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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LONG BEACH APPROVING THE
IMPLEMENTATION OF A REVOLVING CREDIT FACILITY
LEASE FINANCING IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $50,000,000 OUTSTANDING AT
ANY ONE TIME TO FINANCE VARIOUS CAPITAL
PROJECTS FOR THE CITY OF LONG BEACH, APPROVING
THE FORMS AND AUTHORIZING EXECUTION OF
RELATED DOCUMENTS AND APPROVING RELATED
OFFICIAL ACTIONS
WHEREAS, the City of Long Beach (the “City”) has determined to implement a revolving credit facility lease financing to finance, from time to time, various capital projects for the City;(collectively, the “Project”); and WHEREAS, the City solicited proposals from banks to provide a revolving credit facility to the City; and
WHEREAS, Wells Fargo Bank, National Association provided the most favorable response to the City, offering to provide, pursuant to a lease financing, a revolving credit facility that will allow the City to make periodic draws from Wells Fargo Bank, National Association, Wells Fargo Municipal Capital Strategies, LLC or any affiliate thereof (“Wells Fargo”), which draws can be outstanding in an aggregate principal amount not to exceed $50,000,000 outstanding at any one time; and WHEREAS, in order to comply with California law, the financing will be structured as a direct payment lease whereby the City will lease (a) the Lincoln Parking Garage (located at 334 W. Broadway), (b) the Broadway Parking Garage (located at Broadway and Pacific, beneath the Long Beach Public Library), and (c) the Pool Facility
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
and Building (Natatorium) at Silverado Park (located at 1540 West 32 nd) (collectively, the “Property”) to the Finance Authority of Long Beach (the “Authority”) pursuant to a site and facility lease (the “Site and Facility Lease”), and the Authority will lease the Property back to the City pursuant to a lease agreement (the “Lease Agreement’); and WHEREAS, the payments to be made by the City to the Authority under the Lease Agreement will be assigned to Wells Fargo by the Authority pursuant to an assignment agreement between the Authority and Wells Fargo, whereby such payments will be made by the City directly to Wells Fargo; and
WHEREAS, the City Council has duly considered such transactions and wishes at this time to approve said transactions in the public interests of the City; NOW, THEREFORE, the City Council of the City of Long Beach DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. Recitals True and Correct. The City Council hereby finds and determines that the foregoing recitals are true and correct.
Section 2. Findings. The City Council hereby finds that significant public benefits will arise from the implementation of a revolving credit facility lease financing and the documents related thereto.
Section 3. Approval of Revolving Credit Facility. The City Council hereby approves the implementation of a revolving credit facility lease financing for the purpose of providing funds to finance the Projects.
Section 4. Approval of Site and Facility Lease. The City Council hereby approves the Site and Facility Lease, in the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by the City Manager, the Director of Financial Management or the City Treasurer (each, a “Designated Officer”), and the execution of the Site and Facility Lease by a Designated Officer shall be conclusive evidence of such approval. The Designated Officers, each acting alone, are hereby authorized and directed for and in the name and on behalf of the City to execute the final form of the Site and Facility Lease for and in the name of the City. The City Council hereby
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
authorizes the delivery and performance of the Site and Facility Lease.
Section 5. Approval of Lease Agreement . The City Council hereby approves the Lease Agreement, in the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by any of the Designated Officers, and the execution of the Lease Agreement by a Designated Officer shall be conclusive evidence of the approval of any such changes or additions. The Designated Officers, each acting alone, are hereby authorized and directed for and in the name and on behalf of the City to execute the final form of the Lease Agreement for and in the name of the City. The City Council hereby authorizes the delivery and performance of the Lease Agreement.
Section 6. Approval of Fee Agreement. The City Council hereby approves the Fee and Interest Rate Agreement (the “Fee Agreement”), between the City and Wells Fargo, which provides for the payment of a commitment fee and other fees to Wells Fargo related to the Advances (as defined in the Lease Agreement) and the Lease Agreement and for the determination of the applicable spread, in the form on file wi th the City Clerk, together with any changes therein or additions thereto deemed advisable by any of the Designated Officers, and the execution of the Fee Agreement by a Designated Officer shall be conclusive evidence of the approval of any such changes or additions. The Designated Officers, each acting alone, are hereby authorized and directed for and in the name and on behalf of the City to execute the final form of the Fee Agreement for and in the name of the City. The City Council hereby authorizes the delivery and performance of the Fee Agreement.
Section 7. Approval of Letter Agreement. The City Council hereby approves the Letter Agreement for Purchase (the “Letter Agreement”), between the City and Wells Fargo, which provides for certain representations, warranties and covenants of the City (and other terms) required to be provided in order for Wells Fargo to enter into the Lease Agreement, in the form on file with the City Clerk, together with any changes therein or additions thereto deemed advisable by any of the Designated Officers, and the execution of the Letter A greement by a Designated Officer shall be conclusive evidence of the
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
approval of any such changes or additions. The Designated Officers, each acting alone, are hereby authorized and directed for and in the name and on behalf of the City to execute the final form of the Letter A greement for and in the name of the C ity. The City Council hereby authorizes the delivery and performance of the Letter Agreement.
Section 8. Official Actions. The Mayor, the City Manager, the Director of Financial Management, the City Treasurer, the City Attorney, the City Clerk and all other officers of the City are each authorized and directed in the name and on behalf of the City to execute and deliver any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants , memoranda and other documents, which they or any of them might deem necessary or appropriate in order to consummate any of the transactions contemplated by the documents approved pursuant to this Resolution. Whenever in this Resolution any officer of the City is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer shall be absent or unavailable.
Section 9. This resolution shall take effect immediately upon its adoption by the City Council, and the City Clerk shall certify the vote adopting this resolution. ///
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
I hereby certify that the foregoing resolution was adopted by the City Council of the City of Long Beach at its meeting of _______, 2026, by the following vote:
Ayes: Councilmembers:
Noes: Councilmembers:
Absent: Councilmembers:
Recusal(s): Councilmembers:
City Clerk