HomeMy WebLinkAbout1996-06-25 - RESOLUTIONS - CAPITAL IMPROV SUBSTITUTION (2)RESOLUTION NO. 96-96
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA CLARITA 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 (the "City"), 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. Findings 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
is hereby designated as a substitute Project, pursuant to Exhibit D of the Fiscal Agent
Agreement, the Base Lease and the Lease Agreement:
1. Newhall Neighborhhod Park
2. Magic Mtn/Via Princessa Road Extension
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 25 day of June 1996.
CITY OF SANTA CLARITA,
CALIFORNIA
MAYOR
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF SANTA CLARITA )
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
25 day of June , 1996, by the following vote of the City Council:
AYES: COUNCILMEMBERS:
Sayth, Darcy, Heidt, Klajic, Boyer
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
Wm.A.VW96.