HomeMy WebLinkAbout19 JT PWRS AG RDA 04-03-95NO. 19
4-3-95
OATE:
MARCH 29~ 1995
Inter-Com
TO: WILL~AM A. HUSTON, CITy I'~-NA~ER
FROM: RONALD A. NAULT, DIRECTOR OF FINANCE
SUBJEO~ RESOLUTION 95-38 AUTHORIZING A JOINT EXERCISE OF POWERS
AGREEMENT WITH THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
RECOMMENDATION:
Adopt Resolution 95-38 authorizing the execution and delivery of a
Joint Exercise of Powers Agreement with the Tustin Community
Redevelopment Agency.
FISCAL IMPACT:
None
DISCUSSION:
At the January 16, 1995, City Council meeting the Assessment
District Refinancing Team made a presentation to the City Council
of the proposed Bond refunding. Part of the presentation concerned
the formation and Utilization of a Joint Powers Financing Authority
formed by the City and the Redevelopment Agency. The use of the
Financing Authority will facilitate the pooling of all the existing
fixed rate properties from the current two separate districts to a
Single fixed, rate district supported by all the fixed rate
properties in Tustin Ranch. This will create a much stronger
credit to the market place; facilitate the issuance of Bond
insurance which will result in a AAA Bond rating and reducing
borrowing costs and ultimately reducing the annual property
assessments.
The City Council directed staff to bring the Financing Authority
concept to the Audit Committee for their evaluation and input. A
presentation was made to the Audit Committee'at their meeting on
Monday, February 27, 1995. After a general discussion the Audit
Committee endorsed the use of the Financing Authority.
Once the authority is created by both the City and the Agency it
will require noticing of meetings, hearings, etc., similar to the
City and Agency. The Authority will be taking an active part in
the refunding process from this point forward. It is intended that
all meetings of the Authority would be handled in the same fashion
Page 2
'March 28, 1995
as we now conduct City and Agency business; The City Council shall
be the Board of Directors of the Authority.
The use of the Financing Authority will maximize the benefits that
may accrue to the individual property owners by facilitating the
best possible security- on the remaining debt allowing for an
opportunity to insure the new Bonds which will result in the best
interest rates possible.
Ronal~'A. Nault L
Director of Finance
RAN: ls/a:agreemt.cty
RESOLUTION NO. 95-38
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN AUTHORIZING THE EXECUTION AND DELIVERY
OF A JOINT EXERCISE OF POWERS AGREEMENT WITH THE
TUSTIN COM1VIUNITY REDEVELOPMENT AGENCY
WHEREAS, agencies formed under Article I (commencing with section 6500) of Chapter
5~ Division 7, Title I of the California Government Code (the "Joint Powers Law") are permitted
to provide financing for any of their members or other local, public agencies in the State of
California in connection with the acquisition, construction and improvement of public capital
improvements, working capital requirements or liability or other insurance needs of such
members or other local agencies;
WHEREAS, the City of Tustin (the "Cih,''~ and ,s._ -~. ~ ,~
· . ,j , ~A,~ · usun ~,.ommunity Redevelopment
FA~eann,C_.y._ _w~s,h to, fo..nn ,a~ a.g.ency under th_e'Jotnt. P..owers Law, to be known as the Tustin Public
__ cmg_,~urnomy, tor me purp _ose of providing an entity which can assist in providing
financing for purposes Which are authorized under the Joint Powers Law; and '
.WHEREAS, there has been prepared and submitted to this meeting a form of Joint
Exercise of Powers Agreement (such Joint Exercise of Powers Agreement in the form presented
to this meeting, with such changes, insertions and omissions as are made pursuant to this
Resolution, being referred to herein as the "Joint Exercise of Powers Agreement");
NOW, THEREFORE, BE IT RESOLVED by the City Council the City of Tustin as
follows:
Section 1. The Joint Exercise of Powers Agreement, in substantially the form submitted
to this meeting and made a part hereof as though set .forth herein, be and the same is hereby
approved. The Mayor of the City, or such other member of the City Council as the Mayor may
designate, the City Manager of the City and the Director of Fmance/Treasurer of the City (the
"Authorized Officers") are each hereby authorized and directed, for and in the name of the City~
to execute and deliver the Joint Exercise of Powers Agreement in the form submitted to this
meeting, with such changes, insertions and omissions as the Authorized Officer exeCUting the
same may.require or approve, such requirement or approval to be condusively evidenced by the
execution of the Joint Exercise of Powers Agreement by such Authorized Officer.
