HomeMy WebLinkAboutRESO 9315Resolution No. 9315
Resolution of the Council of the City of Palo Alto Approving Associate
Membership by the City of Palo Alto in the California Enterprise
Development Authority and the Execution of an Associate Membership
Agreement Relating to Associate Membership of the City in the
Authority
RECITALS
A. The Oshman Family Jewish Community Center (the IIParticipant"), a nonprofit,
public benefit corporation organized and existing under the laws of the State of California, has
requested that the City conduct a public hearing in order to comply with certain legal
requirements relating to the refinancing of a certain community center developed by the
Participant in and to the benefit of the City;
B. To facilitate such request, the City desires to become an associate member of
the California Enterprise Development Authority (the IIAuthority"); and
C. The form of associate membership agreement (the IIAssociate Membership
Agreement") between the City and the Authority has been filed with the City, and the members
ofthe Council, with the aid of its staff, have reviewed the Associate Membership Agreement;
D. The City is not a party to the financing agreements and, as such, the debt will not
be secured by any form of taxation or any obligation of the City, it will not represent or
constitute a general obligation of the City;
The Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. Associate Membership in the Authority. The Council hereby approves
associate membership by the City in the Authority.
SECTION 2. Approval of Associate Membership Agreement. The Council hereby
approves the form of, and authorizes the Mayor, the City Manager or any designee of such
officers to execute the Associate Membership Agreement and authorizes the City Clerk to attest
to such signature, in substantially the form on file with the City Clerk, together with any
changes therein deemed advisable by the official signing the Associate Membership
Agreement.
SECTION 3. Official Action. The Mayor, City Manager, City Clerk and other officers
and officials of the City are hereby authorized and directed to take all action and do all things
necessary or desirable hereunder with respect to associate membership pin the Authority
including but not limited to the execution and delivery of any and all agreements, certificates
instruments and other documents which they, or any of them, may deem necessary or
desirable and not inconsistent with the purposes ofthis resolution.
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Not Yet Approved
SECTION 4. No Liability. The City has no financial responsibility in connection with
the financing agreements and shall not be obligated on the debt.
INTRODUCED AND PASSED: January 14, 2013
AYES: BERMAN, BURT, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD
NOES: HOLMAN
ABSENT:
ABSTENTIONS:
APPROVED:
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