1992-05 RESOLUTION NO. 92-05
A RESOLUTION OF THE CITY OF GRAND TERRACE,
CALIFORNIA, AUTHORIZING THE PURCHASE FROM THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
GRAND TERRACE OF CERTAIN RESIDUAL ASSETS
ATTRIBUTABLE TO THE LA VERNE-GRAND TERRACE
HOUSING FINANCE AGENCY
WHEREAS, the City of Grand Terrace (the "City") is a
municipal corporation duly organized and existing pursuant to the
laws of the State of California; and
WHEREAS, the Community Development Commission of the
City of Grand Terrace (the "Agency") is a redevelopment agency, a
public body corporate and politic, duly created, established and
authorized to transact business and exercise its powers in
accordance with the community Redevelopment Law; and
WHEREAS, the Agency has previously participated in the
formation of the La Verne-Grand Terrace Housing Finance Agency, and
in connection therewith has previously executed that certain
Agreement pertaining to the formation of the La Verne-Grand Terrace
Housing Finance Agency- dated as of December, 12, 1983 (the "Joint
Powers Agreement") ; and
t WHEREAS, the La Verne-Grand Terrace Housing Finance
Agency is a joint powers authority which was duly established by
appropriate official action of the La Verne Redevelopment Agency
and the Community Redevelopment Agency of the City of Grand Terrace
pursuant to Government Code Section 6500, et sea. ; and
WHEREAS, the La Verne-Grand Terrace. Housing Finance
Agency was formed for the purpose of undertaking a certain
residential single family home ownership financing program (the _
"Program") pursuant to Section 33750 of the California Community
Redevelopment Law; and
WHEREAS, in connection with the establishment of the
Program, the La Verne-Grand Terrace Housing Finance Agency issued
its "La Verne-Grand Terrace Housing Finance Agency, California,
Single Family Residential Mortgage Revenue Bonds, 1984 Series All
(the "Bonds") ; and
WHEREAS, pursuant to the terms of the Joint Powers
Agreement, and surplus moneys held by the La Verne-Grand Terrace
.Financing Agency may be distributed to the respective parties in
proportion to their participation; and
WHEREAS, the Agency has certain rights and interests in
=- the La Verne-Grand Terrace Financing Agency in accordance with the
terms of Joint Powers Agreement; and
- RESOLUTION NO. 92-05
PAGE 2
WHEREAS, because of the nature of the Agency's rights
and interests in the La Verne-Grand Terrace Financing Agency, the
value of such rights and interests is difficult to determine; and
WHEREAS, the City deems it desirable to acquire from the
Agency the Agency's rights and interests in the La Verne-Grand
Terrace Housing Finance Agency; and
WHEREAS, the City deems it desirable to acquire the
Agency's rights and interests in the La Verne-Grand Terrace Housing
Finance Agency for the sum of Five Thousand Dollars ($5, 000) .
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Grand Terrace, California, does hereby approve by
resolution the following:
Section 1. The City hereby authorizes the acquisition
by the City of the Agency's rights and interests in the La Verne-
Grand Terrace Housing Finance Agency for the sum of Five Thousand
Dollars ($5, 000) .
Section 2 . The City hereby finds and determines that
the purchase price of Five Thousand Dollars ($5, 000) is appropriate
consideration for the Agency's rights and. interests in the La
Verne-Grand Terrace Housing Finance Agency given the existing
restrictions in the Bond documents and the fact that the La Verne-
Grand Terrace Housing Finance Agency has never previously made any
distributions to its members.
Section 3 . The Mayor and the City Clerk are hereby
authorized to take such actions and execute such documents as may
be deemed appropriate in order to facilitate the transactions as
contemplated herein and in order to provide for distributions in
accordance with the provisions of the Joint Powers Agreement.
Section 4. This Resolution shall take effect upon its
adoption.
PASSED, APPROVED, AND ADOPTED this 14th day of May, 1992 .
ATTEST:
f - 41,�
Deputy 'City Clerk oT the City Ma ror of the City of, Grand
- of= Grand Terrace and of the Terrace and of the City
City 'Council thereof. Council thereof.
r RESOLUTION NO. 92-05
PAGE 3
I, BRENDA STANFILL, Deputy City Clerk of the City of
Grand Terrace, California, do hereby certify that the foregoing
resolution was introduced and adopted at a regular meeting of the
City Council of the City Council of the City of Grand Terrace held
on the 14th day of May, 1992 by the following vote:
AYES: Councilmembers Carlstrom, Christianson,
Hilkey; Mayor Pro Tem Grant; Mayor
Matteson
NOES: None
ABSENT: None
ABSTAIN: None
Deputy City Clerk
Approved as to form:
City Attdrne
i