HomeMy Public PortalAbout2006.007 - LPFARESOLUTION NO. 2006.007
A RESOLUTION OF THE LYNWOOD PUBLIC FINANCE AUTHORITY AMENDING
RESOLUTIONS REGARDING COMPENSATION 1'O LIMIT THE NUMBER OF
MEETINGS FOR WHICH COMPENSATION MAY BE PROVIDED TO MEMBERS
WHEREAS, on or about December 29, 1998 Resolution 98. L oP the Lynwood Public
Finance Authority. was adopted and said Resolution established, among other things, schedule of
meetings and compensation for the same; and
WHEREAS, since adoption of Resolution 98.1 the Lynwood Public Finance Authority
has compensated its Directors for aii meetings and said compensation has resuited, due io the
number of meetings necessary to attend to the entity's business, iu considerable sums expensed
as Directors' compensation; and
WFIEREAS, on or about January 6, 2006 Resolution 2004.01 (the "2004 Resolution") of
the Lynwood Public Finance Authority was adopted to establish a limit for the number of
meetings for which compensation was provided by the Lynwood Public Finance Authority; and
WI-IEREAS, the Directors of the Lynwood Public Finance Authority desire to limit the
compensation payable to Directors but also wish to provide some flexibility for when said
meetings are to be conducted; and
WHEREAS, ]inviting the amount of compensation paid to Directors or changing the type
of meetings for which said compensation may be provided requires the amcuchnent of the
provisions of Resolution 2004.O1by a subsequent resolution.
NOW, TFIEREFORE, THE LYNWOOD PUBLIC FINANCE AUTHORITY DOES I-ICREI3Y
RESOLVE AND DETERMINE AS FOLLOWS:
Section l . "That the Lynwood Public Finance Authority shall meet during the regular City
Council meetings on the first and third Tuesday of every month, and at such other times as may
be warranted by circumstances.
Section 2. Directors shall be eligible to receive compensation in the manner set forth in
Resolution 98.1 subject to the financial limits established by Resolution 2004.01. Said
compensation, however, shall only be provided for a maximum of twenty four (24) meetings in
any calendar year as the same may be scheduled by the Board of Directors of the Lynwood
Public Finance Authority regardless ofi the total number of meeting actually taking place for said
calendar year. Except as amended herein, the terms of Resolution 98.1 and Resolution 2004.01
shall remain in force.
Section 3. In the event that, for any reason, any provision of this resolution is found to be
not in compliance with applicable laws, this resolution shall become inoperative and Resolution
98.1 and Resolution 2004.01 shall continue to apply as though this resolution had never been
adopted.
Section 4. That this resolution is to be given effect effective July 1, 2006 once adopted
by the Board of Directors of the Lynwood Public Finance Authority.
PASSEll, APPROVED AND ADOPTED this 5th day of JULY .2006.
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LE"FICIA~ VASQUE7, ESII~T~
ATTES"t:
ANDREA HOOPER, CITY CLERK
APPROVED AS TO FORM:
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U• ARNOLDO BEL'IRAN, COUNSEL
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of Lynwood Public Finance Authority, do
hereby certify that the foregoing Resolution was passed and adopted by the City
Council of the City of Lynwood at a regular meeting held on the 5th day
of JULY , 2006.
AYES: MEMBERS, BYRD, JOHNSON, PEDROZA, SANTILLAN, AND VASQUEZ
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
CSfu-~ o~
Andrea L. Hooper, City Clerk
STATE OF CALIFORNIA )
)SS.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Public Finance Authority, do
hereby certify that the above foregoing is a full, true and correct copy of
Resolution No. 2006.007 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated.
Dated this 5th day of JULY , 2006.
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Andrea L. Hooper, City Clerk