Resolution - 9600RESOLUTION NO. 9600
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA APPROVING
ASSOCIATE MEMBERSHIP AGREEMENT WITH THE INDEPENDENT CITIES LEASE
FINANCE AUTHORITY AND PROVIDING OTHER MATTERS PROPERLY RELATING
THERETO
. WHEREAS, certain cities of the State of California (collectively, the "Members") have
entered into a Joint Powers Agreement Creating the Independent Cities Lease Finance Authority
(the 'Joint Powers Agreement"), establishing the Authority and prescribing its purposes and
powers, as amended by an Amendment No. 1 thereto providing, among other things, for
associate members of the Authority (an "Associate Member");
WHEREAS, the Authority has been formed for the purpose, among others, of assisting
its Members and Associate Members in the participation in Home Mortgage Financing Programs
(as defined in the Joint Powers Agreement) and in financing the acquisition, construction,
improvement and/or equipping of public capital improvements; and
WHEREAS, the City desires to become an Associate Member of the Authority as
provided in the Associate Membership Agreement, in the form on file with the City Clerk;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West CovinoCalifornia, as follows:
Section 1. Approval of Associate Membership Agreement. The City Council hereby
approves and authorizes the Mayor to execute and the City Clerk to attest the Associate
Membership Agreement pursuant to which the City shall become an Associate Member of the
Independent Cities Lease Finance Authority forming the Authority, in substantially the form on
file with the City Clerk.
Section 2. Official Actions. The Mayor, the City Manager, Finance Director, City
Treasurer, City Clerk, and City Attorney of the City, and any other officers of the City, are
hereby authorized and directed to take all actions and do all things necessary or desirable
hereunder with respect to the Associate Membership Agreement, including but not limited to the
execution ;and delivery of any and all agreements, certificates, instruments and other
documents, which they, or any of them, may deem necessary or desirable and not inconsistent
with the purposes of this Resolution.
Section 3. Effective Date. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED th
Attest:
City Cler
I HEREBY CERTIFY that the foregoing Resolution No. 9600 was duly adopted by
the City Council of the City of West Covina at a regular meeting thereof held on the 7th
day of Jul v , 1998, by the following vote:
AYES: Herfert, Howard, Touhey, Wong, Melendez
• NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
APPROVED AS TO FORM:
' %&' tkken" , aV U q4�
City ttorney
EXHIBIT "A"
ASSOCIATE MEMBERSHIP AGREEMENT
by and between the
INDEPENDENT CITIES LEASE FINANCE AUTHORITY
and the
• CITY OF WEST COVINA, CALIFORNIA
THIS ASSOCIATE MEMBERSHIP AGREEMENT dated as of July 7 , 1998, by and
between the INDEPENDENT CITIES LEASE FINANCE AUTHORITY, a joint powers authority
duly organized and existing under the laws of the State of California (the "Authority") and the
CITY OF WEST COVINA , CALIFORNIA, a municipal corporation and ***** city
duly organized and existing under the laws of the State of. California (the "City");
WITNESSETH:
WHEREAS, certain cities of the State of California (collectively, the "Members"), have
entered into a Joint Powers Agreement, Creating the Independent Cities Lease Finance
Authority, establishing the Authority and prescribing its purposes and powers (the
"Agreement'), as amended by an Amendment No. 1 thereto providing, among other things, for
associate members of the Authority (an "Associate Member);
WHEREAS, the Authority has been formed for the purpose, among others, of assisting
its Members and Associate Members inthe.participation in Home Mortgage Financing Programs
(as defined in the Agreement) and in financing the acquisition, construction, improvement
and/or equipping of public capital improvements;
WHEREAS, the City desires to become an Associate Member of the Authority;
WHEREAS, the Board of Directors of the Authority has determined that the City should
become an Associate Member of the Authority;
NOW THEREFORE, in consideration of the above premises and of the mutual promises
herein contained, the Authority and the City do hereby agree as follows:
Section 1. Purpose. The purpose of this Associate Membership Agreement is to assist its
Members and Associate Members in the participation in Home Mortgage Financing Programs
(as defined in the Agreement) and in financing the acquisition, construction, improvement
and/or equipping of public capital improvements;
Section 2. Associate Member Status. The City is hereby made an Associate Member of
the Authority for all purposes of the Agreement and the Bylaws of the Authority, the provisions
of which are hereby incorporated herein by reference. From and after the date of execution and
delivery of this Associate Membership Agreement by the City and the Authority, the City shall
be and remain an Associate Member of the Authority.
Section 3. Restrictions and Rights of the City. The City shall not have the right, as an
Associate Member of the Authority, to vote on any action taken by the Board of Directors or by
the Authority. In addition, no officer, employee or representative of the City shall have any
right to become an officer or director of the Authority.
Section 4. Effect of Prior Authority Actions. The City hereby agrees to be subject to and
bound by all actions previously taken by the Board of Directors of the Authority to the same
extent as the Members of the Authority are subject to and bound by such actions.
Section 5. No Obligations of the City. The debts, liabilities and obligations of the
Authority shall not be the debts, liabilities and obligations of the City.
Section 6. Execution of the Agreement. Execution of this Associate Membership
. Agreement shall satisfy the requirements of Article 27 of the Agreement and Article XI of the
Bylaws of the Authority for participation by the City in any Home Mortgage Financing Program
and in any other undertaking by the Authority for financing the acquisition, construction,
improvement and/or equipping of public capital improvements. -
IN WITNESS WHEREOF, the parties hereto have caused this Associate Membership
Agreement to be executed and attested by their proper officers thereunto duly authorized, on
the day and year first set forth above.
Attest:
Secretary
Attest:
City Clerk
Approved as to form:
c`�G�a('c�� r) "Ice UL„
=City Attorndy
INDEPENDENT CITIES LEASE FINANCE
AUTHORITY
By _
Title
-2-