1992-01 RESOLUTION NO. 92-01 ---
1
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE
AUTHORIZING THE SALE OF CERTAIN RIGHTS AND
INTERESTS IN THE LA VERNE-GRAND TERRACE
FINANCING HOUSING AGENCY
WHEREAS, the City 'of Grand Terrace (the "City") is a municipal
corporation duly organ-zed and existing pursuant to the laws .of the
State of California; and
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace . (the "Agency") is a redevelopment agency, a public
body corporate and 44olitic, duly created, established and
authorized to transact business and exercise its powers in 4;
accordance with the Co _unity Redevelopment Law; and
WHEREAS, the Agency has previously participated in the
formation of the La Verne-Grand Terrace Housing. Finance Agency, and
in connection therewith has previously executed that certain
Agreement pertaining to t-he formation of the La Verne-Grand Terrace
Housing Finance Agency dated as of December 12 , 1983 (the "Joint
Powers Agreement") ; and.
WHEREAS, the La Verne-Grand Terrace Housing Finance Agency is
a joint powers authority which was duly established by appropriate
official action of the La Verne Redevelopment Agency and the
Community Redevelopment Agency of the City of Grand Terrace
pursuant to Government Code Section 6500, et seq. ; and
WHEREAS, the La Verne-Grand Terrace Housing Finance Agency was
formed for the purposes of undertaking a certain residential single
family home ownership _=_,iancing program (the "Program") pursuant to
Section 33750 of the California Community Redevelopment. Law; and
WHEREAS, in connec`�-ion with the establishment of the Program,
the La Verne-Grand Terrace Housing Finance Agency issued its "La
Verne-Grand Terrace F-lousing Finance Agency, California, Single
Family Residential Mortgage Revenue Bonds, 1984 Series All (the
"Bonds") ; and
WHEREAS, pursuant to the terms of the Joint Powers Agreement,
any surplus moneys held by the La Verne-Grand Terrace Financing
Agency may be distributed to the respective parties in proportion
to their participation; and
WHEREAS, the Agency, as a member of the La Verne-Grand Terrace
Housing Finance Agency, has certain rights and interests in the
property and assets of the La Verne-Grand Terrace Housing Finance
Agency and deems it desirable to dispose of its rights and
interests in the La Verne-Grand Terrace Housing Finance Agency to
the City for certain consideration as hereinafter described;. and
RESOLUTION NO. 92-01
PAGE 2
WHEREAS, because of the nature of the Agency's rights and
interests in the La Verne-Grand Terrace Financing Agency, the value
of such rights and interests is difficult to determine; and
WHEREAS, the Agency deems it desirable and appropriate to sell
its rights and interests in the La Verne-Grand Terrace Housing
Finance Agency to the City for the sum of Five Thousand Dollars
($5, 000) .
NOW, THEREFORE, BE IT RESOLVED, DETERMINED, AND ORDERED BY THE
COMMUNITY REDEVELOPMENT AGENCY, of the City of Grand Terrace,
California, that the Agency does hereby approve by resolution the
following:
Section 1. The Agency hereby authorizes the sale of its
rights and interests in the La Verne-Grand Terrace Housing Finance.
Agency to the City.
Section 2 . The Agency hereby finds and determines that the
sale of its rights and interests in the La Verne-Grand Terrace
Housing Finance Agency to the City for the sum of Five Thousand
Dollars ($5, 000) is reasonable under the circumstances given the
existence of certain restrictions set forth in the Bond documents
and the fact that the Agency has not previously received any prior
-f distributions from the La Verne-Grand Terrace Housing Finance
Agency.
Section 3 . The Chairman and the Secretary of the Agency are
hereby authorized to take such actions and execute such documents
on behalf of the Agency as may be deemed appropriate in order to
facilitate the transactions as contemplated herein and in order to
provide for the distributions in accordance with the provisions of
the Joint Powers Agreement.
Section 4 . This Resolution shall take effect upon its
adoption.
PASSED, APPROVED, AND ADOPTED this 14th day of May, 1992 .
ATTEST:
(Y
Secretary of the Commknity Cha�man of the Cbmmunity
Redevelopment Agency of the Re4&velopment Agency of the
City of Grand Terrace. City of Grand Terrace.
RESOLUTION NO. 92-01
PAGE 3
I, BRENDA STANFILL, Secretary of the Community Redevelopment
Agency of the City of Grand Terrace, California, do hereby certify
that the foregoing resolution was introduced and adopted at a
regular meeting 'of the Community Redevelopment Agency of the City
of Grand Terrace held on the 14th day of May, 1992 by the following
vote:
AYES: Agency Members Carlstrom, Christianson, Hilkey; Vice
Chairman Grant; Chairman Matteson
NOES: None
ABSENT: None
ABSTAIN: None
Secretary of the Com'hunity
Redevelopment Agency of the
City of Grand Terrace
Approved as to form:
Cfty Attbrne