2005 ORD O-13-05 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 ORDINANCE NO. 0-13-05 ORDINANCE OF THE CITY OF COLTON APPROVING THE LEASE PURCHASE OF VARIOUS CAPITAL IMPROVEMENTS BY THE CITY FROM THE COLTON PUBLIC FINANCING AUTHORITY WHEREAS, the Colton Public Financing Authority (the "Authority") is a joint exercise of powers authority formed pursuant to a Joint Exercise of Powers Agreement by and between the City of Colton (the "City") and the Colton Redevelopment Agency and is authorized under said Agreement and under the laws of the State of California to finance the acquisition and construction of public capital improvements for the City; and WHEREAS, the City has requested that the Authority issue its revenue bonds for the purpose of providing funds to enable the City to finance certain improvements of benefit to the City, primarily various capital improvements to City -owned property to be used for recreational purposes (the "Project"); and WHEREAS, to provide for the financing of such improvements the Authority proposes to issue its revenue note in a principal amount of not to exceed $5,000,000 (the "Note"), which will be payable from the revenues to be derived by the Authority from lease payments to be made by the City for the use of various sites and facilities under a lease agreement (the "Lease Agreement"); and WHEREAS, the City Council is required by Article 9 of Chapter 5 of Part 1 of Division 2 of the California Government Code (commencing with Section 54240 of said Code) to approve the Lease Agreement by ordinance which is subject to referendum: NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES ORDAIN AS FOLLOWS: Section 1. Lease from Authority. The City Council hereby approves the lease of the Project by the City to the Authority and such lease from the Authority to the City pursuant to and subject to the terms and conditions of the Lease Agreement in substantially the form on RVPUB\KAS\692033.1 1