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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 ISSUANCE FROM
TIME TO TIME BY THE BOARD OF PUBLIC UTILITIES
COMMISSIONERS, ON BEHALF OF THE CITY OF LONG
BEACH, SENIOR SEWER REVENUE SHORT -TERM
OBLIGATIONS ISSUED PURSUANT TO THE TERMS OF A
SENIOR INDENTURE AND A CREDIT AGREEMENT AND
CERTAIN RELATED DOCUMENTS WHICH PROVIDE FOR A
REVOLVING LINE OF CREDIT IN AN AMOUNT NOT TO
EXCEED $45,000,000 OUTSTANDING AT ANY TIME FOR A
MAXIMUM PERIOD OF THREE YEARS TO BRIDGE
FINANCE VARIOUS CAPITAL PROJECTS FOR THE CITY
OF LONG BEACH
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 WHEREAS, Section 1725 of Article XVII of the Charter provides a procedure for the issuance of short-term revenue certificate obligations by the City or by a Board of Commissioners, acting for and on behalf of the City; and WHEREAS, the Board of Public Utilities Commissioners of the City (the “Board”), on behalf of the City, pursuant to Section 1725 of Article XVII of the Charter, proposes to issue short-term revenue certificate obligations to be issued and incurred pursuant to the terms of the Master Senior Trust Indenture, dated as of June 1, 2009, as amended (the “Master S enior Indenture”), by and between the Board, acting on its own
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
behalf and on behalf of the City, and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “ Senior Trustee”), and a Fourth Supplemental Senior Trust Indenture (the “Fourth Supplemental Senior Indenture,” and together with the Master Senior Indenture, the “Senior Indenture”), to be executed and delivered by the Board, acting on its own behalf and on behalf of the City, and the Senior Trustee, and a credit agreement (the “Credit Agreement”), providing for a revolving line of credit (the “Revolving Line of Credit”), to be executed and delivered by the Board, acting on its own behalf and on behalf of the City, and Wells Fargo Bank, National Association, Wells Fargo Municipal Capital Strategies, LLC or any affiliate thereof (the “Bank”), to be outstanding, from time to time, in an amount not to exceed $45,000,000 outstanding at any time for a maximum period of three years to bridge finance various capital projects for the City of Long Beach; and
WHEREAS, the Board has previously adopt a resolution pursuant to which the Board approved the execution and delivering of the Fourth Supplemental Senior Indenture, the Credit Agreement, a Note (as defined in the Credit Agreement) and a Fee and Interest Rate Agreement (the “Fee Agreement”) to be executed and delivered by the Board, acting on its own behalf and on behalf of the City, and the Bank, and the issuance and incurrence, from time to time, of short-term revenue certificate obligations pursuant to the Senior Indenture and the Credit Agreement in an amount not to exceed $45,000,000 at any one time outstanding;
NOW, THEREFORE, the City Council of the City of Long Beach DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. That the City Council, acting pursuant to Section 1725 of Article XVII of the Charter and Sections 3.52.110 through 3.52.150, inclusive, of the Code, does hereby approve the issuance and incurrence of short -term revenue certificate obligations (the “Short-Term Obligations”) pursuant to the terms of the Senior Indenture and the Credit Agreement, which shall provide for a Revolving Line of Credit in an amount not to exceed $45,000,000 at any one time outstanding.
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OFFICE OF THE CITY ATTORNEY
DAWN MCINTOSH, City Attorney
411 W. Ocean Boulevard, 9th Floor
Long Beach, CA 90802
The Short-Term Obligations and the repayment obligations under the Credit Agreement, the Note and the Fee Agreement will be special, limited obligations of the City, payable solely from and secured by a pledge of and line on Net Revenues (as defined in the Master Senior Indenture) derived by the Board from the operations of the Enterprise (as defined in the Master Senior Indenture) consisting of the sanitary sewer system of the City, that is operated by the Board, and certain funds and accounts. None of the properties of the Enterprise will be subject to any mortgage or other lien for the benefit of the owners of the Short-Term Obligations or the Bank, and neither the full faith and credit nor the taxing power of the City, the State of California (the “State”) or any political subdivision or agency of the State will be pledged to the payment of the principal of, premium, if any, or interest on the Short-Term Obligations or the repayment obligations under the Credit Agreement, the Note and the Fee Agreement . Neither the Short-Term Obligations or the repayment obligations under the Credit Agreement, the Note and the Fee Agreement will constitute a debt of the City, the State or any of its political subdivisions within the meaning of any Constitutional limitation on indebtedness. The general fund of the City shall not be liable for the payment of the Short-Term Obligations, or interest thereon, or the repayment obligations under the Credit Agreement, the Note or the Fee Agreement, nor shall the credit or the taxing power of the City be pledged therefor.
Section 2. That the City Manager, the City Treasurer, the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates , and to perform such other acts and deeds as may be necessary or convenient to effect the purposes of this resolution.
Section 3. That the City Clerk is hereby authorized and directed to forward to the Board, without delay, a certified copy of this resolution.
Section 4. 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