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HomeMy WebLinkAbout2017-38 CC Reso - Authorizing the Execution and Delivery of a Site Lease and a Financing Lease with I-BankRESOLUTION NO. 2017- 38 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH AUTHORIZING THE EXECUTION AND DELIVERY OF A SITE LEASE AND A FINANCING LEASE WITH THE CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $4,000,000 AND AUTHORIZING THE EXECUTION OF NECESSARY DOCUMENTS AND CERTIFICATES AND RELATED ACTIONS WHEREAS, the City Council (the "City Council") of the City of Ukiah (the "City"), pursuant to Resolution No. 2017-09 adopted on January 18, 2017 and Resolution No. 2017-19 adopted on April 5, 2017, has determined to finance the acquisition and construction of certain traffic and highway interchange improvements (collectively, the "2017 Project"), as more particularly described in Exhibit A to the Financing Lease (as such term is defined below); and WHEREAS, the California Infrastructure and Economic Development Bank (the "I -Bank") has agreed to assist the City in financing the 2017 Project; and WHEREAS, in order to accomplish the financing of the 2017 Project, the City desires to enter into a Site Lease (the "Site Lease") and a Financing Lease (the "Financing Lease"), each with the I -Bank, substantially in the form presented to this City Council at the meeting at which this Resolution has been adopted, pursuant to which the City will lease the City Hall property to the I -Bank and sublease the City Hall property back from the I -Bank; and WHEREAS, the City's obligation to make payments under the Financing Lease will be payable from the City's General Fund, and the City has covenanted in the Financing Lease to include such payments in its annual budget; NOW, THEREFORE, the City Council for the City of Ukiah does resolve as follows: Section 1. The Site Lease and the Financing Lease, in substantially the forms attached hereto and, upon execution as authorized below, made a part hereof as though set forth in full herein, are hereby approved. The Mayor, the Vice -Mayor, the City Manager, the Finance Director, the City Clerk, or the designee of any of them (each, an "Authorized Officer"), are each hereby authorized and directed to execute and deliver the Site Lease and the Financing Lease with such changes, insertions and omissions as may be recommended by the City Attorney or Stradling Yocca Carlson & Rauth, a Professional Corporation, bond counsel to the City, and approved by the officers executing the same, said execution being conclusive evidence of such approval. Section 2. The City Council hereby authorizes the execution and delivery of the Financing Lease in an aggregate principal amount not to exceed $4,000,000. The proceeds of the Financing Lease will be expended to finance the 2017 Project. Section 3. The Authorized Officers and all other officers of the City are hereby authorized, jointly and severally, to do any and all things and to execute and deliver any and all documents which they may deem necessary and advisable in order to consummate the execution and delivery of the Site Lease and the Financing Lease and otherwise to effectuate the purposes of this Resolution, and any such actions previously taken by such officers are hereby ratified and confirmed. In the event that the Mayor is unavailable or unable to execute and deliver any of the above -referenced documents, any other member of the City Council may validly execute and deliver such document, and, in the event that the City Clerk is unavailable or unable to execute 85 Page 1 of 2 and deliver any of the above -referenced documents, any deputy clerk may validly execute and deliver such document. The expenditure of the proceeds of the Financing Lease shall be subject to compliance by the City with all legal and other conditions precedent thereto. Section 4. This Resolution shall take effect immediately upon its adoption. PASSED AND ADOPTED this 2nd day of August 2017, by the following roll call vote: AYES: Councilmembers Scalmanini, Crane, Mulheren, Doble, and Mayor Brown NOES: None ABSTAIN: None ABSENT: None �wv Brown, Mayor ATTEST: Kristine Lawler, City Clerk 11 Page 2 of 2