CC RESOLUTION 4425RESOLUTION NO. 4425
A RESOLUTION OF THE EL SEGUNDO CITY COUNCIL AUTHORIZING
THE SUBMISSION OF THE APPLICATION TO THE CALIFORNIA
INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR
FINANCING OF THE DOUGLAS STREET GAP CLOSURE PROJECT
The City Council of the City of El Segundo does hereby resolve as follows
Section I The City Council finds and declares as follows-
A The California Infrastructure and Economic Development Bank ( "Infrastructure Bank ")
administers a financing program to assist local governments with the financing of Public
Development Facilities, as described in Section 63000 et seq of the California
Government Code ( "State Code "),
B The Infrastructure Bank has instituted an application process for financing under its
Infrastucture State Revolving Fund Program,
C The City of El Segundo ( "Applicant ") desires to submit an application ( "Financing
Application') for the financing of the Douglas Street Gap Closure Project in an amount
not to exceed $10 million,
D The State Code requires the Applicant to certify by Resolution certain findings prior to a
project being selected for financing by the Infrastructure Bank
Section 2 The City of El Segundo approves the filing of a financing application with the
Infrastructure Bank for the Douglas Street Gap Closure Project and certifies the
following
A The project has previously been determined to be consistent with the General Plan of
both the City of El Segundo,
B The City Council of the City of El Segundo has authorized an expenditure of
approximately $5 million toward the completion of the project,
C The proposed financing is appropriate for the project;
D The project facilitates effective and efficient use of existing and future public resources
so as to promote both economic development and conservation of natural resources,
E The project develops and enhances public infrastructure in a manner that will attract,
create and sustain long -term employment opportunities,
F The project is consistent with the Infrastructure Banks Criteria, Priorities and Guidelines
for the Infrastructure State Revolving Fund Program
Section 3 • Jeff Stewart, City Manager, is hereby authorized and directed to act on behalf of
the City of El Segundo in all matters pertaining to the is application
Section 4 If the application is approved, Jeff Stewart, City Manager, is authorized to enter
into and sign all documents thereto with the Infrastructure Bank for the purposes of this
financing
Section 8 This Resolution will become effective immediately upon adoption
PASSED AND ADOPTED this 7th day of June 005
elly McDo ell, Mayo
ATTEST
Cindy MortesWn, City Clerk
APPROVED
Mark D Hetr
Karl$ Berger,
Assistant City t