1993-10 RESOLUTION NO. 93-10
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAND TERRACE APPROVING THE REFINANCING
OF CERTAIN PUBLIC IMPROVEMENTS BY THE
REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE, THE REPAYMENT OF CERTAIN AGENCY
INDEBTEDNESS AND THE FUNDING OF CERTAIN
EDUCATION AUGMENTATION FUND PAYMENTS
WHEREAS, the Redevelopment Agency of the City of Grand Terrace (the "Agency")
is authorized pursuant to Part 1 of Division 24 (commencing with Section 33000) of the
California Health and Safety Code (the "Act") to issue bonds for any of its corporate
purposes; and
WHEREAS, the Agency has indicated its intention to issue not to exceed $14,000,000
aggregate principal amount of Redevelopment Agency Tax Allocation Bonds, Issue of 1993,
Series A and Series B (the "Bonds") in order to (i) refinance certain outstanding City of
Grand Terrace Certificates of Participation issued in 1986 to finance certain public capital
improvements of benefit to the Agency's redevelopment project area, (ii) repay certain other
indebtedness between the Agency and the City of Grand Terrace, (iii) fund a contingent
obligation for low and moderate housing set aside funds pursuant to Health and Safety Code
Section 33334.6, and (iv) to fund the expected State Education Augmentation Fund Payment
for fiscal year 1993/94; and
WHEREAS, pursuant to the Act, the City Council also must authorize the issuance of
the Bonds by the Agency;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF GRAND TERRACE AS FOLLOWS:
Section 1. Approval of Financing. This City Council hereby approves the
financing and refinancing described in the recitals hereto,.all of which constitute a
"redevelopment activity" as such term is defined in Section 33678 of the Act, by means of
the issuance of Not to Exceed Fourteen Million Dollars ($14,000,000) aggregate principal
amount of the Agency's Redevelopment Agency Tax Allocation Bonds, Issue of 1993, Series
A and Series B, pursuant to the provisions and subject to the requirements of the Act. This
approval is intended to satisfy the requirements of Health and Safety Code Section 33640.
L Section 2. Effective Date. This Resolution shall take effect immediately upon
adoption.
APPROVED and ADOPTED this 13th day of May, 1993 by the following vote:
AYES: Councilmembers Carlstrom, Hilkey, and Singley; Mayor Pro Tem Christiansor
Mayor Matteson
NOES: None
ABSENT: None
MAJ OF THE CITY OF TERRACE
ATTEST:
BRENDA STANFILL, C Y CLERK
APPROVED AS TO FORM:
JOHN R. HARPER, IT ATTORNEY
C:\B0NDSOT2\RES0.003 2
I, BRENDA STANFILL, CITY CLERK of the City of Grand Terrace, do hereby
certify that Resolution No. 93-10 was introduced and adopted at a regular meeting
of the City Council of the City of Grand Terrace held on the 13th day of May, 1993
by the following vote:
AYES: Councilmembers Carlstrom, Hilkey, and Singley; Mayor Pro Tem
Christianson; Mayor Matteson
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
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