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HomeMy WebLinkAbout1376 - ORDINANCES - 3/20/1991 ORDINANCE NO. 1376 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS APPROVING A SITE AND FACILITIES LEASE AGREEMENT AND A LEASE AGREEMENT BETWEEN THE CITY OF PALM SPRINGS AND THE CITY OF PALM SPRINGS FINANCING AUTHORITY WHEREAS, the City of Palm Springs ("City") desires to lease the Site and Facilities, as described in Exhibit to the Site and Facilities Lease Agreement, which is attached to this Ordinance and incorporated herein by this reference (Exhibit 1) , to the City of Palm Springs Financing Authority ("Authority") for the purpose of issuing the Authority's Revenue (Lease Payments) Bonds, 1991 Series A (Convention Center Project) ("Series A Bonds") ; and WHEREAS, the Authority desires to lease the Site and Facilities back to the City pursuant to the Lease Agreement, which is attached to this Ordinance and incorporated herein by this reference (Exhibit 2) , the lease payments from which will be assigned to First Interstate Bank of California, as Trustee (the "Trustee") to secure the Series A Bonds; and WHEREAS, the City now desires to approve the Site and Facilities Lease and the Lease Agreement by this Ordinance. THE CITY COUNCIL OF THE CITY OF (PALM SPRINGS, CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS: SECTION 1. The Site and Facilities Lease is hereby approved and the Mayor or Mayor Pro Tem or City Manager is hereby authorized and directed to execute this Site and Facilities Agreement. SECTION 2 . The Lease Agreement is hereby approved and the Mayor or Mayor Pro Tem or City Manager is hereby authorized and directed to execute this Lease Agreement. SECTION 3 . This Ordinance is subject to the state law provisions relating to referendum otherwise applicable to the City. SECTION 4. PUBLICATION. The City Clerk is hereby ordered and directed to certify to the passage of this Ordinance, and to cause the same or a summary thereof or a display advertisement, duly prepared according to law, to be published in accordance with law. Ordinance No. 1376 Page —2-- ADOPTED this EDLh day of March, 1991. AYES: Councilmembers Brooch, Hodges, Murawski , Neel and Mayor Bono NOES: None ABSENT: None ATTEST: CITY--OF PALM SPRINGS, 1,CA1,IFORNIA tBy _. City Clerk Mayor � REVIEWED & APPROVED: — 5/124/014084-0030/020 I HEREBY CERTIFY THAT the foregoing Ordinance 1376 was duly adopted by teh City Council of the City of Palm Springs, California, in a meeting held on the 20th day of Mauch, 1991, and that same was duly published in the DESERT SUN, a newspaper of general circulation on Marche 26, 1991. JUDITH SUMICH City Clerk.