HomeMy WebLinkAboutResolutions - No. IDA-32RESOLUTION NO. IDA -32
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF LODI AUTHORIZING THE EXECUTION OF A JOINT
EXERCISE OF POWERS AGREEMENT WITH THE CITY OF LODI,
ESTABLISHINGTHE LODI PUBLIC FINANCING AUTHORITY
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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 DevelopmentAuthority and the City in
connection with the construction of public capital improvements; and
WHEREAS, to that end, the Industrial Development Authority wishes at this time
to approve the execution and delivery of a Joint Exercise of Powers Agreement between
the Industrial DevelopmentAuthority 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 Board of Directors of the
Industrial DevelopmentAuthority of the City of Lodi as follows:
Section 1 - Establishment of Lodi Public Financinq Authority. The Board of
Directors of the Industrial DevelopmentAuthority 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 DevelopmentAuthority and the City in the form on file with the
Secretary of the Industrial Development Authority. The appropriate officers of the
Industrial DevelopmentAuthority are hereby authorized and directed to execute, and the
Secretary of the Industrial Development Authority is hereby authorized and directed to
attest and affix the seal of the Industrial DevelopmentAuthority to, said Joint Exercise of
Powers Agreement in the name and on behalf of the Industrial DevelopmentAuthority.
Section 2. Authorization to Make Necessary Filings. 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 order to implement the establishmentof the
Financing Authority.
Section 3. Effective Date. This Resolution shall take effect immediately upon
its passage and adoption.
Dated: July 21, 2010
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PASSED AND ADOPTED at a regular meeting of the Board of Directors of the
Industrial Development Authority held on this 21st day of July 2010 by the following
vote:
AYES: AUTHORIZING MEMBERS -
NOES: AUTHORIZING MEMBERS -
ABSTAIN: AUTHORIZING MEMBERS -
ABSENT: AUTHORIZING MEMBERS -
Atte
Industrial Development Authority,
City of Lodi, California
2
C
PHIL KATZAKIAN \
Chairperson, Industrial Development
Authority, City of Lodi, California