1999-02 RESOLUTION NO. CRA 99-02
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE,CALIFORNIA,
APPROVING THE SECOND SUPPLEMENTAL INDENTURE
RELATING TO THE $30,000,000 COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE MULTIFAMILY HOUSING REVENUE BONDS(MT.
VERNON VILLAS PROJECT) 1985 SERIES A, APPROVING
RELATED DOCUMENTS AND AUTHORIZING THE
EXECUTION THEREOF
WHEREAS,the Community Redevelopment Agency of the City of Grand Terrace,
California(the "Agency")has heretofore issued and sold its Community Redevelopment Agency
ofthe City of Grand Terrace Multifamily Housing Revenue Bonds(Mt.Vernon Villas Project) 1985
Series A in the aggregate principal amount of$30,000,000(the"Bonds"),under and pursuant to an
Indenture of Trust(the"Indenture")dated as of December 1, 1985,by and between the Agency and
U.S. Bank Trust National Association, successor to Seattle-First National Bank, as trustee (the
"Trustee"); and
WHEREAS, Section 1002 of the Indenture permits the amendment of the Indenture
to extend the maturity date of the principal amount of Bonds with the consent of the Owners of all
Bonds then Outstanding; and
WHEREAS, such consent has been requested, together with a waiver of the
requirement for a twenty(20)day notice of redemption as required by Section 602 of the Indenture,
from the bondowners,the Credit Facility Provider,the Developer and the Remarketing Agent; and
WHEREAS,the Second Supplemental Indenture has been prepared for such purpose,
and it is appropriate at this time for the Agency to approve and authorize the execution of.such
Second Supplemental Indenture relating to the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment
Agency of the City of Grand Terrace, as follows:
Section 1. Approval of Second Supplemental Indenture. The Second
Supplemental Indenture, dated as of November 10, 1999, by and between the Agency and the
Trustee, in substantially the form presented to the Agency at this meeting, together with any
additions thereto or changes therein deemed necessary or advisable by the Executive Director upon
the advice of Bond Counsel,is hereby approved. The appropriate officers of the Agency are hereby
authorized and directed to execute the Second Supplemental Indenture, as amended, for and in the
name and on behalf of the Agency, such execution to represent approval of the final fonn thereof
by the Agency.
AppReso.wpd
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Section 2. Conditioned on Consent. The amendment of the Indenture described
herein is conditioned on the receipt:of the consent to such amendment, fully executed by the
bondholders,the Credit Facility Provider,the Developer and the Remarketing Agent,as such parties
are presently identified in the proceedings. All notices sent pursuant to the provisions of the
amendment shall be conditional upon the receipt of such consent properly executed by all parties.
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Section 3. Prior Actions. All actions heretofore taken by the officers and agents of
the Agency with respect to the authorization,sale and remarketing of the Bonds are hereby approved,
confirmed and ratified, and the Chairman, the Secretary, the Executive Director, and any and all
other officers of the Agency are hereby authorized and directed, for and in the name and on behalf
of the Agency, to do any and all things and take any and all actions relating to the execution and
delivery of any and all certificates,requisitions,agreements and other documents,which they,or any
of them, deem necessary or advisable in order to consummate the lawful authorization, sale and
remarketing of the Bonds in accordance with the Indenture, as supplemented, and this resolution.
Section 4. Effective Date. This resolution shall take effect from and after its
adoption.
PASSED, APPROVED AND ADOPTED this 10th day of November, 1999.
ATTEST:
j
Secretaryy,of the:Commly ; CIO
nan of the Commu�iity
Redevelopment, genc, -ofalie City of Redevelopment Agency of the City of
Grand Terrace Grand Terrace
2 AppResompd
Resolution 99-02
I, BRENDA STANFILL, CITY CLERK of the City of Grand Terrace, do hereby
certify that the foregoing Resolution was introduced and adopted at a special meeting
of the City Council of the City of Grand Terrace held'on the 10th day of November,
1999 by the following vote:
AYES: Agency Member Hilkey, Garcia, and Larkin; Mayor Pro
Tem Buchanan; Mayor Matteson
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
Approved as to form:
City Attorne�J