CC RES 1992-092RESOLUTION NO. 92 -92
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES, CALIFORNIA, APPROVING A LEASE BY THE PALOS
VERDES PENINSULA TRANSIT AUTHORITY
At a duly called meeting of the governing body of the City of Rancho Palos Verdes (the "City)
(as defined in the Agreement) held on the 18th, 1992 day of August, 1992, the following
resolution was introduced and adopted.
RESOLVED, whereas the governing body of the City of Rancho Palos Verdes has determined
that a true and very real need exists for the acquisition of the Equipment by the Palos Verdes
Peninsula Transit Authority described in the Municipal Lease and Option Agreement presented
to this meeting; and
WHEREAS, the governing body of the City of Rancho Palos Verdes and the Palos Verdes
Peninsula Transit Authority have taken the necessary steps, including any legal bidding
requirements, under applicable law to arrange for the acquisition of such Equipment.
BE IT RESOLVED, by the governing body of the City of Rancho Palos Verdes that the terms
of said Municipal Lease and Option Agreement are in the best interests of Lessee for the
acquisition of such Equipment, and the governing body of Lessee designates and confirms the
officers and members of the Palos Verdes Peninsula Transit Authority JPA to execute and
deliver, and to witness (or attest), respectively, the Municipal Lease and Option Agreement and
any related documents necessary to the consummation of the transactions contemplated by the
Municipal Lease and Option Agreement provided that the City of Palos Verdes Estates is
contractually committed to the JPA to funding lease payments and related operational costs for
the term of the lease.
FURTHERMORE BE IT RESOLVED, that the governing body of Lessee hereby represents that
the reasonably anticipated amount of qualified tax- exempt obligations which have been and will
be issued by the Lessee does not exceed $10,000,000 for calendar year within which this
Municipal Lease and Option Agreement is to be "qualified tax- exempt obligation" pursuant to
Section 265(b)(3) of the Internal Revenue Code.
AUTHORIZED to sign on the behalf of the Palos Verdes Peninsula Transit Authority.
ROSEMARY HUMPHREY Palos Verdes Peninsula Transit Authority Chairperson
The undersigned further certifies that the above resolution has not been repealed or amended and
remains in full force and effect and further certifies that the above and foregoing Municipal
Lease and Option Agreement is the same as presented at said meeting of governing body of
Lessee.
PASSED, APPROVED AND ADOPTED this 18th Day of August 1992.
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ATTEST:
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City Clerk
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES )SS
CITY OF RANCHO PALOS VERDES )
I, JO PURCELL, City Clerk of the City Council of the City of Rancho Palos Verdes,
hereby certify that the above Resolution No. 92 -92 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof held on the 18th day of August, 1992.
V itty Clerk
y of Rancho Palos Verdes
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