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RESOLUTION NO. 6202
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, APPROVING 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 Authority 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 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
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WHEREA$, 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
process on the ACE Project; and
WHEREAS, adoption of this Resolution will not result in any additional
liability for the City, nor affect the City's creditworthiness in any matter
whatsoever;
NOW THEREFORE, THE CITY COUNCil OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY RESOLVE AS FOllOWS:
SECTIO~ 1. That Paragraph B, entitled "Common Powers" of Section 4,
entitled "Purpose of 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
o,f California and to exercise any implied powers 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
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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.
Passed, approved, and adopted this 7th day of November, 2000.
M
ATTEST:
of Arcadia
,
APPROVED AS TO FORM:
"
~r.~
City ttorney of the City of Arcadia
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolutibn No 6202 was passed and adopted by the City Council of the City
of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting
of said Council held on the 7th day of November, 2000 and that said Resolution was
adopted by the following vote, to wit:
AYES: Councilmember Chandler, Chang, Marshall, Segal and Kovacic
NOES: None
. ABSENT: None
"
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