HomeMy WebLinkAboutResolution No. 2019-C25RESOLUTION NO. 2019-C25
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
APPROVING A PLAN OF FINANCE FOR THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY SOLID WASTE
DISPOSAL REVENUE BONDS (WASTE MANAGEMENT, INC.
PROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $300,000,000 FOR THE PURPOSE OF FINANCING THE
ACQUISITION, CONSTRUCTION, INSTALLATION,
REHABILITATION, 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 exempt facility bonds for qualified solid waste disposal facility
projects pursuant to section 142(a)(6) of the Internal Revenue Code of 1986 (the "Code") from
time to time in an aggregate principal amount not to exceed $300,000,000 (the "Bonds") for the
purpose of, among other things, financing, in an amount not expected to exceed $10,000,000, the
following projects (collectively, the "Project") 'initially owned 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 currently 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 and/or land improvements, including
construction of building facilities, (vi) acquisition of real property, (vii) acquisition of equipment
to be used at the landfill facilities, and (viii) acquisition of other equipment and assets necessary
to support the foregoing additions and 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 Project is located at Azusa Landfill, 1211 West Gladstone, Azusa,
California, 91702-5142; and
WHEREAS, pursuant to Section 147(f) of 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
4133-1362-5373.2
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 147(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 147(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, the Authority has advised that the Bonds may be issued pursuant to a "plan
of finance" and that, for purposes of this resolution, the "plan of finance" consists of a general
plan of the Authority and the Borrower to monitor capital markets and the capital needs of the
Borrower within the City and, if market conditions warrant, issue one or more additional series
of Bonds in an aggregate principal amount not to exceed $300,000,000 to finance the Project
within the three-year period commencing on the date of the issuance of the first series of Bonds
pursuant to this resolution; and
WHEREAS, pursuant to Section 147(f) of the Code and Section 6586.5 of the
Government Code of the State of California, 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 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 City finds that the actions authorized hereby regarding the financing
of the Project will result in demonstrable savings in effective interest rate, bond preparation,
bond underwriting, or bond issuance costs to produce significant public benefits.
SECTION 4. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and 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. This resolution shall take effect immediately upon its adoption.
2
4133-1362-5373.2
PASSED, APPROVED and ADOPTED this 15th day of July, 2019.
404----� -1;e4'�(6!-'C-2
Joseph Romero echa
Mayor
ATTEST:
Jef e r ornej o, Jr.
it lerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I HEREBY CERTIFY that the foregoing Resolution No. 2019-C25 was duly adopted
by the City Council of the City of Azusa at a regular meeting thereof, held on the 15th day of
July, 2019, by the following vote of the Council:
AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: ROCHA
I .a nce Cornejo,
City Cler
APPROVED AS TO FORM:
A
Best st & Krieg , LLP
City Attorney
3
4133-1362-5373.2