1983-58 RESOLUTION NO. 83-58
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE , SAN BERNARDINO
COUNTY, CALIFORNIA, AUTHORIZING AND
DIRECTING EXECUTION OF CERTAIN AGREE- `
MENTS INCIDENT TO THE ISSUANCE OF
CERTIFICATES OF PARTICIPATION
(Civic Center Project)
WHEREAS, the City of Grand Terrace proposes to finance
construction of certain public facilities generally described as
follows:
Construction of a civic center including
appurtenances and appurtenant work and
other costs and expenses incident thereto
(hereinafter collectively called "the Project" ) ; and
WHEREAS , the City Council has determined that it is in the
best interest and for the common benefit of the citizens of the
City that. the City finance construction of the Project by:
( i) leasing a site to National Municipal Leasing Services, Inc.
(the "Corporation" ) pursuant to a Site Lease; ( ii) causing the
Project to be constructed on the Site from the proceeds of
Certificates of Participation issued by Crocker National Bank ( the
"Bank" ) , pursuant to a Trust Agreement; ( iii) entering into a
Lease-Purchase Agreement with the Corporation relating to the
lease-purchase of the Project and the lease-back of the Site for
the term specified in the Lease Purchase Agreement; and
(iv) entering into a Financing Agreement with the Community
Redevelopment Agency of the City of Grand Terrace (the "Redevelop-
ment Agency" ) to provide tax increment revenues annually in an
amount sufficient to make the rental payments under the Lease-
Purchase Agreement; and
WHEREAS , the Bank will act as Trustee for and on behalf of
the Owners of the Certificates of Participation; and
WHEREAS, the net proceeds from the sale of the Certificates
of Participation will be disbursed by the Bank, at the direction
of the City Council, for the construction and equipping of the
Project and other aspects of the transaction as set forth in the
Lease-Purchase Agreement; and
WHEREAS , pursuant to an Agency Agreement, the City shall act
as the agent of the Corporation for the purpose of the supervision
and construction of the Project; and
WHEREAS, pursuant to an Assignment Agreement, the Corporation
will assign all of its rights and duties under the Lease-Purchase
Agreement to the Bank, for the benefit of the Owners of the
Certificates of Participation; and
WHEREAS, the City Council has heretofore accepted a pro-
posal(s ) for the purchase of the Certificates of Participation:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Grand Terrace as follows:
Section 1. The above recitals are all true and correct.
Section 2. The City Council hereby approves the agreements
specified as follows:
(a) Site Lease by and between the City and Corporation;
(b) Lease-Purchase Agreement by and between the City and
Corporation;
( c) Agency Agreement by and between the City and Corpor-
ation;
(d) Trust Agreement by and among the City, Corporation
and Bank; and
(e) Financing Agreement by and between the City and .
2 .
Redevelopment Agency
in substantially the form on file with the City Clerk.
Section 3. The City Council hereby authorizes and directs
the Mayor to execute and the City Clerk to attest to each of the
agreements specified in Section 2.
Section 4. The City Council hereby approves the Assignment
Agreement by and between the Corporation and Bank and consents to
the assignment by the Corporation of its rights , duties and
obligations under the Lease-Purchase Agreement to the Bank, as
Trustee for the Owners of Certificates .
Section 5. This resolution shall take effect upon adoption.
ADOPTED this 17th day of - November , 1983.
Mayor o t e ity o Gran Terrace
and of th City Council thereof.
ATTEST:
City erk of the City o Grand
Terr6/de and of the City ouncil
thereof.
(SEAL)
APPROVED AS FO M
City Attorney
3 .
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, City Clerk of the City of Grand Terrace, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted by the City Council of
said City at a regular meeting of the City Council held on the 17th day of
November, 1983,- and that it was so adopted by the following vote:
AYES: Councilmembers Rigley, Petta, Nix, Pfennighausen
Mayor Grant.
. NOES: None.
ABSENT: None.
City ClerjV o the City of GrangVlerrace -
and of the City Council thereof.-
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, City Clerk of the City of Grand Terrace, DO HEREBY
CERTIFY that the above and foregoing is a full , true, and correct copy of
Resolution No. 83-58 of said City, and that the same has not been amended or
repealed.
DATED: November 18, 1983.
City C er of the City of ran errace
and oft City Council thereof.