CC - 2000-61 - Second Amendment to the San Gabriel Valley council of Gov_--4 i
RESOLUTION NO. 00-61
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ROSEMEAD APPROVING AND ADOPTING
THE SECOND AMENDMENT TO THE SAN GABRIEL VALLEY
COUNCIL OF GOVERNMENTS JOINT POWERS AUTHORITY
AMENDED AND RESTATED JOINT EXERCISE OF POWER 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");
and
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
meeting its cash flow requirements, the SGVCOG needs to 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 ROSEMEAD 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:
(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, that 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, APPROVED AND ADOPTED this 28°i day of November, 2000.
ATTEST:
CITY CLE
22&i44wi4 a&4,
MAYOR
I hereby certify that the foregoing Resolution No.
00-61 was duly and regularly adopted by the
Rosemead City Council at a regular meeting held
on the 28th day of November 2000, by the following
vote:
Yes: Clark, Vasquez, Imperial, Bruesch
No: Taylor, Absent: None, Abstain: None
City Clerk
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