1982-05 RESOLUTION NO . CRA-82-05
RESOLUTION OF THE COMMUNITY REDEVELOP-
MENT AGENCY OF THE CITY OF GRAND
TERRACE, DECLARING ITS INTENTION TO
ISSUE TAX ALLOCATION BONDS OF THE AGENCY
TO FINANCE PORTIONS OF THE COST OF A
- - - REDEVELOPMENTPROdECT • " " - '
WHEREAS , the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency" ) , is a redevelopment agency duly
created, established and authorized to transact business and
exercise its powers, under and pursuant to the Community Redevelop-
ment Law (Part 1 of Division 24 of the Health and Safety Code of
the State of California) and the powers of the Agency include the
power to issue bonds for any of its corporate purposes; and
WHEREAS , the Redevelopment Plan for a redevelopment project
known and designated as:
Redevelopment Plan for the
Revised Grand Terrace
Community Redevelopment Project
(the "Redevelopment Plan" ) , has been adopted and approved by
ordinance and all requirements of law for and precedent to the
approval and adoption of the Redevelopment Plan have been duly
complied with; and
WHEREAS , for the corporate purposes of the Agency to aid in
the financing of a portion of the cost of the Redevelopment
Project, the Agency intends to issue tax allocation bonds from time
to time:
NOW, THEREFORE , the Community Redevelopment Agency of the City
of Grand Terrace does hereby RESOLVE , DETERMINE AND ORDER as
follows:
Section 1. Issuance - and -Purpose -of- Bonds. Under and pursuant
to the Community Redevelopment Law, the Agency may issue Bonds from
time to time, as hereinafter provided, for the corporate purposes
of the Agency to aid in the financing of the Redevelopment Project
and for other corporate purposes related thereto, all of which
constitute a "redevelopment activity" as defined in Section 33678
of the Health and Safety Code.
Section 3 . Nature-- of--Bonds. The Bonds shall be special
obligations of the Agency and shall be secured by an irrevocable
pledge of, and shall be payable as to principal, interest thereon
and premium, if any, from tax revenues and other funds as
hereinafter provided. The Bonds, interest thereon and premium, if
any, shall not be a debt of the City, State of California or any of
its political subdivisions, and neither the City, State nor any of
its political subdivisions is liable on them, nor in any event
shall the Bonds, interest thereon and premium, if any, be payable
out of any funds or properties other than those of the Agency as
set forth in this Resolution. The Bonds shall not constitute an
indebtedness within the meaning of any constitutional or statutory
debt limitation or restriction. Neither the members of the Agency
nor any persons executing the Bonds shall be liable personally on
the Bonds by reason of their issuance.
The Bonds shall be equally secured by an irrevocable pledge of
tax revenues and other funds as hereinafter provided, without
priority for number, date of sale, date of execution, or date of
delivery, except as expressly provided herein.
The validity of the Bonds shall not be dependent upon: (a)
r' the completion of the Redevelopment Project or any part thereof, or
(b) the performance by anyone of his obligation relative to the
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Redevelopment Project, or (c) the proper expenditures of the
proceeds of the Bonds.
Nothing in this Resolution shall preclude: (a) the payment of
the Bonds from the proceeds of refunding bonds issued pursuant to
law, or (b) the payment of the Bonds from any legally available
funds. Nothing in this Resolution shall prevent the Agency from
making advances of its own funds howsoever derived to 'any of the
uses and purposes mentioned in this Resolution.
Section 4 . Description- -of - -Bonds. The Bonds shall be
designated:
"Community Redevelopment Agency
of the City of Grand Terrace,
Tax Allocation Bonds"
The Bonds may be initially issued in the form of bearer bonds in
denominations of $5,000 each, or in the form of fully registered
-� bonds in denominations of $5,000 each, or in any whole multiple
thereof. The Bonds shall be dated as of the date of delivery to
the purchaser thereof, or such other date as may be mutually
agreeable between the Agency and the purchaser, and shall be
numbered consecutively.