Section 2. The officers and employees of the City are hereby authorized and directed to
take all actions and do all things necessary or desirable hereunder with respect to the formation
of the Tustin Public Financing Authority, including but not limited to the execution and delivery
of any and all agreements, certificates, instnunents and other documents, which they, or any of
them, may deem necessary or desirable and not inconsistent with the purposes of this
Resolution.
Section 3. This Resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED by the City Council of the City of Tustin on
1995.
Thomas R. Saltarelli, Mayor
ATTEST:
Valerie Crabill, Chief Deputy City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
SS
I, Valerie Crabill, Chief Deputy City Clerk of the City of Tustin, California hereby certify
that the foregoing is a full, true and correct copy of a Resolution duly adopted at a regular
meeting of the City Council of said City duly and regularly held at the regular meeting place
thereof on ,1995, of which meeting all of the members of said City Council had
due notice and at which a majority thereof were present; and that' at said'meeting said
'Resolution was adopted by the following vote: '
AYES:
COUNCIL MEMBERS:
NOES:
COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
An agenda of said meeting was posted at least 72 hours before said meeting at 300
Centennial Way, Tustin, California, a location freely accessible to members of the public, and a
brief general description of said Resolution appeared on said agenda.
I further certify that I have carefully compared the same with the original minutes of said
meeting on file and of.record in my office; that the foregoing Resolution is a full, true and correct
copy of the original Resolution adopted at said meeting and entered in said minutes; and that
said Resolution has not been amended, modified or rescinded since the date of its adoption,
and the same is now in full force and' effect.
Dated: , 1995
Valerie Crabill, Chief Deputy City Clerk
30047-01
JHHW:GH:bct
11/09/94
12/14/94
JOINT EXERCISE OF POWERS AGREEMENT
1995
TUSTIN PUBLIC HNANCING AUTHORITY
TABLE OF CONTENTS
Section 1.01.
Section 2.01.
Section 2.02.
Section 3.01.
Section 3.02.
Section 3.03.
Section 3.04.
Section 4.01.
Section 4.02.
Section 4.03.
Section 4.04.
Section 4.05.
Section 4.06.
Section 4.07.
Section 4.08.
Section 4.09.
Section 4.10.
Section 5.01.
Section 5.02.
Section 5.03.
Section 5.04.
Section 5.05.
Section 5.06.
Section 5.07.
Section 5.08.
ARTICLE I
Page
DEFINmONS
Definitions ......... . ...................................................... ~ .................................. ~ ....... 2
ARTICLE II
GENERAL PROVISIONS
Purpose .......: ...................................................................................................... 4
Creation of Authority ...... .................................................................................. 4
ARTICLE III-
BOARD OF DIRECTORS
Board of Directors ........................................................................ ~ .................... 5
Powers ................................................................................................................ .5
Compensation .................................................................................................... .5
Meetings of the Board of Directors..: .................................................... ,'. .......... 5
ARTICLE IV
OFFICERS AND EMPLOYEES
Officers ............................................................................................................... 7
Designation of Officers ....... , .............................................................................. 7
Subordinate. Officers...: .............. ~ ......................... : ............................................. 7
Executive Director ...,..; ..................................................................................... 8
Assistant Executive Director ..................... .' ....................................................... 8
Secretary ............................................................................................................. 8
Treasurer ................................................................................................. : .......... 8
Officers in Charge of Records, Funds and Accounts ........................................ 8
Other Employees ................................................................................................ 8
Assistant Officers ............... ~, ............................................ ,..: ............................ 9
ARTICLE V
POWERS
General Powers ................................................................................................ 10
Power to Issue Revenue Bonds: ....................................................................... 10
Specific Powers .................................. : ............................................................. 10
Restrictions on Exercise of Powers .................................................................. 11
Non-Liability For Obligations of Authority ............... d .................................... 11
Indemnity by Authority for Litigation Expenses of Officer,
CommissionDirector Memberor Employee. .................. : .................................. 11
Execution of Contracts; ...................... ............................................................. 11
Fiscal Year .................................................................................... : ................... 11
oo
Section 6.01.
