130 ORDINANCE NO. 130
AN ORDINANCE APPROVING, AUTHORIZING AND DIRECTING
EXECUTION OF LEASE AGREEMENTS BETWEEN THE CITY OF
GRAND TERRACE AND THE PUBLIC FINANCING AUTHORITY
AND AUTHORIZING AND DIRECTING CERTAIN OTHER
ACTIONS WITH RESPECT THERETO
WHEREAS, the City of Grand Terrace (the "City") and the Grand Terrace
Public Financing Authority (the " Authority") propose to proceed with certain
lease financings; and
WHEREAS, In connection therewith, the City proposes to finance the
construction and equipping of certain public improvement projects namely, a
child care center project, a recreation facility project and a park project (the
"Projects") and it is in the public interest and for the public benefit that the
City authorize and direct execution of Lease Agreements (as defined and
described below) relating thereto; and
WHEREAS, the City and the Authority further propose to finance the
Projects with a portion of the proceeds of the Authority's 1991 Local Agency
Revenue Bonds, Series A; and
4W WHEREAS, the City is required by Article 9 Chapter 5 of Part 1 of Division
2 of the California Government Code (commencing with section 54240 of said Code)
to approve the Lease Agreements by ordinance which is subject to referendum; and
WHEREAS, forms of the Lease Agreements have been filed with the Council ,
and the members of the Council , with the aid of its staff, have reviewed the
Lease Agreements;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE DOES ORDAIN
AS FOLLOWS:
Section 1. Findings and Determinations. The City Council of the City of
Grand Terrace hereby finds and determi—ne--s—t-Fat it is for the common benefit of
the City and its residents and is necessary and proper for municipal purposes
that the city enter into the Lease Agreements with the Authority.
Section 2. Approval of Lease Agreements. The City Council hereby approves
the Lease Agreements namely, the Lease Agreement (Child Care Center Project) ,
the Lease Agreement (Park Project) and the Lease Agreement (Recreation Facility
Project) (together referred to herein as the "Lease Agreements") , in
substantially the preliminary forms on file with the City Clerk, and authorizes
and directs the Mayor to execute and the City Clerk to attest and affix the seal
of the City to the Lease Agreements in such final form as may be approved by
resolution of the City Council adopted prior to the execution and delivery of
the Lease Agreements. The aggregate lease payments to be payable by the City
under the Lease Agreements (but excluding maintenance, insurance and other
administrative expenses) in any fiscal year shall not exceed the amount of the
conform to the schedule of principal and interest payments determined upon the
sale of the lease revenue bonds to be issued by the Authority to finance the
acquisition, construction and improvement of the project.
SECTION 3. Official Actions. The Mayor, the City Clerk, the City
Manager, the City Finance Director, the City Attorney, and other officials of
4W the City are hereby authorized and directed to execute such other agreements,
documents and certificates as may be necessary to effect the purposes of this
Ordinance and the Lease Agreements.
SECTION 4. Publication of Ordinance. This Ordinance shall be published
at least once in a newspaper pu is a in the City within fifteen (15) days
after its adoption.
SECTION 5. Effective Date of Ordinance. This Ordinance shall take
effect thirty (30) days from and after its date of adoption unless suspended by
exercise of the power of referendum. This Ordinance shall be subject to
referendum pursuant to and as provided in Section 54241 of the California
Government Code and the laws of the State of California.
APPROVED, PASSED AND ADOPTED this 27 day of June, 1991.
ATTEST:
Deputy City erg k o a--MY May o the City AGran
of Grand Terrace and of the Te ace and of the City
City Council thereof Council thereof
4
I, BRENDA STANFILL, Deputy City Clerk of the City of Grand Terrace,
California, do hereby certify that the foregoing Ordinance was introduced and
adopted at a regular meeting of the City Council of the City of Grand Terrace
held on the 27th day of June, 1991 by the following vote:
AYES: Councilmember Carlstrom, Christianson and Hilkey;
Mayor Pro Tem Grant ; Mayor Matteson
NOES: None
ABSENT: None
ABSTAIN: None
Approved a to form
Deputy City Clerk Attorney
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