Resolution - 2015-69RESOLUTION NO. 2015-69
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA AUTHORIZING THE EXECUTION AND DELIVERY BY THE
CITY OF TWO AMENDMENTS TO REIMBURSEMENT
AGREEMENTS AND THE TAKING OF OTHER CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the Redevelopment Agency of the City of West Covina has previously
issued its Redevelopment Agency of the City of West Covina 1988 Lease Revenue Refunding
Bonds (The Lakes Public Parking Project) (the "1988 Bonds"); and
WHEREAS, the Bonds were issued as variable rate obligations and are supported by an
irrevocable letter of credit (the "1988 Bonds Letter of Credit") issued pursuant to a
Reimbursement Agreement, dated as of December 1, 2010 (the "1988 Bonds Reimbursement
Agreement"), by and between Wells Fargo Bank, National Association (the "LOC Bank") and
the City of West Covina (the "City"); and
WHEREAS, the City now desires to extend the 1988 Bonds Letter of Credit and amend
the terms of the 1988 Bonds Reimbursement Agreement pursuant to a First Amendment to
Reimbursement Agreement, by and between the City and the LOC Bank (the "First Amendment
to 1988 Bonds Reimbursement Agreement"); and
WHEREAS, the West Covina Public Financing Authority (the "Authority") has
previously issued its West Covina Public Financing Authority Variable Rate Lease Revenue
Bonds, 2004 Series A (Golf Course Project) and its Variable Rate Lease Revenue Bonds, 2004
Series B (Golf Course Project) (collectively, the "2004 Bonds"); and
WHEREAS, the 2004 Bonds were executed and delivered as variable rate obligations
and are supported by a direct pay letter of credit (the "2004 Letter of Credit") that was issued
pursuant to a Reimbursement Agreement, dated as of November 1, 2011 (the "2004 Bonds
Reimbursement Agreement"), by and between the City and the LOC Bank; and
WHEREAS, the City now desires to extend the 2004 Bonds Letter of Credit and amend
the terms of the 2004 Bonds Reimbursement Agreement pursuant to a First Amendment to
Reimbursement Agreement, by and between the City and the LOC Bank (the "First Amendment
to 2004 Bonds Reimbursement Agreement"); and
WHEREAS, there have been prepared and submitted to this meeting forms of:
(a) First Amendment to 1988 Bonds Reimbursement Agreement; and
(b) First Amendment to 2004 Bonds Reimbursement Agreement;
WHEREAS, the City Council has reviewed the documentation related to the delivery of
the First Amendment to 1988 Bonds Reimbursement Agreement and the First Amendment to
2004 Bonds Reimbursement Agreement, which documentation is on file with the City Clerk of
the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina (the "City Council") as follows:
Section 1. Approval of Recitals. All of the recitals herein contained are true and correct
and the City Council of the City (the "City Council") so finds.
Section 2. Approval of First Amendment to 1988 Bonds Reimbursement Agreement.
The First Amendment to 1988 Bonds Reimbursement Agreement, in substantially the form
submitted to this meeting and made a part hereof as though set forth in full herein, is hereby
approved. Any one of the Mayor, the Interim City Manager and the City Clerk of the City, and
each of them, and any designee of any of them (each, an "Authorized Officer"), is hereby
authorized and directed, for and in the name and on behalf of the City, to execute and deliver the
First Amendment to 1988 Bonds Reimbursement Agreement, with such insertions and changes
as may be approved by the Authorized Officer executing the same, subject to the provisions of
this Resolution, such approval to be conclusively evidenced by such execution and delivery.
Section 3. First Amendment to 2004 Bonds Reimbursement AjZreement. The First
Amendment to 2004 Bonds Reimbursement Agreement, in substantially the form submitted to
this meeting and made a part hereof as though set forth in full herein, is hereby approved. Any
Authorized Officer is hereby authorized and directed, for and in the name and on behalf of the
City, to execute and deliver the First Amendment to 2004 Bonds Reimbursement Agreement,
with such insertions and changes as may be approved by the Authorized Officer executing the
same, subject to the provisions of this Resolution, such approval to be conclusively evidenced by
such execution and delivery.
Section 4. Further Authorization. The Authorized Officers are, and each of them hereby
is, authorized and directed to execute and deliver any and all documents and instruments and to
do and cause to be done any and all acts and things necessary or proper for carrying out the
execution and delivery of the First Amendment to 1988 Bonds Reimbursement Agreement, the
First Amendment to 2004 Bonds Reimbursement Agreement and the transactions contemplated
therein and by this Resolution.
Section 5. Effective Date. This Resolution shall take effect immediately upon its
adoption.
Section 6. Certification. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 15"' day of September, 2015.
Z�F S y �es
Mayor
APPROVED AS TO FORM:
KimberlpHall Barlow
City Attorney
ATTEST-
qickoPlasS.. !wi"s
City
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City Council of the
City of West Covina, California, at a regular meeting thereof on the 15" day of September, 2015,
by the following vote of City Council:
AYES: Spence, Toma, Warshaw, Wong, Sykes
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk