HomeMy Public PortalAbout2003.153 (08-15-03)RESOLUTION NO. ~c003.153
A RESOLUTION OF THE CITY COUNCIL OI' THE CITY OF LYNWOOD
AUTHORIZING THE ISSUANCE OF AN ADDITIONAL $1.725 MILLION IN
CONJUNCTION WITH THE REFUNDING OF THE 1993 LEASE REVENUE
BONDS
WHEREAS, City staff has reviewed various options relative to the expansion of
the City's Corporate Yard; and
WHEREAS, the expansion would address a number of issues such as the
relocation of the City's garage and provide parlcing and storage facilities; and
WHEREAS, staff received a proposal to lease a property at Dixon Avenue, east
of Alameda Sh-eet, for a ten-year period and the estimated cost for lease improvements is
$680,000; and
WHEREAS, staff reviewed various financing structures to finance the
expansion of the City's Corporate yard; and
WHEREAS, staff provided four options relative to the financing of the lease and
lease improveinents for the Corporate Yard; and
WHEREAS, staff recommendation is to include the issuance of an additional
$1.725M, in conjunction with the refunding of the 1993 Lease Revenue Bonds, therefore
increasing the $7.3M Lease Revenue Bonds to $9.025M.
NOW THEItEFORE, the Lynwood City Council does hereby find, order, and
resolve as follows:
Section 1. That an addrtional amount of $1.725 Million is hereby
approved to be added as part of the refunding of the 1993 Lease Revenue Bonds,
therefore increasing the $7.3 Million Lease Revenue Bonds to $9.025 Million.
Section 2. This resolution shall talce effect iinmediately upon its
adoption.
PASSED, APPROVED and ADOPTED this 15`~' day of August, 2003.
ATTEST:
~~~~ ,~ ~ ~:.~_--~...~._,~ ..~.... , ~,~~
~ ~~~-`~ FERNANDO EDROZA, M or
Andrea L. Hooper, City Clerk City of Lynwood
APPROVED AS TO FORIVI:
APPROVED AS TO CONTENT:
_ ~. ~ ;~'` '
, ~ ~
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Crty Attorney L y Hemp
City of Lynwood City Manager
STATE OF CALIFORNIA )
)§
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the Above
and foregoing resolution was duly adopted by the City Council of said City at a special
meeting thereof held in the City Hall of the City on the 1 Sth day of August, 2003 and
passed by the following vote:
AYES: COl1P~CI1_d~E~H BYR~, RICNAR~DS, PEDROZA
COUIdC~LNfEN REY~S, ~~~3RiGl~EZ ~
NOES:
ABSTAlN: ~~~E
ABSENT: ~90M1fE
STATE OF CALIFORNIA )
)§
COUNTY OF LOS ANGELES )
v~' ~~~
Andrea L. Hooper, City Clerk
City of Lynwood
I, the undersigned, City Clerk of the City of Lynwood, and Clerlc of the City Council of
said City, do hereby certify that the above and foregoing is a full, true and correct copy of ~4
Resolution NO. ?_1103.153 on file~in my office and that said resolution was '!
adopted on the date and by the vote therein stated. ~~ -'
Dated this 1 Sth day of August, 2003.
~ ,~, ~~-e~
Andrea L.~ Hooper, City Clerlc
City of Lynwood