HomeMy WebLinkAbout2001 041 CC RESO2001 041 CC RESO¹òw @˜ ‰ 2001 RESO 2001-041–"[HmmRESOLUTION NO. 2001-041
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 THOUSAND LINE OF CREDIT AGREEMENT
AND RELATED DOCUMENTS WITH SANWA 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, Sanwa Bank, a California Banking Corporation Bank") has offered the
City of Baldwin Park a line of credit to finance the street improvement and other 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 authorize 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) $500 thousand Line of Credit
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
City, 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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2001 041 CC RESO¹òw @˜ ‰ 2001 RESO 2001-041–"[HmmResolution No. 2001-041
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 2nd day of May, 200.K? /^
//^..^
MANUEL
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss:
CITY OF BALDWIN PARK
I, Rosemary M. Ramirez, 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 its regular meeting of the City Council on May
2nd, 2001, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUMCILMEMBERS:
Marlen Garcia, Ricardo Pacheco, William Bill"
Van Cleave, Mayor Pro Tern Linda Gair and
Mayor Manuel Lozano
None
None
None
Rosernai^ M^^mirez, CMC
Deputy City Clei^
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