HomeMy Public PortalAboutOrdinance 774ORDINANCE NO. 774
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BEAUMONT,
CALIFORNIA AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT
SALE AGREEMENT AND/OR AN AMENDMENT TO AN INSTALLMENT SALE AGREEMENT
AND AUTHORIZING AND DIRECTING CERTAIN OTHER ACTIONS WITH RESPECT
THERETO
WHEREAS, Articles 1 and 2 of Chapter 5 of Division 7 of Title 1 of the Government Code
of the State of California authorize the City of Beaumont (the "City") and the Beaumont Redevelopment
Agency (the "Agency") to create a joint exercise of powers entity (hereinafter called the "Beaumont
Financing Authority" or the "Authority") which will have the power to jointly exercise any powers common
to the City and the Agency; and
WHEREAS, Article 4 of Chapter 5 of Division 7 of Title 1 of the Government Code of the
State of California (the "Marks -Roos Local Bond Pooling Act of 1985") authorizes and empowers the
Authority to, among other things, issue bonds to pay the cost of any public capital improvement, working
capital, or liability and other insurance needs, or projects whenever there are significant public benefits, as
determined by the City; and
WHEREAS, the City has authorized the creation and establishment of the Beaumont
Financing Authority for the purposes set forth in the Joint Powers Agreement; and
WHEREAS, among such purposes is assisting the City in financing capital improvements
when there are significant public benefits to be derived from such assistance; and
WHEREAS, the City entered into an Installment Sale Agreement (the "1993 Installment
Sale Agreement"), dated as of August 1, 1993, by and between the City and the Authority whereby the
Authority constructed improvements to the City's sewage system and the City acquired the improvements
from the Authority; and
WHEREAS, the City entered into an Installment Sale Agreement (the "1996 Installment
Sale Agreement"), dated as of August 1, 1996, by and between the City and the Authority whereby the City
prepaid the installment payments payable by the City under the 1993 Installment Sale Agreement and
whereby the Authority constructed additional improvements to the City's sewage system and the City
acquired the improvements from the Authority; and
WHEREAS, the City desires to finance additional improvements to its sewage system and
there has been presented to the City Council a form of Installment Sale Agreement, dated as of December
1, 1997, by and between the City and the Authority (said agreement in the form finally entered into by the
City being referred to herein as the "Installment Sale Agreement") whereby the Authority will acquire and
construct additional improvements to the City's sewage system resulting in significant public benefits to the
City, including development of recycled water facilities, more efficient delivery of sewage services to
residential and commercial development, savings in effective interest rate, bond preparation and other bond
issuance costs in relation to other financing alternatives available to the City and benefits from undertaking
the project in a timely fashion; and
1
WHEREAS, the City and the Authority will finance the improvements with the proceeds
of the Authority's Local Agency Revenue Bonds, with appropriate series designation (the "Bonds"), which
Bonds will be paid by the Authority from installment payments to be made by the City pursuant to the
Installment Sale Agreement; and
WHEREAS, the City desires to approve the Installment Sale Agreement by ordinance
subject to referendum in accordance with the procedures set forth in Article 9 of Chapter 5 of Part 1 of
Division 2 of the California Government Code (commencing with Section 54240 of said Code); and
WHEREAS, the Installment Sale Agreement has been filed with City Clerk;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BEAUMONT DOES
ORDAIN AS FOLLOWS:
Section 1. All of the above recitals are true and correct.
Section 2. The City Council hereby finds and determines that it is for the common benefit
of the City and its residents and is necessary and proper for its municipal purposes that the City enter into
the Installment Sale Agreement with the Authority. The City Council further finds and determines that
financing of the improvements to the City's sewage system through the issuance of the Bonds by the
Authority secured by payments to be made by the City pursuant to the Installment Sale Agreement will result
in significant public benefits to the City, including development of reclaimed and recycled water facilities,
more efficient delivery of sewage services to residential and commercial development, savings in effective
interest rate, bond preparation and other bond issuance costs in relation to other financing alternatives
available to the City and benefits from undertaking the project in a timely fashion.
