Resolution - 8900RESOLUTION NO. 8900
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA, CALIFORNIA, APPROVING THE
ISSUANCE OF THE WEST COVINA PUBLIC FINANCING
AUTHORITY 1992 REVENUE (TAX ALLOCATION)
BONDS AND THE BORROWING OF BOND PROCEEDS BY
THE REDEVELOPMENT AGENCY OF THE CITY OF WEST
COVINA.
WHEREAS, the City of West Covina, (the "City") and the
Redevelopment Agency of the City of West Covina (the "Agency")
have heretofore entered into a Joint Exercise of Powers
Agreement dated June 1, 1990 establishing the West Covina
Public Financing Authority (the "Authority") for the purpose of
issuing its bonds to be used to provide financing assistance to
the City and the Agency; and
WHEREAS, the Authority proposes to issue its 1992 Revenue (Tax
Allocation) Bonds in an aggregate principal amount of not to
exceed $22,000,000.00 (the "Bonds") for the purpose of
providing funds to make two (2) loans (the "Loans") in an
aggregate principal amount of not to exceed $22,000,000.00
pursuant to Loan Agreement No. 1 (Central Business District
Redevelopment Project) and Loan Agreement No. 2 (Eastland
Redevelopment Project) by and among the Authority, the Agency
and Bank of America National Trust and Savings Association as
trustee (the "Trustee"), for the purpose of repaying certain
other obligations of the Agency and financing additional
redevelopment activities of the Agency (the "Project"); and
WHEREAS, pursuant to the Community Redevelopment Law
(constituting Part 1 of Division 24 of the Health and Safety
Code of the State of California), the Agency has authorized the
Loans;
WHEREAS, there has been presented to the City Council of the
City of West Covina for approval of the following documents:
(1) Loan Agreement No. 1 (Central Business District
Redevelopment Project) and Loan Agreement No. 2 (Eastland
Redevelopment Project), each dated as of December 1, 1992, by
and between the Authority, the Trustee and the Agency
(hereinafter referred to collectively as the "Loan
Agreements"); and
WHEREAS, the Loan Agreements are necessary to carry out the
financing of the acquisition and construction of the Project.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST COVINA
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Loan Agreements are hereby approved in
substantially the form and content on file with
the City Clerk but with such changes,
modifications, additions and deletions therein
as shall be deemed necessary, desirable or
appropriate by the City Attorney or Bond
Counsel.
Section 2. The issuance of the Bonds by the Authority, the
entering into of the Loan Agreements and the
application of a portion of the proceeds of the
Loans to repay certain obligations of the
Agency and to finance certain redevelopment
activities of the Agency are hereby approved.
Section 3. The Mayor, City Clerk, City Manager, Assistant
City Manager, their designees, or other
appropriate officers of the City are hereby
authorized to execute and deliver for and on
behalf of the City any and all additional
escrow agreements, certificates, documents,
opinions or other papers and perform all other
acts as they may deem necessary or appropriate
in order to implement and carry out the intent
and purposes of this resolution.
The City Clerk shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 23rd day of November, 1992.
ATTEST:
City Clerk
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I HEREBY CERTIFY that the foregoing Resolution No. 8900
was duly adopted by the City Council of the City of West Covina
at a meeting thereof held on the 23rd day of November, 1992, by
the following vote:
AYES: Manners, Jennings, Herfert, McFadden, Wong
NOES: None
ABSENT: None
ABSTAIN: None
V
City Clerk
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