HomeMy WebLinkAboutResolution No. 00-C1270 0
RESOLUTION NO. 00-C127
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA APPROVING AND ADOPTING
THE SECOND AMENDMENT TO THE SAN
GABRIEL VALLEY COUNCIL OF GOVERNMENTS
JOINT POWERS AUTHORITY AMENDED AND
RESTATED JOINT EXERCISE OF POWERS
AGREEMENT
WHEREAS, the San Gabriel Valley Council of Governments ("SGVCOG") was
established by that certain joint Powers Agreement (the "Agreement") entered into as
of March 1, 1994; and
WHEREAS, the City is a party to the Agreement and a member of the SGVCOG;
and
WHEREAS, the membership of the SGVCOG amended the Agreement:, effective
September 17, 1998; creating the Alameda Corridor East Construction Authority
("Authority") for the purpose of implementing the Alameda Corridor East Project
("ACE Project"); and
WHEREAS, the Authority is proceeding to implement the ACE Project; and
WHEREAS, the Project is being funded by Federal, State and local agency grants
that are disbursed on a reimbursement basis; and
WHEREAS, the Authority has determined that to responsibly manage the ACE
Project and meet its cash flow requirements the SGVCOG needs the express power to
borrow money; and
WHEREAS, the SGVCOG may obtain the power to borrow money to resolve the
cash flow needs of the Authority only by amending the Agreement; and
WHEREAS, unless the authority to borrow money as set forth below, is granted
by adoption of this Resolution by the members of the SGVCOG, the Authority will
experience a cash shortfall thereby negatively impacting continuing progress on the
ACE Project; and
WHEREAS, adoption of this Resolution will not result in any additional liability
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for the City, nor affect the City's creditworthiness in any manner whatsoever;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. That Paragraph B, entitled "Common Powers" of Section 4,
entitled "Purpose and Powers of the Council" of the Agreement is hereby amended by
adding subparagraph 15 to read as follows:
(15) Borrow money, incur indebtedness and/or issue
bonds pursuant to the Constitution of the State of
California and any of the laws of the State of California and
to exercise any implied power necessary to exercise the
express powers provided for in this subparagraph 15,
provided, however, that any borrowing hereunder shall be
for the purpose of financing the Project, as defined in
Section 27 of this Agreement and shall be repaid solely
from funds pledged or otherwise designated for the
Project. Borrowings authorized hereunder shall be subject
to Section 16 of this Agreement.
SECTION 2. The City Clerk shall certify to the adoption of this resolution and
shall transmit a certified copy of it immediately upon its adoption to the San Gabriel
Valley Council of Governments.
AND ADOPTED this 6`h day of November, 2000.
CRUZ -MADRID;
1 HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of Azusa at a regular meeting thereof, held on the 6`h day of
November, 2000 by the following vote of the Coincil:
AYES: HARDISON, STANFORD, ROCHA, BEEBE, MADRID
NOES: NONE