Resolution - 9718RESOLUTION NO. 971g
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA
APPROVING THE ISSUANCE OF BONDS BY THE WEST COVINA PUBLIC
FINANCING AUTHORITY AND APPROVING THE BORROWING OF BOND
• PROCEEDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA
RESOLVED, by the City Council (the "Council") of the City of West Covina (the "City"),
as follows:
WHEREAS, the City and the Redevelopment Agency of the City of West Covina (the
"Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the
West Covina Public Financing Authority (the "Authority") for the purpose, among others, of
issuing its bonds to be used to provide financial assistance to the Agency; and
WHEREAS, the Agency is undertaking redevelopment activities related to its West
Covina Redevelopment Project (the "Redevelopment Project") and the Agency has requested that
the Authority lend it funds for such purpose; and
WHEREAS, while the Agency had previously intended to specifically apply such moneys
to finance the construction, renovation and/or relocation of one or more new car dealerships in
the City of West Covina, however, based upon certain challenges to such intended uses, the
Agency currently intends to apply such moneys to the financing of other redevelopment projects
including but not limited to the acquisition, construction, expansion, improvement or
rehabilitation of real or personal property and public improvements within or of benefit to the
Redevelopment Project; and
WHEREAS, for the purpose of raising funds to provide such financial assistance to the
Agency, the Authority proposes to authorize the issuance of its revenue bonds (the "Bonds")
under the provisions of Article 4 (commencing with section 6584) of Chapter 5.of Division 7 of
Title 1 of the California Government Code (the "Act"), designated as the West Covina Public
Financing Authority Taxable Variable Rate Demand Tax Allocation Bonds, Series 1999
(Redevelopment Agency of the City of West Covina -West Covina Redevelopment Project -
Subordinate Lien), in an amount not to exceed $4,100,000 (the "Bonds"); and
. WHEREAS, the proceeds of the Bonds will be used to make a loan (the "Loan") to the
Agency pursuant to a Loan Agreement, dated as of July 1, 1999 (the "Loan Agreement"); and
WHEREAS, the Council approves of said transactions as being in the public interest of the
City, the Agency and the Authority, and
WHEREAS, the Council finds that its actions in approving the issuance of the Bonds by
the Authority, the entering into of the Loan Agreement by the Agency and the Loan made to
Agency pursuant thereto and the application of the proceeds of such Loan for the purposes
described above does not constitute a "project" within the meaning of the California
Environmental Quality Act ("CEQA") and its implementing guidelines, including I4 CCR
15378(b)(5), because such action is a government fiscal activity which does not involve any
commitment to any specific project, as set forth above, provided that the foregoing finding should
not be interpreted to deem exempt from CEQA any projects funded with proceeds of the Bonds
and the Loan,
• NOW, THEREFORE, it is hereby ordered and determined by the City Council of the City
of West Covina, as follows:
Section 1. The Council hereby finds and determines that the foregoing recitals are true and
correct. In addition, the Council hereby finds that the issuance of the Bonds and the funding of
the Loan is not a project pursuant to CEQA and is therefor exempt from its requirements.
23009.01
•
1�
u
Section 2. The issuance of the Bonds by the Authority, the entering into of the Loan
Agreement by the Agency and the Loan made to the Agency pursuant thereto, and the application
of a portion of the proceeds of such Loan for the purposes described above, be and are hereby
approved.
` Section 3. This Resolution shall take effect from and after the date of its passage and
adoption.
Section 4. The Secretary shall certify to the adoption of this Resolution.
The foregoing Resolution is hereby approved this 20th day of July, 1999.
ATTEST:
Mayor
/ f
(/ City Cler
APPROVED AS TO FORM:
City Attorney
I HEREBY CERTIFY that the foregoing Resolution No.971g was duly adopted by the
City Council of the City of West Covina at a regular meeting thereof, held on the 20th day of July,
1999, by the following vote, to wit:
AYES: Herfert, Melendez, Wong. ,
NOES: Howard
ABSTAIN: Touhey
ABSENT: None
CITY OF WEST COVINA
By -6Z
City Cl'
-2-