HomeMy WebLinkAbout93-16 Lease Agreement Between the City and Public Financing AuthorityORDINANCE NO. 93-16
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE ACT OF
ENTERING INTO A LEASE AGREEMENT BETWEEN THE
CITY AND THE COSTA MESA PUBLIC FINANCING
AUTHORITY.
WHEREAS, the City of Costa Mesa (the "City") wishes to institute proceedings to
refinance certain public capital improvements and, in implementation thereof, proposes a lease
and lease -back by the City -of the Costa Mesa Civic Center (the 'Project") as more particularly
described in the form of a Lease Agreement, dated as of October 1, 1993, by and between the
Costa Mesa Public Financing Authority (the "Authority") and the City; and
WHEREAS, the City proposes to lease the Project to the Authority and to lease the
Project back from the Authority pursuant to the Lease Agreement and to pay certain lease
payments thereunder in the amounts and at the times sufficient to provide for the retirement of
not to exceed $20,000,000 principal amount of the Authority's Refunding Revenue Bonds, 1993
Series A (Public Facilities Project)(the 'Bonds") to be issued by the Authority to finance the
lease of the Project from the City; and
WHEREAS, the City is required by article 9 of Chapter 5 of Part I of Division 2 of the
California Government Code (commencing with Section 54240 of said Code) to approve the act
of entering into the Lease Agreement by ordinance which is subject to referendum;
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES ORDAIN AS
FOLLOWS:
Section 1. Findings and Determinations. The City Council of the City of Costa Mesa
hereby finds and determines that it is for the common benefit of the City and its residents and
is necessary and proper for its municipal purposes that the City enter into the Lease Agreement
with the Authority.
Section 2. Approval of Lease Agreement. The City Council hereby approves the act
of entering into the Lease Agreement in the form on file with the City Clerk, and authorizes and
directs the Mayor to execute and the City Clerk to attest and affix the seal of the City to the
Lease Agreement in such final form as may be necessary or convenient, upon consultation with
bond counsel, to conform the Lease Agreement to the proceedings for the issuance of the Bonds.
Section 3. Official Actions. The Mayor, the City Manager, the City Treasurer, the City
Clerk, the City Attorney and any 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 assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance, warrants and other
documents, which they or any of them might deem necessary or appropriate in order to
consummate the lawful execution and delivery of the Lease Agreement by the City and the
authorization, sale and delivery of the Bonds.
Section 4. Effective Date of Ordinance. This Ordinance shall be published or posted
in the manner specified in Section 36933 of the Government Code of the State of California, and
shall become effective thirty (30) .days from and after the date of its final passage. This
Ordinance shall be subject to referendum pursuant to and as provided in Section 54241 of the
Government Code of the State of California and -the laws of the State of California.
PASSED AND ADOPTED This Aon- day of September, 1993.
4
Mayor of the City of Costa Mesa
ATTEST: APPROVED AS TO FORM:
Deputy CityClerk of the City of.
Costa Mesa
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF COSTA MESA
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City Attorney
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio clerk of the City Council of the
City of Costa Mesa, hereby certify that the above and foregoing Ordinance No. 93716 was
introduced and considered section by section at a regular meeting of said City Council held on
the 7th day of September 1993, and thereafter passed and adopted as a whole at a regular
meeting of said City Council held on the o20-" day of September, 1993, by'the following
roll call vote:
AYES: ` COUNCIL MEMBERS: GE �J i_5 46 R A)8U e e1_& 31rF/-A� ER LK So,J
NOES: COUNCIL MEMBERS: A16NC
ABSENT:'. COUNCIL MEMBERS: J -L M .Q 14 R ,�- y -
IN WITNESS WHEREOF, I have hereunto set. my hand and affixed the Seal of the City
of Costa Mesa this- of /, '0 day of September, 1993:
Deputy City Jerk and ex -officio Clerk of
the City Council of the City of Costa Mesa