1986-21 RESOLUTION NO. 86-21
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GRAND TERRACE, SAN BERNARDINO
COUNTY,. CALIFORNIA, AUTHORIZING AND
DIRECTING DISBURSEMENT OF FUNDS FROM
THE DELIVERY EXPENSE ACCOUNT PURSUANT
TO SECTION 6. 02 OF THE TRUST AGREEMENT
FOR ADMINISTRATION OF REFUNDING CERTI-
FICATES OF PARTICIPATION IN THE ESTI-
MATED PRINCIPAL AMOUNT OF $4 . 000.. 000'
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.`aiid "
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 wishes to authorize payment of
certain Delivery Expenses from the Delivery Expense Account at
, the time that the Refunding Certificates are delivered to and
paid for by the purchaser thereof (the "Closing") :
NOW, THEREFORE, the City Council of the City of Grand
Terrace does hereby RESOLVE, DETERMINE AND ORDER as follows:
Section ,l. The above recitals are all true and correct.
Section 2 . The City Council hereby authorizes and approves
the disbursement of funds from the Delivery Expense Account for
the purposes and to the persons specified in Exhibit "A" attached
hereto and made a part hereof.
Section 3 . The City Council hereby authorizes and directs
its Authorized Officer to execute and submit to the Trustee
certificates requesting disbursement in the form provided in
Section 6. 02 of the Trust Agreement for payment at the Closing of
the Delivery Expenses specified in Exhibit "A" .
Section 4. This resolution shall take effect upon adoption
and the City Clerk shall certify to the adoption thereof.
ADOPTED this 13th day of March, 1986.
\Mayor \
ATTEST:
Citylerk
APPROVED AS TO FORM:
_ l
City Attorney`
2 .
DELIVERY EXPENSES
Pavee Purpose
AMBAC Premium for insurance on
One ' State Street Plaza Refunding Certificates
New York, New York 10004 .
Nazarek, Harper, Hopkins Fees and costs for special
& McFarlin counsel services pursuant to
2302 Martin Street to Agreement for Special
Suite 225 Counsel Services.
Irvine, California 92715
Haynes. & Miller Fees and costs for special
1156 Fifteenth Street N.W. tax counsel.
Suite 401
,Washington, D.C. 20005
Simonis ,Moreland Accountants, Verification of mathematical
Inc. calculations for Escrow.
610 Newport Center Drive
Suite 500
Newport Beach, California 92660
Golden State Sanwa Bank Acceptance fee as 1986
9000 East Valley Boulevard Trustee, first year annual
Rosemead, California 91770 fee and miscellaneous
expenses
Crocker National Bank Fees as 1983 Trustee
111 Sutter Street, 18th Floor
San Francisco, California 94104 -
Rosen, Wachtell & Gilbert Fees for 1986 Trustee' s
1888 Century Park East Counsel and Escrow Holder's
Suite 2100 Counsel
Los Angeles, California- 90067
Chas. P. Young/Jefferies Printing of Official State-
Banknote Company ment and Certificates
1330 West Pico Boulevard
Los Angeles, California 90015
EXHIBIT "A"
Pavee Purpose
California Debt Advisory Statutory Fees
Commission
Post Office Box 1919
Sacramento, California 95809
Commonwealth Land Title insurance on site
Title Insurance Company
412 W. Hospitality Lane
San Bernardino, California 92408
California Municipal Statistics, Verification of statistics
Inc.
244 Kearny Street
San Francisco, California
A-1
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. 86-21 , 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) '. _