Resolution No. IA 25-01
STATE OF CALIFORNIA ) RESOLUTION NO. IA 25-01
COUNTY OF RIVERSIDE ) ss
CITY OF SAN JACINTO )
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CITY OF SAN JACINTO INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SAN JACINTO
AUTHORIZING THE CREATION OF THE CITY OF SAN
JACINTO PUBLIC FINANCING AUTHORITY AND
CERTAIN OTHER MATTERS PERTAINING THERETO
WHEREAS, the City of San Jacinto Industrial Development Authority of the City of San Jacinto (the “Industrial Development Authority”) has determined that it is in the best interests of the Industrial Development Authority to approve a joint powers authority which shall be created by the City of San Jacinto (the “City”) and the Industrial Development Authority for the purpose of assisting the members of such joint powers authority with the financing of public capital improvements for the benefit of the community; and
WHEREAS, it has been proposed that the City and the Industrial Development Authority form a joint powers authority to be designated as the "City of San Jacinto Public Financing Authority" (the "Financing Authority"), pursuant to a Joint Exercise of Powers Agreement (the "Joint Powers Agreement"), by and between the City and the Industrial Development Authority, dated March 18, 2025, a copy of which has been presented to the Board of Directors, pursuant to the Joint Powers Law (Articles 1 through 4 of Chapter 5, division 7, Title 1 of the California Government Code); and WHEREAS, the Board of Directors of the Industrial Development Authority, with the aid of its staff, has reviewed the Joint Powers Agreement and the Board of Directors wishes to approve the Joint Powers Agreement, the creation of the Financing Authority and matters related thereto.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE CITY OF
SAN JACINTO INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SAN JACINTO RESOLVES AS FOLLOWS:
SECTION 1. Creation of Authority. The Board of Directors of the Industrial Development Authority hereby approves the creation of the Financing Authority, the membership of the Industrial Development Authority therein and the Joint Powers Agreement. The Chairperson, the Executive Director and the Secretary are and each of them is hereby authorized and directed to execute and delivery the Joint Powers Agreement for and on behalf of the Industrial Development Authority with any such changes as the Executive Director or his designee may deem appropriate.
SECTION 2. Effective Date. This Resolution shall become effective on the date on which it is adopted.
Resolution No. IA 25-01
PASSED, APPROVED, AND ADOPTED, at a regular meeting of the Board of Directors of the Industrial Development Authority on the 18th day of March 2025, by the following vote:
AYES:
NAYS:
ABSENT:
ABSTAIN:
City of San Jacinto Industrial
Development Authority:
______________________________
Valerie Vandever, Chairperson
ATTEST:
______________________________
Julia Espinoza, Secretary
APPROVED AS TO FORM:
Best Best & Krieger LLP
______________________________
Craig Hayes, General Counsel
Resolution No. IA 25-01
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF SAN JACINTO )
CERTIFICATION
I, Julia Espinoza, City Clerk of the City of San Jacinto, DO HEREBY CERTIFY that the foregoing Resolution No. IA 25-01 was passed, approved, and adopted at the Regular Meeting of the San Jacinto City Council held on the 18th day of March 2025.
AYES:
NAYS:
ABSENT:
ABSTAIN:
WITNESS MY HAND AND OFFICIAL SEAL on the 18th day of March 2025. ______________________________
Julia Espinoza, City Clerk
City of San Jacinto