1984-04 RESOLUTION NO. CRA-84-04
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE
APPROVING THE INDENTURE OF TRUST, LOAN
AGREEMENT AND PRELIMINARY OFFICIAL STATEMENT
AND TAKING CERTAIN OTHER ACTIONS IN
CONNECTION WITH THE ISSUANCE OF ITS NOT TO
EXCEED $8, 000, 000 SINGLE FAMILY CONSTRUCTION
HOUSING NOTES, SERIES A OF 1984
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency") has previously issued its mortgage
revenue bonds in order to provide mortgage financing for the
purchase of certain residences;
WHEREAS, the Developers have been unable to obtain
financing for the construction of the residences at rates
sufficient to enable them to market the residences to the
broadest range of eligible purchasers; and
WHEREAS, the Agency desires to provide construction
financing for such residences.
�' NOW, THEREFORE, the Community Redevelopment Agency of the
City of Grand Terrace hereby resolves as follows:
1. The Indenture of Trust between the Agency and Security
Pacific National Bank, as Trustee (or such other Trustee which
shall have been named in writing, prior to closing, by the
Agency's Designated Representative, as defined below, as the
Trustee best qualified to assume the duties of trustee for the
Note issue, given the facts and circumstances present at
closing, including ecomomic and administrative factors which
may affect the viability of the issuance and the Agency' s'
ability to provide construction financing at the lowest
interest rate then possible) , the Loan Agreement between the
Agency and Security Pacific National Bank, as Lending
Institution (or such other Lending Institution which shall have
been named in writing, prior to closing, by the Agency' s
Designated Representative, as defined below, as the Lending
Institution best qualified to assume the duties of Lending
Institution for the Note issue, given the facts and
circumstances present at closing, including economic and
administrative factors which may affect the viability of the
issuance and the Agency's ability to provide construction
financing at the lowest interest rate then possible) and the
Official Statement, each substantially in the form this date
presented to the Agency are hereby approved. The Agency hereby
designates Seth Armstead as its Designated Representative for
purposes of naming the Trustee and/or Lending Institution as
set forth in the preceeding sentence. The Chairman, Executive
Director, or his designee, and the Secretary of the Agency are
hereby authorized and directed to execute such documents as are
required with such additions, deletions or modifications as may
be necessary in the opinion of Bond Counsel to deliver the
Notes on or before December 28, 1984. .
2 . The Agency hereby appoints and engages Nazarek,
Harper, Hopkins & McFarlin, to act as Bond Counsel in
connection- with the authorization and issuance of the Notes.
Bond Counsel 's fees shall be paid in accordance with the
schedule set forth in the proposal this day submitted to the
Agency, solely from the proceeds of the Notes.
3 . The Agency hereby appoints and engages Miller &
Schroeder Municipals, Inc. to act as underwriter in connection
with the sale of the Notes and hereby approves the sale of the
Notes to the underwriters in accordance with the terms and
conditions set forth in the Note Purchase Agreement. The
Agency hereby approves the form and content of the Note
Purchase Agreement by and between the Agency and Miller &
Schroeder Municipals, Inc. , this day submitted to the Agency
for execution, and authorizes and directs Seth Armstead to
execute said Note Purchase Agreement on behalf of the Agency.
4. The Chairman, Executive Director and Secretary or
their duly appointed deputies are hereby authorized and
directed to take such actions including the execution and
delivery of all certificates, documents or agreements as may be
necessary to accomplish the timely delivery of the Notes on or
before December 28, 1984.
5. The issuance of the Single Family Housing Construction
Notes, Series A of 1984, pursuant to the Indenture of Trust in
the principal amount of not to exceed $8, 000, 000 is hereby
approved.
6. This resolution shall become effective and be in full
force and effect from and after its date of adoption.
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ADOPTED this 20th day of December, 1984.
ATTEST:
rn. . . :
Secret ry of: the rand er ce Chair n f tho� a err e
= CommunTty,Redevelopment A ncy CommunityhedAlopment Agen
I, Myrna Erway, Secretary of the Grand Terrace Community Redevelopment
Agency, do hereby certify that the foregoing Resolution was introduced and
adopted at a regular meeting of the Grand Terrace Community Redevelopment
Agency of, the City of Grand Terrace held on the 20th day of December
1984, by the following vote:
AYES: Members::,Pettay Pfennig auseri;:-:Evans;
ChaJ,rma;n�-'�Grant.
NOES: None.
ABSENT: Vice :Chairm6n 'Mattes-on.
ABSTAIN: None.
Secret y
App oved as to orm:
Attorney
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