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Home My Public Portal About95-159 (10-17-95)RESOLUTION NO. 95 -159 A RESOLUTION OF THE CITY CC r 'S' OF LYNWOOD, CALIF ORNIA AUTHORIMI NGTHE'Z-X C_ i. AND DELIVERY OF A LEASE/PUR iASE f C_RE2MENT, AND A SITE LEASE IN CONNECTION WITH THE ' FINANCING OF CERTAIN PUBLIC CAPITAL IMPROVEMENTS AND CERTAIN OTHER ACTIONS IN CONNECTION WITH THE FOREGOING WHEREAS, the City Council of the City of Lynwood (the "City ") desires to finance the costs of certain Public Capital Improvements and other costs as those terms are defined in the Marks -Roos Local Bcnd Pooling Act of 1985, constituting Article 4, Chapter 5, Division 7, Title 1 (commencing, with Section 6584) of the California Government Code, as amended (the "Act "), by financing certain real property (the "Property ") to be more particularly described in that certain Lease /Purchase Agreement, dated as of October 1, 1993 (the "Lease "), by and between the City and the Lynwood Public Financing Authority (the "Authority "); WHEREAS, the proceeds from the financing of the Property will be applied to the r "mancing of certain capital improvements to City-owned properties, to ft;nd a Reserve Fund with respect to the Lease, and to pay certain of the costs incurred in connection with the execution and delivery of the Lease (collectively referred to herein as the "Project "); and WHEREAS, to enhance the security for the City's payment of lease payments due under the Lease (the "Lease Payments ") the City has, pursuant to Section 37351.5 of the Government Code of the State of California, elected to make available for the payment of Lease Payments its allocated share of motor vehicle license fees to the extent such fun's are collected by the State Controller and available to the City and the City is otherwise unable to make the Lease Paymer..s from Cie City's General Fund; and WHEREAS, ail rct., conditions and things required by the Constitution and laws of the State of California to exist, to have happened and 0 have been performed precedent to and in connection with the consummation of the transactions authorized hereby do exist, Move 'happened and have been performed in regular and due time, form and manner as required by law, and the Authority is now duly authorized and empowered, pursuant to each and every requirement of law, to consummate such transactions for the purpose, in the manner and upon the terms herein provided; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lynwood as follows: 1. The proposed form of Site Lease (including all Exhibits thereto), dated as of October 1, 1995, between the City and the Authority, presented to, this meeting is hereby approved. Tr_a Mat+o., the City Manager; or such other official of the City as the Mayor shall designate a-- hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver the Site Lease in substantially said form, provided that the rental payment specified in Section thereof shall not exceed one million - five hundred thousand dollars ($1,500,000), and with such other changes therein as the City Attorney and the City Manager may require or approve, the designation of the buildings that shall comprise the Property that is the subject matter of the Site Lease, such approval to be conc;usively evidenced by the execution and delivery thereof. 2. The proposed form of Lease (including all Exhibits thereto), dated as of October 1, 1995, between the City and the Authority, presented to this meeting, is hereby approved. The City Council specifically finds and declams that the representations of the City set forth in Section 2.1 of said form of Lease are true and correct. The Mayor, the City Manager, or such other official of the City as the Mayor shall designate are hereby authorized and directed, for and in the. name and on behalf of the City, to execute and deliver the Lease in substantially said form, with such changes therein as the City Attorney and the City Manager may require or approve, including, after consultation with the Financial Advisor, the designation of the buildings identified in the first "Whereas" clause of this resolution that shall comprise the Property that is the subject matter of the Lease, such approval to be conclusively evidenced by the execution and delivery thereof; so long as (i) the principal amount of the Lease does not exceed $1,500,000; (ii) the net interest cost of the Lease does not exceed eight percent (8.5 %) per annum; and (iii) the term of the Lease does not exceed 15 years. The payment dates, interest components, terms of prepayment and other terms of the Lease Payments shall be as provided in the Lease, as finally executed. Forms of the proposed Site Lease and the Lease, as presented to this meeting, are on file in the office of the City Clerk. 3. The City Clerk is hereby authorized and directed to attest the signature of the Mayor, the City Manager, or their designees as appropriate, and to affix and attest the seal of the City as may be required in connectior with the execution and delivery of the Site Lease and Lease, in accordance with this resolutio -. 4. The City COUL.cil by rb ;:ects, pursuant to Government Code Section 37351.5, to guarantee lease payments to be —fade - the City under tae Lease and authorizes and directs the Director of Finance of the City to notify the Controller of'the State of California of such election, which notice shall include a schedule of lease payments to be made by the City under the Lease and shall identify the trustee appointed by the City to effectuate the payment provisions pursuant to such guarantee, and to take such other action as may be necessary to effectuate such guarantee. 5. The actions of the Mayor, the City Attorney, the City Manager, the Director of Finance and the City Clerk authorized by this resolution may be performed by any person or persons designated and authorized in writing to so act by any such officer. 6. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the execution and delivery of the documents approved in this resolution, to carry out the financing of the Project as contemplated by such documents, an9 otherwise to carry out, give effect to and comply with the terms and intent of ;his resolutior, and the documents approve6 hereby. Nothing in this resolution shall be deemed o require the officers of the City to execute any of the documents to which the City is a party or to proceed w_.h the c , )nsummation of the transaction described in this resolution if the City Manager, tae Director of :Finance and the City Attorney shEX have determined, after consultation with the Financial Advisor, it is not in :lie best interest of the City to proceed with the financing contemplated and approved by this resolution. 7. The Mayor, the City Manager, the Director of Finance and the City Attorney and any person or persons designated and authorized to so act by any such officer are hereby authorized and directed to execute such letters, cbrtificates, agreements, papers or instruments and to take such other steps and do such acts and things as in their judgment may be necessary, appropriate or desirable in order to carry out the terms and provisions of the Lease and the Site Lease and to consummate the transactions herein and therein contemplated. 8. All of the acts taken by the City Manager, the City Attorney, the Director of Finance, the Mayor or other officers of the City, which have been undertaken to date or which shall be undertaken with respect to the planning, negotiation, authorization, approval or implementation of the financing are hereby ratified, confirmed and approved in all respects. 9. The recitals and findings set forth in this resolution are hereby approved and confirmed. 10. This resolution shall take effect immediately upon its passage. ADOPTED, SIGNED AND APPROVED this 17th day of October, 1995, by the following Vote: AYES:000NCILMEMBER HEINE, REA, RICHARDS, BYRD ' NOES: NONE ABSTENTIONS: NONE ABSENT: COUNCILMEMBER HENNING Mayor City of Lynwood ATTEST: City Clerk City of Lynwood 1 Fausti onzal s, 'ty r APPROVED AS TO CONTENT: A fr tta F. Earnest, Finance Director CLERK'S CERTIFICATE I, Andrea L. Hoover , City Clerk of the City of Lynwood, California, certify that the foregoing resolution was adopted by the City Council of the City of Lynwood, California, at a meeting held on the 17th day of October, 1995