HomeMy WebLinkAbout2003-09-23 - RESOLUTIONS - LEASE AGMT PRICE CLUB NOTE (2)RESOLUTION NO. JPA 03-1
A RESOLUTION OF THE BOARD OF THE SANTA CLARITA PUBLIC
FINANCING AUTHORITY APPROVING CERTAIN DOCUMENTS IN
CONNECTION WITH THE EXECUTION AND DELIVERY OF NOT TO
EXCEED $2,600,000 FIXED RATE LEASE AGREEMENT
WHEREAS, the Santa Clarita Public Financing Authority (the "Authority" ) is a Joint
Powers Authority (a public body, corporate and politic) duly created, established and
authorized to transact business and exercise its powers, all under and pursuant to the Joint
Exercise of Powers Act (Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California
Government Code), including the power and authority to assist the City of Santa Clarita,
California (the "City"), with the financing or refinancing of various public facilities for the
use, benefit and enjoyment of the public; and
WHEREAS, the City has requested the assistance of the Authority to finance the
prepayment of a certain obligation of the City (the "Project") through the execution and
delivery of a fixed rate lease agreement (the "Lease Agreement") and the assignment of lease
payments thereunder to Zions First National Bank (the "Assignee") pursuant to a commitment
letter dated August 11, 2003 (the "Commitment Letter"); and
WHEREAS, the City will lease to the Authority its interest in certain property (the
"Property") pursuant to a Site Lease and the Authority, concurrently with the execution of the
Site Lease, will leaseback the Property to the City pursuant to the Lease Agreement, in
consideration for lease payments; and
WHEREAS, the documents below specified have been filed with the Authority and the
members of the Board of the Authority, with the aid of its staff, have reviewed said
documents.
NOW, THEREFORE, the Board of the Santa Clarita Public Financing Authority does
hereby resolve as follows:
SECTION 1. The below enumerated documents (collectively, the "Transaction
Documents") are hereby approved, and a Responsible Officer (as defined below) is hereby
authorized and directed to execute the Transaction Documents in substantially the forms
hereto presented, with such revisions, amendments and completions as shall be approved by
such Responsible Officer with the advice of Special Counsel to the City, such approval to be
conclusively evidenced by the execution and delivery by such Responsible Officer. A
Responsible Officer shall include any member of the Board, the Executive Director, the
Treasurer or any officer of the Authority designated by the President or the Executive Director
as a Responsible Officer and the Secretary is hereby authorized and directed to attest to such
official's signature.
(a) a Site Lease, by and between the City, as lessor, and the Authority, as lessee,
pursuant to which the Authority will lease the Property from to the City; and
(b) a Lease Agreement, by and between the Authority, as lessor, and the City, as
lessee (the "Lease Agreement"), pursuant to which the Authority will leaseback
the Property to the City; and
(c) an Assignment Agreement, by and between the Authority and Zions First
National Bank, as assignee.
SECTION 2. Any Responsible Officer of the Authority, and each of them, is hereby
authorized and directed to execute and deliver the Transaction Documents and any and all
other documents 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 from and after the date of its passage
and adoption.
PASSED, APPROVED AND ADOPTED this 23rd day of September, 2003.
SANTA CLARTTA PUBLIC FINANCING
AUTHORITY
CHAIR
ATTEST:
1
SECRETARY
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, Secretary of the Santa Clarita Public Financing Authority,
do hereby certify that the foregoing Resolution was duly adopted by the Board of the Santa
Clarita Public Financing Authority, at a meeting thereof, held on the 23rd day of
September, 2003 by the following vote of the Board:
AYES: MEMBERS: Weste, Ferry, McLean, Kellar, Smyth
NOES: MEMBERS: None
ABSENT: MEMBERS: None
SECRETARY
STATE OF CALIFORNIA )
COUN'T'Y OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true
and correct copy of the original Resolution No. JPA 03-1, adopted by the City Council of the
City of Santa Clarita, California on September 23, 2003, which is now on file in my office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of
,20—.
Sharon L. Dawson, CMC
City Clerk
By
Susan Coffman
Deputy City Clerk