RESOLUTION NO. 24-_____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LANCASTER, CALIFORNIA, DIRECTING THE CITY MANAGER
TO TAKE ACTIONS NECESSARY TO UNDERTAKE THE
FINANCING OF CERTAIN CAPITAL IMPROVEMENTS
WHEREAS, the City of Lancaster (the “City”) desires to finance the costs of certain capital improvements, including but not limited to (1) the Multi -Agency Regional Resilience Center (the “MARRC Project”) and (2) the conversion of the City’s minor league baseball stadium into a soccer stadium for a new professional soccer team (the “Stadium Project” and, together with the MARCC Project, the “Projects”) through the issuance of lease revenue bonds (the “Bonds”) by the Lancaster Financing Authority (the “Authority”);
WHEREAS, in order to provide for the issuance of the Bonds to finance the Projects, City staff, under the direction of the City Manager and with the assistance of certain attorneys, consultants, and other third parties designated in Section 3 hereof, will proceed to evaluate the feasibility of and take actions needed to proceed with the financing of the Projects through the issuance of the Bonds; WHEREAS, prior to and as a condition to issuance of the Bonds, the City Council and the Board of Directors of the Authority must authorize the issuance of the Bonds at a future public meeting and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LANCASTER AS FOLLOWS:
Section 1. That the foregoing recitals are true and correct and constitute a substantive part of this Resolution.
Section 2. The City Manager and his designees are hereby authorized and directed to work with the attorneys, consultants, and third parties designated in Section 3 below to take all actions necessary and appropriate to present the Bonds and related agreements to the City Council and the Board of Directors of the Authority for approval at a future meeting.
Section 3. The City Council hereby approves and appoints Stradling Yocca Carlson & Rauth LLP as Bond and Disclosure Counsel and NHA Advisors, LLC as Municipal Advisor, each to provide such services to the City as may be required to issue the Bonds. The City Council hereby appoints Piper Sandler & Co. to serve as Underwriter in connection with the sale of the Bonds. The City Manager and his designees are hereby authorized to enter into contracts or to sign such other documentation as is necessary or appropriate to evidence such engagements and retain such services in connection with the Bonds.
Section 4. That this Resolution shall be effective immediately upon approval by the City Council and remain in full force unless and until expressly repealed. The City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original resolutions.
PASSED, APPROVED and ADOPTED this 7th day of May, 2024, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
ATTEST: APPROVED:
____________________________ ______________________________ ANDREA ALEXANDER R. REX PARRIS
City Clerk Mayor
City of Lancaster City of Lancaster
STATE OF CALIFORNIA }
COUNTY OF LOS ANGELES }ss
CITY OF LANCASTER }
CERTIFICATION OF RESOLUTION
CITY OF LANCASTER
I, __________________________, ___________________________ City of Lancaster, CA, do hereby certify that this is a true and correct copy of the original Resolution No. 24-___, for which the original is on file in my office.
WITNESS MY HAND AND THE SEAL OF THE CITY OF LANCASTER, on this _________ day of ________________, ________.
(seal)
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