Section 3. The Installment Sale Agreement, a copy of which is before the City Council and
is on file with the City Clerk, is hereby approved. The Mayor is hereby authorized and directed for and in
the name of and on behalf of the City to execute and deliver the Installment Sale Agreement in substantially
the form presented to and considered at this meeting with such changes therein as such officer and the City
Attorney may require or approve, such approval to be conclusively evidenced by the execution and delivery
thereof. The City Clerk is hereby authorized to fix and attest the seal of the City to the Installment Sale
Agreement. The Installment Payments to be payable by the City under the Installment Agreement (but
excluding Additional Payments (as defined in the Installment Sale Agreement)) in any fiscal year shall equal
the schedule of principal and interest payments determined upon the sale of Bonds from time to time as such
Installment Payments may be amended in accordance with the Installment Sale Agreement. In addition, the
City shall pay Additional Payments as provided therein. Payment of the Installment Payments may be
subordinate to or on a parity with payment of installment payments under the 1996 Installment Sale
Agreement, all as determined at the time of execution and delivery of the Installment Sale Agreement.
Section 4. The officers of the City and their authorized representatives, are, and each of
them acting alone is, hereby authorized to execute any and all documents and to perform any and all acts and
things, from time to time, consistent with this Ordinance and the Installment Sale Agreement and necessary
or appropriate to carry the same into effect and to carry out its purpose.
Section 5. This Ordinance shall be published at least once in The Record Gazette within
fifteen (15) days after its adoption.
2
Section 6. This Ordinance shall take effect thirty (30) days from and after its date of
adoption unless suspended by exercise of the power of referendum. This Ordinance shall be subject to
referendum pursuant to and as provided in Section 54241 of the California Government Code and the laws
of the State of California.
MOVED, PASSED AND ADOPTED this 10thday of November , 1997 by the
following roll call vote:
AYES: Mayor Leja, Council Members Westcot, Parrott, and Zeller.
NOES: None.
ABSTAIN: None.
ABSENT: Council Member Berg.
ATTEST:
Mayor of the City of Beaumont
CERTIFICATION
The foregoing is certified to be a true copy of Ordinance No. 774 duly introduced at a
regular meeting of the City Council held on October 27 , 1997, and duly adopted upon second reading
on November 10 , 1997, by the roll call votes indicated therein.
(SEAL)
3
IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA
IN AND FOR THE COUNTY OF RIVERSIDE
No IJ 509
SUMMARY OF ORDINANCE NO. 774
STATE OF CALIFORNIA
County of Riverside f SS.
I am a citizen of the United States and a resident of the
County aforesaid; I am over the age of eighteen years,
and not a party to or interested in the above entitled
matter. ! am the principal clerk of the printer
of The D6ity Record -Gazette
a newspaper of general circulation, printed and pub-
lished daily in the City of Banning County of Riverside
and which newspaper has been adjudged a newspaper
of general circulation by the Superior Court of the
County of Riverside, State of California, under date of
October 14, 1966, Case Number 54737, that the
notice, of which the annexed is a printed copy, has been
published in each regular and entire issue of said news-
paper and not in any supplement thereof on the follow-
ing dates, to -wit
PUB: 11/5,
all in the year 19 97
! certify (or declare) under penalty of perjury that the
foregoing is true and correct.
Date November 5,
at Riverside, California
,19 97
This space is for County Clerk's Filing Stamp
SUMMARY OF
ORDINANCE
NO. 774
AN ORDINANCE OF
THE CITY COUNCIL
OF THE CITY OF
BEAUMONT,
CALIFORNIA
AUTHORIZING THE
EXECUTION AND
DELIVERY OF AN
INSTALLMENT
SALE AGREEMENT
AND/OR AN
AMENDMENT TO
AN INSTALLMENT
SALE AGREEMENT
AND AUTHORIZING
AND DIRECTING
CERTAIN OTHER
ACTIONS WITH
RESPECT THERETO
On October 27, 1997,
Ordinance No. 774 was
introduced by the City
Council of the City of
Beaumont. The purpose
of ;:the Ordinance is to
authorize the execution
and delivery of an in-
stallment sale agree-
ment and/or an amend-
ment to an installment
sale agreement and
authorize other actions
with respect thereto.
