1986-18 RESOLUTION NO. 86- 18
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY, CALIFORNIA, APPROVING .THE PRE-
LIMINARY OFFICIAL STATEMENT AND OFFICIAL
STATEMENT FOR REFUNDING CERTIFICATES OF
PARTICIPATION IN THE ESTIMATED -PRINCIPAL
AMOUNT OF $4, 000, 000 AND AUTHORIZING AND
DIRECTING -DISTRIBUTION OF THE PRELIMINARY
OFFICIAL STATEMENT AND OFFICIAL STATEMENT
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 accomplish-"an -
advance refunding of the original Certificates; and -
WHEREAS, the City Council has received and reviewed a
Preliminary Official Statement and Official Statement on` :the
proposed issuance of the Refunding Certificates; and
WHEREAS, the City Council desires to approve and authorize
distribution of the Preliminary Official Statement and Official
Statement:
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 declares its intention to cause
Refunding Certificates to be issued in the aggregate principal
amount estimated and designated as:
$4, 000, 000
Refunding Certificates of Participation
(Civic Center Project)
Section 3 . The City Council hereby approves the Preliminary
Official Statement and Official Statement on the proposed
issuance of the Refunding Certificates, a copy of which is on
file with the City Clerk and available for public inspection.
Section 4. The City Council hereby authorizes and directs
M. F. WHIPPLE & CO. , INC.
(the "Underwriter") to distribute the Preliminary Official
Statement and Official Statement to potential purchasers of the
Refunding Certificates.
Section 5. The City Council hereby authorizes and directs
its officers, staff and consultants to render such assistance
and take such actions as may be appropriate to accomplish the
purposes of this resolution.
Section 6. This resolution shall take effect upon its
adoption and the- City Clerk shall certify to the adoption
thereof.
ADOPTED this _Lltb.: day of March, 1986.
_ ,Mayor.
- .-ATTEST: � \
.Cit�Clerk
APPROVED AS TO FORM:
i
City Att rndy
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. 96- 18 . , 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)