2003-02 RESOLUTION NO. 2003- 02
RESOLUTION OF THE GRAND TERRACE
REDEVELOPMENT AGENCY, AUTHORIZING. THE
EXECUTION OF A LOAN AGREEMENT AND
PROMISSORY NOTE PERTAINING TO THE RICHARD
ROLLINS PARK / TERRACE MIDDLE SCHOOL
RENOVATION PROJECT, THE PLEDGE OF TAX
ALLOCATION FUNDS RELATED THERETO AND THE
AUTHORIZATION OF CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the.Grand Terrace Redevelopment Agency ("Agency") is a redevelopment
agency (a public body, corporate and politic) duly created, established and authorized to transact
business and exercise its power, all under and pursuant to the Community Redevelopment Law
(Part 1 of Division 24 commencing with Section 330000) of the Health and Safety Code of the
State of California)and the powers of the Agency include the power to enter into a loan agreement
for any of its corporate purposes: and,
WHEREAS, for the corporate purposes of the Agency, the Agency deems it necessary to
enter into a loan agreement in the amount of$1,310,000.00 and a promissory note in connection
therewith and pledge surplus tax allocation revenues, as defined in the Loan Agreement for re-
payment thereof; and,
WHEREAS,the Agency intends to utilize the proceeds of the Loan Agreement, combined
with other available funds for the Richard Rollins Park / Terrace Middle School Renovation
Project.
NOW, THEREFORE, BE IT RESOLVED BY THE GRAND TERRACE
REDEVELOPMENT AGENCY AS FOLLOWS
SECTION 1. The Loan Agreement by and between the Agency and Zions First National
Bank is hereby approved in a form,substantially as that attached hereto as Exhibit "A" and the
Mayor is authorized hereby to execute the final version of said Loan Agreement.
SECTION 2. The Promissory Note is hereby approved in the form substantially as that
attached as Exhibit "B" hereto. The Mayor is authorized hereby to execute the final version of the
Promissory Note.
SECTION 3. The City Manager, City Attorney, City Clerk, Bond Counsel and other
designated staff are hereby authorized to execute any and all necessary documents related to the
Loan Agreement and Promissory Note.
PASSED, APPROVED AND ADOPTED this 8`h day of July, 2003.
ha�irman
i
ATTEST:
Brenda Stanfill, Secret y
Approved as to Form and Content
John R. Harper, Attorney
State of California )
San Bernardino County )ss.
City of Grand Terrace )
I, Brenda Stanfill, Secretary for the Grand Terrace Redevelopment Agency, for the City
of Grand Terrace, do hereby certify that the foregoing Resolution, being Resolution No.2003-02
was regularly introduced and adopted by the Grand Terrace Redevelopment Agency, City of
Grand Terrace, California, at a regular meeting thereof held on the 8 th day of
July , 2003.
AYES: Councilmembers Larkin and Cortes; Mayor 'Pro Tem Ferre and Mayor Garcia
NOES: None
ABSENT: Councilmember Hilkey
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of Grand Terrace, California this 8th day of July 12003.
Brenda Stanfill, SecretaW
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