HomeMy WebLinkAbout1991-09-24 - RESOLUTIONS - LACO AGMT EXECUTION APPROVAL (2)RESOLUTION NO. 91-141
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
^.. OF SANTA CLARITA, CALIFORNIA, APPROVING,
AUTHORIZING AND DIRECTING THE EXECUTION OF A
CERTAIN AGREEMENT WITH THE LOS ANGELES COUNTY
TRANSPORTATION COMMISSION AND AUTHORIZING
OTHER OFFICIAL ACTION IN CONNECTION WITH A
PLEDGE BY THE CITY OF ITS PROPOSITION A
MONEYS.
WHEREAS, the City of Santa Clarita, Los Angeles County, California
(the "City"), proposes to finance the acquisition of eleven (11) commuter
buses and five (5) local buses to be used for public transportation (the
"Project") by entering into a financing agreement with the Los Angeles
County Transportation Commission ("LACTC"); and
WHEREAS, the City has determined that it is in the best interests
and for the common benefit of the residents and landowners of the City that
the Project be acquired and financed with tax-exempt financing as follows:
(a) The acquisition of the Project shall be directed and supervised by
the City and LACTC on behalf of the CSDA Finance Corporation, a California
nonprofit public benefit corporation ("CSDA"), pursuant to a Reimbursement
Agreement (the "Reimbursement Agreement"), dated as of September 1, 1991,
by and between the City and LACTC and certain other financing documents by
and between LACTC and CSDA in connection with the execution and delivery of
..-. certain Certificates of Participation, 1991 Series G; and
(b) The City shall acquire the Project from LACTC pursuant to the
Reimbursement Agreement which provides for the reimbursement by the City of
lease payments made by LACTC to CSDA for the Project, representing
principal and tax-exempt interest components and having principal
components in the aggregate sum of not to exceed $4.500.000, and said
reimbursement shall be made by the City from the funds in the City's
Proposition A Fund subject to certain limitations.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of
Santa Clarita, California, as follows:
SECTION 1. The above recitals are all true and correct.
SECTION 2. The City hereby approves the Reimbursement Agreement
in substantially the form presented to the City at this meeting together
with any additions thereto or changes therein as may be deemed necessary or
advisable and not adverse to the City, as shall be approved by the City
Manager and the City Attorney, such approval to be conclusively evidenced
by the execution thereof by the Mayor or the City Manager or the
appropriate official or officer as herein authorized.
SECTION 3. The City hereby further authorizes and directs the
�+ Mayor, the City Manager and the appropriate officials and officers of the
City to execute, attest and affix the seal of the City to and deliver the
Reimbursement Agreement and all other documents in connection therewith,
as appropriate, for and in the name of and on behalf of the City.
Reso. 91-141
Page 2
SECTION 4. The City hereby further authorizes and directs the
appropriate officers of the City for and in the name of and on behalf of
the City, to execute and deliver any and all things and to take any and all
actions which may be necessary or advisable in their discretion to fulfill
the actions and consummate the transactions heretofore approved by the City
and to make such additional filings, amendments, consents, undertakings or
agreements as may be required to effect and maintain the qualifications and
exemptions existing or to be obtained under the laws of the State of
California and the laws of the United States of America.
SECTION 5. The City hereby ratifies and confirms all actions
heretofore taken in connection with the authorization, execution and
delivery of the Reimbursement Agreement and other documents related thereto.
PASSED AND ADOPTED by the City Council of the City of Santa
Clarita, California, at a regular meeting held on the 24th day
of September , 1991.
ATTEST:
CITY CLERK
MAYOR
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by
the City Council of the City of Santa Clarita, California, at a regular
meeting thereof, held on the 24th day of September 1991, by
the following vote of the Council:
AYES: COUNCILMEMBERS Darcy, Heidt, Klajic, McKeon
NOES: COUNCILMEMBERS None
ABSENT: COUNCILMEMBERS Boyer
CITY 6LIERK