Article 1 and 2 of Chap-
ter 5 of Division 7 of
Title I of the Govern-
ment Code of the State
of California authorize
thjy CIty„of Bewimppt
(the "City') atld the
Beaumont Redevelop-
ment Agency (the
Agency") to create a
joint exercise of powers
entity (hereinafter called
the "Beaumont Financ-
ing Authority". or the
"Authority") which has
the power to jointly ex-
ercise any powers com-
mon to the City and the
Agency. Article 4 of
Chapter 5 of Division 7
of Title 1 of the
Government . Code of
the State of California
(the "Marks -Roos Local
Bond Pooling Act of
1985") authorizes and
empowers the Authority
to, among other things,
issue bonds to pay the
cost of any public capi-
tal improvement, work-
ing capital, or liability
and other insurance
needs., or projects when-
ever there are sig-
nificant public benefits,
s determined by the
City.
The City entered into an
Installment Sale Agree-
ment (the "1993 Install-
ment Sale Agreement"),
dated as of August 1,
1993, by and between
the City and the
Authority whereby the
Authority cdnstructed
entered into an Install-
ment Sale Agreement
(the "1996 Installment
Sale Agreement"),
dated as of August 1,
1996, by and between
the City and the
Authority whereby the
City prepaid the install-
ment payments payable
by the City under the
1993 Installment Sale
Agreement and whereby
the Authority con-
structed additional im-
provements to the
City's sewage system
and the City acquired
the improvements from
the Authority.
The City desires to
finance additional im-
provements to its
sewage system and
there has been presented
to the City Council a
form of Installment Sale
Agreement, dated as of
December 1, 1997, by
and between the City
and the Authority (said
agreement in the form
finally entered into by
the City being referred
to herein as the "Install-
ment Sale Agreement")
whereby thee Authority
will acquire and con-
struct additional im-
provements to the
City's sewage system.
Pursuant to the Or-
dinance, the City Coun-
cil finds and determines
that it is for the com-
mon benefit of the City
and its residents and is
necessary and proper
for its municipal pur-
poses that the City enter
into the Installment Sale
Agreement with the
Authority. The City
Council further finds
sand determines that
financing of the im-
provements to the
City's sewage system
through the issuance of
the Bonds by .the
Authority secured by
payments to be made by
the City pursuant to the
Installment Sale Agree-
ment will result in sig-
nificant public benefits
to the City, including
development of
reclaimed and recycled
water facilities, more ef-
ficient delivery of
sewage services to
residential and commer-
cial development,
savings in effective'in-
terest rate, bond
preparation and other
bond issuance costs in
relation to other financ-
ing alternatives avail-
able to the City and
benefits from undertak-
ing the project in a
timely fashion.
The City and the
Authority will finance
the improvements with
the proceeds of the
Authority's Local
Agency Revenue
Bonds, with appropriate
series designation (the
"Bonds"), which Bonds
will be aid by the
Authority from install-
ment payments to be
made by the City pur-
suant to the Installment
Sale Agreement. The
City desires to approve
the Installment Sale
Agreement by or-
dinance subject to
referendum in accord-
ance with the
procedures set forth in
Article 9 of Chapter 5
of Part 1 of Division 2
of the California
Government Code
(commencing with Sec-
tion 54240 of said
Code).