Section 6.02.
Section 6.03.
Section 7.01.
Section 7.02.
Section 8.01.
Section 8.02.
Section 8.03.
Section 8.04.
Section 8.05.
Section 8.06.
Section 8.07.
Section 8.08.
ARTICLE VI
CONTRIBUTION; ACCOUNTS AND REPORTS; FUNDS
Contributions. '
............................................~..............................................~ 2
Accounts and Reports ............................................ : ........................................ 12
Funds ................................................................................................................ 12
ARTICLE VII
TERM; DISSOLLr~ION
Term. ........................................................................................................... 13
Dissolution ...................................................................................... ~ .......... ii.iii13
ARTICLE VIII
MISCELLANEOUS PROVISIONS
·
Notices ......................... .' ................................................................................... 14
Section Headings ............................. ~ ................................................................ 14
Consent.
· """'"'"""'"'"""""""'"'------------------, 14
Law Governing ' ' ..................................................
· .................................................................................................~ 4 '
Amendments ....................................... 14
Enforcement by Authority. ................i.ii~i~·~i~i~i'~ ................... ~ ............. 14
Cou t rp -t ............ : ................................................... ZZZZZZZZZZ 4
Successors.
.......................................................................................................~ 4
..·
-111-
JOINT EXERCISE OF POWERS AGREEMENT
THIS JOINT EXERCISE OF POWERS AGREEMENT (the "Agreement"), dated as of
· 1995, is by and between the CITY OF TUSTIN, a municipal corporation duly
organized and existing under and by virtue of the laws of the State. of California (the "City"),
and the TLISTIN COMMUNITY REDEVELOPMENT AGENCY, a public body corporate and
politic organized and existing under the laws of the State of California (the "Agency");
WlTNESSETH:
WHEREAS, agencies formed under Article 1 (commencing with section 6500) of Chapter
5, Division 7, Title 1 of the California Government Code (the "Joint Powers Law") are permitted
to provide financing for any of their members or other local public agendes in the State of
California in connection with the acquisition, construction and improvement of public capital
improvements, working capital requirements or liability or other insurance needs of such
members or other local agencies; and
WHEREAS, the City and the Agency wish to form an 'agency under the Joint Powers
Law, to be known as the Tustin Public Financing Authority, for the purpose of providing an
entity which can assist in providing financing for purposes which are authorized under the Joint
Powers Law;
NOW, THEREFORE, in consideration of the above premises and of the mutual promises
herein contained, the City and the Agency do hereby agree as follows:
-1-
ARTICLE I
DEFINITIONS
Section 1.01. Definitions. Unless the context otherwise requires, the words and terms
defined in this Article shall, for the purposes hereof, have the meanings herein specified.
"Agency'; Means the Tustin Community Redevelopment Agency.
"Agreement" means this Joint Exercise of Powers Agreement, as originally entered into or
as amended from time to time in accordance with Section 8.05.
"Authority" means the Tustin Public Financing Authority established pursuant to Section
2.02.
"Board of Directors" means the Board of Directors referred to in Section 3.01, which
shall be the governing body of the Authority.
"Bond Law" means the Marks-Roos Local Bond Pooling ~kct of 1985, being Artide 4 of
the Joint Powers Law (commencing with section 6584), as now in effect or hereafter amended,
Article 2 of the Joint Powers Law, as now in effect or hereafter amended, or any other law
available for use by the Authority in the authorization and issuance of bonds to provide for the
financing of Obligations and/or Public Capital Improvements.
"Bond Purchase Agreement" means an agreement between the Authority and a-Local
Agency, pursuant to which the Authority agrees to purchase Obligations from a Local Agency.
"Bonds" means bondS, notes or other obligations of the Authority issued pursuant to the
Bond Law or Pursuant to any other provision of law to finance the acquisition, construction
and improvement of Public Capital Improvements, Wqrking Capital Requirements, or liability or
other insurance needs of any Locai AgencY.
·
"City" means the City of Tustin.
"Fiscal Year" means the period from July I in any calendar year to and including June 30
in the succeeding calendar year.
"Joint Powers Law" means Artides 1 through 4 (commencing with section 6500) of
Chapter 5~ Division 7, Title 1 of the California Government Code.
