1986-16 RESOLUTION NO. 86- 16
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, APPROVING AND AU-
THORIZING EXECUTION OF CERTAIN AGREE-
MENTS INCIDENT TO THE ISSUANCE OF RE-
FUNDING CERTIFICATES OF PARTICIPATION
IN THE ESTIMATED PRINCIPAL AMOUNT OF
$4, 000, 000, AND MAKING OTHER
DETERMINATIONS
WHEREAS, the City Council of the City of Grand Terrace (the
"City") has heretofore undertaken and completed certain public
improvements generally described as follows:
Construction of a Civic Center including
appurtenances and appurtenant work and other
costs and expenses incident thereto
hereinafter called "Project" ; and
WHEREAS, the Community Redevelopment Agency of the City of
' Grand Terrace (the "Agency") , is a redevelopment agency duly
created, established and authorized to transact business and
exercise its powers, under and pursuant to the Community
Redevelopment Law (Part 1 of Division 24 of the Health and
Safety Code of the State of California) and the powers of the
Agency include the power to pledge tax increment and other
revenues and to issue evidences of indebtedness for any of its
cgrporate purposes; and
WHEREAS, the City has heretofore caused $3 ,430, 000 Certifi-
cates of Participation (the "Certificates") to be issued .to _ "-
finance the Project and the Agency has heretofore pledged-Tax
Increment Revenues to secure payment of interest and principal
to owners of the Certificates; and -
WHEREAS, the City Council proposes to cause issuance and
sale of an estimated $4, 000, 000 Refunding Certificates of
Participation (the "Refunding Certificates") to accomplish an
advance refunding of the original Certificates; and
WHEREAS, the City Council has received and reviewed all
agreements necessary to the issuance and sale of the Refunding
Certificates:
NOW, THEREFORE, the City Council of the City of Grand
Terrace does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. The above recitals are all true and correct.
Section 2 . The City Council hereby approves and authorizes
and directs its officers to execute the agreements specified as
follows:
(a) 1986 Lease-Purchase Agreement
(b) 1986 Lease-Purchase Assignment Agreement
(c) 1986 Security and Assignment Agreement
(d) 1986 Trust Agreement
(e) 1986 Site Lease
(f) Escrow Deposit and Trust Agreement
in substantially the form on file with the City Clerk and
authorizes Special Counsel to make minor modifications to the
foregoing agreements up to the time of delivery of the Refunding
Certificates.
Section 3 . This resolution shall take effect upon its
adoption and the City Clerk shall certify to the adoption
thereof.
ADOPTED this 13th day of March, 1986.
ATTEST:
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APPROVED AS TO FORM:
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City Attorn
2 .
STATE OF CALIFORNIA )
ss.
COUNTY OF SAN BERNARDINO )
I, ILENE DUGHMAN, City Clerk of the City of Grand Terrace,
DO HEREBY CERTIFY that the foregoing resolution, being "Resolution
No. 86- 16 , was duly adopted by the City Council of said City at
a duly called and conducted meeting of said City held on the 13th
day of March, 1986, and that it was so adopted by the following
vote:
AYES: Councilmembers Matteson , Petta , Pfennighausen , Evans ;
Mayor Grant
NOES: None
ABSENT: None
Cit�erk
(SEAL)