1986-20 RESOLUTION NO. 86-20
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, DESIGNATING OFFICERS
TO EXECUTE CERTIFICATES REQUESTING DIS-
BURSEMENT OF FUNDS FROM THE DELIVERY
EXPENSE ACCOUNT PURSUANT TO SECTION 6. 02
OF THE TRUST AGREEMENT FOR THE ADMINIS-
I TRATION OF REFUNDING 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
corporate purposes; and
WHEREAS, the City has heretofore caused $3, 430, 000- Certifi=
cates of Participation (the "Certificates") to be issued 'to ti
finance the Project and the Agency has heretofore pledgea. Tax
Increment Revenues to secure payment of interest and principal
to owners of the Certificates; and
WHEREAS, the City Council has authorized issuance and sale
of an estimated $4, 000, 000 Refunding Certificates of Partici-
pation (the "Refunding Certificates") to accomplish an advance
refunding of the original Certificates; and
WHEREAS, pursuant to Section 6. 02 of the Trust Agreement, it
. is necessary for this City Council to designate by resolution
"Authorized Officers" to execute certificates requesting
disbursements to be made by the Trustee. from the proceeds of the
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 designates the
CITY MANAGER
OR
FINANCE DIRECTOR/ASSISTANT
CITY .MANAGER
as the "Authorized Officers" under the Trust Agreement to
execute all certificates requesting disbursements to be made by
the Trustee from the proceeds of the sale of the Refunding
Certificates, pursuant to Section. 6. 02 of the Trust Agreement.
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.
0 Mayor
ATTEST:
Cit Clerk
APPROVED AS TO FO
City'AttornIF
A
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. 86-20 , 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
cityj erk '
U _
(SEAL) .