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