2011-12 RESOLUTION NO. 2011-12
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE,
CALIFORNIA, APPROVING THE ISSUANCE BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE OF TAX
ALLOCATION BONDS, ISSUE OF 2011A AND ISSUE OF 2011B, FOR THE
COMMUNITY REDEVELOPMENT PROJECT AREA AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO AND AUTHORIZING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Community Redevelopment Agency 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, all under and pursuant to the Community
Redevelopment law (Part 1 of Division 24 (commencing with Section 33000) of the Health and
Safety Code of the State of California; the "Law"), and the powers of the Agency include the power
to issue bonds or notes for any of its corporate purposes; and
WHEREAS, the Community Redevelopment Project (the "Redevelopment Project') was
approved by Ordinance No. 25 adopted by the City Council of the City of Grand Terrace(the "City")
on September 27, 1979 and amended by Ordinance No. 52 adopted by the City Council of the City
on July 15, 1981. The redevelopment project area of the Redevelopment Project, as heretofore
amended, is referred to as the "Project Area." The foregoing ordinances were adopted by the City
4W Council in compliance with all requirements of the law;
WHEREAS, the Agency has previously issued its $13,000,000 Community Redevelopment
Agency of the City of Grand Terrace Community Redevelopment Project Area Refunding Tax
Allocation Bonds, Series 2004 (the "2004 Bonds") for the purpose of refunding certain indebtedness
of the Agency and to provide moneys for projects benefiting low and moderate income housing in
the Project Area;
WHEREAS, as of the date hereof, 2004 Bonds are outstanding in the principal amount of
$3,650,000;
WHEREAS, the Agency and the City previously entered into a Joint Exercise of Powers
Agreement, Grand Terrace Public Financing Authority, dated as of December 13, 1990 (the `Joint
Powers Agreement'), which,at Section 3.01, delineates functions of certain officers;
WHEREAS, the Agency and the City desire to amend the Joint Powers Agreement to
designate the City Clerk as Secretary of the Grand Terrace Public Financing Authority (the
"Authority");
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WHEREAS, the Agency wishes at this time to issue its Community Redevelopment Project
4W Area Tax Allocation Bonds, Issue of 2011 A (the "2011 A Bonds") in an aggregate principal amount
of not to exceed Twenty-Two Million Dollars ($22,000,000.00) and its Community Redevelopment
Project Area Taxable Tax Allocation Bonds, Issue of 201 IB (the "2011B Bonds") in an aggregate
principal amount of not to exceed Seven Million Dollars ($7,000,000.00) for the purpose of
providing moneys to finance the Redevelopment Plan, all pursuant to the provisions of Articles 10
and I I of Chapter 3 of part 1 of Division 2 of Title 5 of the California Government Code (the `Bond
Law");
WHEREAS, the 2011A Bonds and the 2011B Bonds (together, the "2011 Bonds") shall be
subordinate obligations to the 2004 Bonds so long as the 2004 Bonds remain outstanding;
WHEREAS, the 2011 Bonds will be issued pursuant to an Indenture of Trust dated as of
June 1, 2011, by and between the Agency and U.S. Bank National Association, as trustee thereunder
(the "Indenture");
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, AS FOLLOWS:
I. Each of the foregoing recitals is true and correct.
2. Subject to the provisions of the Indenture, the issuance of the 2011A Bonds in the
aggregate principal amount of not to exceed Twenty-Two Million Dollars ($22,000,000.00) and the
issuance of 201113 Bonds in the aggregate principal amount of not to exceed Seven Million Dollars
($7,000,000.00), all for the purposes set forth in the recitals hereof, and for other purposes related
thereto, all of which constitute a "redevelopment activity" as such term is defined in Section 33678
of the California Health & Safety Code, is hereby authorized and approved pursuant to
Section 33640 of the California Health&Safety Code.
3. The City Manager of the City and the other officers and members of staff having
responsibility for the affairs of the City are hereby authorized to execute such documents and
certificates necessary to assist the Agency in the issuance of the 2011 Bonds.
4. Subject to approval by the Agency, the first sentence of Section 3.01 of the Joint
Powers Agreement is amended to read as follows: "Chairman of the Board shall be the Mayor of the
City, Vice-Chairman shall be the Mayor Pro Tern of the City, and shall appoint as Secretary the City
Clerk of the City."
5. This Resolution shall take effect immediately upon its adoption.
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DOCS0014886220/022092-0002
t PASSED,APPROVED AND ADOPTED this 24th day of May, 2011.
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Mayor of the City of Grand Terrace, California
(SEAL)
ATTEST:
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City Clerk of the City of Grand Terrace, California
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DOCSOCA 4886220/022092-0002
STATE OF CALIFORNIA CITY CLERK'S CERTIFICATE
16 COUNTY OF SAN BERNARDINO RE ADOPTION OF RESOLUTION
CITY OF GRAND TERRACE
I, Brenda Mesa, City Clerk of the City of Grand Terrace, DO HEREBY CERTIFY that the
foregoing Resolution was duly adopted by the City at a regular meeting of the City held on the 24th
day of May, 2011, and that the same was passed and adopted by the following vote:
AYES: Councilmembers McNaboe, Sandoval and Hays; Mayor Pro Tem Garcia and
Mayor Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk of the City of Grand Terrace, California
DOCS0014886220/022092-0002
STATE OF CALIFORNIA CITY CLERK'S CERTIFICATE
COUNTY OF SAN BERNARDINO OF AUTHENTICATION
CITY OF GRAND TERRACE
I, Brenda Mesa, City Clerk of the City of Grand Terrace, California, DO HEREBY
CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No.11_12 of
the City Council of said City and that said Resolution was adopted at the time and by the vote stated
on the above certificate,and has not been amended or repealed.
City Clerk of the City of Grand Terrace, California
DOCSOat 488e220/022092-0002