>- » g � �U::v 0:: '- ..C CD
o�Ol� 1-<i: -0,i
I- >."Ea
<{:!::' lllOCl f: 0 > 0
-�OJ - z :::l <{ 0 S2 0 0
w 0:: co I c -
1-<i: ro i} 0... Ql Ill
u.. (I) (_) Ql
owOco w ti Ci.i cr.
S2<i:� § u.. I ....J
�o� '<!"
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
RESOLUTION NO. RES-22-0051
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LONG BEACH APPROVING THE ISSUANCE
AND/OR INCURRENCE, FROM TIME TO TIME, BY THE
BOARD OF HARBOR COMMISSIONERS, ON BEHALF OF
THE CITY OF LONG BEACH, OF SUBORDINATE
HARBOR REVENUE REVOLVING OBLIGATIONS
SECURED BY SUBORDINATE HARBOR DEPARTMENT
REVENUES IN AN AMOUNT NOT TO EXCEED
$250,000,000 AGGREGATE PRINCIPAL AMOUNT
OUTSTANDING AT ANY ONE TIME TO FINANCE ANY
LEGAL PURPOSES OF THE HARBOR DEPARTMENT OF
THE CITY OF LONG BEACH AND CERTAIN OTHER
MATTERS
WHEREAS, the City Charter (the "Charter'') of the City of Long Beach (the "City") and Sections 3.52.110 through 3.52.150 of the Long Beach Municipal Code of the City (the "Municipal Code") provide a procedure for the issuance of revenue bonds by the City or by a Board of Commissioners, acting for and on behalf of the City; and 21 WHEREAS, pursuant to Article XII of the Charter, the City, acting by and 22 through its Board of Harbor Commissioners (the "Board"), is authorized to issue, on 23 behalf of the City, revenue bonds for harbor purposes; and 24 WHEREAS, Section 1725 of Article XVII of the Charter provides a 25 procedure for the issuance of short-term revenue certificate obligations by the City or by 26 a Board of Commissioners, acting for and on behalf of the City; and 27 WHEREAS, pursuant to Resolution No. RES-13-0054, adopted by the City 28 Council on July 16, 2013, the City Council previously approved the issuance and/or 1 RFA:bg A22-00515 (02-14-2022)
01359833.DOC
>- >- g � �u:::'<t CJ::'. ...._ ..c CD
o§O)� � <( - N
>. "E 0
<( :t= ro co
�O>o -� (J)
- z ::::> <( 0 S2 0 0 UJ a::: m I c -
I- <( ro ii ll.. <ll ro
1.1.. Cl,)(.) <ll
OUJOm UJ�tl a:
5:2<(� § u.. I ....J
�o� '<t
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 incurrence, from time to time, by the Board, acting on behalf of the City, of short-term Subordinat e Harbor Revenue Subordinate Obligations (the "Subordinate Harbor Revolving Obligations") in an aggregate principal amount not to exceed $200,000,000 outstanding at any one time for the purposes of financing and refinancing capital improvem ents at the Port of Long Beach and for other harbor purposes, pursuant to Resolution No. HD-2726 (Master Subordinate Resolution) adopted by the Board on July 16, 2013, as amended, and Resolution No. HD-2728 (Second Supplemental Subord inate Resolution) adopted by the Board on July 16, 2013, as amended (collectively, the "Subor dinate Harbor Resolutions"), and one or more revolving credit agreements to be entered into by the City, acting by and through the Board, and one or more lenders (the "Revolving Credit Agreements"); and
WHEREAS, the Board, acting on behalf of the City, has determined that it's in the best interests of the Board and the City to increase the principal amount of Subord inate Harbor Revolving Obligations that can be issued and/or incurred, from time to time, and have outstanding at any one time from $200,000,000 to $250,000,000 for the purposes of financing and refinancing capital improvements at the Port of Long Beach and for other harbor purposes pursuant to the Subordinate Harbor Resolutions and the Revolving Credit Agreements;
NOW, THEREFORE, the City Council of the City of Long Beach resolves as 20 follows:
21 Section 1. That the City Council, acting pursuant to Article XII and 22 Section 1725 of Article XVII of the Charter and Sections· 3. 52. 110 through 3. 52. 150 of the 23 Municipal Code, does hereby approve the issuance and/or incurrence, from time to time, 24 of the Subordinate Harbor Revolving Obligations in an aggregate principal amount not to 25 exceed $250,000,000 outstanding at any one time pursuant to the Subordinate Harbor 26 Resolutions and the Revolving Credit Agreements.
27 The Subordinate Harbor Revolving Obligations shall be issued and/or 28 incurred as special, limited obligations of the City and shall be secured by a pledge of and RFA:bg A22-00515 (02-14-2022)
01359833.DOC
2 �
>- >- g
� �U:::v
0:: �..c:<D
o:§m�
!-<( - ,NI- >-°Ea <( � mro
�(..) > 0
- � CJ)
-z ::J <(
(..) S2 0 (..)
UJ o:: m I c -
I- <( ro "5 o... ai ro
u.. Cl) (.) Q)
owOco wtttJ o:
� <( � § u.. I ...J
u.. (..) .,-0 .,-
"""
1 2
3 4
5 6
7 8
9 10
11 12
13 14
15 16
17 18
19 20
21 22
23 24
25 26
27 28
lien upon and shall be a charge upon and shall be payable from the subordinate revenues . of the Harbor Department of the City. The Subordinate Harbor Revolving Obligations shall not be a debt of the City, nor a legal or equitable pledge, charge, lien or encumbrance upon any of the City's property or upon any of the City's income, receipts or revenues, except the subordinate revenues of the Harbor Department. The general fund of the City shall not be liable for the payment of the Subordinate Harbor Revolving Obligations or interest thereon, nor sha11 the credit or the taxing power of the City be pledged therefor.
Section 2. That the City Clerk is hereby authorized and directed to forward to the Board, without delay, a certified copy of this resolution.
Section 3. This resolution shall take effect immediately upon its adoption by the City Council, and the City Clerk shall certify the vote adopting this resolution.
I hereby certify that the foregoing resolution was adopted by the City Council of the City of Long Beach at its meeting of ____ A_p_r _il _ 5 ____
_ , 2022
by the following vote:
Ayes: Councilmembers:
Noes: Councilmembers:
Absent: Councilmembers:
Recusal(s): Councilmembers:
RFA:bg A22-00515 (02-14-2022}
01359833.DOC
Zendejas, Allen, Price, Supernaw,
Saro, Austin, Richardson.
None.
Mungo, Uranga.
Ci Cieri b
3 None.