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Home My Public Portal About2003.154 (08-19-03)RESOLUTION NO. ~Q~~ • ~-~~ , RESOLUTION OF THE CITX COUNCIL OF THE CITY OF LYNWOOD APPROVING AN• ENTERPRISE' LEASE AGREEMENT FOR THE LEASE OF THE CITY OF LYNWOOD WATER AND. SEWER SYSTEM TO THE LYNWOOD UTILiTY AUTHORITY AND THE ENTERPRISE MANAGEMENT AGREEMENT; APPROVING A~ BOND PURCHASE CONTRACT IN CONNECTION WITH THE ISSUANCE OF THE LYNWOOD UTILITY AUTHORITY ENTERPRISE 12EVENUE BONDS, 2003 SERIES, , AND AUTHORVZING OFfICIAL ACTIONS AND EXECUTION OF D~OCUMENTS } ;. RELATED THERETO ~ ~~ . ~ WHEREAS, the City of Lynwood (the "City") has reviewed a proposal for the lease ~of the City's municipal water and sewer system (the, "Enterprise") and has held a public hearing ~to examine the proposal and the staff recommendations relating to such proposal received by the City; and '' ` WHEREAS, upon reviewing and examining the concept for a Lynwood Utility Aufhority and the views expressed at the public hearing, the City has determined that significant fiscal benefits will result from the lease of the~ Enterprise to a newly` formed joint powers authority, which entity the City finds to be best qualified to continue providing equal or better seruice to the customers of the Enterprise; and. WHEREAS, fhe City and the Lynwood Redevelopment Agency (the "Agency") ha've formed the Lynwood Utility authority, a joint powers authority (a public body, corporate and politic) (the "Authority") pursuant to a Joint Exercise of Powers Agreement (the °'Joint Powers Agreement"), by and between the Agency and the city, duly created, established and aufhorized to transact business and exercise its powers, all under and pursuant to the Joint Powers Law (Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California Governmen~ Code) including the power to enter into leases relating to municipal utility systems and the power to finance the acguisition and construction of public capital improvements for any of its. members; and , '• V1IHEREi4S, the City and the authority intends to enter into an Enterprise Lease ~~ Agreement (the "Lease99) pursuan# to which the City will Pease the Enferprise to the ~----' Authority; and . 1NFIEREAS, the Authority has determined that it is necessary and desirable to ~ make an ,up-front lease payment under the Lease by issuing its Enterprise Revenue -- Bonds, 2003 Series (the "Bonds"), pursuant to an Indenture of Trust (the "Indenture"); and~ ~ WHEREAS9 the City .Council, with the aid of its staff, has reviewed the documentation related to the lease of the~ Enterprise to the Authority and the issuance of the Bonds, which documentation is attached hereto in the form of exhibits; ~ NOUV, THEI2EFORE9 the City Council of the City of Lynwood does find, determine and resolve as follows: _ , Section 10` The City hereby approves the lease ofi the Enterprise to the Authority ~ pursuan~ to the Enfierprise Lease agreement, by and between the Authority and the City -(the "~ease"), substantially in the forrr~ annexed hereto, with such revisions, amendments and corr~pletions as shall be appcoved by a Responsible Officer, such approval fo ~be ~conclt~sively ~vic~enced by ~he execufion and delivery thereof, A ~esponsible officer shall enclude any e~neraiber of ~he Ci~y Council, the City Manager, the ~ ~ity Clerk, the City Treasurer, the Director of Finance & Administration, or any official of { ~he City desigraated by the IVlayor or the City iVlanager as a responsible officer. ~' ~ ' . `~°~ Secgion 20 ~'he Ci~y F~ereby approve the ~n~erprise Management Agreement, by and between the Cifiy and the Aufhorifiy, substantially in the form annexed hereto, with such revisioras, amendrnents and completions as shall be approved by a responsible officer, such approva9 fo be conclusively ~videnced by the execution and delivery ~hereof. • ' Section ~o ~he City ~aereby approved the ~ond ~urchase Contract, substantially in the form annexed hereto, uvith such revisions, amendments ' and completions as shall ~ be approved by ~ responsibfe officer, such approvaB to be conclusively evidenced by the execufion and delivery thereof. Section 4. The Mayor, the City Manager, the Director of Finance & Administration, the City Clerk, City Treasurer and any and all other responsible officers are hereby authorized and directed, for and in the name and on .behalf of the City, to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and. things necessary or proper for carrying out the transactions contemplated by this Resolution. Section 5. The City clerk shall certify to the adoption. of this Resofution, and thenceforth and thereafter the same shall be in full force and effect. Notwithstanding the foregoing, such certification and any of the other duties and responsibilities assigned .to ~ the City clerk pursuant to this Resolution may be performed by a Deputy City clerk with ~ the same force and effect as if performed by the City Clerk hereunder, ' Section 6. This ,resolution and the agreements referenced herein shalf only go into affect shoufd the City Council approve the formation of the Lynwood Utility, Authorifiy. PASSED, APPROVED AND ADOPTED this 19T" day of August, 2003, by the following roll call vote: . ~ ~ AYES: COU{~CILMEN BY~D, REYES, RICHARDS, RODRI~UEZ, PEDROZA NOES: NONE ABSENT: i~ONE ABSTAIN: NONE Fernando Pedroza, Mayor s4TT STe . -~-- ~ ~~~~-,~2.~.~-~' Andrea Hooper, City Clerk APPROVED AS TO FORMa PPROVED AS TO COIVTENT: C' ttorney ~ Lorry H pe, City Manager , ~ ~ , STATE OF CALIFORNIA - } , , } ss. ' COUNTY~OF LOS ANGELES } ~ .. 'f, tlie undersigned, City _Clerk of the City of Lynwood, do hereby certify that - the foregoing Resolution was passed and adopted by the City Council of the City 1 , , , ', of ~ Lynwood at a regular meeting held on the- 19th day of Au~ust , 2003. AYES: COU~CICN~El~ QYRD, REYES, RICHAR~DS, RODRIGl9EZ, PE~3~tOZA IVOES: 9~OA9E ~ , ~. ABSENT: ~90~dF ABSTAIN: ~O~tE ~;t~"~'~L.._ p~( , . Andrea L. Hooper, City Clerk STATE OF CALIFORNIA } ` ~ } ss. '. i . COIJNTY OF ~OS AiVGELES } ~ . I, the undersigned City Clerk of the City of Lynwood, and Clerk of the City . Council of said City, do hereby certify that the above and foregoing is a full, true ~ and correction copy of Resolution fVo. ~0(33.1~4 on file in my office and that said Resolution was adopted on the date and by the vote therein stated. r , Da~ed this :~9ti~ day of Au~~ast , 2003. ~~.~ , ~ . , Andrea ~o ~iooper, City Clerk { , ~ ~ ~~ ,