Resolution - 9249RESOLUTION NO. 9249
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA AUTHORIZING THE EXECUTION DELIVERY
AND PERFORMANCE OF THE FIRST AMENDMENT TO
REIMBURSEMENT AGREEMENT WITH NATIONAL
WESTMINSTER BANK PLC, AND LETTER OF CREDIT
AMENDMENT NO.2 TO CONTINUE CREDIT ENHANCEMENT
FOR $7,750,000 PRINCIPAL AMOUNT OF LEASE
REVENUE REFUNDING BONDS (THE LAKES PUBLIC
PARKING PROJECT)
Whereas, in November, 1985, pursuant to the Community
Redevelopment Law of the State of California the Redevelopment
Agency of the City of West Covina (the "Agency") and the City
Parking Authority entered into an agreement to build certain public
parking facilities for the benefit of its residents and the Lakes
development; and
Whereas, in August, 1988, the. Redevelopment Agency issued
$7,750,000 principal amount of lease revenue refunding bonds for
the Lakes Public Parking Project (the "Bonds"); and
Whereas, the Bonds are 'secured by an irrevocable direct -pay
letter of credit issued by National Westminster Bank PLC, acting
through its San Francisco Overseas Branch (the "Bank") in favor of
the Trustee for the account of the City, pursuant to the
Reimbursement Agreement dated August 1, 1988 by and between the
City and the Bank (collectively the "Reimbursement Agreement");
Whereas, City and Bank have determined it is necessary to
extend the term of the letter of credit which otherwise would
expire September 16, 1995, by amending the Reimbursement Agreement
to provide for an additional five year term renewable annually and
certain interest rate adjustments in consideration of such
extension; and
Whereas, the City Council at this time wishes to authorize all
proceedings relating the amendment of the Reimbursement Agreement
and amendment of the letter of credit to provide for such extension
on the terms and conditions offered by National Westminster Bank
PLC.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of West Covina as follows:
SECTION 1. Approval of First Amendment to Reimbursement
Agreement. The City Council hereby authorizes the execution,
delivery and performance of the First Amendment to Reimbursement
Agreement and Letter of Credit Amendment No.2 (collectively the
"First Amendment to Reimbursement Agreement") in substantially the
form on file with the City Clerk together with any changes therein
or additions thereto deemed advisable by the City Manager. The
City Council hereby authorizes and directs the Mayor to execute and
the City Clerk to countersign and affix the seal of the City to,
the final forms of the First Amendment to Reimbursement Agreement
for and in the name of the City.
SECTION 2. Official Actions. The Mayor, the City Manager,
the Finance Director, the City Clerk 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 agreements or other documents, which
they or any of them might deem necessary or appropriate in order to
consummate the actions contemplated and approved by the Resolution.
Whenever in this Resolution any officer of the City is authorized
to execute or countersign any document or taken any action, such
execution, countersigning or action may be taken on behalf of such
PS2\482\014125-"3\2160814. a08/31195
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 3. Effective Date. This Resolution shall take effect
from and after the date of its passage and resolution.
SECTION 4. Certification. The City Clerk shall certify to
the adoption of this Resolution.
40 APPROVED AND ADOPTED this 28th day of August, 1995.
yor
9
ATTEST:
Citv .Clerk
. I hereby certify that the foregoing resolution was duly
adopted by the City Council of the City of West Covina at a regular
meeting thereof held on the 28thday of August , 1995, by the
following vote of the council:
AYES: Manners, McFadden, Herfert
NOES: Touhey
ABSENT: None D
ABSTAIN: Wong
City Cl rk\ '
APPROVED AS TO FORM:
�'w't(Aa L V - 1311 K)
ity Attorney
PS2\482\014125-"3\2160814. a08/31/95
FIRST AMENDMENT TO
REIMBURSEMENT AGREEMENT AND
LETTER OF CREDIT AMENDMENT NO. 2
FOR THE $7,750,000
REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA
1988 LEASE REVENUE REFUNDING BONDS
(The Lakes Public Parking Project)
INCUMBENCY AND SIGNATURE CERTIFICATE OF CITY
The undersigned hereby state and certify:
(i) that they are the duly appointed or elected,
qualified and acting Mayor and City Clerk, respectively, of the
City of West Covina, a municipal corporation, duly organized and
validly existing under the laws of the State of California (the
"City"), and as such, are familiar with the facts herein certified
and are authorized and qualified to certify the same;
(ii) that the following persons are now, and have
continuously been since the dates of the beginning of their
respective current terms of office shown below, the duly elected or
appointed, qualified and acting members of the City Council of the
City, and the dates of the beginning and ending of their respective
current terms of office are correctly designated opposite their
names:
Members of City Council
Steve Herfert
Nancy Manners
Michael Touhey
Bradley J. McFadden
Ben Wong
Date of Date of
Beginning of Ending of
Current Term Current Term
April
1994
April
1999
April
1992
April
1997
April
1994
April
1999
April
1992
April
1997
April
1992
April
1997
(iii) that the signatures set forth opposite the names of
the following persons are the true and correct specimens of, or
FS2\482\014125-"3\2160812. a08/31/95
are, the genuine signatures of such persons, each of whom holds the
office designated:
Name/Title
James E. Starbird, City Manager
Steve Herfert, Mayor
Abraham Koniarsky, Finance Director
Janet Berry, City Clerk
Signature
n
(iv) that the Mayor has been duly authorized to execute
and the City Clerk -has been duly authorized to attest to and cause
to be affixed thereto the seal of the City Council to the First
Amendment to Reimbursement Agreement dated August 28, 1995 between
the City of West Covina and National Westminster Bank, PLC, and
Letter of Credit Amendment No. 2 dated September 1995.
DATED: 9�Z_916_
CITY OF WEST COVINA
1
M r
-`- SEAL]
ity Clerk _ —! `•,� ;
FS2\482\014125-"3\2160812. a08/31/95 - 2 —