"Local Agency" means the City, the Agency and any other city, county, city and coUnty,
agency, special district or other public corporation of the State of California.
"Obligations" has the meaning given to the term "Bonds" in section 6585(c) of the Bond
Law.
"Public Capital Improvements" has the meaning given such term in section 6585(g) of the
Bond Law.
"Working Capital Requirements" means the requirements of any Local Agency for funds
to be used by, or on behalf of, such Local Agency for any purpose for which such Local Agency
may borrow money pursuant to section 53852 of the California Government Code.
-2-
GENERAL PROVISIONS
Section 2.01. Pur?ose. This Agreement is made pursuant to the Joint Powers Law
providing for the joint exercise of powers common to the City and the Agency, and for other
purposes as permitted under the Joint Powers Law, the Bond Law and as agreed by one or
more of the parties hereto. The purpose of this Agreement is to provide for the financing or
refinancing of Public Capital Improvements for, and Working Capital Requirements of, any
Local Agency through the acquisition by the Authority of such Public Capital Improvements, the
purchase by the Authority of Obligations of any Local Agency pursuant to Bond Purchase
Agreements, the lending of funds by .the Authority to a Local Agency or the entering into of
contractual arrangements by the Authority with a Local Agency.
Section 2.02. Creation of Authority. Pursuant to the Joint Powers Law, there is hereby
created a 'public entity to be known as the "Tustin Public Financing Authority". The Authority
shall be a public entity separate and apart from the City and Agency, and shall administer this
Agreement.
ARTICLE m
BOARD OF DIRECTORS
Section 3.01. Board 9f Directors. The Authority shall be administered by a Board of
Directors, which shall be comprised of five members, unless and until changed by amendment of
this Agreement. ,,
Each member of the City Council shall be a member of the Board of Directors. The
Board of Directors shall always consist of the persons then serving as members of the City
Council, and each person who, currently or in the future, serves as a member of the City Council
shall serve, during the period in which he or she serVes in SUch capadty, as a member of the
Board of Directors.
Each member shall assume membership on the Board of Directors upon his or her
becoming a member of the City Council, without any further act by any person, body or entity.
Each member shall hold membership on the Board of Directors until the expiration of his or her
term as a member of the City Council, or until he or she resigns, is removed or for any other
reason no longer serves as a member of the City Council, without any further act by any person,
body or entity.
The Mayor of the City shall be Chairperson-of the Board of Directors and Such
Chairperson shall preside at all meetings of the Board of Directors. The Mayor Pro Tern of the
City shall be the Vice Chairperson of the Board of Directors and such Vice Chairperson shall
preside at meetings of the Board of Directors during the absence or disability of the
Chairperson.
Section 3.02. Powers. Subject to the limitations 'of this Agreement and the laWs of the
State of California, the powers of the Authority shall be vested in and exercised by and its
property controlled and its affairs conducted by the Board of Directors of the Authority.
Section 3.03. Comvensation. Members of the Board of Directors shall serve without
compensation but each such 'member may be reimbursed his or her necessary and actual
expenses, including travel incident to his or her services as member of the Board of Directors,
pursuant to resolution of the Board of Directors. Any member of the Board of Directors may
elect, however, to decline said reimbursement.
Section 3.04. Meetin~sv of the Board of Directors. (a) Call, Notice and Conduct of Meetings.
All meetings of the Board of Directors, including without limitation, regular, adjourned regular
.and special meetings, shall be called, noticed, 'held and conducted in accordance with the
provisions of sections 54950 et seq. of the California Government Code, known as the Ralph M.
Brown Act.
(b) Regular Meetings. Regular meetings of the Board of Directors' shall be held at SUch
· time as the Board of Directors may fix by resolution from time to time, and if any day so fixed
shall fall upon a legal holiday then, upon the next succeeding business day at the same hour. No
notice of any regular meeting of the Board of Directors need be given to the members of the
Board of Directors.
(c) Special Meetings. Special meetings of the Board of Directors shall be held whenever
called by the Chairperson of the Board of Directors, the Executive Director of the Authority or
by a majority of the members of the Board of Directors.