The Installment Pay-
ments to be payable by
the City under the In-
stallment Agreement
(but excluding Addi-
tional Payments (as
defined in the Install-
ment Sale Agreement))
in any fiscal year shall
equal the schedule of
principal and interest
payments determined
upon the sale of Bonds
from time to time as
such Installment Pay-
ments
ayments may be amended
in accordance with the
Installment Sale . Agree-
ment. In addition, the
City shall pay Addition-
al Payments as provided
therein. Payment of the
Installment Payments
may be subordinate to
or on a parity with pay-
ment of installment pay-
ments under the 1996
Installment Sale Agree-
ment, all as determined
at the time of execution
and delivery of the In-
stallment Sale Agree-
ment.
The officers of the City
and their authorized
representatives, are, and
each of them acting
alone is, authorized to
execute any and all
documents and to per-
form any and all acts
and things, from time to
time, consistent with the
Ordinance and the In-
stallment Sale Agree-
ment and necessary or
appropriate to carry the
same into effect and to
carry out its purpose.
Copies of the Ordinance
are on file with the City
Clerk of the City of
Beaumont.
The Ordinance shall
take effect thirty (30)
days from and after its
date of adoption unless
suspended by exercise
of the power of referen-
dum. The Ordinance
shall be subject to
referendum pursuant to
and as provided in Sec-
tion 54241 of the
California Government
Code and the laws of
the State of California.
The Ordinance was in-
troduced on October 27,
1997 by the following
vote:
AYES: Mayor Leja,
Council Member
Westcot, Bert, and
Zeller.
NOES: None.
ABSTAIN: None.
ABSENT: Council
Member Parrott.
A public hearing on the
Ordinance will be held
on November 10, 1997,
at 6:00 p.m., at City
Hall, 550 East Sixth
Street, Beaumont,
California. After such'
hearing, the Ordinance
will be considered by
the City Council for
passage and adoption.
Publish The Record
Gazette
No. 509 11-5, 1997
IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA
IN AND FOR THE COUNTY OF RIVERSIDE
No 1` 507
SUMMARY OF ORDINANCE NO. 772.
STATE OF CALIFORNIA 1
County of Riverside f Ss.
I am a citizen of the United States and a resident of the
County aforesaid; I am over the age of eighteen years,
and not a party to or interested in the above entitled
matter. I am the principal clerk of the printer
of The D ily Record -Gazette
a newspaper of general circulation, printed and pub-
lished daily in the City of Banning County of Riverside
and which newspaper has been adjudged a newspaper
of general circulation by the Superior Court of the
County of Riverside, State of California, under date of
October 14, 1966, Case Number 54737, that the
notice, of which the annexed is a printed copy, has been
published in each regular and entire issue of said news-
paper and not in any supplement thereof on the follow-
ing dates, to -wit
PUB: 11/5,
all in the year 19
97
! certify for declare) under penalty of perjury that the
foregoing is true and correct.
Signature
Date November 5,
at Riverside, California
,19 97
This space is for County Clerk's Filing Stamp
SUMMARY OF
ORDINANCE
NO. 772
AN ORDINANCE OF
THE CITY COUNCIL
OF THE CITY OF
BEAUMONT RE-
QUIRING CONSER-
VATION OF WATER
IN ACCORDANCE
WITH THE
ADOPTED BEAU-
MONT-CHERRY
VALLEY WATER
DISTRICT URBAN
WATER PLAN AND
RECYCLED WATER
MASTER PLAN
On October 27, 1997,
Ordinance No. 772 was
introduced by the City
Council of the City of
Beaumont. The purpose
of the Ordinance is to
make provision for the
conservation of water in
accordance with the
Pi -Opted- 13$44111.4a44 -
Cherry
aum4a44-Cherry Valley Water
District (the "District")
Urban Water Plan and
Recycled Water Mater
Plan within the City and
the City Sphere of In-
fluence. The District has
adopted the Urban
Water Plan which re-
quires, among other
things that, certain
water conservation
measures by imple-
mented and certain
water conservation
procedures be followed.
The District has adopted
the Recycled Water Plan
which, among other
things, provides a long
range plan for the con-
struction of reclaimed
water facilities within
the boundaries of . the
City and the City
Sphere of Influence.
