1986-17 'RESOLUTION NO. 86- 17
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, AUTHORIZING AND
DIRECTING ISSUANCE AND DELIVERY OF RE-
FUNDING CERTIFICATES OF PARTICIPATION
IN THE ESTIMATED PRINCIPAL AMOUNT OF
$4, 000, 000, PURSUANT TO SECTION 5. 01
OF THE TRUST AGREEMENT AND OTHER ACTIONS
NECESSARY FOR THE CLOSING INCIDENT TO
THE SALE OF THE REFUNDING CERTIFICATES
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
corporate 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 from 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 heretofore accepted a proposal
to purchase the Refunding Certificates, designated a Trustee and
approved all agreements incident to the issuance of the
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 authorizes and directs
the Trustee to cause the issuance and delivery of Refunding
Certificates in the aggregate principal amount and designated
$4, 000, 000
Refunding Certificates of Participation
(Civic Center Project)
Evidencing a Proportionate Interest of the
. Owner Hereof in
. Lease Payments to be Made
by the
CITY OF GRAND TERRACE, CALIFORNIA
As the Rental for
Certain Property Pursuant to a
Lease-Purchase Agreement with
COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF GRAND TERRACE
pursuant to Section 5. 01 of the Trust Agreement, to the purchaser
thereof in accordance with the terms and conditions of the
Purchase Agreement and Trust Agreement.
Section 3 . The City Council hereby authorizes and directs:
r_ (a) The appropriate officers of the City to execute all
closing documents in connection with the Refunding
Certificates;
(b) The appropriate officers of the City, jointly and
severally, for and in the name of and on behalf of
this City, to execute and deliver any and all things
and to take any and all actions which may be necessary
or advisable in their discretion to fulfill the
actions heretofore approved by this City Council;
(c) The appropriate officers of the City to make such
additional filings, amendments, consents, undertakings
or agreements as maybe required to affect and
maintain the qualifications or exemptions existing or
to be obtained" under the laws of the State of
California.
Section 4. The City Council hereby ratifies and confirms
all actions heretofore. taken by the City Council in connection
with the authorization, issuance and sale of the Refunding
Certificates.
2 .
Section 5. This resolution shall take effect upon its
adoption and the Secretary shall certify to the adoption thereof.
ADOPTED this 13th . day of March, 1986.
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ATTEST:
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APPROVED AS TO FORM•
City Attornly
3 .
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- 17 , 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
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