HomeMy WebLinkAbout2002-03-26 - RESOLUTIONS - FINANCING DOCUMENTS (2)RESOLUTION NO. 02-35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, AUTHORIZING AND DIRECTING
THE EXECUTION OF CERTAIN LEASE FINANCING DOCUMENTS
AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS
WITH RESPECT THERETO
WHEREAS, the City proposes to finance the costs of the acquisition, construction,
modernization, installation, and/or equipping of certain land and/or capital improvements
thereon and/or equipment related thereto through a lease thereof at the location[s] all as
described and specified in the hereinafter described Lease Agreement and/or exhibit[s] thereto
(the "Property"), excluding any existing land, facilities, and/or equipment, if any, to the extent
not included in such descriptions and specifications of the Property to be leased thereunder, for
use by the City (the "Project"); and
WHEREAS, the City has determined to finance the Project by entering into a Lease
Agreement (as defined below) with the Santa Clarita Public Financing Authority, a joint powers
authority, duly organized and existing under and by virtue of the laws of the State of California,
(the "Authority"); and
WHEREAS, the City will lease to the Authority its interest in the Property pursuant to
a Site Lease as (defined below) and the Authority, concurrently with the execution of the Site
Lease, will leaseback the Property to the City pursuant to the Lease Agreement; and
WHEREAS, it is in the public interest and for the public benefit that the City authorize
and direct execution of the Site Lease and the Lease Agreement and certain other financing
documents in connection therewith; and
WHEREAS, the documents below specified have been filed with the City and the
members of the City Council, with the aid of its staff, have reviewed said documents;
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. The below -enumerated documents are hereby approved, and a Responsible
Officer (as defined below) is hereby authorized and directed to execute said documents in
substantially the forms hereto presented, with such revisions, amendments, and other
completions as shall be approved by such Responsible Officer with the advice of the City, such
approval to be conclusively evidenced by the execution and delivery by such Responsible Officer.
A "Responsible Officer" includes any member of the City Council, the City Manager, the
Director of Administrative Services or any officer of the City designated by the Mayor or the
City Manager as a Responsible Officer, and the City Clerk is hereby authorized and directed
to attest to the signature of any such Responsible Officer.
(a) a site lease (the "Site Lease*), by and between the City and the Authority, pursuant
to which the City will lease the Property to the Authority.
(b) a lease/purchase agreement (the "Lease Agreement"), by and between the Authority,
as lessor, and the City, as lessee, pursuant to which the Authority will lease the Property back
to the City, so long as the term fl€ the Lease Agreement does not exceed ten years, the total
amount of the Lease Agreement does not exceed $1,200,000.00, and the interest rate payable
with respect to the Lease Agreement shall be determined according to the formula set forth in
the Lease Agreement.
SECTION 2. Any Responsible Officer, and each of them, is hereby authorized and
directed to execute and deliver any and all other documents, agreements, and instruments and
to do and cause to be done any and all acts and things necessary or proper for carrying out the
transactions contemplated by this Resolution.
SECTION 3. This Resolution shall take effect upon its adoption by the City Council.
PASSED, APPROVED AND ADOPTED this 26th day of March, 2002.
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, City Clerk of the City of Santa Clarita, do 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 26th day of March, 2002, by the following vote:
AYES: COUNCILMEMBERS: Kellar, Weste, Darcy, Ferry
NOES: COUNCILMEMBERS: Smyth
ABSENT: COUNCILMEMBERS: None
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council \Parking Lot Reso 2.doc