1987-01 RESOLUTION. NO. CRA-87-01
A ,RESOLUTION' OF' THE BOARD OF DIRECTORS .OF THE
COMMUNITY REDEVELOPMENT AGENCY ,OF THE. CITY OF,.
GRAND ,',TERRACE,' CALIFORNIA, AUTHORT:ZING
EXECUTION., OF AGREEMENTS; ' DESIGNATING.
AUTHOR2ZED _07FICER-; ,AND TAKI,NG •OTHER ACTIONS
NECESSARY= FOR .,THE CLOSING INCIDENT TO THE
FINANCING- OF: .CERTAIN EQUIPMENT'
WHEREAS, , the 'Comttnity Redevelopment Agency of the City
Of Grand Terrace (the . "Agency") proposers• to- finance, certain
public, equipment generally described as .fo,llows:
Acquis'it on And installation of air conditioning
equipment, together with appurtenances and
nciden al' 'expenses in connection therewith
(the .!'Equipment') and
WHEREAS, it is in the best interests and for the benefit
of: the Agency .that the Equipment be financed as follows.:
(a) The Equipment shall be acquired from the City of
Grand Terrace (the "Lessor") , pursuant to a
Lease-Purchase Agreement by and between the Agency,
as Lessee; and the Lessor;
(b) The acquisition and installation of the Equipment
.shall be supervised by the -Colton..Joint, Unified
School District (the "District"_) , as agent for `:the
Lessor, pursuant -to an Agency. Agreement by: and
between the 'District and the;--Lessor,:
(c) The' rights .and remedies of` the Leseor` under. the
Lease=Purchase- Agreement and Agency Agreement shall
be assigned to M. L. Stern & Co. , Inc. . (the
"Assignee") , pursuant to an Assignment Agreement by
and between the Lessor and Assignee;
(d) In consideration for the assignment, the Assignee
will cause funds to be deposited in trust with the
Lessor to finance the Equipment;
(e) The Agency (Lessee) shall make Rental Payments
under the Lease-Purchase Agreement to the Lessor
from any lawfully available revenues of the Agency
to pay for the cost of the Equipment; and
(f) The Lessor will administer the funds deposited by
the Assignee and transmit the Rental Payments to
the Assignee.
WHEREAS, the Board of Directors has received and
reviewed the agreements incident to the financing of the
i� Equipment and desires to take such action as may be necessary to
conclude the financing of the Equipment (the "Closing") :
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE, CALIFORNIA, AS FOLLOWS:
Section 1. Recitals. The above recitals are all true
and correct.
Section 2 . Approval of Agreements. The Board of
. Directors hereby approves, authorizes and directs its Authorized
Officer to execute the agreements specified as follows:
(a) Lease-Purchase Agreement
(b) Assignment Agreement
(c) Agency Agreement
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(the "Agreements") in substantially the form on file with the
Secretary and authorizes modifications to the foregoing
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agreements up to the time of closing of the financing for the
Equipment.
Section 3 . Desianation of Authorized Officer; Closina.
The Board of Directors hereby designates as its Authorized Officer
EXECUTIVE DIRECTOR
for purposes of executing the Agreements and other documents
incident to the closing of the financing of the Equipment.
Section 4. Authorization to Execute Reauests for
Disbursement; Contracts for Equipment. The Board of Directors
hereby authorizes and directs its Authorized Officer to execute
all requests for disbursement and all contracts for acquisition
of the Equipment, pursuant to the Agency Agreement.
'{ Section 5. General Authorization; Closing. The Board
of Directors hereby authorizes and directs:
(a) The appropriate officers of the Agency to execute
all closing documents in connection with the
financing of the Equipment;
(b) The appropriate officers of the Agency, jointly and
severally, for and in the name of and on behalf of
the Agency, to execute and deliver any and all
things and to take any and all actions which may be
necessary or advisable in their discretion to
fulfill the actions heretofore approved by this
Board of Directors; and
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(c) The appropriate officers of the Agency to make such
L additional filings, amendments, consents,
undertakings or agreements as may be required to
establish and maintain the qualifications or
exemptions existing or to be obtained under the
laws of the State of California.
Section 6. Ratification of Actions. The Board of
Directors hereby ratifies and confirms all actions heretofore
taken by this Board of Directors in connection with the financing
of the Equipment.
Section 7. Effective Date. This Resolution shall
become effective and be in full force and effect from and after
its date of adoption.
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ADOPTED this 28th day of May, 1987.
Yh
BYgN R. MATTESON, Chairman of the
the/Community Redevelopment Agency
of the City of Grand Terrace
ATTEST:
Loretta Thompson, Secretary of the
. Community Redevelopment Agency
of the City of Grand Terrace
Approved as to ford:
. Attorney f
I, Loretta Thompson, Secretary of the Community
Redevelopment Agency of the City of Grand Terrace, do hereby
certify that the foregoing Resolution was introduced and adopted
at a regular meeting of the Grand Terrace Community Redevelopment
s._ Agency of the City of Grand Terrace held on the 2gth day of M&y _,
1987, by the following vote:
AYES: Members Pfennighausen, Grant, Evans, Crawford;
Chairman Matteson.
NOES: None
ABSENT: None
ABSTAIN: None
Secretary
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