Section 5. Interest. The Bonds shall bear interest at a rate
to be hereafter fixed by resolution, but not to exceed .twelve (12%)
percent per annum or the maximum rate allowed by law at the, time of
issuance, whichever is higher.
Section 6 . Term-of-Bonds. The Bonds shall have a term to be -
hereafter fixed by resolution, but not to exceed the maximum term
allowed by law at the time of issuance.
l Section 7 . Place- of- Payment. The Bonds, interest thereon and
any premium upon the redemption thereof prior to maturity, shall
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be payable in lawful money of the United States of America and
(except for interest on fully Registered Bonds which is payable by
check or draft as stated above) shall be payable at the main office
of a fiscal agent, or at the option of the holder, at the office of
any paying agent of the Agency, to be hereafter designated by
resolution.
Section 8 . Execution-of -Bonds. The Bonds shall be signed on
behalf of the Agency by its Chairman by facsimile signature and by
its Secretary by manual signature, and the seal of the Agency shall
be impressed, imprinted or reproduced thereon. The interest
coupons on the Bonds shall be signed by the Secretary by facsimile
signature. If any Agency member or officer whose manual or
facsimile signature appears on the Bonds or coupons ceases to be
such member or officer before delivery of the Bonds, his signature
is as effective as if he had remained in office.
Section 9 . Call- and -Redemption~ of--Bonds- Prior- to--Maturity.
The outstanding Bonds may be called before maturity and redeemed in
accordance with terms and conditions to be hereafter established by
resolution.
Section 10. Funds. There shall be established with the
Treasurer a special Redevelopment Fund for deposit of funds from
the sale of Bonds. In addition, there shall be established with a
fiscal agent a special trust fund consisting of:
(a) The "Bond Interest Fund" ;
(b) The "Serial Bond Payment Fund" ;
( c) The "Term Bond Sinking Fund" ; and
\ (d) The "Reserve Fund" .
So long as any of the Bonds herein authorized, or any interest
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thereon, remain unpaid, the moneys in the foregoing funds shall be
used for no purposes other than those required or permitted by this
Resolution and provided by law.
Section 11. Sale--of - Bonds, - Disposition -of--Bond -- Proceeds;
Redevelopment - Fund. The Agency may provide by resolution for the
sale of the Bonds in the manner provided by law.
Section 12. Tax-- Revenues. The taxes levied upon taxable
property in the Redevelopment Project area each year by or for the
benefit of the State of California, any city, county, city and
county, district or other public corporation (the "Taxing
Agencies" ) after the effective date of the ordinance approving the
Redevelopment Plan shall be divided pursuant to Article 6 of
Chapter 6 of the Community Redevelopment Law and Section 16 of
Article XVI of the Constitution of the State of California.
The tax revenues shall be irrevocably pledged in their
entirety to the payment of the principal of, premium, if any, and
interest on the Bonds until all of the Bonds and all interest
thereon have been paid or until moneys for that purpose has been
irrevocably set aside. The tax revenues shall be applied solely to
the payment of the Bonds and the interest thereon. Such allocation
and pledge shall be for the exclusive benefit of the holders of the
Bonds and shall be irrevocable.
Section 13. Special - Fund. All tax revenues shall be deposited
in the Special Fund. The interest on the Bonds, until maturity,
shall be paid by a fiscal agent from the Special Fund. At the
maturity of the Bonds and after all interest due on the Bonds then
outstanding has been paid or provided for, moneys in the Special
Fund shall be applied to the payment of the principal of the' Bonds.
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Section 14. Deposit-and - Investment -of -Moneys- in-Funds. All
moneys held by the Agency in the Redevelopment Fund and by a fiscal
agent in the Special Fund, except such moneys which are at the time
invested in obligations in which the Agency is authorized to make
investments, shall be held in time or demand deposits in any bank
or trust company authorized to accept deposits of public funds and
all of such deposits shall be secured at all times by bonds or
other obligations which are authorized by law as security for
public deposits.
