Laserfiche WebLink
G 0 <br /> . . 211 S� r}t oL rn z <br /> rn <br /> z <br /> • �rn <br /> c-) <br /> L RANCHO PALOS VERDES <br /> JOINT EXERCISE OF POWERS AGREEMENT o 0 <br /> 11 <br /> This Joint Exercise of Powers Agreement is dated as of 70 o <br /> September 4, 1990, and is made by and between the City of Rancho <rn <br /> Palos Verdes ( "City" ) and the Rancho Palos Verdes Redevelopment <br /> Agency ( "Agency" ) . <br /> 2JLo <br /> d� <br /> RECITALS : -� <br /> LO <br /> A. The Joint Powers Act provides that public agencies <br /> by agreement reement may jointly exercise any power common to the <br /> contracting parties. <br /> B. The City and the Agency are "public agencies" <br /> within the meaning of that term under Section 6502 of the Joint <br /> Powers Act. <br /> C. The common powers of the City and the Agency <br /> include the power to install and construct public improvements <br /> and to accept financial assistance from other public agencies . <br /> The City and the Agency desire to exercise jointly certain powers <br /> common to the Parties, as set forth herein, including the <br /> foregoing and including the expansion, upgrading and improvement <br /> of Public Capital Improvements. <br /> D. By adding the provisions of Article 4 to the Joint <br /> Powers Act, the State Legislature has provided assistance to <br /> reduce local borrowing costs, to help accelerate the <br /> construction, repair, and maintenance of public capital <br /> improvements, and to promote greater use -of _eix i sting and new <br /> financial instruments and mechanisms . <br /> E. There is a need within the City, consistent with <br /> the need described in the declarations of the State Legislature <br /> set forth in Article 4 of the Joint Powers Act, to expand, <br /> upgrade, and otherwise improve the public capital facilities of <br /> local government necessary to support the rehabilitation and <br /> construction of residential and economic development, including <br /> the need to install , construct, repair and maintain Public <br /> Capital Improvements, necessary, desirable or appropriate to <br /> abate geologic hazards in the City. The needs of local <br /> government for financing these facilities greatly exceed the <br /> amount of funds available from existing state, local , and federal <br /> sources. <br /> F. The City and the Agency desire to enter into this <br /> Agreement in furtherance of the Reimbursement and Settlement <br /> Agreement and the Joint Powers Act, including Article 4 thereof . <br /> 30940 HAWTHORNE BOULEVARD / RANCHO PALOS VERDES, CA 90274-5391 / (213)377-0360 <br />