Copies of the Ordinance
and the District Urban
water Plan and the Dis-
trict Recycled Water
r Master Plan are on file
with the City Clerk of
the City of Beaumont.
The policies may be
revised in accordance
with state law.
The Ordinance shall be
in full force and effect
30 days from and after
its adoption.
The Ordinance was in-
troduced on October 27,
1997 by the following
vote:
AYES: Mayor Jan Leja,
Council Members
Westcot, Berg and
Zeller.
NOES: None.
ABSTAIN: None.
.
ABSENT: Council
Member Parrott.
A public hearing on the
Ordinance will be held
on November 10, 1997,
at 6:00 p.m., at City
Hall, 550 East Sixth
Street, Beaumont,
California. After such
hearing, 'the Ordinance
will be considered by
the City Council for
passage and adoption.
Publish The Record
Gazette
No. 507 11-5, 1997
No
IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA
IN AND FOR THE COUNTY OF RIVERSIDE
# 508
SUMMARY OF ORDINANCE Nn. 771
STATE OF CALIFORNIA }
County of Riverside ss.
I am a citizen of the United States and a resident of the
County aforesaid; I am over the age of eighteen years,
and not a party to or interested in the above entitled
matter. I am the principal clerk of the printer
of The Dalily Record -Gazette
a newspaper of general circulation, printed and pub-
lished daily in the City of Banning County of Riverside
and which newspaper has been adjudged a newspaper
of general circulation by the Superior Court of the
County of Riverside, State of California, under date of
October 14, 1966, Case Number 54737, that the
notice, of which the annexed is a printed copy, has been
published in each regular and entire issue of said news-
paper and not in any supplement thereof on the follow-
ing dates, to -wit
PUB: 11/5,
all in the year 19
97
! certify (or declare) under penalty of perjury that the
foregoing is true and correct.
Signature
Date November 5,
at Riverside, California
,19
97
This space is for County Clerk's Filing Stamp
SUMMARY OF
ORDINANCE
NO. 773
AN ORDINANCE OF
THE CITY COUNCIL
OF THE CITY OF
BEAUMONT RE-
QUIRING USE OF
RECYCLED OR
RECLAIMED
WATER IN AC-
CORDA,NCE WITH
STATE LAW
On October 27, 1997,
Ordinance No. 773
wads introduced by the
City Council of the City
of Beaumont. the pur-
pose of the Ordinance is
to make provision for
the ' use of recycled or
reclaimed water in ac-
cordance with State law.
The peapmont Cherry
Vailik Nater Di§t iet
(the ' "District") has
adopted an Urban Water
Plan and a Recycled
Water Master Plan in
accordance with State
Law which entail the
utilization of treated
water from the Sewage
Treatment Facilities of
the City for recycling
and the State Depart-
ment of Health Services
has updated regulations
for the use of recycled
water.
Pursuant to the Or-
dinance, the City finds
and declares that the use
of potable domestic
water for nonpotable
uses, including, but not
limited to, cemeteries,
golf courses, parks, S
highway landscaped
areas, ' school athletic
fields, and industria
and irrigation uses, is
waste or an un
reasonable use of th
water within the mean
ing of Section 2 of Ar
ticle X of the Californi
Constitution if recycled
or reclaimed water i
available which meets
all of the conditions as
determined by the State
for use of recycled and
reclaimed water. In ac-
cordance with the Dis-
trict's Recycled Water
Master Plan which en-
tails the utilization of
treated water from the
Sewage Treatment
Facilities of the City for
recycling, and the
regulations of the State
Department of Health
Services, the use of
recycled water is a
cost-effective, reliable
method of helping to
meet the community's
water supply needs;, and
the City shall require
the use of recycled]
water for potable water
in or to maximize the,
appropriate cost-effec-»
tive use of recycled]
water. Each nonpotable.
use, including, but not
limited to, cemeteries,
golf courses, parks,
highway landscaped
areas, school athletic
fields, and industrial
and irrigation uses, shall
utilized recycled water
from the City's Sewage
Treatment Facility at
uch time as recycled
water is available for
asuch nonpotable use in
accordance with State
- law.
e Copies of the Ordinance
are on file with the City
- Clerk of the City of
a Beaumont.
