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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />7R <br />CITY ATTORNEY'S OFFICE <br />3900 MAIN STREET <br />RNERSIDE. CA 92522 <br />(951) 826 -5567 <br />RESOLUTION NO. 20 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE, CALIFORNIA AS THE SUCCESSOR AGENCY TO THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, <br />AUTHORIZING THE EXECUTION OF THE AMENDED AND <br />RESTATED JOINT EXERCISE OF POWERS AGREEMENT BY AND <br />BETWEEN THE CITY OF RIVERSIDE, THE SUCCESSOR AGENCY, <br />AND THE PARKING AUTHORITY. <br />WHEREAS, the City of Riverside ( "City ") and the Redevelopment Agency of the City of <br />Riverside ( "Agency ") entered into a Joint Exercise of Powers Agreement ( "Agreement ") dated <br />December 15, 1987; and <br />WHEREAS, the purpose of the Agreement was to provide a vehicle that would reduce local <br />borrowing costs and promote the greater use of existing and new financial instruments and <br />mechanisms allow for the financing of public capital improvements; and <br />WHEREAS, Health and Safety Code Section 34178 (a) provides that, with specified <br />exceptions, commencing on February 1, 2012, agreements, contracts and arrangements between a <br />redevelopment agency and the city that formed the redevelopment agency are invalid; and <br />WHEREAS, Health and Safety Code Section 34178 (a) also provides that the Successor <br />Agency may reenter an agreement with the City upon approval of the Oversight Board; and <br />WHEREAS, the City and the Successor Agency do hereby desire to add the Parking <br />Authority of the City of Riverside ( "Parking Authority ") as an additional member of the Riverside <br />Public Finance Authority by entering into an Amended and Restated Joint Exercise of Powers <br />Agreement ( "Amended Agreement ") to include the Parking Authority as an additional member of <br />the Riverside Public Finance Authority. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, <br />California, as follows: <br />Section 1 . Authorizes the City Manager, acting on behalf of the Successor Agency, to <br />execute the Amended Agreement, but subject to the prior approval of the Amended Agreement by <br />the Oversight Board. <br />