1986-15 RESOLUTION NO. 86- 15
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, DESIGNATING A TRUS-
TEE AND ESCROW HOLDER FOR THE ISSUANCE
OF REFUNDING CERTIFICATES OF PARTICIPA-
TION 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 Certifi-
cates of Participation (the "Certificates") to be issued to
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 accomplisYr an
advance refunding of the original Certificates; and
WHEREAS, the City Council has received and reviewed a V
schedule of fees for services to be rendered by
GOLDEN STATE SANWA BANK
under the Trust Agreement (the 111986 Trustee") and the Escrow
Deposit and Trust Agreement (the "Escrow Holder") :
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
GOLDEN STATE SANWA BANK
as 1986 Trustee and as Escrow Holder under the agreements
specified as follows:
(a) Trust Agreement
(b) Escrow Deposit and Trust Agreement
copies of which are on file with the City Clerk.
Section 3 . The City Council hereby approves the schedule of
fees to be charged for services rendered under- the foregoing
agreements and directs the City Clerk to maintain a copy of the
fee schedule on file in the offices of the City.
Section 4. The City Council hereby authorizes and directs
its officers to execute the foregoing agreements and such other
agreements as may be necessary to fulfill the purposes of this
Resolution.
Section 5. 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.
ATTEST:
Cit Clerk
APPROVED AS TO FORM•
City Attorn ly
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- 15 , 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 erk
(SEAL)