2000-01 r RESOLUTION NO. 2000- 01
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE,CALIFORNIA,APPROVING REIS SUANCE
OF BONDS IN ACCORDANCE WITH SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED
WHEREAS, the City of Grand Terrace (the "City")has determined to engage in a
multifamily rental housing revenue bond finance program (the "Program")pursuant to Chapter 8
(commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the
State of California(the"Act") for persons and families within the income limits established by the
Act; and
WHEREAS,the City Council of the City(the"City Council")fi-nds and determines
that the Program complies with the Land Use Element and the Housing Element of the City's
General Plan; and
WHEREAS,the Community Redevelopment Agency of the City of Grand Terrace,
California(the "Agency") has heretofore issued and sold its Community Redevelopment Agency
of the City of Grand Terrace Multifamily Housing Revenue Bonds(Mt.Vernon Villas Proj ect)1985
Series A in the aggregate principal amount of$30,000,000(the`Bonds"),under and pursuant to an
Indenture of Trust(the"Indenture")dated as of December 1, 1985,by and between the Agency and
U.S. Bank Trust National Association(as successor to Seattle-First National Bank), as trustee(the
"Trustee"); and
WHEREAS,the Indenture,the Loan Agreement dated as of December 1, 1985 (the
"Loan Agreement") by and among the Agency, the Trustee and F.C. Grand Terrace, a California
Limited Partnership (the "Developer") and related documents providing certain technical and
procedural amendments to reflect the requirements of the Letter of Credit provided by Security
Pacific National Bank(the"Credit Facility")and required by the Rating Agency have been approved
by the Agency pursuant to its Resolution No. CRA-86-06 adopted on November 20, 1986, and the
Bonds were reoffered to the public on December 3, 1986; and
WHEREAS,the Developer has requested that the Agency and the Trustee accept an
Alternate Credit Facility meeting the requirements of Section 5.8 of the Loan Agreement and that
the substitution of Credit Facility and such other amendments as are required by such Credit Facility
Provider and presented at the request of the Developer at this meeting or as may be required by the
Credit Facility Provider prior to the date of the reissuance be subj ect to a duly noticed public hearing
as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, at which public
hearing it will hear and consider information concerning the proposed reissuance by the Agency of
the Bonds;
City Approving Resolurion_a
WHEREAS,the City has determined it to be in furtherance of the public interest and
the goals of the Program to accept an Alternate Credit Facility and to approve related amendments
to the financing documents and the reissuance of the Bonds; and
WHEREAS, there has been published notice of a public hearing regarding the
reissuance of the Bonds in accordance with the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended; and
WHEREAS,members of the City Council are the applicable elected representatives
to approve the reissuance of the Bonds for the Project following the public hearing; and
WHEREAS,the City Council has conducted a public hearing regarding the Alternate
Credit Facility,related amendments to the financing documents and the reissuance of the Bonds,has
determined it to be in the public interest for the City to reissue the Bonds and has approved the
reissuance of the Bonds by the Agency; and
WHEREAS,all acts,conditions and things required by the Act and by all other laws
of the State of California, to exist,to have happened and to have been performed precedent to and
in connection with the reissuance of the Bonds exist, have happened, and have been performed in
regular and due time, form and manner as required by law, and the City is now duly authorized and
empowered,pursuant to each and every requirement of law,to approve the Alternate Credit Facility,
related amendments to the financing documents and the reissuance of the Bonds for the purpose ,
in the manner and upon the terms herein provided;
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Grand
Terrace, as follows:
Section 1. Recitals. The above recitals, and each of them, are true and correct.
Section 2. Consideration of Public Testimony and Information. The City Council
has received and considered information pertaining to the Alternate Credit Facility Provider,related
amendments to the financing documents and the reissuance of the Bonds and has conducted a duly
noticed public hearing on such information in accordance with the requirements of Section 147(f)
of the Internal Revenue Code of 1986, as amended, and provided the opportunity for public
testimony at said hearing.
Section 3. Approval of Reissuance of the Bonds. Based on the information
provided,the factors stated in the above recitals and the public testimony offered,the City Council
hereby approves Reissuance of the Bonds in accordance Section 147(f)of the Internal Revenue Code
of 1986, as amended.
Section 4. Enforceability. If any section,paragraph or provision of this Resolution
shall be held to be invalid or unenforceable for any reason,the invalidity or unenforceability of such
suction, paragraph or provision shall not affect any remaining provisions of this Resolution.
2 City Approving Resolution_a
Section 5. Effective Date. This resolution shall take effect from and after its
adoption.
PASSED, APPROVED AND ADOPTED this 13Ih day of January, 2000.
ATTEST:
(&Z:�t aa&�dm
City Clerk of.the City oft6rand Terrace May of th City of Grand Terrace
3 City Approving Resolution_a
Resolution 2000-01
I,BRENDA STANFILL,CITY CLERK of the City of Grand Terrace,do hereby certify that
the foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the
City of Grand Terrace held on the 13t"day of January, 2000 by the following vote:
AYES: Councilmembers Hilkey, Garcia, and Larkin; Mayor Pro Tem
Buchanan; Mayor Matteson
NOES: None
ABSENT: None
ABSTAIN: None
City.Clerk
Approved as to form:
City Attorne