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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-