Ordinance - 1782ORDINANCE NO. 1782
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING THE FORM AND AUTHORIZING THE EXECU-
TION OF A LEASE AGREEMENT BETWEEN THE CITY AND THE
REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA
WHEREAS, the Redevelopment Agency of the City of West Covina (the
"Agency") has previously entered into an Installment Sale Agreement
dated as of November 1, 1985 (the "Installment Sale Agreement") with
the Parking Authority of the City of West Covina (the "Authority")
under which the Authority has agreed (a) to acquire certain land
described more fully in Exhibit A attached to the Lease Agreement
hereinafter described (the "Site"), which is situated in the Central
Business District Redevelopment Project Area of the Agency, (b) to
build certain public parking facilities and related and appurtenant
facilities and property (the "Project") thereon, and (c) to sell the
Project and the Site to the Agency; and
WHEREAS, in order to provide funds to refinance the Agency's
obligations under the Installment Sale Agreement and thereby
restructure the financing in a manner which is of benefit to the
Agency, the Agency intends to issue its Redevelopment Agency of the
City of West Covina 1988 Lease Revenue Bonds (The Lakes Public Parking
Project) (the "Bonds"); and
WHEREAS, the City wishes to lease the Site and the Project from the
Agency pursuant to the Lease Agreement dated as of June 1, 1988, by and
between the Agency as lessor and the City as lessee (the "Lease Agree-
ment") and to pay certain lease payments thereunder in the amounts and
at the times sufficient to provide for the retirement of the Bonds; 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 Lease Agreement by ordinance
which is subject to referendum;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF WEST
COVINA 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 Lease Agree-
ment with the Agency.
Section 2. Approval of Lease 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 Lease 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 and
which do not materially affect the substance or materially increase the
obligations of the City. The lease payments to be payable by the City
under the Lease Agreement in any fiscal year shall not exceed the
amount of $1,046,800; provided, however, that the amount of the lease
payments to be made by the City to the Agency under the Lease Agreement
shall be reduced as necessary to conform to the schedule of principal
and interest payments determined upon the sale of the Bonds.
Section 3. Official Actions. The Mayor, the City Manager, the
Assistant City Manager, the City Clerk, 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, certifi-
cates, requisitions, agreements, notices, consents, instruments of con-
veyance, warrants and other documents, which they or any of them might
deem necessary or appropriate in order to consummate the lawful execu-
tion and delivery of the Lease Agreement by the City.
Section 4. Effective Date of Ordinance. This Ordinance 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 Government Code of the State of
California and the laws of the State of California.
Section 5. 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 27th
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF WEST COVINA )
day of June , 1988.
Mayor
I , Janet Berry , City Clerk of the City of West Covina, do
hereby certify that the foregoing Ordinance No. 1789 was regu-
larly introduced and placed upon its first reading at a regular meeting
of the City Council on the 13th day of June , 1988. That,
thereafter said ordinance was duly adopted at a regular meeting of the
City Council on the 27th day of June 1988, by the following
vote:
AYES: Lewis, Bacon, Manners
NOES: McFadden, Tarozzi
ABSENT: None
ABSTAIN: None
APPROVED AS TO FORM:
Arofessional
Jones, Hall, Hill & White,
Law Corporation,
as Special Counsel
LAK210KJ-6/88
-2-
City Cler