The Ordinance shall be
s in full force and effect
30 days from 'and after
its adoption.
The Ordinance was in-
troduced on October 27,
1997, by the following
vote:
AYES: Mayor Leja,
Council Members
Westcot, Berg, and
Zeller:
NOES: None.
ABSTAIN: None.
ABSENT: Council
Member Parrott.
A public hearing on the
Ordinance will be held
on November 10, 1997,
at 6:00 p.m., at City
Hall, 550 East Sixth
Street, Beaumont,
California. After such
hearing, the Ordinance
will be considered by
the City Council for
passage and adoption.
Publish The Record
Gazette
No. 508
11-5, 1997
IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA
IN AND FOR THE COUNTY OF RIVERSIDE
No � 509
SUMMARY OF ORDINANCE NO- 774
STATE OF CALIFORNIA
County of Riverside J ss.
I am a citizen of the United States and a resident of the
County aforesaid; I am over the age of eighteen years,
and not a party to or interested in the above entitled
matter. ! am the principal clerk of the printer
of The Daily Record -Gazette
a newspaper of general circulation, printed and pub-
lished daily in the City of Banning County of Riverside
and which newspaper has been adjudged a newspaper
of general circulation by the Superior Court of the
County of Riverside, State of California, under date of
October' 14, 1966, Case Number 54737, that the
notice, cf which the annexed is a printed copy, has been
published in each regular and entire issue of said news-
paper and not in any supplement thereof on the follow-
ing dates, to -wit
PUB: 11/5,
all in the year 19
97
! certify (or declare) under penalty of perjury that the
foregoing is true and correct.
L
Date November 5,
at Riverside, California
,19 97
This space is for County Clerk's Filing Stamp
SUMMARY OF
ORDINANCE
NO. 774
AN ORDINANCE OF
THE CITY COUNCIL
OF THE CITY OF \
BEAUMONT,
CALIFORNIA
AUTHORIZING THE
EXECUTION AND
DELIVERY OF AN
INSTALLMENT
SALE AGREEMENT
AND/OR AN
AMENDMENT TO
AN INSTALLMENT
SALE AGREEMENT
AND AUTHORIZING
AND DIRECTING
CERTAIN OTHER
ACTIONS WITH
RESPECT THERETO
On October 27, 1997,
Ordinance No. 774 was
introduced by the City
Council of the City of
Beaumont. The purpose
of ;the Ordinance is to
authorize the execution
and delivery of an in-
stallment sale agree-
ment and/or an amend-
ment to an installment
sale agreement and
authorize other actions
with respect thereto.
Article 1 and 2 of Chap-
ter 5 of Division 7 of
Title I of the Govern-
ment Code of the State
of California authorize
the City; of Beaumppt
(the "City') awl the
Beaumont Redevelop-
ment Agency (the
"Agency") to create a
joint exercise of powers
entity (hereinafter called
the "Beaumont Financ-
ing Authority" or the
"Authority") which has
the power to jointly ex-
ercise any powers com-
mon to the City and the
Agency. Article 4 of
Chapter 5 of Division 7
of Title 1 of the
Governnjent . Code of
the State of California
(the "Marks -Roos Local
Bond Pooling Act of
1985") authorizes and
empowers the Authority
to, among other things,
issue bonds to pay the
cost of any public capi-
tal improvement, work-
ing capital, or liability
and other insurance
needs, or projects when-
ever there are sig-
nificant public benefits,
s determined by the
City.
The City entered into an
Installment Sale Agree-
ment (the "1993 Install-
ment Sale Agreement"),
dated as of August 1,
1993, by and between
the City and the
Authority whereby the
Authority cdnstructed
entered into an Install-
ment Sale Agreement
(the "1996 Installment
Sale Agreement"),
dated as of August 1,
1996, by and between
the City and the
Authority whereby the
City prepaid the install-
ment payments payable
by the, City under the
1993 Installment Sale
Agreement and whereby
the Authority con-
structed additional im-
provements to the
City's sewage system
and the City acquired
the improvements from
the Authority.
