R 3988
RESOLUTION NO. 3988
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARROYO
GRANDE AUTHORIZING FORMATION OF THE CITY OF ARROYO
GRANDE PUBLIC FINANCING AUTHORITY ,WITH THE ARROYO
GRANDE REDEVELOPMENT AGENCY AND EXECUTION OF THE
JOINT EXERCISE OF POWERS AGREEMENT
WHEREAS, the City of Arroyo Grande (the "City"), is undertaking proceedings to
finance and refinance various activities of the City, and in connection with such
proceedings the Redevelopment Agency of the City of Arroyo Grande (the "Agency")
and the City have proposed to form a joint powers authority under Chapter 5 of Division
7 of Title 1 of the California Government Code, in order to reduce local borrowing costs
through the mechanism of bond pooling;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arroyo
Grande as follows:
. 1. The City Council hereby authorizes the officers and staff members of the
City to assist in the organization of a joint powers authority between the City and the
Agency, to be known as the City of Arroyo Grande Public Financing Authority. The
Agency hereby approves and authorizes the Mayor to execute and the City Clerk to
attest the Joint Exercise of Powers Agreement forming said joint powers authority, in
substantially the form on file with the City Clerk, together with any changes therein
deemed advisable by the bond counsel to the City.
2. The Mayor; Finance Director and City Clerk of the City, and any other
officers of the City, are hereby authorized and directed 'to take all actions and do all
things necessary or desirable hereunder with respect to the formation of said joint
powers authority, including but not limited to the execution and delivery of any and all
agreements, certificates, instruments and other documents, which they, or any of them,
may deem necessary or desirable and not inconsistent with the purpose of this
Resolution.
3.
adoption.
On motion of Council Member Costello, seconded by Council Member Guthrie, and on
the following roll call vote, to wit:
This resolution shall take effect from and after the date of its passage and
AYES:
NOES:
ABSENT:
Council Members Costello, Guthrie, Fellows, Arnold, and Mayor Ferrara
None
None
the foregoing Resolution was passed and adopted this 23rd day of January, 2007.
RESOLUTION NO.~'1~'iS
PAGE 2
TONY FER AYOR
ON--
, CITY CLERK
APPROVED AS TO CONTENT:
si~~~:fCiTy MANAGER
APPROVED AS TO FORM:
/c
HY J. ~, CITY ATTORNEY
OFFICIAL CERTIFICATION
I, KELLY WETMORE, City Clerk of the City of Arroyo Grande, County of San Luis
Obispo, State of California, do hereby certify under penalty of perjury, that the attached
Resolution No. 3988 is a true, full, and correct copy of said Resolution passed and
adopted at a regular meeting of the City Council/Redevelopment Agency of the City of
Arroyo Grande on the 23rd day of January 2007.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 25th day of
January 2007.