Agmt91 Bonds, Public Financing - Laserfiche WebLink

Browse Search

JOINT EXERCISE OF POWERS AGREEMENT THIS AGREEMENT, dated as of June \i, 1991, by and between the CITY OF REDWOOD CITY, a municipal corporation duly organized and existing under the laws of the State of California (herein called the "City"), and the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, a public body, corporate and politic, duly organized and existing under the laws of the State of California (herein called "Agency"). WITNESSETH: WHEREAS, Articles 1 and 2 of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California authorize the City and Agency to create a joint exercise of powers entity (herein called the "City of Redwood City Public Financing Authority" or the "Authority") which has the power to jointly exercise any powers common to the City and Agency; WHEREAS, the City and Agency are each empowered by law to undertake certain projects and programs; WHEREAS, the City is authorized to enter into leases for certain public purposes pursuant to the Government Code of the State of California; WHEREAS, Agency is authorized to enter into leases for any of its corporate purposes pursuant to the provisions of the Community Redevelopment Law; WHEREAS, the City and Agency have decided to jointly finance various municipal improvements for the City and redevelopment projects for the Agency; and WHEREAS, the Marks-Roos Local Bond Pooling Act of 1985 (hereinafter defined as the "Bond Law") authorizes agencies formed under the Joint Exercise of Powers Law (hereinafter defined as the "Act") to issue bonds for the purpose of acquiring and constructing Public Capital Improvements (as that term is defined in the Act) and to lease those Public Capital Improvements to local agencies; WHEREAS, by this Agreement, the City and Agency desire to create and establish the City of Redwood City Public Financing Authority for the purposes set forth herein and to exercise the powers described herein; NOW, THEREFORE, the City and Agency, for and in consideration of the mutual promises and agreements herein contained, do agree as follows: ARTICLE I DEFINITIONS Section 1.01. Definitions. Unless the context otherwise requires, the words and terms defined in this Article shall, for the purpose hereof, have the meanings herein specified. -1-