The City desires to
finance additional im-
provements to its
sewage system and
there has been presented
to the City Council a
form of Installment Sale
Agreement, dated as of
December 1, 1997, by
and between the City
and the Authority (said
agreement in the form
finally entered into by
the City being referred
to herein as the "Install-
ment Sale Agreement")
whereby thee Authority
will acquire and con-
struct additional im-
provements to the
City's sewage system.
Pursuant to the Or-
dinance, the City Coun-
cil finds and determines
that it is for the com-
mon benefit of the City
and its residents and is
necessary and proper
for its municipal pur-
poses that the City enter
into the Installment Sale
Agreement with the
Authority. The City
Council further finds
,and determines that
financing of the im-
provements to the
City's sewage system
through the issuance of
the Bonds by .the
Authority secured by
payments to be made by
the City pursuant to the
Installment Sale Agree-
ment will result in sig-
nificant public benefits
to the City, including
development of
reclaimed and recycled
water facilities, more ef-
ficient delivery of
sewage services to
residential and commer-
cial development,
savings in effective'in-
terest rate, bond
preparation and other
bond issuance costs in
relation to other financ-
ing alternatives avail-
able to the City and
benefits from undertak-
ing the project in a
timely fashion.
The City and the
Authority will finance
the improvements with
the proceeds of the
Authority's Local
Agency Revenue
Bonds, with appropriate
series designation (the
"Bonds"), which Bonds
will be aid by the
Authority from install-
ment payments to be
made by the City pur-
suant to the Installment
Sale Agreement. The
City desires to approve
the Installment Sale
Agreement by or-
dinance subject to
referendum in accord-
ance with the
procedures set forth in
Article 9 of Chapter 5
of Part 1 of Division 2
of the California
Government Code
(commencing with Sec-
tion 54240 of said
Code).
The Installment Pay-
ments to be payable by
the City under the In-
stallment Agreement
(but excluding Addi-
tional Payments (as
defined in the Install-
ment Sale Agreement))
in any fiscal year shall
equal the schedule of
principal and interest
payments determined
upon the sale of Bonds
from time to time as
such Installment Pay-
ments may be amended
in accordance with the
Installment Sale Agree-
ment. In addition, the
City shall pay Addition-
al Payments as provided
therein. Payment of the
Installment Payments
may be subordinate to
or on a parity with pay-
ment of installment pay-
ments under the 1996
Installment Sale Agree-
ment, all as determined
at the time of execution
and delivery of the In-
stallment Sale Agree-
ment.
The officers of the City
and their authorized
representatives, are, and
each of them acting
alone is, authorized to
execute any and all
documents and to per-
form any and all acts
and things, from time to
time, consistent with the
Ordinance and the In-
stallment Sale Agree-
ment and necessary or
appropriate to carry the
same into effect and to
carry out its purpose.
Copies of the Ordinance
are on file with the City
Clerk of the City of
Beaumont.
The Ordinance shall
take effect thirty (30)
days from and after its
date of adoption unless
suspended by exercise
of the power of referen-
dum. The Ordinance
shall be subject to
referendum pursuant to
and as provided in Sec-
tion 54241 of the
California Government
Code and the laws of
the State of California.
The Ordinance was in-
troduced on October 27,
1997 by the following
vote:
AYES: Mayor Leja,
Council Member
Westcot, Bert, and
Zeller.
NOES: None.
ABSTAIN: None.
ABSENT: Council
Member Parrott.
A public hearing on the
Ordinance will be held
on November 10, 1997,
at 6:00 p.m., at City
Hall, 550 East Sixth
Street, Beaumont,
California. After such
hearing, the Ordinance
will be considered by
the City Council for
passage and adoption.
Publish The Record
Gazette
No. 509 11-5, 1997