1983-59 RESOLUTION NO. 83-59
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE , SAN BERNARDINO
COUNTY, CALIFORNIA, AUTHORIZING AND
DIRECTING CROCKER NATIONAL BANK TO
EXECUTE AND DELIVER CERTIFICATES OF
PARTICIPATION; AUTHORIZING AND
DIRECTING ITS OFFICERS TO TAKE ACTIONS
NECESSARY FOR THE CLOSING INCIDENT TO
THE ISSUANCE AND DELIVERY OF CERTIFI-
CATES OF PARTICIPATION; AND MAKING
OTHER DETERMINATIONS
(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�C1ity 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 heretofore accepted a pro-
posals ) for the purchase of the Certificates of Participation;
and
WHEREAS , the City Council has heretofore authorized execu-
tion of all agreements incident to the issuance and delivery 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 hereby authorizes and directs
Crocker National Bank to execute and deliver Certificates of
Participation in the amount of:
2 .
$ 3,430 ,000
to the purchaser thereof, in accordance with the Trust Agreement.
Section 3. The City Council hereby authorizes and directs: `
(a) The appropriate officers of the City to execute -any _
closing documents in connection with the Certificates oT .
Participation;
( b) The appropriate officers of the City, jointly and
severally, for and in the name of and on behalf of the
City, to execute and deliver any and all things and to
take any and all actions which may be necessary or
advisable in their discretion to fulfill the actions
heretofore approved by this City Council;' and
( c) the appropriate officers of the City to make such
additional filings, amendments, consents, undertakings
or agreements as may be required to affect and maintain
the qualifications or exemptions existing or to be
obtained under the laws of the State of California.
Section 4. The City Council hereby ratifies and confirms all
actions heretofore taken by the City Council in connection with
the authorization, issuance and sale of the Certificates of
Participation and the approval and execution of all documents
incident thereto.
Section 5. This resolution shall take effect upon its
adoption.
ADOPTED this 17th_ day of November , 1983.
Mayor o ' Ni y of Gra�Terrace
and of theCouncil thereof.
3 .
ATTEST:
�Cit�y rk of the City Grand
=— Terras and °of the City Council
^therP,of:
Approved as to Form:
City Attorney
4 .
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 C1 of the City of Gra ---Terrace
and of the City Council there f,= =
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. 83-59 of said City, and that the same has not been amended or
repealed.
DATED: November 18, 1983.
city of the Ci ty o ran errace
and of T e City Council there