HomeMy WebLinkAbout1989-06-27; City Council; Resolution 89-195c .- I1 e 0
1 RESOLUTION NO. 89-195
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, APPROVING THE
ASSIGNMENT AGREEMENT RELATING TO THE ENCINA 1 WATER POLLUTION CONTROL FACILITY EXPANSION
1 WHEREAS, the Encina Water Pollution Control Facility (IIEWPCF") is I 1 owned by the City of Carl sbad, the City of Vista, the Buena Sanitation
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District and the Encini tas Sanitary District (the "Member Agencies"), 8
District, the Leucadia County Water District, the Valleci tos Water
pursuant to a Joint Exercise of Powers Agreement dated July 13, 1961, as g
10: amended (the "Master JPA"); and
11 WHEREAS, the Member Agencies have agreed to an expansion of thc
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needed improvements, pursuant to the 39th supplement to the Master JPI 13
EWPCF to increase its wastewater treatment capacity and to make other
of capacity of and other improvements to the EWPCF; and 20
1 the purpose of financing the Participants' share of the current expansiol 19
formed the Encina Financing Joint Powers Authority (the "Authority") fol 18
District and the Leucadia County Water District (the "Participants") havt 17
WHEREAS, the Cities of Carlsbad and Vista, the Buena Sanitatior 16
"43rd Supplement) (collectively, the "Expansion Project") ; and 15
(the "39th Supplement") and the 43rd Supplement to the Master JPA (thc 14
21 WHEREAS, the Member Agencies that are not Participants, namely, thl
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from other sources; and 25
and the Leucadia County Water District is financing a portion of its shar 24
financing their share of the Expansion Project cost from other sources 23
Vallecitos Water District and the Encinitas Sanitary District, arl
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WHEREAS, the financing structure of the Expansion Projecl
contemplates a conveyance and assignment of the Participant's capacity ir
the Expansion Project, pursuant to an Assignment Agreement dated as 0'
June 1, 1989, by and among the Participants and the Authority, wit1
concurrent repurchase of the capacity by the Participants pursuant to thc
Installment Purchase Agreement described below; and
WHEREAS, the Authority will enter into four separate Installmen.
Purchase Agreements each dated as of June 1, 1989, by and between thl
Authority, as seller, and each of the Participants, as purchaser
(collectively, the "Installment Purchase Agreements") , which provide fo
the purchase on an installment purchase basis by the Participants of thei
respective shares of the Capacity in the Expansion Project, as describe
in the Assignment Agreement; and
WHEREAS, the Authority will assign the payments obtained from th
Installment Purchase Agreements to a trust estate, created pursuant to a
Indenture of Trust dated as of June 1, 1989 by and between the Authorit
and a trustee to be selected by the Authority (the "Indenture") ; and
WHEREAS, the Authority will issue its Wastewater Revenue Bonc
(Phase IV Expansion Project) 1989 Series A (the "Bonds") secured by tt
payments to be made by the Participants under the Installment Purcha:
Agreements to raise money to pay for all or part of the acquisition a1
c,onstruction of the Participants' respective shares of the Expansic
Project and other related expenses; and
WHEREAS, the Bonds will be issued and secured as provided in ti
Indenture; and
WHEREAS, each of the Member Agencies have been presented with copit
of the basic form of agreements and documents discussed above.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Carl sbad, as fol1 ows;
1. That the Assignment of each Participant’s financed share of
capacity in the Expansion Project pursuant to the basic terms of the forms
of Installment Purchase Agreement and Assignment Agreement and the actions
contemplated thereby are, consented to and approved, but only to the
extent required by the Master JPA and any collateral agreements or
requirements.
2. That the City Clerk is hereby authorized to furnish a certified
copy of this Resolution to the Authority.
PASSED, APPROVED AND ADOPTED by the City Council at a regular
meeting thereof held on the 27th day of June , 1989, by thc
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Petcine, Mamaux and Larson
NOES: None
ABSENT: None
ATTEST :
- ALETHA L. RAUTENKRANZ, City C1 Ark
(SEAL)
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