HomeMy WebLinkAboutResolutions - No. 2010-124RESOLUTION NO. 2010-124
A RESOLUTION OF THE LODI CITY COUNCIL AUTHORIZING
THE EXECUTION OF A JOINT EXERCISE OF POWERS
AGREEMENT WITH THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF LODI, ESTABLISHING THE
LODI PUBLIC FINANCING AUTHORITY
WHEREAS, the Industrial Development Authority of the City of Lodi (the "Industrial
Development Authority") and the City of Lodi (the "City") have proposed forming a joint powers
authority under the provisions of Article 1 (commencing with Section 6500) of Chapter 5, Division 7,
Title 1, of the Government Code of the State of California (the "Joint Powers Law"), for the purpose
of creating a public agency which can provide financial assistance to the Industrial Development
Authority and the City in connection with the construction of public capital improvements; and
WHEREAS, to that end the City Council wishes at this time to approve the execution and
delivery of a Joint Exercise of Powers Agreement between the Industrial Development Authority and
the City, establishing the Lodi Public Financing Authority as a joint powers authority under the Joint
Powers Law.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lodi as follows:
Section 1. Establishment of Lodi Public Financina Authoritv. The City Council hereby
approves the establishment of the Lodi Public Financing Authority (the "Financing Authority") under
the Joint Powers Law, pursuant to the Joint Exercise of Powers Agreement dated as of July 21,
2010, between the Industrial Development Authority and the City in the form on file with the City
Clerk. The appropriate officers of the City are hereby authorized and directed to execute, and the
City Clerk is hereby authorized and directed to attest and affix the seal of the City to, said Joint
Exercise of Powers Agreement in the name and on behalf of the City.
Section 2. Authorization to Make Necessary Filinas. The firm of Jones Hall, A
Professional Law Corporation, as bond counsel to the City, is hereby authorized and directed to
cause to be prepared, executed, and filed any and all reports, statements, and other documents as
may be required in orderto implementthe establishment of the Financing Authority.
Section 3. Effective Date. This Resolution shall take effect immediately upon its
passage and adoption.
Dated: July 21, 2010
hereby certify that Resolution No. 2010-124 was passed and adopted by the City Council of
the City of Lodi in a regular meeting held July 21, 2010, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS— Hansen, Hitchcock, Johnson, Mounce, and
Mayor Katzakian
COUNCIL MEMBERS— None
COUNCIL MEMBERS— None
COUNCIL MEMBERS— None
2010-124
&JOHL
City Clerk