·
(d) Quorum. A majority of the members of the Board of Directors shall constitute a
quorum for the transaction of business, except that less than a quorum may adjourn from time
to time. The affirmative votes of at least a majority of the members of the Board of Directors
present at any meeting at which a quorum is present shall be required to take any action by the
Board of Directors. Every act or decision done or made by a-majority of the members of the
Board of Directors present at any meeting at which a quorum is present shall be the act of the
Board of Directors.
OFFICERS AND EMPLOYEES
Section 4.01. Officers. The officers of the Authority shah be an Executive Director, an
Assistant Executive Director, a Secretary, a Treasurer and such other officers as the Board of
Directors may appoint.
Section 4.02. Desiffnation of Officers. The City Manager of the City shall be the
Executive Director of the Authority. The Executive Director of the Authority shall always be
the person then serving as City Manager of the City, and each person who, currently or in the
future, serves as City Manager of the City shall be, during the period in which he or she serves in
such capacity, Executive Director of the Authority. A person shall become Executive Director of
the Authority upon his or her becoming City Manag..er of the City, without any further act by
any person, body or entity. A person shall serve as Executive Director of the Authority until he
or she resigns, is removed or for any other reason no longer serves as City Manager of the City,
without any further act by any person, body or entity.
The Assistant City Manager shall be the Assistant Executive Director of the Authority.
The Assistant Executive' Director of the Authority shall always be the person then Serving as
Assistant City Manager, and eacli person who, currently or in the future, serves as Assistant
City Manager shall be, during the period in which he or she serves in such capacity, Assistant
Executive Director of the Authority. A person shall become Assistant ' Executive Director of the
Authority upon his or her becoming Assistant City Manager, without any further act by any
person, body or entity. A person shall serve as Assistant Executive Director of the Authority
until he or she resigns, is removed or for any other reason no longer serves as Assistant Chief
Engineer and Assistant City Manager, without any ftu~er act by any person, body or entity.
·
The City Clerk of the City shall be the Secretary of the Authority. The Secretary of the
. Authority shall always be the person then serving as City Clerk of the City, and each person
who, currently or in the future, serves as City Clerk of the City shall be, during the period in
which he or she serves in such capacity, Secretary of the Authority. A person' shah become
Secretary of the Authority upon his or her becoming City Clerk of the City, without any further
act by any person, body or entity. A person shall serve as Secretary of the Authority until he or
she resigns, is removed or for any other reason no longer serves as City Clerk of the City,
without any further act by any person, body or entity.
The Treasurer of the City shall be the Treasurer of the Authority. The Treasurer of the
Authority shah always be the person then serving as Treasurer of the City, and each person
who, currently or in the future, serves as Treasurer of the City shall be, during the period in
which he or she serves in such capacity, Treasurer of the Authority. A person shall become
Treasurer of the Authority upon his or her becoming Treasurer of the City, without any further
act by any person, body or entity. A person shall serve as Treasurer of the AuthOrity until he or
she resigns, is removed or for any other reason no longer serves as Treasurer of the City, without
any further act by any person, body or entity.
Section 4.03. Subordinate Officers. The Board of Directors may elect or authorize the
appointment of such other officers than those herein above mentioned 'as the business of the
Authority may require, each of whom shall hold office for such period, have such authority and
perform such duties as are provided in this Agreement, or as the Board of Directors from time
to time may authorize or determine.
Section 4.04. Executive Director. The Executive Director shall be the chief executive.
officer of the Authority and shall, subject to the control of the Board of Directors, have general
- supervision, direction and control of the business and officers of the Authority. He or she shall
be ex officio member of all standing committees, and shall have the general powers and duties.
of management of-the Authority and shall have such other powers and duties as may be
prescribed by the Board of Directors or this Agreement.
Section 4.05. Assistant Executive Director. In the absence or disability of the Executive
Director, the Assistant Executive Director shall perfo.rm all the duties of the Executive Director
and when so acting shall have all the powers of and be subject to all of the restrictions upon the
Executive Director. The Assistant Executive Director shall have such other powers and perform
such other duties as may from time to time be prescribed for him or her by the Board of
Directors or this Agreement.
