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2017-36 RESOLUTION NO. 2017-36 J A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE APPROVING AN EXPENDITURE OF BOND PROCEEDS WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace, ("Redevelopment Agency") was formed for the purpose of revitalizing areas within the City of Grand Terrace pursuant to Health and Safety Code ("HSC") Section 33000, et seq.; and WHEREAS, pursuant to Assembly Bill 1x26, enacted on June 28, 2011, and Assembly Bill 1484, enacted on June 27, 2012, (collectively the "Dissolution Act");, the Redevelopment Agency was dissolved on February 1, 2012; and WHEREAS, on January 10, 2012, the Grand Terrace City Council adopted Resolution 2012-01, pursuant to Part 1.85, of the Dissolution Act, by which the City Council elected to serve as the Successor Agency to the Redevelopment Agency upon the dissolution of the Redevelopment Agency under AB 26 ("Successor Agency") commencing on February 1, 2012; and WHEREAS, pursuant to Health and Safety Code section 34191.4(c), after a successor agency has received a finding of completion from the State Department of Finance ("DOF"), a Successor Agency, with the approval of its Oversight Board, may list enforceable obligations to expend excess bond proceeds on its Recognized Obligation Payment Schedule ("ROPS"), so long as such expenditures are consistent with the bond covenants; and WHEREAS, the Successor Agency received a Finding of Completion from the DOF on May 9, 2013; and WHEREAS, the Successor Agency has excess bond proceeds from the $15,175,000 Grand Terrace Redevelopment Agency's Community Redevelopment Project Area 2011A Tax Allocation Bonds ("Bond Proceeds") which were issued for the purpose of financing public improvements within the Project Area; and WHEREAS, the DOF approved a Bond Proceeds Expenditure Agreement between the Successor Agency and the City of Grand Terrace ("City") enabling the City to expend or allocate the Bond Proceeds for expenditures consistent with the applicable covenants of the 2011 Tax Allocation Bonds ("2011 TAB"); and WHEREAS, the expenditure approved in this Resolution is a public improvement within the intent and purpose the 2011 TAB and is consistent with the 2011 TAB covenants. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, AND ORDER AS FOLLOWS: 2017-36 CC Reso Page 1 of 2 November 14, 2017 SECTION 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated herein as findings and a material part of this Resolution. SECTION 2. That the City Manager is herein authorized to expend $114,450.00 of the Bond Proceeds for the installation of poured-in-place rubber safety surfacing for the two (2) playgrounds at Richard Rollins Park. SECTION 3. If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the. validity of the remaining portions of this Resolution. The City Council of the City of Grand Terrace hereby declares that it would have adopted this Resolution and each section, subsection, sentence, clause,.phrase, or portion thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, phrases, or portions be declared invalid or unconstitutional. SECTION 4. All resolutions and other actions of the City Council in conflict with the contents of this Resolution are hereby repealed. SECTION 5. This Resolution shall go into full force and effect immediately, but the individual fees shall become effective as provided by the applicable provisions of State Law. SECTION 6. The City Clerk shall certify to the adoption of this Resolution PASSED, APPROVED AND ADOPTED by the City Council of the City of Grand Terrace at a regular meeting held on the 14th day of November 2017. D ky KCcNab a ayor ATTEST: De ra L. Thomas, City Clerk APPROVED AS TO FORM: is and L. Adams, II City Attorney 2017-36. CC Reso Page 2 of 2 November 14, 2017 STATE OF CALIFORNIA ) ( COUNTY OF SAN BERNARDINO ) CITY OF GRAND TERRACE ) I Debra L. Thomas, City Clerk of the CITY OF GRAND TERRACE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being 'Resolution No. 2017-36 was duly passed, approved and adopted by the City Council, approved and signed by the Mayor, and attested by the City Clerk, at the regular meeting of said City Council held on the 14th day of November 2017, and that the same was passed and adopted by the following vote: AYES: Council Members Wilson, Hussey; Mayor Pro Tem Robles; Mayor McNaboe NOES: None. ABSENT: None. ABSTAIN: None. Executed this 16th day of November 2017, at Grand Terrace, California. -.0J WA;-��- � Debra L. Thomas= City Clerk J _ [SEAL] i