HomeMy WebLinkAboutCC RESO 16,222RESOLUTION NO.16,222
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NATIONAL CITY AUTHORIZING THE MAYOR TO EXECUTE
AMENDMENT B TO THE JOINT POWERS AGREEMENT
OF 1972 BETWEEN THE SOUTH BAY IRRIGATION
DISTRICT AND THE CITY OF NATIONAL CITY
CREATING THE SWEETWATER AUTHORITY
WHEREAS, the City of National City and the South Bay
Irrigation District formed the Sweetwater Authority under a Joint
Powers Agreement in 1972 and in 1977 amended and readopted the
agreement prior to the commencement of the operation of the water
system acquired by South Bay Irrigation District from the
California American Water Company; and
WHEREAS, the water system was purchased from California
American following the issuance of $22,500,000 in revenue bonds by
the South Bay Irrigation District; and
WHEREAS, the Irrigation District leases the water system
for operation to the Sweetwater Authority and Sweetwater
Authority's water customers pay all costs of operation of this
system through their water bills, including repayment of South Bay
Irrigation District's bond issue; and
WHEREAS, Sweetwater Authority is now preparing to issue
approximately $22,700,000 in revenue bonds to finance the
construction of improvements to the water system, and to acquire
the water system by paying off the balance remaining from the 1977
bond issue of the South Bay Irrigation District; and
WHEREAS, the option to acquire the water system in this
matter was included in the 1977 lease between South Bay Irrigation
District and Sweetwater Authority; and
WHEREAS, paying off the remaining debt of the South Bay
Irrigation District will result in annual payments for principal
and interest on the bonds of approximately $500,000 less than if
new bonds were issued in addition to the existing debt; and
WHEREAS, the South Bay Irrigation District and the City
of National City are being asked to amend the Joint Powers Agree-
ment to assure that the Joint Powers Agreement will continue
throughout the period of time when bonds of Sweetwater Authority
are outstanding, and to provide that the Authority will only sell
or dispose of property when at least 5 of the 7 directors of the
Authority approve such sale or disposal.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that the Mayor is hereby authorized to
execute Amendment B to the Joint Powers Agreement of 1972 between
the South Bay Irrigation District and the City of National City
creating the Sweetwater Authority. A copy of said Amendment is on
file in the Office of the City Clerk.
PASSED and ADOPTED this 10th day of April, 1990.
George H. Waters, Mayor
ATTEST:
Lor Anne Peoples,�Clerk
APPROVED AS TO FORM:
lJ Ltar.
George H. Eiser, III
City Attorney