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ORDINANCE NO. 375
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF IRWINDALE AUTHORIZING THE ISSUANCE
OF REVENUE BONDS BY THE IRWINDALE RESOURCE
RECOVERY AUTHORITY
WHEREAS, pursuant to the provisions of Chapter 5, Division 7,
Title 1 of the Government Code of the State of California, as
amended (the "Joint Powers Act"), the City of Irwindale and the
Irwindale Community Redevelopment Agency, a redevelopment agency
created pursuant to the laws of the State of California (collectively,
the "Members"), have entered into a Joint Exercise of Powers Agreement
(the "Joint Powers Agreement"), creating the Irwindale Resource
Recovery Authority (the "Authority"), a public entity separate and
apart from the Members; and
WHEREAS, in accordance with the Agreement and the Joint Powers
Act, the Authority has entered or will enter into agreements to
acquire and construct a project (the "Project") to consist of a
resource recovery facility, a site therefor, as well as contract
rights, certain parcels of land and/or landfill sites and various
transfer stations in the State of California, and capital improvements
thereto that may be constructed from time to time, and interests
in certain other property and rights relating thereto; and
WHEREAS, the Authority proposes to issue, in accordance with
the Agreement and the Joint Powers Act, from time to time, in one
or more installments, its revenue bonds and evidences of indebtedness
("Revenue Bonds") to be outstanding at any one time in accordance
with their terms in the estimated maximum aggregate principalarelrt NTE
$395 Million , for the purpose of providing funds for the acquisition,
construction and financing of the Project; and
WHEREAS, notwithstanding the aforesaid estimated maximum aggregate
principal amount of Revenue Bonds proposed to be issued by the Authority
for the Project and to be outstanding at any one time in accordance
with their terms, additional Revenue Bonds may be required to complete
the financing of the Project; and
WHEREAS, the Authority may enter into agreements (the "Agreements")
with certain entities (including the City of Irwindale), pursuant
to which the tntities entering into such Agreements with the Authority
will utilize the services made available from the Project and the
facilitiess constituting the Project; and
WHEREAS, the Revenue Bonds are to be payable from funds held
in trust for the benefit of the holders of such Bonds and from revenues
of the Authority from the Project, including payments to be made
under the Agreements, if any, and security interest in real and
personal property; and
WHEREAS, in accordance with the Joint Powers Act, the exercise
by the Authority of its power to issue the Revenue Bonds is subject
to the authorization of such issuance by the Members pursuant to
Ordinance; and
WHEREAS, neither the payment of principal of the Revenue Bonds
nor any part thereof nor interest thereon shall constitute a dept,
liability or obligation of the City of Irwindale.
NOW, THEREFORE, THE City Council of the City of Irwindale does
ordain as follows:
Q
Ordinance No. 375
1K
1. The issuance and sale by the Authority, from
time to time, in ore or more installments, of its
Revenue Bonds outstanding at any one time in accordance
withtheir terms in a maximum aggregate principal amount not to
exceed $3&5MilLLon and to bear interest at a maximum
interest rate'.NTE 12 % per annum is hereby authorized.
Notwithstanding such maximum aggregate principal amount,
the Authority is hereby authorized to issue additional
principal amounts of its Revenue Bonds if and to the
extent required to complete the financing of the Project.
The proceeds from the sale of the Revenue Bonds hereby
authorized are to be used for the acquisition, construction
and financing of the Project, including interest on
such Bonds and deposits to reserves, and to pay the
principal, premium, if any, and interest on the Notes
of the Authority when due. The Revenue Bonds hereby
authorized, and premium and interest thereon, are
to be payable from, and secured by, funds held in
trust for the benefit of the holders of Revenue Bonds
and from revenue of the Authority from the Project,
including payments received by the Authority under
the Agreements, if any, and security interest in real
and personal property.
2. Pursuant to Section 6547 of the Joint Powers
Act, this Ordinance is subject to the provisions for
referendum prescribed by Section 3751.7 of the Elections
Code of the State of California.
3. This Ordinance shall be posted within fifteen
(15) days after its passage in three public places
in the City as follows:
4. The City Clerk shall certify to the enactment
of this Ordinance and shall cause the same to be processed
in the manner prescribed by law.
APPROVED and ADOPTED this 25th day of October, 1984
11 k�a 4
Mayor Mi hael Miran�a
ATTEST:w�
Marga t S. Barbosa, City Clerk
I, Margaret S. Barbosa, certify that the foregoing Ordinance,
being Ordinance No. 375 was introduced for first reading
at a regular meeting held September 27, 1984, and duly
passed, approved and adopted on second reading at meeting
held October 25, 1984, by said City Council:
AYES: COUNCILMEN: Breceda, Pat Miranda,
Tapia and Mayor Michael Miranda
NOES: COUNCILMEN: Castellanos
ABSENT: COUNCILMEN: None
Marg et S. sarbosa, City Clerk