Section 4.06. ~. The Secretary shall keep or cause to be kept a book of minutes at
the principal office or at such other place as the Board of Directors may order, of all meetings, of
the Board of Directors, with the time and place of holding, whether regular or special, and if
special, how authorized, the notice thereof given, the names of those present at Board of
Directors meetings and the proceedings thereof. The Secretary shall give or cause to be given
notice of all meetings of the Board of Directors, shall keep the Authority records in safe
custody and sh~all have such other powers and perform such other duties as may be prescribed
by the Board of Directors or this Agreement.
Section 4.07. Treasurer. Subject to the applicable provisions of any indenture or
resolution providing for a trustee or other fiscal agent, the Treasurer is designated as the
depositary of the Authority to have custody of all the money of the Authority, from whatever
source, and, as such, shall have the powers, duties and responsibilities specified in Section
6505.5 of the Joint Powers Law. The Treasurer is hereby designated as controller of the
Authority and, as such, shall have the powers, duties and responsibilities specified in Section
6505.5 of the Joint Powers Law. The controller of the Authority shall draw checks to pay
demands against the Authority when the d~ds have been approved by the Authority. The
City shall determine the charges to be made against the Authority for the services of the
Treasurer.
Section 4.08. Officers in Charge of Records, Funds and Accounts. The Treasurer is
designated as the public officer or person who has charge of, handles, or has access to any
property of the Authority, and such officer shall file an official bond in the amount of $25,000
as required by Section 6505.1 of the Joint Powers Law. Such bond may be maintained as a part
of or in conjunction with any other bond maintained on such person by the City, it being the
intent of this Section 4.08 not to require duplicate or overlapping bonding requirements from
those bonding requirements which are otherwise applicable to the City.
Section 4.09. Other Employees. The Board of Directors shall have the power to appoint
and 'employ such other consultants and independent contractors as may be necessary for the
purposes of this Agreement.
All of the privileges and immunities from liability, exemption from laws, ordinances and
· rules, all pension, relief, disability, workers' compensation and-other benefits which apply to
the activities of officers, agents, or employees of a public agency when performing their
respective functions shall apply to them to the same degree and extent while engaged in the
performance of any of the functions and other duties under this Agreement.
None of the officers, agents, or emploYees directly employed by the Board of Directors
shall be deemed, by reason of his or her employment by the Board of Directors to be employed
by the City or the Agency or, by reason of his' or her employment by the Board of Directors, to
be subject to any of the requirements of any of the City or the Agency.
-7-
Section 4.10. Assistant Officers. The Board of Directors may appoint such assistants to
act in the place of the Secretary, Treasurer or other officers of the Authority as the Board of
Directors shall from time to time deem appropriate.
ARTICLE V
POWERS
Section 5.01. General Powers. The Authority shall exerdse in the manner herein provided
the powers common to the City and the Agency, or as otherwise permitted under the Joint
· Powers Law, and necessary to the accomplishment of the purposes of this Agreement, subject
to the restrictions set forth in Section 5.04.
As provided in the Joint Powers Law, the Authority shall be a public entity Separate
from the City and the Agency. The Authority shall have the power to acquire and to finance the
acquisition of PubliC Capital Improvements necessary or convenient for the operation of any
Local Agency, and to acquire Obligations of any Local. Agency.
Section 5.02. Power to IsSUe Revenue Bond~. The Authority shall have all of the powers
provided in the Joint Powers Law, including but not limited to Article 4 of the Joint Powers Law
(commencing with section 6584), and induding the power to issue Bonds under the Bond Law.
· Section 5.03. Soeci~ic P0wer.~. The Authority is' hereby authorized, in its own' name, to
do all acts necessary f~r the exercise of the foregoing powers, including but not limited to, any
or all of the following:
(a) to make and enter into. contracts; "
(b) to employ agents or employees;
(c) to acquire, construct, manage, maintain or operate any Public Capital.
Improvement, including the common poWer of the City and the Agency to acquire any
Public Capital Improvement by the power of eminent domain;
(d) to sue and be sued in its own name;
(e) to issUe Bonds and otherwise to incur debts, liabilities or obligations,
provided that no such. Bond, debt, liability or obligation shah constitute a debt, liability
or obligation of the City or the Agency;
(f) to apply for, accept, receive and disburse grants, loans and other aids from
any agency of the United States of America or of the State of California;
Powers(g) to invest any money in the treasury pursuant to section 6505.5 of the Joint
Law that is not required 'for the immediate necessities of the Authority, as the
Authority determines is advisable, in the same manner and upon the same conditions as
local agencies, pursuant to section 53601 of the California Government Code;
(h) to apply for letters of credit or other form of financial guarantees in order to
secure the repayment of Bonds and enter into agreements in connection therewith;
(i) to carry out and enforce all the provisions of this Agreement;
(j) to make and enter into Bond Purchase Agreements;
(k) to purchase Obligations of any Local Agency; and
-9-
(1) to exercise any and all other powers as may be provided in the Joint Powers
Law.
