Maria Quinonez, Jose 0 eteotl, City Clerk ' City Manager APPROVED\AS TO FORM: APPROVED AS TO CONTENT: Noel Tapia, U Rau Godinez, City Attorney Interim Director o Public Works 2 STATE OF CALIFORNIA ) ) § COUNTY OF LOS ANGELES ) I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the above and foregoing resolution was duly adopted by the City Council of said City at its regular meeting thereof held in the City Hall of the City on the 17th day of December, 2019 and passed by the following vote: AYES: COUNCIL MEMBERS ALATORRE, SANTANA, SOLACHE, MAYOR PRO TEM CASANOVA, AND MAYOR CASTRO NOES: NONE ABSTAIN: NONE ABSENT: NONE rv � Maria Quinonez, City Clerk STATE OF CALIFORNIA ) ) § 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. 2019.160 on file in my office and that said resolution was adopted on the date and by the vote therein stated. Dated this 17th day of December, 2019. aria Quinonez, City Clerk 1110111 .3