Section 15. Fiscal -Agent~ and-- Paying -Agents. Prior to the
delivery of the Bonds, the Agency shall appoint a fiscal agent to
act as the agent, trustee and depositary of the Agency for the
purpose of receiving tax revenues and other funds in trust to hold,
allocate, use and apply such tax revenues and other funds and to
perform such other duties and powers of the fiscal agent as may be
prescribed.
Section 16. Lost; - Stolen,-Destroyed - or--Mutilated --Bonds -or
Coupons. In the event that any Bond or any interest coupon
appertaining thereto is lost, stolen, destroyed or mutilated, the
Agency shall cause to be issued a new Bond or coupon in the time,
form and manner required by law.
Section 17 . Cancellation—of - Bonds. All Bonds and coupons
surrendered to the fiscal agent or any paying agent for payment at
maturity thereof or, in the case of call and redemption prior to
maturity, at the redemption date, shall upon payment therefor be
cancelled immediately and forthwith transmitted to the Treasurer or
- _� destroyed by the fiscal agent at the direction of the Agency. In
the latter event, a certificate of destruction shall be forthwith
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transmitted to the Treasurer.
Section 18 . Proceedings• -Constitute- -Contract; - Events - - of
Default - and -Remedies--of-- Bondholders. The provisions of this
resolution, of the resolutions providing for the sale of Bonds and
awarding of Bonds and fixing the interest rate thereon, and of any
other resolution supplementing or amending this resolution, shall
constitute a contract between the Agency and the bondholders and
the provisions thereof shall be enforceable by any bondholder for
the equal benefit and protection of all bondholders similarly
situated, in the time, form and manner provided by law in any court
of competent jurisdiction. This contract shall be made under and
construed in accordance with the laws of the State of California.
Section 19 . Severability. If any covenant, agreement or
provision, or any portion thereof, contained in this resolution, or
the application thereof to any person or circumstance, is held to
be unconstitutional, invalid or unenforceable, the remainder of
this resolution and the application of any such covenant, agreement
or provision, or portion thereof, to other persons or
circumstances, shall be deemed severable and shall not be affected,
and this resolution and the Bonds issued pursuant hereto shall
remain valid and the bondholders shall retain all . valid rights and
benefits accorded to them under this Resolution and the
Constitution and laws of the State of California. If the
provisions relating to the appointment and duties of a fiscal agent
are held to be unconstitutional, invalid or enforceable, such
duties shall be performed by the Treasurer.
Section 20 . Effective --Date. This resolution shall take
effect upon adoption.
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ADOPTED this 26th day of Aug.. , 1982.
Chairman 0 ,e Community's
Redevelopme t Agency
ATTEST:
Act. Secretary the Community
Redevelopt Agency
(SEAL)
Approved as to form:
�i 67
City Attorney 1
8 .
f,.
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, Ilene Dughman, Acting Secretary of the Grand Terrace
Community Redevelopment Agency, DO HEREBY CERTIFY that the foregoing
rresolution was duly adopted by the Grand Terrace Community
Redevelopment Agency at a regular meeting held on the 26th day of
August, 1982, and that it was so adopted by the following vote:
AYES: Members Rigley, Petta, Nix, Pfennighausen;
Chairman Grant.
NOES: None.
ABSENT: None.
Acting Secretar of The Grand Terrace -
Community Re elopment Agency
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, Ilene Dughman, Acting Secretary Grand Terrace Community
Redevelopment Agency, DO HEREBY CERTIFY that the above and foregoing
is a full , true, and correct copy of Resolution No. CRA-82-05 of said
Agency, and that the same has not been amended or repealed.
DATED: August 26, 1982.
Acting Secretary The Grand lerrace -
Community Redev pment Agency -