Section 5.04. Restrictions on Exercise of Powers. The powers of the Authority Shall be
exercised in the manner provided in the Joint Powers Law and in the Bond Law and, exCept for
those powers set forth in Article 4 of the Joint Powers Law, shall be subject (in accordance with
section 6509 of the Joint Powers Law) to the restrictions upon the manner of exerdsing such
powers that are imposed upon the City in the exercise of similar powers.
Section 5.05. Non-Liability For Obligations of Authority. The debts, liabilities and
obligations of the Authority shall ~ot be the d~bts, liabilities and obligations of the City or the
Agency. No member, officer, agent or employee of the Authority shall be individually or
personally liable for the payment of the prindpal of or premium or interest on any obligations of
the 'Authority or be subject to any personal liability or accountability by reason of any
obligations of the Authority;, but nothing herein contained shall relieve any such member, officer,
agent or employee from the performance of any official duty provided by law or by the
instruments authorizing the issuance of any obligations of the Authority.
Section 5.06. Indemnity. bv Authority for Litigation Expenses of Officer. Director or
Empl0.vee. Should any director, ~fficer or e~nployee ~f the Aul~hority be sued, either alone or
with others, because he or she is or was a director, officer or employee of the Authority, in any
proceeding arising out of his or her alleged misfeasance or nonfeasance in the performance of his
or her duties or out of any alleged wrongful act against the Authority or by the Authority,
indemnity for such persons reasonable expenses, including attorneys' fees incurred in the
defense of the proceedings, may be assessed against the Authority orits receiver by the court in
the same or a separate proceeding if the person sued acted in good faith and in a manner such
person reasonably believed to be in the best interests of the Authority and, in the case of a
criminal proceeding, had no reas6nable cause tO :believe the conduct of such person was
unlawful. The amount of such indemnity shall equal the amount of the expenses, including
attorneys' fees, incurred in the defense of the proceeding.
Section 5.07. Execution of Contracts. The BOard of Directors may authorize any officer
or officers, agent or agents, to enter into any contract or execute any contract or execute any
instrument in the name of and on behalf of the Authority and such Authority may be in general
or confined to specific instances and unless so authorized by the Board of Directors, no officer,
agent or employee shall have any power or'authority to bind the Authority by any contract or
engagement or to pledge its credit or to .render it liable for any purpose or in any amount.
Section 5.08. Fiscal Year. The Fiscal Year. of ~e Authority shall, unless and until
changed by the Board of Directors, commence on the 1st day of July of each year and shall end
on the 30th day of June of the next succeeding year.
CONTRIBUTION; ACCOUNTS AND REPORTS; FUNDS
Section 6.01. ContributiOns. The City and 'the Agency may in the appropriate
circumstance when required hereunder:. (a) make contributions from .their treasuries for the
purposes set forth herein, (b) make payments of public funds to defray the cost of such
purposes, (c) make advances of public funds for such purposes, such advances to be repaid as
provided herein, or (d) use their personnel, equipment or property in lieu of other contributions
or advances. The provisions of section 6513 of the California Government Code are hereby
incorporated into this Agreement.
Section 6.02. Accounts and Revorts. The AUthority shall establish and maintain such
·
funds and accounts as may be require'by good accounting practice. The books and records of
the Authority shall be open to inspection at all reasot~ble times by the City and the Agency
and their representatives. The Authority shall give an audited written report, of all financial
activities for each l~tscal Year to the City and the Agency within 210 days after the dose of each
Fiscal Year.
The Treasurer, as controller of the Authority, shall either make or contract with a
certified public accountant or public accountant to make an annual audit of the accounts and
records of the Authority. In each case the minimum requirements of the audit shall be those
prescribed by the State Controller for special districts under Section. 26909 of the Government
Code of the State of California and shall conform to generally accepted auditing standards.
