TO:
Board of Directors of Capital Improvements Corporation
THROUGH:
Talyn Mirzakhanian, Chief Administrative Officer
FROM:
Libby Bretthauer, Chief Financial Officer
SUBJECT:Title
Consideration of a Resolution Approving Trust Agreements, a Site and Facilities Lease, Lease Agreement, Contract of Purchase, and Assignment Agreement, and Authorizing the Taking of Certain Actions in Connection with the Execution and Delivery of Not-to-Exceed $13.4 Million Certificates of Participation to Reimburse the City's General Fund for the Purchase of 400 Manhattan Beach Boulevard and Not-to-Exceed $3.8 Million Certificates of Participation to Reimburse the City's General Fund for the Purchase of Public Safety Radio Communications Equipment (Chief Financial Officer Bretthauer).
(Estimated Time: 10 Min.)
ADOPT RESOLUTION NO. CIC-14
Body
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RECOMMENDATION:
Staff recommends that the Corporation Board of Directors adopt Resolution No. CIC-14 approving the issuance of Not-to-Exceed $13.4 Million Certificates of Participation to Reimburse the City's General Fund for the Purchase of 400 Manhattan Beach Boulevard and Not-to-Exceed $3.8 Million Certificates of Participation to Reimburse the City's General Fund for the Purchase of Public Safety Radio Communications Equipment, and approving the execution and delivery of related documents. Resolution No. CIC-14 approves Trust Agreements, a Site and Facilities Lease, Lease Agreement, Contract of Purchase, and Assignment Agreement.
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action.
BACKGROUND:
The Manhattan Beach Capital Improvements Corporation was formed in 1996 to facilitate issuance of debt for improvements to the water and wastewater systems. Since then, it has been used for the Police/Fire Facility, Metlox Improvements, Marine Avenue Sports Fields and Fire Station No. 2.
City Councilmembers serve as CIC Board Members. The bylaw...
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