RESOLUTION NO. 2024-09-XXXX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, APPROVING THE ISSUANCE BY CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF A NOT-TO-EXCEED TOTAL OF $7,000,000 OF CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY IN REVENUE BONDS FOR THE BENEFIT OF EDCO WASTE & RECYCLING SERVICES, INCORPORATED, EDCO DISPOSAL CORPORATION, EDCO WASTE SERVICES LLC, EDCO TRANSPORT SERVICES, LLC AND/OR A RELATED ENTITY FOR THE PURPOSE OF FINANCING, REFINANCING AND/OR A RELATED ENTITY FOR THE PURPOSE OF FINANCING, AND/OR REIMBURSING THE COST OF SOLID WASTE DISPOSAL FACILITIES, PROVIDING THE TERMS AND CONDITIONS FOR SUCH BONDS AND OTHER MATTERS RELATING THERETO HEREIN SPECIFIED WHEREAS, EDCO Waste & Recycling Services, Inc., EDCO Disposal Corporation, EDCO Waste Services LLC, EDCO Transport Services, LLC, and/or a related or successor entity (collectively, the “Borrower”), have submitted and the California Enterprise Development Authority (the “Authority”) has accepted, an application requesting the Authority to issue its tax-exempt and/or taxable Revenue Bonds in an aggregate principal amount not to exceed $7,000,000 (the “Bonds”) for the benefit of the Borrower pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State, (commencing with Section 6500) (the “Act”) the proceeds of which will be used in part to finance, refinance and/or reimburse the Borrower for the costs of solid waste disposal facilities located at 950 27th Street, Signal Hill, California 90755-2702 (in an amount not to exceed $5,000,000) and 2755 California Avenue, Signal Hill, California 90755-3304 (in an amount not to exceed $2,000,000), including, but not limited to, the acquisition of solid waste trucks, containers and similar equipment (the “Facilities”) and the payment of certain costs of issuance in connection with the Bonds; and WHEREAS, the issuance of the Bonds must be approved by the governmental unit on behalf of which the Bonds are issued and a governmental unit having jurisdiction over the territorial limits in which the Facilities are located pursuant to the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”); and WHEREAS, the Facilities are located within the territorial limits of City of Signal Hill (the “City”) and the City Council of the City of Signal Hill (the “City Council”) is the “applicable elected representative” of the City required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms of an Joint Exercise of Powers Agreement, dated as of [June 1, 2006 (the “Agreement”), among the cities of Eureka, Lancaster, and Selma, and other public agencies who have and may subsequently become associate members of the Issuer, including the City, to issue revenue bonds for the purposes stated herein; and WHEREAS, the City is an Associate Member of the Authority eligible to participate in the Authority’s programs; and WHEREAS, the Authority and the Borrower have requested that the City Council approve the issuance of the Bonds by the Authority and the financing of the Facilities with the proceeds of the Bonds pursuant to Section 147(f) of the Code; and WHEREAS, based on representations of the Borrower, (a) the Borrower and the Facilities provide significant benefits to the residents of the City through the collection, disposal and recycling of solid waste and (b) the financing, refinancing and/or reimbursing the Borrower for the cost of the Facilities through the Authority will result in demonstrable savings in effective interest rate; and WHEREAS, it is in the public interest to and for the public benefit that the City Council approve the issuance of the Bonds by the Authority for the aforementioned purposes; and WHEREAS, it is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended to nor shall it constitute an approval by the City Council of the Facilities for any other purpose; and WHEREAS, a public hearing was held by the City Council on September 10, 2024, at the meeting which commenced at the hour of 6:00 p.m., at Council Chamber, 2175 Cherry Avenue, Signal Hill, California 90755-3799, following a duly published notice thereof in a newspaper of general circulation in the City of Signal Hill pursuant to Section 147(f) of the Code and Section 6586.5 of the Act, and all persons desiring to be heard have been heard; and WHEREAS, the City Council now desires to approve the issuance of the Bonds by the Authority as set forth herein.
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council hereby finds and determines that all of the recitals are true and correct and incorporated herein by this reference. The City Council hereby approves the issuance of the Bonds by the Authority, from time to time pursuant to a plan of finance, which Bonds may be tax-exempt and/or taxable as approved by the Authority in its resolution, in an amount not to exceed $7,000,000 to finance the costs of the Facilities. This Resolution shall constitute approval of the issuance of the Bonds within the meaning of Section 147(f) of the Code and shall constitute the approval of the issuance of the Bonds within the meaning of the Act; provided, however, that this Resolution shall not constitute an approval by the City Council of the Facilities for any other purpose. The City shall have no responsibility or liability whatsoever with respect to repayment or administration of the Bonds.
Section 2. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the Bonds are hereby approved, confirmed and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to perform any and all acts or deeds and to execute and deliver any and all agreements, certificates, and documents which they or bond counsel may deem necessary or convenient in order to consummate the Bonds and otherwise to comply with or effectuate the terms and intent of this Resolution and the financing approved hereby.
Section 3. The proposed action is not subject to the California Environmental Quality Act (“Public Resources Code section 21000 et seq.) (“CEQA”) because it does not qualify as a “project” under CEQA and because this action will not result in a direct or reasonably foreseeable indirect physical change in the environment since the proposed action is to adopt a resolution to approve issuance of the Bonds for the benefit of the EDCO Recycling and Waste facility. (State CEQA Guidelines section 15060, subd. ©(2), (3).) Even if the action is considered a “project” subject to CEQA, it is categorically exempt under CEQA Guidelines section 15061(b)(3), because there is no possibility that the proposed action might have a significant effect on the environment since it only pertains to the issuance of the Bonds. Lastly, none of the exceptions to the use of categorical exemptions identified in State CEQA Guidelines section 15300.2 apply: there is no potential for cumulative impacts; there are no unusual circumstances that would have a significant impact on the environment due to the approval of the Bonds; approval of the Bonds would not negatively impact scenic resources within a duly designated scenic highway; there is no record of hazardous waste and the proposed approval has no potential to impact historic resources.
Section 4. If any action, subsection, sentence, clause or phrase of this Resolution or the application thereof to any person or circumstance shall be held invalid or unconstitutional by a court of competent jurisdiction, such invalidity shall not affect the validity of the remaining portions of this Resolution that can be given effect without the invalid provisions.
Section 5. The documents and materials associated with this Resolution that constitute the record of proceedings on which the City Council’s findings and determinations are based are located at 2175 Cherry Avenue, Signal Hill, CA 90755. The City Clerk is the custodian of the record of proceedings.
Section 6. This Resolution shall take effect from and after its adoption.
RESOLVED FURTHER, the City Clerk of the City of Signal Hill shall certify the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Signal Hill, California, on this 10th day of September, 2024.
LORI Y. WOODS
MAYOR
Attest:
DARITZA GONZALEZ, CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SIGNAL HILL )
I, DARITZA GONZALEZ, City Clerk of the City of Signal Hill, California, hereby certify that Resolution No. 2024-09-XXXX was adopted by the City Council of the City of Signal Hill at a regular meeting held on the 10th day of September, 2024, and that the same was adopted by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
________________________________
DARITZA GONZALEZ
CITY CLERK
Resolution No. 2024-09-XXXX
September 10, 2024
Resolution No. 2024-09-XXXX
September 10, 2024
Resolution No. 2024-09-XXXX
September 10, 2024
Resolution No. 2024-09-XXXX
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Resolution No. 2024-09-XXXX
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