HomeMy WebLinkAboutOrdinance No. 93-O8 ORDINANCE NO. 93-08
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
AZUSA APPROVING A PUBLIC LEASEBACK
WHEREAS, the City of Azusa (the "City") is considering entering into an
agreement (the (Agreement") with the Azusa Public Financing Authority (the
"Authority") and the Azusa Public Improvement Corporation (the "Improvement
corporation"), a California nonprofit corporation organized and established by the
Authority, pursuant to which the City will acquire the right to operate the water
system of the Azusa Valley Water Company through the acquisition of all of the
outstanding shares of such company by the Improvement Corporation, and, in
consideration thereof, the City will make certain payments to the Authority; and
WHEREAS, said payments will be used in whole or in part by the
Authority for payment of principal of or interest on its bonds, notes or other evidences
of indebtedness; and
WHEREAS, the Authority constitutes a "public leaseback corporation",
as such term is defined in Section 54240 of the California Government Code; and
WHEREAS, the Agreement would constitute a "public leaseback", as
such term is defined in Section 54240 of the California Government code; and
WHEREAS, Section 5421 of the California Government Code provides
that no public leaseback shall be entered into until the act of entering into a formal
agreement with the public leaseback corporation shall have been approved by
ordinance; and
WHEREAS, the City desires to so approve the act of entering into the
Agreement.
NOW, THEREFORE, the City Council of the City of Azusa does ordain as
follows:
Section 1 . Approval. Pursuant to Section 54241 of the California
Government Code, the City is hereby authorized to enter into a formal agreement with
the Authority, which agreement constitutes a "public leaseback", as such term is
defined in Section 5420 of the California Government Code.
Section 2. Referendum. This Ordinance is subject to the provisions for
referendum applicable to the City.
Section 3. Publishing. This Ordinance shall be published once, before
the expiration of 15 days after the adoption hereof, with the names of the directors
voting for and against the Ordinance, in the San Gabriel Valley Tribune.
Section 4. Effective Date. This Ordinance shall become effective 30
days from the date of adoption hereof.
PASSED AND APPROVED this 3rd day of May , 1993.
it/11I1171/r1ACZO. —
MAYOR
STATE OF CALIFORNIA)
COUNTY OF LOS ANGELES) ss.
CITY OF AZUSA)
I, ADOLPH SOLIS, City Clerk of the City of Azusa, do hereby certify that the
foregoing Ordinance No. 93-O8was regularly introduced and placed upon its first
reading at a regular meeting of the City Council on the 19th day of April , 1993.
That thereafter, said Ordinance was duly adopted and passed at a regular meeting of
the City Council on the 3rd day of May , 1993 by the following vote, to wit:
AYES: COUNCILMEMBERS: DANGLEIS, MADRID, NARANJO, ALEXANDER,
MOSES
NOES: COUNCILMEMBERS NONE
ABSENT: COUNCILMEMBERS NONE
CIT/CLERK