HomeMy WebLinkAboutORD 0893 (1983) ORDINANCE NO. 893
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUSTIN
APPROVING THE ACT OF ENTERING INTO A PUBLIC LEASEBACK
BETWEEN TEE CITY OF TUSTIN AND CITY OF TUSTIN WATER CORPO-
RATION, AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
AND DELIVER A LEASE EVIDENCING THE SAME.
W~EREAS, by instrument duly filed with the Secretary of
State of the State of California on March 3, 1980, certain public-
spirited citizens of the City of Tustin organized and incorporated
City of Tustin Water Corporation under the Nonprofit Public Benefit
Corporation Law of the State of California for the purpose of render-
ing assistance to the City of Tustin by acquiring, constructing and
operating, or providing for the operation of, water facilities,
including water transmission pipelines, appurtenances and appurtenant
works and related facilities for the use, benefit and enjoyment of
the public; and
W~EREAS, pursuant to an Agreement for Purchase and Sale of
All the Common Stock of Tustin Water Works~ entered into as of
March 3, 1980 by and among the City of Tustin, City of Tustin Water
Corporation, Tustin Water Works (a California corporation) and the
shareholders of Tustin Water Works, City of Tustin Water Corporation
acquired a system for the production, storage, transmission and dis-
tribution of water to and for the benefit of inhabitants of the City
of Tustin and its environs; and
W~EREAS, pursuant to Section 19 of the aforementioned
Agreement, the City of Tustin has taken possession and continues to
possess said water system for the purpose of maintaining and operat-
ing said water system for City of Tustin Water Corporation; and
W~EREAS, City of Tustin Water Corporation, in order to
finance the purchase price of said water system, desires to issue
bonds for the benefit and on behalf of the City of Tustin; and
. WHEREAS, City of Tustin Water Corporation has. not made, and
does not intend to make, any profit by reason of the operation of
said water system for and on behalf of the City of Tustin, no part of
the net earnings, if any, of City of Tustin Water Corporation will
ever inure to the benefit of any person except the City of Tustin,
and the sole purpose for existence of City of Tustin Water
Corporation is to enable the City of Tustin to provide said water
system as a civic venture and municipal improvement; and
W~EREAS, there has been presented to the City Council of
the City of Tustin a form of Lease to be-entered into by and between
the City of Tustin and City of Tustin Water Corporation, which Lease
provides for the lease by the City of Tustin of all of the real and
personal property of City of Tustin Water Corporation;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITYOF TUSTIN DOES
ORDAIN AS -FOLLOWS:
1. The act of entering into a public leaseback between the
City of Tustin and City. of Tustin Water Corporation on the terms and
conditions 'contained im the form of Lease presented to the City
Council, with such changes, additions and deletions thereto as the
Mayor shall approve, be, and hereby is, approved.
'2. The Mayor be, and hereby is, authorized and directed to
execute said Lease in the name and on behalf of the City of Tustin
with such changes, additions and deletions thereto as the Mayor shall
approve, such approval to be conclusively evidenced by such execu-
tion, and the City Clerk be, and hereby is, authorized and directed
to attest said Lease and to affix thereto the seal of the City of
Tustin.
3. This Ordinance is subject to referendum pursuant to the
provisionsof Sections 4050 et seq. of the Elections Code of the
State of California.
4. The City Clerk shall certify to the passage of this
Ordinance and shall cause the same to be published once within
fifteen (15) days after its passage in The-Tustin News, a daily news-
paper of general circulation, printed, published and circulated in
~. the City of Tustin, and thirty (30) days from and after its final
passage, it shall take effect and be in full force..
THE FOREGOING ORDINANCE is approved and adopted by the City
Council of the City of Tustin this 6th day of September, 1983.
MAYOR OF THE CITY OF TUSTIN
Attest:
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF TUSTIN
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Ordinance No. 893 was duly and regularly introduced and read at. an adjourned
regular meeting7 the City Council held on the 22nd day of August, 1983, and was
given its second reading and duly passed and adop~ at a regular meeting held on
the 6th day of September, 1983, by the following vote:
AYES : COUNCILPERSONS.: Edgar, Greinke, Hoesterey, Kennedy, Saltarelli
NOES : COUNCILPERSONS: None
ABSENT: COUNCILPERSONS: None
MARY ~.~, Ci ~l ~r
City of Tust~n,C~l i forni a
PUBLISHED TUSTIN NEWS:
September 15, 1983