TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Libby Bretthauer, Financial Services Manager
SUBJECT:Title
Consideration of a Resolution Approving a Second Supplement to the Trust Agreement, a Second Amendment to the Site and Facilities Lease, a Second Amendment to the Lease Agreement, a Certificates Purchase Contract, a Second Amendment to the Assignment Agreement, and Authorizing the Taking of Certain Actions in Connection with the Execution and Delivery of Not-to-Exceed $9,700,000 Certificates of Participation to Construct Fire Station No. 2 (Finance Director Charelian).
ADOPT RESOLUTION NO. CIC-10
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Recommended Action
RECOMMENDATION:
Staff recommends that the Corporation Board of Directors adopt Resolution No. CIC-10 approving a Second Supplement to the Trust Agreement, a Second Amendment to the Site and Facilities Lease, a Second Amendment to the Lease Agreement, a Certificates Purchase Contract, a Second Amendment to the Assignment Agreement, and authorizing the taking of certain actions in connection with the execution and delivery of not to exceed $9,700,000 Certificates of Participation (Fire Station No. 2) Series 2021.
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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 and Marine Avenue Sports Fields.
City Councilmembers serve as CIC Board Members. The bylaws of the Corporation state that the President and Vice President of the Corporation must be elected from the members of the City Council. Typically, the current Mayor serves as the President, with the Mayor Pro Tem ser...
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