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� t. ORDINANCE NO. 2 2 4 0 `� ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING THE LEASE QF A CERTAIN PARKING FACILITY BY TT3E CZTY FROM '�"`HE REDEVELOPMENT AGENCY OF 1"I�E CZTY OF REDLANDS WHEREAS, the Redevelopment Agency of the City of Recllands (the "Agency") is authorized to finance the acquzsition and constraction of public capital improvements af benefit to the Red�ands Redevelopment Project (the "Project") pursuant to the provisions o� Sectioz� 33000 et se�. of the California Health arid Safety Code (the "Community Redevelopment Law"); and WHEREAS, the City has requesteci the Agency to issue its revenue bonds for ihe purpose of providing fi.inds to enable the Czty to defease and refund the certain lease obligations relating to the Agency's $7,030,000 ariginal principal amount 1989 Refunding Parking Lease Revenue Bonds (the "Prior Bonds"); and WH�REAS, to provide such financing the Agency proposes to issue its revenue bonds in an aggregate ariginal principal amount af nat to exceed $8,000,000 {the "Bonds"}, wlueh a�re pxopased to be payable from the revenues to be derived by the Agency fram the lease of a parking facility to ihe City under leas� agre�ment (the °Leasa Agreement"); and WHEREAS, the Ci�y Council is required by Article 9 of Chapter 5 of Part 1 af Division 2 of the California Government Code {co�nmencizag with Sec�ion 54240 of said Code) to approve such I.ease Agreement by ordinance wluch is subjeci to referendum: NOW, THEREFORE, th� City Council of the Cxty o� Redlands does ordain as follows: Sec�ion 1. Pur.r,hase oi Praject frorn AutharitX. The City Council her�by approv�s the lease of the parking �acility by the Cii, from the Agency pursuant to and s�tbject to the terms and conditions of the I.ease Agxeement zn sui�stantially the form on f�e with the C�ty Clerk. The final �ozm of the I.ease Agreement shall b� subject to final appzoval i�y reso�utxan of ihe City Council adopted priar to exec�tion and delir�ery thereof. Sectzon 2. Effective Date of Ordinance. This Ordinance shall be published and posted in the manner specified in Section 54242 of the California Go�ernment Code, and shall become effective thirty (30) days �rom and after the date of its iuial passage. This Ordinance shall be subject to arefearendum �ursuant to and as pravided �n Section 5424I. of the Califarnia Government Cod� and the laws o� the State of California. KA62�3293