1992-03 RESOLUTION NO. C. A*92-03
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE
AUTHORIZING THE EXECUTION AND DELIVERY OF A
FIRST AMENDMENT TO JOINT EXERCISE OF POWERS
AGREEMENT AND RELATED DOCUMENTS, AND RELATED
MATTERS
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WHEREAS,. pursuant to the laws of the State of California, the
Community Redevelopment Agency of the City of Grand Terrace has previously
entered into the Joint Exercise of Powers Agreement to create the Lancaster - Grand
Terrace .- Huntington Park Finance Authority dated as of 'July 1 , 1991 (the ,
"Agreement") which created the Lancaster- Grand Terrace= Huntingto.n Park Housing
Finance Authority (the "Authority"); and
WHEREAS, pursuant to the laws of the State of California and the
Agreement, the Authority has issued its Residential Mortgage Revenue Refunding
.Bonds, 1991 Series A in the aggregate principal amount of $9,385,000 and its
Residential Mortgage Revenue Refunding Bonds, 1991 Series B in the aggregate
principal amount of $1 ,900,000 (the "Prior Bonds"); and
WHEREAS, it is now deemed necessary and desirable to refund the Prior
Bonds, which refunding will benefit the Authority and the Agency; and
WHEREAS, it is now deemed necessary and desirable to amend the
Agreement to provide for such refunding and any further refundings; and
WHEREAS, there has been presented to the Agency a First Amendment
to Joint Exercise of Powers Agreement dated as of June 1 , 1992 (the "Amendment");
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE, AS FOLLOWS:
Section 1 . That it is the finding and declaration of the Agency that
the refunding of the Prior Bonds and any subsequent refundings are advantageous to
the Agency and therefore serve a valid public purpose; and that the execution and
delivery of the Amendment is advantageous to the Agency and therefore serves a
valid public purpose.
Section 2. . That the form, terms and provisions of the proposed
Amendment be, and they are hereby, in all respects approved; that the Chairman of
the Agency be, and is hereby, authorized; empowered and directed to execute, and
RESOLUTION NO. CRA 92703
PAGE 2
the Secretary of the Agency be, and is hereby, authorized, empowered and directed
to attest and to affix the official seal of the Agency to, the Amendment in the name
and on behalf of the Agency, and thereupon to cause the Amendment to be delivered
to the other parties thereto; that the Amendment is to be in substantially the form
presented to and before this meeting and hereby approved or with such changes
therein as shall be approved by the officer of the Agency executing the Amendment,
his execution thereof to constitute conclusive evidence of his approval of any and all
changes or revisions therein from the form of Amendment before this meeting; that
from and after the execution and delivery of the Amendment, the officers, officials,
agents and employees of the Agency are hereby authorized, empowered and directed
to do all such acts and things and to execute all such documents as may be necessary
to carry out and comply with the provisions of the Amendment as executed; and that
the Amendment shall constitute and is hereby made part of this authorizing resolution
and copies of the Amendment shall be placed in the official records of the Agency and
shall be available for public inspection at the principal office of the Agency.
Section 3. That the Chairman,the Secretary,the Executive Director
and the proper officers, officials, agents and employees of the Issuer are hereby
authorized, empowered and directed to do all such acts and things and to execute all
such documents and certificates as may be necessary to carry out and comply with
the provisions of the Agreement and the Amendment, as executed, and to further the
purposes and intent of this authorizing resolution, including the preamble hereto.
Section 4. That all acts of the officers, officials, agents and
employees of the Agency which are in conformity with the purposes and intent of this
authorizing resolution and in furtherance of the refunding of the Prior Bonds and any
subsequent refundings be, and the same hereby are, in all respects, approved and
confirmed.
Section 5. That the provisions of this authorizing resolution are
hereby declared to be separable, and if any section, phrase or provision of this
authorizing resolution shall for any reason be declared to be invalid, such declaration
shall not affect the validity of the remainder of the sections, phrases and provisions
of this authorizing resolution.
Section 6. That all ordinances, resolutions and orders. or parts
thereof, in conflict with the provisions of this authorizing resolution are, to the extent
of such conflict, hereby superseded; and that this authorizing resolution shall be in full
force and effect upon its adoption and approval as provided by law.
RESOLUTION NO. CRA 92-03
PAGE 3
ADOPTED THIS 11th day of June, 1992
ATTEST:
City Clerk of the City May# of the City of Gr�nd
Grand Terrace and of the Tece and of the City
City Council thereof. Council thereof.
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 City Council of the City of Grand Terrace held on the 11th day of
June, 1992, by the following vote:
AYES: Agency Members Carl strom, Christianson, Hi 1 key; Vice
Chairman Grant; Chairman Matteson
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk U
Approved as form.
3P) �
City Attorney