HomeMy WebLinkAboutResolution No. 93-C117RECTION N0. 93- C117 DRAFT
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
APPROVING THE ISSUANCE BY THE AZUSA PUBLIC FINANCING
AUTHORITY OF ELECTRIC REVENUE BONDS (AZUSA LANDFILL GAS
PROJECT) FOR THE PURPOSE OF PROVIDING FUNDS FOR THE
ACQUISITION AND CONSTRUCTION OF AN ELECTRIC PRODUCTION
FACILITY
WHEREAS, the City Council of the City of Azusa (the "City") and the members
of the Redevelopment Agency of the City of Azusa (the "Agency") have entered into that
certain Joint Exercise of Powers Agreement, as such agreement has been and may be
amended, modified or supplemented (the "JPA") pursuant to the provisions of
Government Code Section 6584 et seq. (the "Law") which forms the Azusa Public
Financing Authority (the "Authority");
WHEREAS, the Law authorizes the issuance of revenue bonds by the Authority
to finance the cost of the acquisition and construction of electric generation projects;
WHEREAS, GES -KMS III, a California partnership (the "Company"), has
submitted a request for the issuance by the Authority of not to exceed $5.5 million of tax
exempt electric revenue bonds (the 'Bonds") to finance the costs of the acquisition and
construction of a gas electric production facility to be located on the Azusa landfill (the
"Project") which will produce electricity to be sold under agreements that will insure that
such electricity will be sold to members of the general public;
WHEREAS, pursuant to Internal Revenue Code Section 147 (f), this City Council
has conducted a duly noticed public hearing regarding the issuance of the Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS;
Section 1. The issuance of the Bonds by the Authority is hereby approved.
Section 2. The City Manager, City Clerk and such other officers of the City as
are appropriate are authorized and directed to execute such documents and take such
further action as shall be consistent with the intent and purposes of this Resolution and
shall be needed to conclude the issuance, sale and delivery of the Bonds.
Section 3. This Resolution shall take effect immediately upon its passage.
PASSED, APPROVED AND ADOPTED this20tlday of September, as a
regular meeting of the City Council of the city of Azusa, by the following vote:
AYES: DANGLEIS, MADRID, NARANJO, MOSES
NOES: ALEXANDER
ABSENT: NONE
ABSTAIN: NONE
ATTEST:
CITY CItAK