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HomeMy WebLinkAbout6202 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 6202 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 6202 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 6202 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 " 6202