1983-57 RESOLUTION NO. 83-57
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAND TERRACE , SAN BERNARDINO COUNTY,
CALIFORNIA, ACCEPTING OFFER TO PURCHASE
CERTIFICATES OF PARTICIPATION
(Civic Center Project)
WHEREAS, the City of Grand Terrace proposes to finance
construction 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 interest and for the common benefit of the citizens of the
City that the City finance construction of the Project by:
( i) leasing a site to National Municipal Leasing Services, Inc.
(the "Corporation" ) 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 (the
"Bank" ) , pursuant to a Trust Agreement; ( iii) entering into a
Lease-Purchase Agreement with the Corporation 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
(iv) entering into a Financing Agreement with the Community
Redevelopment Agency of the City of Grand Terrace (the "Redevelop-
ment Agency" ) to provide tax increment revenues annually in an
amount sufficient to make the rental payments under 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 direction
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 Corporation for the purpose of the supervision
and construction of the Project; and
WHEREAS, pursuant to an Assignment Agreement, the Corporation
will assign all of its rights and duties under the Lease-Purchase
Agreement to the Bank, for the benefit of the Owners of the
Certificates of Participation; and
WHEREAS, the City Council has received and reviewed a
proposal(s ) for the purchase of the Certificates of Participation:
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 believes that a proposal for the
purchase of the Certificates of Participation which will result in
the lowest net interest cost to the City has been submitted by:
BANCROFT, O'CONNER, CHILTON & LAVELL, INC.
Section 3. The City Council hereby approves and accepts the
foregoing proposal for the purchase of the Certificates of Parti-
cipation, in accordance with the terms and conditions set forth in
the proposal.
2 .
Section 4. This resolution shall take effect upon adoption.
ADOPTED this 17th day of November 1983.
Mayor o t ity o Grand Terrace
and of th City Council thereof.
ATTEST:
^^C ty Cti erk of the City o Grand
Terra -and of the City ouncil
th -f'o.f
(SEAL)
L
APPROVED AS TO I
k44_ C
r
City Attorney
3.
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 regular meeting of the City Council held on the 17th day of
November, 1983, and that it was so adopted by the following vote:
AYES: Councilmembers Rigley, Petta, Nix, Pfennighausen
Mayor Grant.
NOES: None.
ABSENT: None.
City Clerjef6f the City of Grand errace--
and of to City. Council thereo _
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. 83-57 of said City, and that the same has not been amended or
repealed.
DATED: November 18, 1983.
city C1 k of the City of Gr ,Od Terrace-
and of ahe City Council thereof. =