HomeMy Public PortalAbout2021.109 - (09-07-21) RESOLUTION NO. 2021.109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING TO SHIFT WATER/SEWER FUNDING FOR THE SEWER
LINE IMPROVEMENT PROJECT (CIP NO. 4011.68.041), CLARK
STREET, HALO DRIVE, MILRACE AVENUE, MINNESOTA AVENUE
AND PELLEUR STREET AND SEWER IMPROVEMENT PROJECT (CIP
NO. 4011.68.086), AGNES STREET AND WATER IMPROVEMENT
PROJECT (CIP NO. 4011.68.087), WATER WELL NO. 22 (CIP NO.
4011.67.894), WATER LINE IMPROVEMENT (CIP NO. 4011.68.042),
BREWSTER STREET AND WATER IMPROVEMENT PROJECT(CIP NO.
4011.68.079), LILITA AND EVE STORM DRAIN IMPROVEMENT (CIP NO
4011.68.089), WELL 9 REHABILITATION (CIP NO. 4011.68.048),
EMERGENCY GENERATORS (CIP NO. 4011.67.901), WATER SYSTEM
OPTIMIZATION (CIP NO. 4011.68.063) AND BOOSTER PUMP
UPGRADE (CIP 4011.68.067) TO LUA 2020 REVENUE BONDS (FUND
6305)
WHEREAS, on March 3, 2020, the Lynwood Utility Authority approved the
issuance and sale of$20,000,000 Revenues Bonds 2020 Series A (Bonds); and
WHEREAS, the Bonds were issued to finance certain improvements to the water
system and the sewer system of the City, to purchase a municipal bond insurance police
and a reserve fund surety for the Green Bonds, and to pay the cost of the issuance of the
Green Bonds; and
WHEREAS, it was anticipated that 85% of the bonds will be expended on projects
no later than April 2023 to maintain the tax exempt status of the Bonds; and
WHEREAS, certain FY21 CIP Projects with water/sewer improvements were
budgeted using Water Fund (Fund 6051), Sewer Fund (Fund 6302) or LUA 2017-A
Revenue Bond (Fund 6302); and
WHEREAS, shifting the FY21 funding on water or sewer related improvements on
the Sewer Line Improvement Project (CIP No. 4011.68.041), Clark Street, Halo Drive,
Milrace Avenue, Minnesota Avenue and Pelleur Street and Sewer Improvement Project
(CIP No. 4011.68.086), Agnes Street and Water Improvement Project (CIP No.
4011.68.087), Water Well No. 22 (CIP No. 4011.67.894), Water Line Improvement (CIP
No. 4011.68.042), Brewster Street and Water Improvement Project (CIP NO.
4011.68.079), Lilita and Eve Storm Drain Improvement (CIP No. 4011.68.089), Well 9
Rehabilitation (CIP No. 4011.68.048), Emergency Generators (CIP No. 4011.67.901),
Water System Optimization (CIP NO. 4011.68.063) and Booster Pump Upgrade (CIP
4011.68.067) to the LUA 2020 A Revenue Bond (Fund 6305) will assist in meeting the
timely expenditure of the Bond funds to maintain the tax exempt status of the Bonds.
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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 approves the following transfers for FY21 to
shift project funding to the LUA 2020 Revenue Bonds (Fund 6305) attached hereto as
Exhibit A.
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.
PASSED, APPROVED and ADOPTED this 7nd day of Sep. mb: 2021.
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ATTEST:
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Maria Quinonez, ' 4011, Ernie H-,,nan•ez,
City Clerk City Ma la•
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
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N el apia, Th mas W. Thornton,
C orney Public Works Director
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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 7th day of September,
2021 and passed by the following vote:
AYES: COUNCIL MEMBERS FLORES, SOLACHE, SOTO, MAYOR PRO TEM
CASANOVA AND MAYOR SANTANA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
aria 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. 2021.109 on file in my office and that said resolution
was adopted on the date and by the vote therein stated. Dated this 7th day of
September, 2021.
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Maria Quinonez, /
City Clerk
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