Chino Hills Financing Authority A2004-21 - A1 A04-21
AMENDMENT TO Ji I;INT EXERCISE OF POWERS AGREEMENT
CHINO HILLS FINANCING AUTHORITY
This AMENDMENT TO JOINT EXERCISE OF POWERS AGREEMENT,
dated as of September 8, 2015, (this "Amendment"), is made by and between the City of Chino
Hills, California (the "City"), and the Chino Hills Parking Authority (the "Parking Authority"),
each duly organized and existing under the laws of the State of California.
RECITALS:
WHEREAS, the City and the Chino Hills Redevelopment Agency (the "Agency")
entered into that certain Joint Exercise of Powers Agreement, dated January 13, 2004 (the
"Financing Agreement"), for the purpose, among other things, of issuing its bonds to be used to
provide financing and refinancing for any purposes which are authorized by law; and
WHEREAS, the Agency was dissolved effective February 1, 2012, pursuant to
Assembly Bill xl 26 (as subsequently amended from time to time, the"Dissolution Act"); and
WHEREAS, pursuant to Section 34178(c) of the Dissolution Act, a joint exercise
of powers agreement in which a redevelopment agency is a member of the joint powers
authority, such as the Financing Agreement, was specifically declared valid despite the
dissolution of redevelopment agencies; and
WHEREAS, the Authority desires to amend the Financing Agreement pursuant to
Section 8.04 thereof to add the Parking Authority as a member and party thereunder in the place
of the Agency; and
WHEREAS, adding the Parking Authority as a member and party to the
Financing Agreement will facilitate the issuance of revenue bonds by the Authority; and
WHEREAS, the City and the Parking Authority desire to have the Parking
Authority become a member and party under the Financing Authority.
NOW, THEREFORE, in consideration of the above premises and of the mutual
covenants hereinafter contained the parties hereto agree as follows:
ARTICLE I
ADDITION OF CHINO HILLS PARKING AUTHORITY
AS A MEMBER; AMENDMENTS
Section 1.01. Addition of Member and Party to Financing Agreement. The Parking
Authority is hereby made a member and party under the Financing Agreement for all purposes
thereof.
Section 1.02. Amendments. Upon execution by the Parking Authority of this
Amendment, all references to "Agency" in the Financing Agreement are hereby removed and
replaced with "Parking Authority" and the definition in Section 1.01 of the Financing
of "Agency" is removed and replaced with the following: "Parking Authority" means the
Hills Parking Authority," a body politic and corporate organized and existing under and by
of the laws of the State of California."
ARTICLE II
RATIFICATION OF REMOVAL OF AGENCY AS A MEMBER
Section 2.01. Removal of Member. The Authority confirms and ratifies, and the City
and the Parking Authority agree, that the Agency is not a member of the Financing Agreement
due to its dissolution.
ARTICLE III
MISCELLANEOUS
Section 3.01. Counterparts. This Amendment may be simultaneously executed in
counterparts, each of which shall be deemed an original and all of which shall constitute but one
and the same instrument.
IN WITNESS WHEREOF,the parties hereto, by their officers thereunto duly authorized,
have executed and delivered this Amendment, effective as of the day and year first above
written.
CITY OF CHINO HILLS, CALIFORNIA
By: f
CYNTHItMORAN, MAYOR
ATTEST:
CHERYL BAL2,CITIK IERK
CHINO HILLS PARKING AUTHORITY
By: •v&� 6 / l
CYNTHI MORAN, CHAIRPERSON
ATTEST:
Wa
CHErIflALZ, SECR`l✓tARY
ACKNOWLEDGED AND ACCEPTED
CHINO HILLS FINANCING AUTHORITY
By: C A .
KONRADT BARTLAM
EXECUTIVE DIRECTOR