HomeMy WebLinkAboutResolution No. 17-300-Auth Execution of Joint Exercise of Powers Agmt w-City of Downey Establishing Downey Public Financing AuthorityRESOLUTION OF iMMUNITY DEVELOPMENT COMMISSIONOF
THE CITY OF DOWNEY AUTHORIZING THE EXECUTION OF A JOINT
EXERCISE OF i OF ii
ESTABLISHING THE DOWNEY PUBLIC FINANCING AUTHORITY
WHEREAS, the Community Development Commission of the City of Downey, which
operates and governs the housing authority of the City of Downey consistent with the Housing
Authorities Law (Health and Safety Code Section 33000 et seq.) and pursuant to Health and
Safety Code Section 34112 (the "Commission"), and the City of Downey (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 Housing Authority and the City in connection with the construction of public
capital improvements and other purposes specified in the Joint Powers Law; and
WHEREAS, to that end the Community Development Commission wishes at this time to
approve the execution and delivery of a Joint Exercise of Powers Agreement between the City
and the Commission, establishing the Downey Public Financing Authority as a joint powers
authority under the Joint Powers Law;
•', i Fel
• r• i 4•
SECTION 1. Establishment _ of Downey Public Financing Authoritv. The
Community Development Commission hereby approves the establishment of the Downey Public
Financing Authority (the "Financing Authority") under the Joint Powers Law, pursuant to a Joint
Exercise of Powers Agreement between the Commission and the City in the form on file with the
Secretary. The Executive Director of the Commission is hereby authorized and directed to
execute said Joint Exercise of Powers- Agreement in the name and on behalf of the
Commission.
SECTION 2 Authorization to Make Necessaly Filin s. 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 establishment of the Financing Authority.
SECTION 3. Effective Date. This Resolution shall take effect immediately upon its
passage and adoption.
SECTION 4. The Commission Secretary shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 14th day of Novber,._17.
v,
FERNANDOVASQUEZ, Chair
RESOLUTION NO. 17-301
PAGE 2
ATTEST:
MA A ALICIA DUARTE, CMC
Interim Secretary
I HEREBY CERTIFY that the foregoing Resolution was adopted by the Community
Development Commission of the City of Downey at a regular meeting held on the 14th day of
November, 2017 by the following vote, to wit:
AYES: Commission Members: Pacheco, Rodriguez, Saab, Ashton, Mayor Vasquez
NOES: Commission Member: None.
ABSENT: Commission Member: None.
ABSTAIN: Commission Member: None.
MARIA ALICIA DUA TE, CMC
Interim Secretary