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1993-01 RESOLUTION NO. 93-01 RESOLUTION OF THE GRAND TERRACE REDEVELOPMINT AGENCY AUTHORIZING THE PREPARATION OF AN INDENTURE OF TRUST, A PURCHASE CONTRACT, AND AN OFFICIAL STATEMENT RELATING TO THE ISSUANCE OF THE AGENCY'S;TAX ALLOCATION BONDS AND APPROVING CERTAIN ACTIONS IN CONNECTION 1nn.KH:Wll'tl- WHEREAS, the Agency is a redevelopment agency (a public body, corporate and politic) duly created, Cstablished and authorized to transact business and exercise its powers, all under and pursuant to the Community Redevelopment Law (Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code of the State of California); and the powers of the Agency include the power to issue bonds or notes for any of its corporate purposes; and WHEREAS, the Agency has previously issued its Grand Terrace Redevelopment Agency, $4,000,000 Refunding Certificates of Participation (Civic Center Project), on or about March. 1, 1986.; and WHEREAS; for the corporate purposes of the Agency, the Agency deems it necessary to issue at this time tax allocation refunding bonds in a principal amount of not to'exceed Five Million Dollars ($5;000,000), and to use the proceeds of such Bonds to refund the Outstanding Refunding Certificates of Participation to pay costs in connection with the issuance of the Bonds and to make certain other deposits as required by the Indenture; and WHEREAS,. for the further corporate purposes of the Agency, specifically repayment of any outstanding debt to the City of Grand Terrace, the Agency deems it necessary,to issue at this time tax allocation refunding bonds in the principal amount of not to exceed $3,500,000 and the use of proceeds of such Bonds 'to refund the outstanding loan.obligations to the.City of Grand Terrace to pay-costs in connection with the issuance of the Bonds and to make certain other deposits as required by the Indenture. WHEREAS, the purposes stated above will be accomplished by issuing at this time such tax allocation bonds pursuant to the Indenture and this resolution of the Agency. WHEREAS, it is hereby directed that the following be prepared and submitted to this Agency forms of: (1) a draft of the Indenture of Trust; and (2) a draft of the Preliminary Official Statement to be used in connection with the sale of the Bonds; and (3) a draft of the proposed Purchase Agreement; and WHEREAS, the Agency now desires to authorize the preparation of such documents and the performance of such acts as may be necessary or desirable to effect the issuance and sale of the Bonds; and WHEREAS,.the Agency further-desires to make certain appointments with regard to said documents and tasks. NOW, THEREFORE, BE IT RESOLVED by the Grand Terrace Redevelopment Agency, as follows: Section 1. Subject to the provisions of Section 2 hereof, the issuance of Series A Bonds in the aggregate principal amount of Not to Exceed Five Million Dollars ($5,000,000) and Series B Bonds in the aggregate principal amount of Not to Exceed Three Million Five Hundred Thousand Dollars ($3,500,000) on the terms and conditions set forth in and subject to the limitations specified in, the Indenture, is hereby authorized and approved. The Bonds will be dated, will bear interest at the rates, will mature on the dates, will be issued in the form, will have such sinking fund installments, will be subject to redemption, and will be as otherwise provided in the Indenture, as the same will be completed as provided in this Resolution. The proceeds of the sale of the Bonds shall be applied as provided in the Indenture of Trust. Section 2. The Indenture of Trust, is hereby directed to be prepared. The Chairman and the Secretary of the Agency are hereby authorized and directed to execute and deliver the Indenture of Trust with such changes insertions and omissions as may be requested by Bond Counsel and approved by the Chairman, said execution being conclusive evidence of such approval. Section 3. The Purchase Agreement is hereby directed to be prepared. The Executive Director of the Agency is hereby authorized and directed to execute the Purchase Agreement with such changes, insertions and omissions as may be approved by the Executive Director, said execution being conclusive evidence of such approval. Section 4. The Preliminary Official Statement is hereby directed to be prepared is hereby approved and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. Section 5. The Chairman of the Agency, the Treasurer, the Secretary of the Agency, and any other proper officer of the Agency, acting singly, be and each of them hereby is authorized and directed to execute and deliver any and all documents and instruments, including any agreements relating to the Bonds, and to do and cause to be done any and all CABO rnSMUtM.aoa 2 acts and things necessary or proper for carrying out the transactions contemplated by the Indenture, the Purchase Agreements, the Official Statement, this Resolution and any such agreements. Section 6. Harper & Burns, a professional corporation, is hereby appointed as Bond Counsel in accordance with the terms and conditions of the proposal submitted thereby and on file-with the Agency. Section 7. Prager, McCarthy and Sealy are hereby appointed to act as Underwriter for the issuance of these Bonds. Section 8. Orrick, Herrington and Sutcliffe is hereby appointed to act as Disclosure Counsel in accordance with the terms and conditions of the proposal submitted thereby and on file with the Agency. Section 9. The Bank of America National Trust and Savings Association is hereby appointed to act as Trustee upon the issuance of said Bonds and for the purposes of the Refunding. Section 10. This Resolution shall take effect immediately upon its adoption. PASSED, APPROVED and ADOPTED this 22nd day of April, 1993 by the following vote: AYES: Agency Members Carl strom, Hi l'key,- and Si ngl ey; . Vice. Chairman. Christianson; Chairman Matteson-, NOES: None ABSENT: None 17144� C an ATTEST: ecretary APPROVED AS TO FORM: I City Attorney I J CABO Vnsc3rr2 UM.002 3 I, BRENDA STANFILL, CITY CLERK of the City of Grand Terrace, do hereby certify that Resolution No. 93-01 was introduced and adopted at a regular meeting of the Community Redevelopment Agency of the City of Grand Terrace held on the 22nd day of April, 1993 by the following vote: AYES: _Agency.'Members Carlstrom, Hilkey, and Singl-ey; Vice Chairman Christianson; Chairman Matteson NOES: None ABSENT: None ABSTAIN: None Secretary.