1986-14 RESOLUTION NO. 86- 14
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, DESIGNATING SPECIAL
COUNSEL AND UNDERWRITER INCIDENT TO THE
ISSUANCE OF REFUNDING CERTIFICATES OF
PARTICIPATION IN THE PRINCIPAL AMOUNT
ESTIMATED AT $4, 000, 000, AND MAKING
OTHER DETERMINATIONS
WHEREAS, the City Council of the City of Grand Terrace (the
"City") has heretofore undertaken and completed certain public
improvements generally described as follows:
Construction of a Civic Center including
appurtenances and appurtenant work and other
costs and expenses incident thereto
hereinafter called "Project"; and
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency") , is a redevelopment agency duly
created, established and authorized to transact business and
exercise its powers, under and pursuant to the Community
Redevelopment Law (Part 1 of Division 24 of the Health and
Safety Code of the State of California) and the powers of the
Agency include the power to pledge tax increment and other
revenues and to issue .evidences of indebtedness for any of. its` `
corporate purposes; and
WHEREAS, the City has heretofore caused $3,430, 000 Certlfi
cates of Participation (the "Certificates") to be issued tp ,
finance the Project and the Agency has heretofore pledged Tax
Increment Revenues to secure payment of interest and principal
to owners of the Certificates; and
WHEREAS, the City Council proposes to cause issuance and
sale of an estimated $4, 000, 000 Refunding Certificates of
Participation (the "Refunding Certificates") to accomplish an
advance refunding of the original Certificates; and
WHEREAS, the City Council deems it necessary to designate
special counsel and to designate an underwriter incident to the
authorization, issuance and sale of the Refunding Certificates:
NOW, THEREFORE, the City Council of the City of Grand
Terrace does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section 1. The above recitals are all true and correct.
Section 2 . The City Council hereby designates
NAZAREK, HARPER, HOPKINS & McFARLIN
as Special Counsel to provide all legal services incident to the
authorization, issuance and sale of the Refunding Certificates
and approves and authorizes execution of the Agreement for
Special Counsel Services on file with the City Clerk.
Section 3 . The City Council hereby designates
M. F. WHIPPLE & CO. , INC.
As the Underwriter and authorizes the Underwriter to take all
actions necessary to market the Refunding Certificates, with the
sale thereof subject to approval of a Purchase Agreement by the
City.
Section 4. This resolution shall take effect upon its
adoption and the City. Clerk shall certify to the adoption
thereof.
ADOPTED this 13th day of March, 1986.
\I�or
ATTEST:
City Clerk
APPROVED .AS TO FOA14:
City Attor*y
2 .
STATE OF CALIFORNIA )
ss.
COUNTY OF SAN BERNARDINO )
I, ILENE DUGHMAN, City Clerk of the City of Grand Terrace,
DO HEREBY CERTIFY that the foregoing resolution, being Resolution
No. 86_ 14 , was duly adopted by the City Council of said City at
a duly called and conducted meeting of said City held on the 13th
day of March, 1986, and that it was so adopted by the following
vote:
AYES: Councilmembers Matteson , Petta , Pfennighausen , Evans ;
Mayor Grant
NOES: None
ABSENT: None
City C1er
(SEAL) _ .