Resolution No. 8884
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RESOLUTION NO. 8884
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON AUTHORIZING THE CITY ATTORNEY TO IDENTIFY
AND ENTER INTO A CONTRACT WITH A FINANCIAL
INSTITUTION TO ACT AS THE LEAD BANKER, FINANCIAL
ADVISOR AND UNDERWRITER FOR THE CITY'S VERNON POWER
PLANT
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WHEREAS, the City of Vernon is in the process of developing a
800 MW Combined Cycle Power Plant officially named the Vernon Power
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Plant (the "Vernon Power Plant Project") for the purpose of installing
additional generating capacity that will yield an efficient, cost-
effective, and reliable source of electric generation to the City of
Vernon; and
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WHEREAS, on June 29~ 2005, the City Council of the City of
Vernon by Resolution No. 8793 authorized the issuance of bonds for the
Vernon Power Plant Project; and
WHEREAS, the City anticipates entering into a contract with
a financial institution to act as the lead banker, financial advisor
and underwriter for the Vernon Power Plant Project and desires to
permit the City Attorney, or his designee, to identify and enter into
such a contract, subject to ratification of the City Council; and
WHEREAS, the City Council of the City of Vernon has
determined that, pursuant to the provisions of subsection (a) of
Section 2.27 of the Vernon City Code, it is in the public interest and
necessity to enter into a contract with a financial institution to act
as the lead banker, financial advisor and underwriter for the Vernon
Power Plant Project.
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1 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
2 CITY OF VERNON AS FOLLOWS:
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SECTION 1:
The City Council of the City of Vernon hereby
4 finds and determines that the recitals contained hereinabove are true
5 and correct.
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SECTION 2:
The City Council of the City of Vernon hereby
7 authorizes the City Attorney, or his designee, to take all steps
8 necessary and appropriate to identify and enter into a contract a
9 financial institution to act as the lead banker, financial advisor and
10 underwriter for the Vernon Power Plant.
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SECTION 3:
The City Council of the City of Vernon hereby
12 authorizes the City Attorney to execute said contract for, and behalf
13 of the City of Vernon, subject to ratification by the City Council.
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SECTION 4:
The City Council of the City of Vernon hereby
15 authorizes the financial institution to act as the lead banker~
16 financial advisor and underwriter for such other projects as the City
17 may assign from time to time.
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SECTION 5:
The Acting City Clerk of the City of Vernon
19 shall certify to the passage of this resolution, and thereupon and
20 thereafter the same shall be in full force and effect.
21 APPROVED AND ADOPTED this 2nd day of November, 2005.
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,- EQNIS C. MAL RG, Mayor
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28 BRUCE V. MALKENHORST, JR.
Acting City Clerk
ATTEST:
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1 STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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I, BRUCE V. MALKENHORST, JR., Acting City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
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Resolution No. 8884, was duly adopted by the City Council of the City
of Vernon at a regular meeting of the City Council duly held on
Wednesday, November 2, 2005, and thereafter was duly signed by the
Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, JR.
Acting City Clerk
( SEAL)
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