HomeMy WebLinkAbout90-11 - Lease Agreement Between City and Costa Mesa Public Financing AuthorityORDINANCE NO. 90-11
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE FORM AND
AUTHORIZING THE EXECUTION OF 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 finance certain public capital improvements and, in imple-
mentation thereof, proposes to lease and lease -back certain municipal golf
course facilities (the "Project") as more particularly described in the
form of Lease Agreement, dated as of August 1, 1990, by and between the
Costa Mesa Public Financing Authority (the "Authority") and the City (the
"Lease Agreement"); 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 Agree-
ment and to pay certain lease payments thereunder in the amounts and at the
times sufficient to provide for the retirement of lease revenue bonds to be
issued by the Authority to finance the Project; and
WHEREAS, the City is required by Article 9 of Chapter 5 of Part 1 of
Division 2 of the California Government Code (commencing with Section 54240
of said Code) to approve 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 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 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 to conform the Lease Agreement to the
proceedings for the issuance of such lease revenue 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 then might deem necessary or appro-
priate in order to consummate the lawful execution and delivery of the
Lease Agreement by the City and the authorization, sale and delivery of
such lease revenue bonds.
SECTION 4. This Ordinance shall take effect and be in full force
thirty (30) days from and after the passage thereof, and prior to the
expiration of fifteen (15) days from its passage shall be published once in
the ORANGE COAST DAILY PILOT, a newspaper of general circulation, printed
and published in the City of Costa Mesa or, in the alternative, the City
Clerk may cause to be published a sumiary of this Ordinance and a certified
copy of the text of this Ordinance shall be posted in the office of the
City Clerk five (5) days prior to the date of adoption of this Ordinance,
and within fifteen (15) days after adoption, the City Clerk shall cause to
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be published the aforementioned summary and shall post in the office of
the City Clerk a certified copy of this Ordinance together with the names
of the members of the City Council voting for and against the same. 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 4th day of September, 1990.
Mayor of the City 69
� sta Mesa
ATTEST:
V
city Clerk of the City of Costa 7
sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as
CITY OF COSTA MESA )
'iPROVED AS TO FORM
, i(.�
CIN ATTORNEY
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Ordinance No. 90-11 was introduced and considered section by section
at a regular meeting of the City Council held on the 20th day of August,
1990, and thereafter passed and adopted as a whole at a regular meeting of
the City Council held on the 4th day of September, 1990, by the following
poll call vote:
AYES: COUNCIL MEMBERS: Buffs, Hornbuckle, Pmburgey, Genis, Glasgow
NOES: COUNCIL MEMBERS: None
[:_fit ay-NNCMi_41"m"lrlaLiflal:Q I.'TiTd
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 5th day of September, 1990.
Ci y Clerk and ex -officio Clerk of
City Council of the City of Costa a
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