1985-26 RESOLUTION NO. 85-26
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, PRELIMINARILY APPROVING
AGREEMENTS FOR REFUNDING CERTIFICATES OF
PARTICIPATION (CIVIC CENTER PROJECT)
WHEREAS, the City has heretofore caused $3,430, 000
Certificates of Participation, dated as of December 1',. 196'3
(the "Certificates" ) , to be issued and delivered to the
purchaser thereof the finance the Civic Center Project; and
WHEREAS, the City Council proposes to cause issuance and
sale of Refunding Certificates of Participation (the "Refunding
Certificates" ) to accomplish an advance refunding of the
original Certificates; and
WHEREAS, the City Council has received and reviewed drafts
of the agreements necessary to accomplish the advance refunding
of the original Certificates :
NOW, THEREFORE, BE IT RESOLVED by the City Council of the.
City of Grand Terrace as follows :
Section 1. The above recitals are all true and correct.
Section 2. The City Council hereby declares its intention
to issue Refunding Certificates to accomplish an advance
refunding of the original Certificates issued and sold to
finance construction of the Civic Center Project.
Section 3. The City Council hereby preliminarily approves
the agreements specified as follows :
1. 1985 Site Lease
2 . 1985 Lease-Purchase Agreement
3. 1985 Trust Agreement ti
4. 1985 Lease-Purchase Assignment Agreement
5. 1985 Security and Assignment Agreement
6. Escrow Deposit and Trust Agreement
in substantially the form on file with the City Clerk and
authorizes necessary modifications to be made to the agreements
to accomplish the advance refunding of the original
Certificates.
Section 4. This Resolution shall take effect upon
adoption.
-1-
ADOPTED this 21 st day of November 1985
ATTEST:
City-Clerk of e City of Mayor y o Grand
Grab- Terrac and of the Terrace nd f the Ci
city Council thereof. Council t ereof.
I, ILENE DUGHMAN, 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 21 st day of November 1985 by
the following vote:
AYES: None
NOES: None
ABSENT: None
ABSTAIN: None
City C k
Approved as to form:
. 1
City Att rn
(SEAL)
-2-