HomeMy WebLinkAbout1995-06-27 - RESOLUTIONS - CAPITAL IMPROV SUBSTITUTION (2)RESOLUTION NO. 95-75
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA CLARITA, CALIFORNIA, DESIGNATING
THE SUBSTITUTION OF CAPITAL IMPROVEMENTS
ON EXHIBIT D TO THE FISCAL AGENT AGREEMENT,
BASE LEASE AND LEASE AGREEMENT IN
CONNECTION WITH THE PREVIOUSLY ISSUED
$22,940,000 CERTIFICATES OF PARTICIPATION.
WHEREAS, The City of Santa Clarita, California (tl-w "C:i�y"), and the
Redevelopment Agency of the City of Santa Clarita (the "Agency")
previously provided funds to finance and/or refinance the acquisition,
improvement, equipping and construction of certain projects by the
execution and delivery of Certificates of Participation (Capital Improvement
Projects) Evidencing A Proportionate Interest of the Owners Thereof In
Lease Payments To Be Made By The City of Santa Clarita (Los Angeles
County, California) To The Redevelopment Agency of the City of Santa
Clarita (the "Certificates"), dated October 1, 1991, in the principal amount
of $22,940,000; and
WHEREAS, in connection with the execution and delivery of the
Certificates there were executed the Fiscal Agent Agreement dated as of
October 1, 1991 (the "Fiscal Agent Agreement"), by and between the City
and the Santa Clarita Public Finance Authority, the Base Lease dated as
of October 1, 1991 (the "Base Lease"), by and between the City and the
Agency, and the Lease Agreement dated as of October 1, 1991 (the "Lease
Agreement"), by and between the Agency and the City; and
WHEREAS, Exhibit D to the Fiscal Agent Agreement, the Base
Lease and the Lease Agreement describes the projects to be financed and/or
refinanced with the proceeds of the Certificates, and further specifies the
designation of substitute capital improvements by resolution of the City
Council of the City; and
WHEREAS, it is in the best interests of the City to designate the
financing and/or refinancing of certain substitute capital improvements
with the proceeds of the Certificates, pursuant to Exhibit D to the Fiscal
Agent Agreement, the Base Lease and the Lease Agreement;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, DOES HEREBY RESOLVE,
DETERMINE AND DECLARE AS FOLLOWS:
Section 1. Recitals. The above recitals are all true and correct.
Section 2. Findinzs and Determinations. The City Council
hereby finds and determines that it is in the best interests of the City to
designate the financing and/or refinancing of certain substitute capital
improvements with the proceeds of the Certificates, pursuant to Exhibit D
of the Fiscal Agent Agreement, the Base Lease and the Lease Agreement.
Section 3. Substitute Projects. The following capital
improvements are hereby designated as substitute Projects, pursuant to
Exhibit D to the Fiscal Agent Agreement, the Base Lease and the Lease
Agreement:
1. Redevelopment Agency of the City of Santa Clarita
Activity Expenditures authorized under the
redevelopment plan adopted and approved by
Ordinance No. 94-3 of the City adopted on
February 22, 1994.
2. FHWA (Federal Highway Administration),
earthquake related capital projects.
Section 4. Effectiveness. This Resolution shall take effect
immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Santa
Clarita at a regular meeting held on the 27th day of June '1995.
CITY OF SANTA CLARITA,
CALIFORNIA
G� Al
MAYOR
ATTEST:
ITY CLERK' '✓�
STATE OF CALIFORNIA )
City of Santa Clarita )ss
COUNTY OF LOS ANGELES )
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
City Council of the City of Santa Clarita at a regular meeting thereof, held on the
27th day of lune , 1995, by the following vote of the Council;
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
Weo=605-75m
Snyth, Soyer, Pederson, Heidt, Darcy
None
"done
LERK