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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 4 -2-