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RESOLUTION NO. 10559 (2011 Series) <br /> A RESOLUTION OF THE CiTY COUNCIL OF THE CITY OF SAN LUIS OBISPO, <br /> CALIFORNIA, APPROVING A ,iO1NT EXERCISE OF POWERS AGREEMENT <br /> CREATING THE SAN LUIS OBISPO PUBLIC FINANCING AUTHORITY, AND <br /> AUTHORIZING CERTAIN OTHER RELATED ACTIONS <br /> WHEREAS, the Joint Exercise of Powers Act (Government Code section 6500 and <br /> following) (the "Act") authorizes two or more public agencies to enter into an agreement to <br /> jointly exercise any power common to them. The Act also authorizes the public agencies to <br /> provide in the agreement for the creation of a separate joint-powers authority that has the power <br /> to exercise any powers common to the agencies as specified in the agreement and to exercise the <br /> additional powers granted to the joint-powers authority by the Act or other applicable law; and <br /> WHEREAS, The City and the Parkins Authority of the City of San Luis Obispo are <br /> public agencies under the Act; and they desire to create ajoint-powers authority. to be known as <br /> the San Luis Obispo Public Financing Authority (the "Financing Authority"), for the purposes of <br /> assisting any member agency of the Financing Authority (each a "Member") with the following: <br /> acquiring, constructing, improving, rehabilitating, or financing capital improvements or other <br /> assets: financing working capital and addressing other cash now needs; refinancing any <br /> outstanding- obligations; and making loans to or otherwise assisting with financings for entities <br /> (public or private) that are not Members but are either controlled by a Member or determined by <br /> a Nlember to be of benefit to the Member: and <br /> WHEREAS, the City desires to enter into ajoint-exercise-of-powers agreement that is <br /> substantially in the form on file with the City Clerk, a copy of which is attached to this resolution <br /> (the "Agreement`); for the purposes set forth in the Agreement and described above and to <br /> exercise the powers provided in the Agreement and under the Act and other applicable law. <br /> NOW, THEREFORE BE 1T RESOLVED by the Council of the City of San Luis <br /> Obispo, as follows: <br /> SECTION 1. The statements in paragraphs A. B, and C of the Background are true. <br /> SECTION 2. The proposed form of the Agreement on file with the City Clerk is hereby <br /> approved. The Mayor, Vice Mayor, the City Manager, and the City Finance Director. or the <br /> designee of any of them (each an "Authorized Officer'), are each hereby authorized and directed, <br /> on the City's behalf, to sign and deliver the Agreement. which must be substantially in the form <br /> on file with the City Clerk. with such changes as the signing Authorized Officer may require or <br /> approve with the concurrence of the City Attorney or his or her designee, such approval to be <br /> conclusively evidenced by the execution and delivery of the Agreement. <br /> SECTION 3. The City Clerk or his or her designee is hereby authorized to attest the <br /> signature of the Authorized Officer who signs the Agreement. <br /> Each Authorized Officer acting alone is hereby authorized and directed to do any and all <br /> things and to sign and deliver any documents they deem necessary or desirable to implement the <br /> Agreement and otherwise carry out, give effect to; and comply with this resolution; and all such <br /> R 10559 <br />