Ordinance - 185333011-06 JHRW:CFA jaj
July 9, 1990
ORDINANCE NO. 1853
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA APPROVING THE FORM AND AUTHORIZING THE
EXECUTION OF AN INSTALLMENT SALE AGREEMENT BETWEEN THE
• CITY AND THE WEST COVINA PUBLIC FINANCING AUTHORITY, AND
APPROVING RELATED DOCUMENTS AND ACTIONS
WHEREAS, the City Council of the City of West Covina (the "City") has authorized the
execution and delivery of that certain Joint Exercise of Powers Agreement dated as of July 1,
1990, by and between the City and the Redevelopment Agency of the City of West Covina for the
purpose of establishing the West Covina Public Financing Authority (the "Authority"), and the
Authority is authorized under said Agreement to finance the acquisition and construction of public
capital improvements for the City; and
WHEREAS, the City wishes to raise the moneys necessary for the acquisition and
construction of certain facilities to be used in the water supply enterprise of the City as more fully
described in the Installment Sale Agreement hereinafter described (the 'Water Facilities"); and
WHEREAS, to finance such acquisition and construction the Authority proposes at this
time to issue its West Covina Public Financing Authority Water Revenue Bonds (Water System
Capital Improvements Project), Series 1990 in an aggregate principal amount of not to exceed
$7,000,000 (the 'Bonds"), the proceeds of which are to be applied to pay the costs of the Water
Facilities; and
WHEREAS, in order to provide revenues to enable the Authority to make payments of
principal and interest on the Bonds, the City proposes to purchase the Water Facilities from the
Authority pursuant to the Installment Sale Agreement dated as of September 1, 1990, by and
between the Authority as seller and the City as purchaser (the "Installment Sale Agreement"); and
WHEREAS, the City is required by Article 9 of Chapter 5 of Part 1 of Division 2 of the
California Government Code (commencing with Section 54240 of said Code) to approve the
Installment Sale Agreement by ordinance which is subject to referendum;
NOW, THEREFORE, THE COUNCIL OF THE CITY OF WEST COVINA
DOES ORDAIN AS FOLLOWS:
Section 1. Findings and Determinations. The City Council of the City of West
Covina hereby finds and determines that 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 Installment Sale
Agreement with the Authority.
Section 2. Approval of Installment Sale Agreement. The City Council hereby
authorizes the purchase by the City from the Authority of the Water Facilities pursuant to and in
accordance with the terms of the Installment Sale Agreement. The City Council hereby approves,
and authorizes and directs the Mayor to execute and the City Clerk to attest and affix the seal of the
City to, the Installment Sale Agreement in substantially the form thereof on file with the,City Clerk,
together with any changes as may be approved by the Assistant City Manager upon consultation
with the City Attorney and which do not materially affect the substance or materially increase the
obligations of the City. The schedule of installment payments set forth in the Installment Sale
Agreement shall be completed as required to cause the same to conform to the schedule of principal
and interest coming due and payable on the Bonds.
Section 3. Official Actions. The Mayor, the City Manager, the Assistant City
,Manager, the Public Works Director, the City Clerk, the City Treasurer, the City Attorney and any
and all other officers of the City are each authorized and directed in the name and on behalf of the
City to make any and all assignments, certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents, which they or any of them might deem
• necessary or appropriate in order to consummate the lawful execution and delivery of the
Installment Sale Agreement by the City. Whenever in this Ordinance any officer of the City is
authorized to execute or countersign any document or take any action, such execution,
countersigning or action may be taken on behalf of such officer by any person designated by such
officer to act on his or her behalf in the case such officer shall be absent or unavailable.
Section 4. Effective Date of Ordinance. This Ordinance shall be published and
posted in the manner specified in Section 54242 of the California Government Code, and shall
become effective thirty (30) days from and after the date of its final passage. 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.
Section 5. Certification of Ordinance. The City Clerk shall certify to the adoption
of this Ordinance and shall cause the same to be published as required by law.
APPROVED AND ADOPTED this 9th day or T -'-- ' """
ATTEST:'
By
City Clerk
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I HEREBY CERTIFY that the foregoing ordinance No. 1853 was duly introduced at a
meeting of the City Council of the City of West Covina at an adjourned regular meeting thereof
held on the 2nd day of July, 1990, and adopted by the City Council of the City of West Covina at a
regular meeting thereof held on the 9th day of July, 1990, by the following vote:
AYES: Councilmembers: Herfert, Jennings, Manners, McFadden, Tarozzi
NOES: Council members: None
ABSENT: Council members: None
ABSTAIN: Council members: None
AP P OVED AS TO FORM:
Jones Hall Hill & White
Bond Counsel
By A��
City Cle
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CERTIFICATION
I, JANET BERRY, City Clerk of the City of West Covina, State of
California, do hereby certify that a true and accurate copy of
Ordinance No.was published, pursuant to law, in the
San Gabriel Valley Tribune, a newspaper of general circulation
published and circulated in the City of West Covina.
DATED:
Janet Berry, City Clerk
City of West Covina, Californi