HomeMy WebLinkAbout2002 079 CC RESO2002 079 CC RESO ;¢f4 RESOLUTION NO. 2002-079
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK AUTHORIZING THE BORROWING
OF MONEY AND THE EXECUTION AND DELIVERY OF
A $500.000 LINE OF CREDIT AGREEMENT AND
RELATED DOCUMENTS WITH UNITED CALIFORINA
BANK
WHEREAS, the City of Baldwin Park City") finds that it is necessary and desirable
that a $500 thousand line of credit be extended under which the City may borrow funds for
use in the conduct of its activities; and
WHEREAS, United California Bank. a California Banking Corporation Bank") has
offered to renew City of Baldwin Park line of credit to finance capital improvements projects
in the amount of $500.000. which borrowings are to be secured by an annual interest
bearing certificate of deposit in the amount of $500.000 deposited with the Bank and by
terms and conditions described in Attachment A"; and
WHEREAS, the City of Baldwin Park, a Municipal Corporation, is authorized to
borrow funds from any private lending institution for any of the purposes of the City of
Baldwin Park; and
WHEREAS, the City of Baldwin Park hereby determines and finds that it is
appropriate and in its best interest to renew the line of credit from the Bank and to
authorize the execution and delivery of necessary documentation in connection therewith;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY OF BALDWIN
PARK AS FOLLOWS:
SECTION 1. The following documents, to be entered into by the City of Baldwin
Park and the Bank. substantially in the form presented and on file with the City Clerk of the
City of Baldwin Park, are hereby approved:
A) First Amendment to Credit Agreement
The Mayor of the City of Baldwin Park and the Chief Executive Officer
of the City are hereby authorized and directed, for and in the name and on behalf of the
Crty. to execute and deliver such documents in substantially said form, with such additions
thereto or changes therein as such officers may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
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2002 079 CC RESO ;¢f4 Resolution No. 2002-079
Page 2
SECTION 2. The Mayor and the Chief Executive Officer, and other deemed
appropriate officers of the City are hereby authorized and directed, for and in the name and
on behalf of the City. to do any and all things and take any and all actions and to execute
and deliver any and all certificates or agreements which they, or any of them. may deem
necessary or advisable in order to consummate the transactions authorized hereby, and all
prior acts and deeds of said officers in connection with the transactions authorized hereby
are in all respects affirmed, ratified and approved.
SECTION 3. This resolution shall take effect from and after its adoption.
APPROVED AND ADOPTED this 21st day of August. 2002.
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss:
CITY OF BALDWIN PARK
I. KATHLEEN R. SESSMAN. Deputy City Clerk of the City of Baldwin Park, do
hereby certify that the foregoing Resolution was duly and regularly approved and adopted
by the City Council of the City of Baldwin Park at te regular meeting of the City Council on
August 21st, 2002, by the following vote:
AYES: COUNCILMEMBERS: Bill Van Cleave, Linda Ga*r, Ricardo Pacheco,
Mayor Pro Tern Marlen Garcia and Mayor
ManuelLozano
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
f\D^LL^ Ar^/j
KA+HI FFM R FSt^
KATHLEEN R'SESSMAN
DEPUTY CITY CLERK
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2002-U02
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