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HomeMy WebLinkAboutORD 1081ORD 1081pT3(Ì쿇 ORDINANCE NO. 1081 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK, CALIFORNIA, APPROVING THE ACT OF ENTERING INTO A LEASE AGREEMENT BETWEEN THE CITY AND THE BALDWIN PARK FINANCING AUTHORITY WHEREAS, the City of Baldwin Park the City"), is a municipal corporation and general law city organized under the laws of the State of California, and the Baldwin Park Financing Authority the Authority") is a joint exercise of powers authority duty organized and existing under Articles 1 through 4 commencing with Section 6500) of Chapter 5, Division 7, Title 1 of the California Government Code the Government Code"), and pursuant to a Joint Exercise of Powers Agreement, dated as of April 6, 1988, by and between the City and the Community Redevelopment Agency of the City of Baldwin Park; and WHEREAS, the City and the Authority have previously entered into a Lease Agreement dated as of February 1, 1989, pursuant to which the City leased to the Authority and the Authority leased back to the City certain real property the Property") located in the City, the Authority assigned its interests in the lease payments and certain other rights thereunder to a trustee, and the City executed, delivered and sold Certificates of Participation the Prior COPs") in such lease payments in the original aggregate principal amount of $8,875,000; and WHEREAS, the City and the Authority desire to institute proceedings to refinance certain capital improvements consisting of a project commonly known as the Baldwin Park Community Center the Project"), by entering into an amended and restated lease agreement the Lease Agreement"), dated as of June 15,1994, pursuant to which the City would lease the Project which consists of the land, as more particularly described in the Lease Agreement, and all improvements located thereon) to the Authority and the Authority would lease back the Project to the City: and WHEREAS, pursuant to the Lease Agreement, the City proposes to pay certain lease payments to the Authority in the amounts and at the times sufficient to provide for the payment of principal and interest and premium, if any, on the Baldwin Park Financing Authority 1994 Lease Revenue Refunding Bonds Community Center Project") the Bonds") to be issued by the Authority to refinance the Project; and WHEREAS, the City is required by Article 9 of Chapter 5 of Part 1 of Division 2 of the Government Code commencing with Section 54240 thereof) to approve the act of entering into the Lease Agreement by ordinance which is subject to referendum. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BALDWIN PARK DOES ORDAIN AS FOLLOWS: Section 1. Findings and Determinations. The City Council of the City hereby finds and determines that it is for the common benefit of the City and its residents and is necessary and proper for its municipal purposes that the City enter into the Lease Agreement with the Authority, a copy of which in substantially final form is on file with the City Clerk. Section 2 Approval of Lease Agreement. The City Council hereby approves the act of entering into the Lease Agreement, and authorizes and directs the Mayor to execute and the City Clerk to attest and affix the seal of the City to the Lease BIB] 37650-U01 ORD-U02 1081-U02 LI2-U03 FO4263-U03 FO4331-U03 DO4348-U03 C5-U03 ORDINANCES-U03 10/11/2001-U04 ADMIN-U04 ORD-U05 1081-U05 MAY-U05 18-U05 1994-U05 ORD 1081pT3(Ì쿇 ORDINANCE NO. 1081 PAGE TWO Agreement when such Lease Agreement is in such final form as may be necessary or convenient, upon consultation with bond counsel and counsel for the City to conform the Lease Agreement to the proceedings for the issuance of the Bonds. Section 3. Approval of the Escrow Agreement. The City Council hereby approves the act of entering into an Escrow Agreement by and among the City, the Authority and Bank of America National Trust and Savings Association, as escrow agent the Escrow Agreement") for the purpose of providing for the refinancing of the Prior COPs and authorizes and directs the Mayor or the Executive Director to execute and the City Clerk to attest and affix the seal of the City to the Escrow Agreement, with such changes therein as such persons executing the same, with the advice of counsel, may require or approve, such approval to be evidenced by the execution thereof. Section 4. Official Action. The Mayor, the Director of Administrative Services, the City Clerk, the City Attorney and any and all other officers of the City are each hereby authorized and directed in the name and on behalf of the City to make any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, that they or any of them might deem necessary or appropriate in order to consummate the lawful execution and delivery of the Lease Agreement and the Escrow Agreement by the City and the authorization, sale and delivery of the Bonds. Section 5. Effective Date of Ordinance. This Ordinance shall be published or posted in the manner specified in Section 36933 of the Government Code, and shall become effective thirty 30) days after the date of its final passage. This Ordinance shall be subject to referendum pursuant to and as provided in Section 54241 of the Government Code and the laws of the State of California. PASSED AND ADOPTED this 18th day of May, 1994. MAYOR ATTEST: BIB] 37650-U01 ORD-U02 1081-U02 LI2-U03 FO4263-U03 FO4331-U03 DO4348-U03 C5-U03 ORDINANCES-U03 10/11/2001-U04 ADMIN-U04 ORD-U05 1081-U05 MAY-U05 18-U05 1994-U05 ORD 1081pT3(Ì쿇 ORDINANCE NO. 1081 PAGE THREE STATE OF CALIFORNIA COUNTY OF LOS ANGELES) CITY OF BALDWIN PARK I, LINDA L. GAIR, City Clerk of the City of Baldwin Park, do hereby certify that the foregoing Ordinance No.1081 was regularly introduced and placed upon First Reading at a regular meeting of the City Council on the 4th day of May, 1994. That thereafter, said Ordinance was duly approved and adopted at a regular meeting of the City Council on the 18th day of May, 1994, by the following vote: AYES: COUNCILMEN MARTINEZ, MUSE, LOWES, MAYOR VARGAS NOES: COUNCILMEN NONE ABSENT: COUNCILMEN GALLEGOS ABSTAIN: COUNCILMEN NONE CITY CLERK BIB] 37650-U01 ORD-U02 1081-U02 LI2-U03 FO4263-U03 FO4331-U03 DO4348-U03 C5-U03 ORDINANCES-U03 10/11/2001-U04 ADMIN-U04 ORD-U05 1081-U05 MAY-U05 18-U05 1994-U05