HomeMy Public PortalAbout2020.028 - (03-03-20) RESOLUTION NO. 2020.028
A RESOLUTION OF THE CITY COUNCIL OF LYNWOOD APPROVING
AN INDENTURE OF TRUST RELATING TO THE LYNWOOD UTILITY
AUTHORITY ENTERPRISE REVENUE BONDS, 2020 SERIES A, AND
AUTHORIZING AND DIRECTING THE EXECUTION THEREOF AND
AUTHORIZING ACTIONS RELATED THERETO
WHEREAS, the Lynwood Utility Authority (the "Authority") is a joint powers
authority duly organized and existing under and pursuant to that certain Joint Exercise
of Powers Agreement, dated as of September 1, 2003 by and between the City of _
Lynwood (the "City") and the Lynwood Redevelopment Agency (the "Agency" and, with
the City, the "Members"), and under the provisions of Articles 1 through 4 (commencing
with section 6500) of Chapter 5 of Division 7 of Title 1 of the California Government Code
(the "Act"), and is authorized pursuant to Article 4 of the Act to borrow money for the
purpose of financing the acquisition of bonds, notes and other obligations of, or for the
purpose of making loans to, public entities, including the Members, and to provide
financing for public capital improvements of public entities, including the Members; and
WHEREAS, the Authority is authorized pursuant to the provisions of sections
6584 et seq. of the Act (the "Bond Law"), to issue its revenue bonds for the purpose of
financing facilities for the production, storage, transmission, or treatment of water or
wastewater; and
WHEREAS, payment of the principal of and interest on the revenue bonds will be
secured by a pledge of net revenues received by the Authority from the operation by the
City of its combined water and sewer system (the "Enterprise"); and
WHEREAS, the Authority, after due investigation and deliberation, has
determined that it is in the interests of the Authority at this time to provide for the issuance
of bonds under the Bond Law to (a) finance certain improvements to the Enterprise,
(b) fund a reserve fund for such bonds, and (c) pay the costs of issuance of such bonds;
and
WHEREAS, to that end, the Authority has determined to issue its revenue bonds,
to be designated as the Lynwood Utility Authority Enterprise Revenue Bonds, 2020
Series A, in the principal amount not to exceed $20,000,000 (the "Bonds"), to be secured
by a pledge of the net revenues derived from the operation of the Enterprise; and
WHEREAS, the Council has duly considered such transactions and wishes at this
time to approve said transactions in the public interests of the City.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY FIND, ORDER, AND RESOLVE AS FOLLOWS:
Section 1. Findings and Determinations. The Council hereby finds hereby finds
and determines that the recitals hereto are true and correct.
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Section 2. Approval of Indenture. The Bonds shall be issued pursuant to an
Indenture of Trust (the "Indenture"), by and between the Authority and The Bank of
New York Mellon Trust Company, N.A., as Trustee (the "Trustee"). The Council hereby
approves the Indenture in substantially the form on file with the Secretary, together
with such non-material additions thereto and changes therein as the Mayor, the Vice
Mayor, the City Manager, and the Director of Finance (the "Designated Officers") shall
deem necessary, desirable or appropriate, the execution of which by the City shall be
conclusive evidence of the approval of any such non-material additions and changes.
The Designated Officers, each acting alone, are hereby authorized and directed to
execute, and the City Clerk is hereby authorized and directed to attest to, the final
form of the Indenture for and in the name and on behalf of the City. The Council hereby
authorizes the delivery and performance of the Indenture.
Section 3. Official Actions. The Mayor, the Vice Mayor, the City Manager, the
Director of Finance, and the City Clerk and any and all other officers of the City are
hereby authorized and directed, for and in the name and on behalf of the City, to do
any and all things and take any and all actions, including execution and delivery of
any and all assignments, certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents, which they, or any of
them, may deem necessary or advisable in order to consummate the lawful issuance
and sale of the Bonds and the consummation of the transactions as described herein.
Section 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
[Signatures on the following page]
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PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council
of the City of Lynwood, California, this 3rd day of March, 2020.
y
Aide Castro, Mayor
ATTEST:
Maria Quinonez,
City Clerk
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
Aeoe"
Noel Tapia, Jose 0 r"teotl,
City Attorney City Manager
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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 3rd day of March, 2020 and
passed by the following vote:
AYES: COUNCIL MEMBERS SANTANA, SOLACHE, MAYOR PRO TEM
CASANOVA, AND MAYOR CASTRO
NOES: NONE
ABSTAIN: NONE
ABSENT: COUNCIL MEMBER ALATORRE
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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. 2020.028 on file in my office and that said resolution was adopted on
the date and by the vote therein stated. Dated this 3rd day of March, 2020.
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/
aria Quinonez,
City Clerk
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6 scANNED