1983-52 RESOLUTION NO. 83-52
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE , SAN BERNARDINO
COUNTY, CALIFORNIA, APPROVING THE
OFFICIAL STATEMENT AND NOTICE OF SALE;
FIXING DATE, TIME AND PLACE FOR TAKING
PROPOSALS TO PURCHASE CERTIFICATES OF
PARTICIPATION; AND MAKING OTHER
DETERMINATIONS
WHEREAS, the City of Grand Terrace proposes to finance con-
struction of certain public facilities generally described as
follows:
Construction of a civic center including
appurtenances and appurtenant work and
other costs and expenses incident thereto
hereinafter collectively called "the Project" ; and
WHEREAS , the City Council has determined that it is in the
best interests and for the common benefits of the citizens of the
City that the City finance construction of the Project by:
( i) leasing a site to Crocker National Bank (the "Bank" ) pursuant
to a Site Lease; ( ii) causing the Project to be constructed on the
Site from the proceeds of Certificates of Participation issued by
Crocker National Bank; ( iii) conveying all right and title to the
Project to the Bank, as Trustee for the Certificate Holders; and
(iv)- entering into a Lease-Purchase Agreement relating to the
lease-purchase of the Project and the lease-back of the Site for
the term specified in the Lease-Purchase Agreement; and
WHEREAS, the Bank will act as Trustee for and on behalf of
the owners of the Certificates of Participation; and
WHEREAS, the net proceeds from the sale of the Certificates
of Participation will be disbursed by the Bank, at the discretion
- of the City Council, for the construction and equipping of the
Project and other aspects of the transaction as set forth in the
Lease-Purchase Agreement; and
WHEREAS , pursuant to an Agency Agreement, the City shall act
as the agent of the Bank for the purpose of the supervision and
construction of the Project; and
WHEREAS, the City Council has received and reviewed an
Official Statement and Notice of Sale disclosing the terms and
conditions for the sale of the Certificates of Participation;
and
WHEREAS, the City Council desires to fix the date, time and
place for taking proposals for the sale of the Certificates of
Participation and to give further authorization incident thereto:
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 approves the Official
Statement in substantially the form on file with. the City Clerk
and authorizes minor modifications to be made in the Official
Statement up to the time of sale of the Certificates of Partici-
pation.
Section 3. The City Council hereby approves the Notice of
Sale, together with the date, time and place for receipt of
proposals as set forth in the Notice, in substantially the form on
. file with the City Clerk and authorizes minor modifications to be
made in the Notice up to the time of sale of the Certificates of
Participation.
Section 4. The City Clerk is hereby authorized and directed
as follows:
2.
(a) To cause the Notice of Sale to be published in such a
time and manner as may be necessary to advise potential
purchasers of the sale of the Certificates of
Participation;
(b) To cause the official statement to be distributed to
potential purchasers of the Certificates of Participa-
tion;
( c) To cause an application for rating of the Certificates
of Participation to be made with Standard & Poors or
such other rating agencies as may be appropriate;
(d) To cause a copy of the Notice of Sale to be filed with
the California Debt Advisory Commission at least ten
(10) days prior to the date of sale; and
(e) To cause such other action to be taken as may be
appropriate to obtain an acceptable proposal or
proposals for the purchase of the Certificates of
Participation.
Section 5. This resolution shall take effect upon adoption:
ADOPTED this 26th day of October, 1983.
Mayor of`th Ci of rand
Terrace a d f the City
Council thereof.
ATTEST:
Approved as to form;
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City C er o_ the- City ofgrand '
Terra e,:anc c;f.-tiie -.City uncil �M�
thereof.
_ City Attorney
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, City Clerk of the City of Grand Terrace, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted by the City Council of
said City at a special meeting of the City Council held on the 26th day of
October, 1983, and that it was so adopted by the following vote:
AYES: . Councilmembers Rigley, Petta, Nix, Pfennighausen
Mayor Grant.
NOES: None.
ABSENT: None.
City e o the C ty o Gran- err6ce
and of a City Council there,, - -
STATE OF CALIFORNIA )
COUNTY' OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, City Clerk of the City of Grand Terrace, DO HEREBY
CERTIFY that the above and foregoing is a full , true, and correct copy of
Resolution No. 83-52 of said City, and that the same has not been amended or
repealed.
DATED: October 27, 1983.
r City of the Uty of GraM. errace-
and of he City Council the.r f. , =