2000-04 RESOLUTION NO. CRA 2000-04
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE,CALIFORNIA,
APPROVING EXTENSION OF THE BOND TERM AND
AMENDMENT OF FINANCING DOCUMENTS RELATED
THERETO WITH RESPECT TO THE$30,000,000 COMMUNITY
REDEVELOPMENT AGENCY OF THE. CITY OF GRAND
TERRACE MULTIFAMILY HOUSING REVENUE BONDS(MT.
VERNON VILLAS PROJECT) 1985 SERIES A
WHEREAS,the Community Redevelopment Agency of the City of Grand Terrace,
California(the"Agency")has heretofore issued and sold its Community Redevelopment Agency of
the City of Grand Terrace Multifamily Housing Revenue Bonds (Mt. Vernon Villas Project) 1985
Series A in the aggregate principal amount of$30,000,000(the`Bonds"),under and pursuant to an
Indenture of Trust(the"Indenture")dated as of December 1, 1985,by and between the Agency and
U.S. Bank Trust National Association, successor to Seattle-First National Bank, as trustee (the
"Trustee"); and
WHEREAS,on January 13,2000,at its regular meeting,the City Council conducted
a properly noticed public hearing as required by Section 147(f) of the Internal Revenue Code of
1986, as amended, at which it heard and considered information concerning the reissuance of the
Bonds to extend the maturity thereof, related to the 556-unit multifamily rental housing project
known as "The Highlands at Grand Terrace" currently owned by North Waterford Apartments, a
California limited partnership, after which public hearing the project was approved, including a
requirement that at least 20 percent of the rental units in the project shall be required to be available
for occupancy by low and moderate income persons or families throughout the extended term of the
Qualified Project Period, as defined in the Regulatory Agreement for the project; and
WHEREAS,Section 1002 of the Indenture permits the amendment of the Indenture
to extend the maturity date of the principal amount of Bonds with the consent of the Owners of all
Bonds then Outstanding; and
WHEREAS, such consent has been requested, together with a waiver of the
requirement for a twenty (20) day notice as required by Section 602 of the Indenture, from the
bondowners,the Credit Facility Provider,the Developer and the Remarketing Agent; and
WHEREAS,the Amended and Restated Indenture of Trust,including the bond form
attached as Exhibit"A"thereto, dated as of October 1,2000 (the"Amended Indenture"),has been
prepared for such purpose,and it is appropriate at this time for the Agency to approve and authorize
the execution of the Amended Indenture relating to the Bonds.
WHEREAS, the Amended and Restated Loan Agreement, dated as of October 1,
2000 (the "Amended Loan Agreement"), and the Second Amendment to Regulatory Agreement,
dated as of October 1, 2000 (the "Second Amendment to Regulatory Agreement"), have been
GT_CRA Resolwpd
prepared to conform to the terms of the Amended Indenture,and it is appropriate at this time for the
Agency to approve and authorize the execution of the Amended Loan Agreement and the Second
Amendment to Regulatory Agreement relating to the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment
Agency of the City of Grand Terrace, as follows:
Section 1. Approval of the Amended and Restated Indenture of Trust. The
Amended Indenture,in substantially the form presented to the Agency at this meeting,together with
any additions thereto or changes therein deemed necessary or advisable by the Executive Director
upon the advice of Bond Counsel, is hereby approved. The appropriate officers of the Agency are
hereby authorized and directed to execute the Second Supplemental Indenture,as amended,for and
in the name and on behalf of the Agency, such execution to represent approval of the final form
thereof by the Agency.
Section 2. Approval of the Amended and Restated Loan Agreement. The
Amended and Restated Loan Agreement, in substantially the form presented to the Agency at this
meeting,together with any additions thereto or changes therein deemed necessary or advisable by
the Executive Director upon the advice of Bond Counsel, is hereby approved. The appropriate
officers of the Agency are hereby authorized and directed to execute the Amended and Restated Loan
Agreement, for and in the name and on behalf of the Agency, such execution to represent approval
of the final form thereof by the Agency.
Section 3. Approval of the Second Amendment to Regulatory Agreement. The
Second Amendment to Regulatory Agreement,in substantially the form presented to the Agency at
this meeting,together with any additions thereto or changes therein deemed necessary or advisable
by the Executive Director upon the advice of Bond Counsel, is hereby approved. The appropriate
officers of the Agency are hereby authorized and directed to execute the Second Amendment to
Regulatory Agreement,for and in the name and on behalf of the Agency,such execution to represent
approval of the final form thereof by the Agency,and to file for recordation an acknowledged copy
of the Second Amendment to Regulatory Agreement with the Office of the San Bernardino County
Recorder.
Section 4. Conditioned on Consent. The amendment of the Indenture,the Loan
Agreement and the Regulatory Agreement described herein is conditioned on the receipt of the
consent to such amendment, fully executed by the bondholders, the Credit Facility Provider, the
Developer and the Remarketing Agent, as such parties are presently identified in the proceedings.
All notices sent pursuant to the provisions of the amendment shall be conditional upon the receipt
of such consent properly executed by all parties.
Section 5. Prior Actions. All actions heretofore taken by the officers and agents of
the Agency with respect to the authorization,sale and remarketing of the Bonds are hereby approved,
confirmed and ratified, and the Chairman, the Secretary, the Executive Director, and any and all
other officers of the Agency are hereby authorized and directed,for and in the name and on behalf
of the Agency, to do any and all things and take any and all actions relating to the execution and
2 GT FA Resold
delivery of any and all certificates,requisitions,agreements and other documents,which they,or any
of them, deem necessary or advisable in order to consummate the lawful authorization, sale and
remarketing of the Bonds in accordance with the Amended Indenture and this resolution.
Section 6. Effective Date. This resolution shall take effect from and after its
adoption.
PASSED,APPROVED AND ADOPTED this 141h day of September, 2000.
ATTEST:
Secretary_,of the Community_ C26o�'of the Community
Redevelopment Agency_of the City of Rvelopment Agency of the City of
Grand Terrace- Grand Terrace
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Resolution CRA 2000-04
I, BRENDA STANFILL, CITY CLERK of the City of Grand Terrace, do hereby certify that the
foregoing Resolution was introduced and adopted at a regular meeting of the Community
Redevelopment Agency of the City of Grand Terrace held on the 14'day of September,2000 by the
following vote:
AYES: Councilmembers Hilkey and Larkin; Mayor Pro Tem Buchanan
and Mayor Matteson
NOES: None
ABSENT: Councilmember Garcia
ABSTAIN: None
City Clerk
Approved as to form:
City Attorney
v