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HomeMy WebLinkAboutResolution No. 13-C35RESOLUTION NO. 13-C35 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA, CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (WASTE MANAGEMENT, INC), SERIES 2013 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $100,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION, INSTALLATION, REHAIULIT A TION, IMPROVEMENT AND/OR EQUIPPING OF SOLID WASTE DISPOSAL FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Waste Management, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the "Borrower"), has requested that the California Municipal Finance Authority (the "Authority") participate in the issuance of one or more series of revenue bonds from time to time in an aggregate principal amount not to exceed $100,000,000 (the "Bonds") for the purpose of, among other things, financing, in an amount not expected to exceed $80,000,000, the following projects (collectively, the "Project") initially owned and operated by the Borrower and located within the City of Azusa (the "City"): (a) improvements to existing, permitted solid waste landfill facilities, including but not limited to (i) construction of new disposal cells and liners within cmrently permitted acreage, (ii) additions and improvements to the leachate collection and treatment system, including leachate trenching, (iii) additions and improvements to the methane gas systems, (iv) installation of new liners for intermittent and final closure of completed sections of the landfill facilities, (v) site improvements, (vi) acquisition of equipment to be used at the landfill facilities, and (vii) acquisition of other equipment and assets necessary to support the foregoing improvements and to place them into service; and (b) improvements to collection (hauling), transfer station and/or material recycling facilities, including but not limited to (i) acquisition of solid waste disposal and recycling trucks and support vehicles, (ii) acquisition of solid waste disposal and recycling containers and related equipment, (iii) acquisition of solid waste sorting and processing and recycling equipment, (iv) site and/or land improvements, and (v) acquisition of other equipment and assets necessary to support the foregoing improvements and place them into service; and WHEREAS, the location of each Project in the County of Los Angeles is as follows: (a) Azusa Landfill, 1211 West Gladstone, Azusa, California, 91702-5142; and (b) Azusa Material Recycling Facility, 150 I West Gladstone, Azusa, California, 91702-5142; and WHEREAS, pursuant to Section 147(£) of the Internal Revenue Code of 1986 (the "Code"), the issuance of the Bonds by the Authority must be approved by the City because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section l47(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section l47(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among certain local agencies, including the City; and WHEREAS, pursuant to Section 147(f) of the Code and Section 6586,5 of the Government Code of the State of Califomia, the City Council has, following notice duly given, held a public hearing regarding the Project and the plan of finance for the issuance of the Bonds, and now desires to approve the Project and the plan of finance for the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Azusa, California as follows: Section 1. The foregoing resolutions are true and correct. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement. Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing docun1ents relating thereto which the Authority is a pmiy. The City shall have no responsibility or liability whatsoever with respect to the Bonds. Section 4. The officers of the City are hereby authorized and directed, jointly and severally, to do any m1d all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby. Section 5. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. 2 Section 6. This resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED by the City Council of the City of Azusa, California this 3rd day of June, 2013. ATTEST: I HEREBY CERTIFY that the foregoing resolution no. 13-C35 was duly adopted by the City Council of the City of Azusa at a regular meeting thereof held on the 3rd day of June 2013, ·· by the following vote of the Council: AYES: NOES: ABSENT: COLTNCILMEMBERS: GONZALES, CARRILLO, ALVAREZ, ROCHA COUNCILMEMBERS: NONE COUNCILMEMBERS: MACIAS 3