HomeMy Public PortalAbout93-032 (03-16-93)RESOLUTION NO. 93-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD APPROVING A JOINT EXERCISE OF
POWERS AGREEMENT BETWEEN THE CITY OF LYNWOOD
AND THE LYNWOOD REDEVELOPMENT AGENCY
WHEREAS, the Joint Exercise of Powers Act, California
Government Code Section 6500 et se ., provides that public
agencies by agreement may jointly exercise any power common to
the contracting parties; and
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WHEREAS, the City of Lynwood (the "City") and the
Lynwood Redevelopment Agency (the "Agency") are "public agencies"
within the meaning of that term under Section 6502 of such Act;
and
WHEREAS, among the common powers of the City and the
Agency are the power to borrow money by the issuance of bonds,
notes or other obligations; the power to sell such bonds, notes
or other obligations; the power to purchase such bonds, notes or
other obligations; and the power to accept financial assistance
from various public sources; and the City and the Agency desire
to jointly exercise certain powers common to them, including the
foregoing powers and including the expansion, upgrading and
improvement of public capital improvements within the City; and
WHEREAS, by adding the provisions of Article 4 to such
act, the State Legislature has provided assistance to reduce
local borrowing costs, to help accelerate the construction,
repair and maintenance of public capital improvements, and to
promote greater: use of existing and new financial instruments and
mechanisms; and
WHEREAS, there is a need within the City, consistent
L with the need described in the declaration of the State
Legislature set forth in Article 4 of such Act, to expand,
upgrade and otherwise improve the public capital facilities of
local government necessary to support the rehabilitation and
construction of residential and economic development; and the
needs of local government for financing these facilities greatly
exceed the amount of funds available from existing state, local
and federal sources; and
WHEREAS, pursuant to Article 4 of such Act, an
authority created purer ant to Article 1 of the Act may issue
bonds and may purchase bonds issued by any local agency such as
the City or the Agency, at a public or private sale and such
bonds may be held by the authority or sold to public or private
purchasers at public or negotiated sales; and
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WHEREAS, the City and the Agency desire to enter into
this Agreement in furtherance of such Act, including Article 4
thereof;
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Joint Exercise of Powers Agreement,
dated as of December 1, 1992, by and between the City and the
Agency, which has been presented to the City Council at this
meeting and which is on file in the office of the City Clerk, is
hereby approved, and the Mayor is hereby authorized and directed
to execute and deliver such Agreement for and on behalf of the
City.
Section 2. The powers conferred upon the Lynwood
Public Financing Authority described by such Agreement and by
Article 4 of the Joint Exercise of Powers Act, California
Government Code Section 6500 et se~C., will provide significant
public benefits, including the following:
A. Demonstrable savings in effective interest rate,
bond preparation, bond underwriting and bond printing costs, by
permitting the Authority, in appropriate circumstances, on its
own behalf or on behalf of the City or the Agency, to select an
underwriter to purchase bonds at a negotiated sale. Such
appropriate circumstances may include, but are not limited to,
circumstances where any of the sources of repayment for the bonds
are uncommon and bonds secured by and payable from such sources
are not ordinarily sold at public sale;
B. Significant reduction in effective user charges
levied by the City through cooperative efforts with the Agency;
C. Employment benefits from undertaking projects in a
timely fashion, including, but not limited to, indirect
employment benefits which may arise or which may be accelerated
by undertaking a.public capital improvement project; and
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D. More efficient delivery of services to residential
and commercial development by the City through cooperative
efforts with the Agency.
ADOPTED this 16th day of March X43
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Mayor
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ATTEST:
City Clerk
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LAURENCE H. ADAMS, SR.
CITY MANAGER
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STATE OF CALIFORNIA )
COUNTY OF I,OS ANGELES )
CITY OF LYNWOOD )
I, Andrea L. Hooper City Clerk of the City of Lynwood,
California do hereby certify that Resolution No. 93-3$aas duly and
regularly adopted by the City Council of the City of Lynwood,
California at a regular meeting thereof held on the 16th day of
March , 1993 by the following vote:
AYES: COUNCILMEMBER BYRD, HEINE, REA, WELLS,"RICHARDS
ll NOES : NONE
ABSENT: NONE
ABSTAIN: NONE
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City Clerk
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