HomeMy Public PortalAbout2003.117 (06-17-03)RESOLUTION NO. 2003.117
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING OFFICIAL ACTIONS TO LEASE ITS WATER SYSTEM
TO A JOINT POWERS AUTHORITY TO BE FORMED AND
APPROVING THE FINANCING TEAM MEMBERS IN CONNECTION
THEREWITH
I f WHEREAS, the City of Lynwood (the "City") owns, operates and controls the
~' City's water system (the "Water Enterprise") and has further established certain funds
~ ~ and accounts which relate to the Water Enterprise; and
WHEREAS, the City has determined that significant fiscal benefits will result from
the lease of the Water Enterprise to a newly formed joint powers authority (the
"Authority"), which entity the City finds to be best qualified to continue providing equal or
better service to the customers of the Water Enterprise; and
WHEREAS, the City and the Authority may issue and/or cause the issuance of
tax-exempt bonds, certificates, notes or other obligations in connection with the lease
transaction contemplated herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF LYNWOOD, AS FOLLOWS: ~
Section 1. Approval of Lease Transaction. The City Manager is hereby
authorized to take the necessary actions to initiate proceedings to lease the Water
Enterprise to the Authority.
~ Section 2. Approval of Financing Team Members. The City Council hereby
approves (1) the appointment of Fulbright & Jaworski L.L.P. to provide Bond and
Disclosure Counsel services in accordance with a services , agreement, (2) the
appointment of Prager, Sealy & Co , LLC as Underwriter, and (3) the appointment of
ETE & Associates as Financial Advisor.
Section 3. Execution of Agreement. The mayor is hereby authorized to execute
the service agreements with the finance team members as noted in Section 3.
Section 4. Approval to Initiate Issuance. The City Manager is hereby directed
to begin the process for issuing a Ly.nwood Utility Authority Revenue Bond in an amount
not to exceed $12 million which witl provide funding for certain capital improvement
projects.
Section 5. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED this 17th day of June 2003.
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Fernando Pedro a, Mayor
ATTEST:
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Andrea L. Hooper, City Clerk
APPROVED AS TO FORM
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Gi~t Attorney
APPROVED AS TO CONTENT
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rry Hempe, City Manager
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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
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foregoing Resolution was passed and adopted by the City Council of the City of Lynwood at a
regular meeting held on the 17`h day of June, 2003.
AYES: COUNCILMEN BYRD, REYES, RICHARDS, RODRIGUEZ, AND PEDROZA
NOES: NONE
ABSENT: NONE
ABSTAIN. NONE
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ANDREA L. HOOPER, CITY CLERK
STATE OF CALIFORNIA )
) §~
COUNTY OF LOS ANGELES )
~ 1 I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the above and
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(_.,_•' foregoing is a full, true and correct copy of Resolution No. 2003.117 on file in my office
and that said Resolution was adopted on the date and by the vote therein stated
Dated this 17th day of June, 2003
O~'
ANDREA L. HOOPER, CITY CL RK
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