1986-01 r.
RESOLUTION NO. cm 86,oi
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND-TERRACE,- SAN
BERNARDINO COUNTY, CALIFORNIA, APPROVING
AND AUTHORIZING EXECUTION OF CERTAIN AGREE-
MENTS INCIDENT TO THE ISSUANCE OF REFUNDING.
CERTIFICATES OF PARTICIPATION IN THE ESTI
MATED 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 redevel'opment .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 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 Agency concurs in the determination of the City
Council ' that it is in 'the best interests and for the common
benefit of the residents and landowners of the City that an
advanced refunding of the original Certificates be accomplished;
and
WHEREAS, the Agency concurs in the determination of the City
Council that it is in the best interests and for the common
benefit of the residents and landowners of the City that the
sale of the Refunding Certificates be negotiated with
M. F. WHIPPLE & CO. , INC.
hereinafter called the "Underwriter", pursuant to a .Purchase
Agreement; and
WHEREAS, the Agency has received and reviewed all agreements
to which it is a signatory incident to the issuance and sale of
the Refunding Certificates:
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency
of the City of Grand Terrace as follows:
Section 1. The above recitals are all true and correct.
Section 2. The Agency hereby approves and authorizes and ,
directs its officers to execute the agreements_ specified as
follows:
(a) 1986 Lease-Purchase Agreement
(b) 1986 Lease-Purchase Assignment Agreement
(c) 1986 Security and Assignment Agreement
(d) 1986 Trust Agreement
- (e) 19'86 Site Lease
(f) Escrow Deposit and Trust Agreement
(g) Purchase Agreement
in substantially the form on' file with the Secretary and
authorizes Special Counsel to make minor modifications to the
foregoing agreements up to the time of delivery of the Refunding .
Certificates.
Section 3 . The Agency hereby authorizes and directs:
(a) The appropriate officers of the -Agency to execute .all
closing documents in connection with the Refunding
Certificates;
(b) The appropriate officers of the Agency, jointly and
severally, for and in the name of and 'on behalf of this
Agency, 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 Agency; and
(c) The appropriate officers of the Agency to make such
additional filings, amendments, consents, undertakings
2 .
or agreements as may be 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 Agency hereby ratifies and confirms all
actions .heretofore taken by the Agency in connection with the
authorization, issuance and sale of the Refunding Certificates.
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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. APPROVED AS TO FORM:
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STATE OF CALIFORNIA )
ss.
COUNTY OF SAN BERNARDINO . )
I, ILENE DUGHMAN, Secretary of the Community Redevelopment
Agency of the City of -Grand Terrace, DO HEREBY CERTIFY that the
foregoing resolution, being Resolution No. CRA 86'=,07, was duly
adopted, by the Board of Directors of said Agency at a duly called
and conducted meeting of said Agency held on the 93th day of
March, 1986, and that it was so adopted by the following vote:
AYES: Members Mat-teson , Petta , Pfennighausen , Evans ;
Chairman Grant
NOES: None
ABSENT: None
Secre y
(SEAL)