HomeMy WebLinkAboutRES 2000-55RESOLUTION NO. 2000- 55
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF DIAMOND BAR APPROVING AND ADOPTING 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 (the "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 17, 1998, creating the Alameda Corridor East Construction Authority
("Authority") for the purpose of implementing the Alameda Corridor East Project
("ACE Project"); ?nd
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
WHEREAS, 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 progress 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 manner whatsoever;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND BAR
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That Paragraph B, entitled "Common Powers" of Section 4, entitled
"Purpose and Powers of the Council" of the Agreement is hereby amended by
adding subparagraph 15 to read as follows:
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(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 of
California and to exercise any implied power necessary to exercise the
express powers provided for in this subparagraph 15, provided,
however, the any borrowing hereunder shall be for the purpose of
financing the 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 and shall
transmit a certified copy of it immediately upon its adoption to the San Gabriel
Valley Council of Governments.
PASSED, ADOPTED AND APPROVED this 7th day of November, 2000.
MAYOR
I, LYNDA BURGESS, City Clerk of the City of Diamond Bar, do hereby certify that the
foregoing Resolution was passed, adopted and approved at a regular meeting of the
City Council of the City of Diamond Bar held on the 7 t day of November, 2000, by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
COUNCIL MEMBERS: CHANG, HERRERA, HUFF, MPT/ANSARI,
M/O'CONNOR
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
ATTEST: A&'
CITY CLERK OF THE
CITY OF DIAMOND BAR
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