1991-24 RESOLUTION NO. 91-24
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE PLEDGING AS ADDITIONAL SECURITY
MONIES CREDITED TO THE MOTOR VEHICLE LICENSE FEE
ACCOUNT IN THE TRANSPORTATION TAX FUND
ESTABLISHED PURSUANT TO SECTION 11001 OF THE
REVENUE AND TAXATION CODE
WHEREAS, the City of Grand Terrace desires to enter into an agreement to finance the lease
purchase of certain property throughthe issuance of 1991 Lease-Purchase Revenue Bonds, Series A,
issued by the Grand Terrace Public Financing Authority; and
WHEREAS, the Legislative Body of the City may elect, by Resolution, to guarantee payment
under said Lease-Revenue Bond Financing Agreement pursuant Government Code Section 37351.5;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. The foregoing recitals are true and correct.
2. The City Council for the City of Grand Terrace does hereby elect to guarantee payment
pursuant to a Financing Agreement to finance the Lease-Purchase of certain property
through the issuance of Lease Revenue Bonds as more particularly described in "Lease
Agreement(Child,Care Center)" and "Lease Agreement(Grand Terrace Road Park-Site
Improvement Project)", all dated as of June 1, 1991.
3. The City Manager for the City of Grand Terrace is hereby directed to provide notice
to the Controller for the State of California of such election, which notice shall include
a schedule for payments to be made by the City under by the City under that Financing
Agreement, and identify the Trustee appointed by the City.
.4: In the event that, for any reason, funds otherwise available to the City will not be
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sufficient to make any payment under the Financing Agreement at the time payment is
required, the City shall notify said Trustee and the Trustee shall immediately
communicate that information to the affected bond holders and to the Controller.
5. Upon receipt by the Controller of the aforesaid notice, or should the City fail to make
any payment under the Financing Agreement at that time the payment is required, the
Controller shall make an apportionment to the Trustee in the amount of that required
payment for the purpose of making that payment. The Controller shall make that
payment only from monies credited to the Motor Vehicle License Fee Account in the
Transportation Tax Fund to which the City of Grand Terrace is entitled at that time
under Chapter 5 (commencing with Section 11001) of Part 5 of Division 2 of the
Revenue and Taxation Code, and shall there upon reduce by the amount of the
payment, the subsequent allocation to which the City would otherwise be entitled.
6. This Resolution shall be effective immediately upon adoption.
APPROVED, PASSED AND ADOPTED this 16th day of July, 1991.
CITY OF GRAND TERRACE
By:
BYR MATTESON, MAYOR
'ATTEST:
am .0k
BRENDA ANFILL, CIT CLERK
-APPROVED AS TO FORM:
_ JOHN R. HARP R, ITY ATTORNEY
-2-
STATE OF CALIFORNIA
COUNTY OF SANBERNARDINO
CITY OF GRAND TERRACE
I , BRENDA STANFILL, CITY CLERK of the CITY OF GRAND TERRACE,
CALIFORNIA, DO HEREBY CERTIFY that the foregoing resolution , being
resolution No . 91-24 WAS DULY PASSED, APPROVED AND ADOPTED BY THE
City Council , approved and signed by the Mayor , and attested by the
City Clerk, all at the said regular meeting of said City Council
held on the 16th day of July, 1991, and that the same was passed and
adopted by the following vote :
AYES : Councilmembers Carlstrom, Christianson and Hilkey; Mayor Pro
Tem Grant ; Mayor Matteson
NOES : None
ABSENT: None
AB'STAI N : None
EXECUTED this 16th day of July, 1991, at GRAND TERRACE, California .
Muds
B A STANFILL, CITY CLERK
CITY OF GRAND TERRACE
STATE OF CALIFORNIA -
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