When such an audit of an account and record is made by a certified public accountant or public
accountant, a report thereof shall be filed as public records with the City and the Agency and
with the county auditor of Orange County. Such report shall be filed within 12 months of the
end of the Fiscal Year under examination.. By unanimous request of the Board of Directors, the
annual special audit may be replaced with an audit covering a two-year period.
Any costs of the audit, including contracts with, or employment of, certified public
accountants or public accountants, in making an audit pursuant to this section shall be borne by
the Authority and shall be a charge against any unencumbered funds of the Authority available
for the purpose..
Section 6.03. Funds. Subject to the applicable provisions of any instrument or agreement
which the Authority may enterinto, which may provide for a trustee or other fiscal agent to
receive, have custody of and disburse Authority funds, the Treasurer of the Authority shall
receive, have the custody of and disburse Authority funds as nearly as possible in accordance
' with generally accepted accounting practices, shall make the disbursements required by this
Agreement or to carry out any of the provisions or purposes of this Agreement.
ARTICLE VII
TERM; DISSOLUTION
Section 7.01. Term. This Agreement shall become effective, and the Authority shall come
into existence, on the date of execution and delivery hereof, and this Agreement shall thereafter
continue in full force and effect until the later of December 1, 2044 or the date on which no
Bonds remain outstanding and no material contracts to which the Authority is a party remain in
effect, unless earlier dissolved pursuant to Section 7.02 hereof.
Section 7.02. Dissolution. The Authority may, with the approval of the City and the
Agency, be dissolved by'majority vote of the members of the Board of Directors if at the time of
such dissolution the Authority has no Bonds outstanding and is not a party to any material
contract remaining in effect. Upon the dissolution or termination of the Authority, and after
payment or provision for payment, all debts and liabilities, the assets of the 'Authority shall be
distributed.to the City and the Agency in such manner as shall be agreed upon by the City and
the Agency.
MISCELLANEOUS PRovisiONS
Section 8.01. Notices. Notices hereunder shall be in writing and shall be sufficient if
delivered to the address of each party hereto set forth below or at such other address as is
provided bY a party hereto in writing to the other party hereto.
City of Tustin
300 Centennial Way
Tustin, California 92680
A'ttention: Treasurer/F'mance Director
Tustin Community Redevelopment Agency
300 Centennial Way
Tustin, California 92680
Attention: Executive Director
Section 8.02. Section Headinee. All section headings in' this Agreement are for
convenience of reference only and are~ot to be construed as modifying or governing the
'language in the section referred to or to define or lirrtit the scope of any provision of this
Agreement,
Section 8.03..~ Whenever in this Agreement any consent or approval is required,
the same shall not be unreasonably withheld.
Section 8.04. Law Governing. This Agreemertt is made in the State of California under
the .constitutiOn and laws of the State of California, and is to be so construed.
Section 8.05. Amendments. This Agreement may be amended at any time, or from time
to time, except as limited by contract with the owners of Bonds issued by the Authority or the
owners of certificates of participation in payments to be made by the Authority, the City, the
Agency or a Local Agency or by applicable regulations or laws of any jurisdiction having
authority, by one or more amendments executed by the City and the'Agency either as required
in order to carry out any of the provisions of this Agreement or for any other purpose.
· Section 8...06: .Enfo.r.cement by Authori~. The Authori is hereb a
or all legm or equ~tat~le actions, indudin but . . . ~ . y utho_~nzed to take any
g not limited to injunction and specific performance,
necessary or permitted by law to enforce this Agreement.
Section 8.07. ~ounternart~s. This Agreement may be executed in any number of
counterparts, each of which sh~ll be deemed to be an original, but all together shall constitute
. but one and the same Agreement.
Section 8.08. ~. This Agreement shall be binding upon and shall inure to the
'benefit of the successors of the City and the Agency. No party hereto may assign any right or '
obligation hereunder without the written consent of the other party hereto.
IN WITNESS WHEREOF, the undersigned have' caused this Agreement to be executed
by their proper officials thereunto, duly authorized.
CITY OF TUSTIN
By.
ATTEST:
City Clerk
TUSTIN COMMLrNITY
REDEVELOPMENT AGENCY
By
ATTEST:
Secretary