1983-08 RESOLUTION NO. CRA-83-08
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE , SAN
BERNARDINO COUNTY, CALIFORNIA, AUTHORIZING
AND DIRECTING EXECUTION OF A FINANCING
AGREEMENT AND MAKING OTHER DETERMINATIONS
INCIDENT TO THE ISSUANCE AND DELIVERY OF
CERTIFICATES OF PARTICIPATION
(Civic-Center- Project)
WHEREAS, the City of Grand Terrace proposes to finance
construction of certain public facilities generally described as
follows:
Construction of a civic center including
appurtenances and appurtenant work and
other costs and expenses incident thereto
(hereinafter collectively called "the Project" ) ; and
WHEREAS, the City Council has determined that it is in the
best interest and for the common benefit of the citizens of the
City that the City finance construction of the Project by:
( i) leasing a site to National Municipal Leasing Services, Inc.
(the "Corporation" ) pursuant to a Site Lease; ( ii) causing the
Project to be constructed on the Site from the proceeds of
Certificates of Participation issued by Crocker National Bank (the
"Bank" ) , pursuant to a Trust Agreement; ( iii) entering into a
Lease-Purchase Agreement with the Corporation relating to the
lease-purchase of the Project and the lease-back of the Site for
the term specified in the Lease Purchase Agreement; and
(iv) entering into a Financing Agreement with the Community
Redevelopment Agency of the City of Grand Terrace (the "Redevelop-
ment Agency" ) to provide tax increment revenues annually in an
amount sufficient to make the rental payments under the Lease-
Purchase Agreement; and
WHEREAS , the Bank will act as Trustee for and on behalf of
the Owners of the Certificates of Participation; and
WHEREAS , the net proceeds from the sale of the Certificates
of Participation will be disbursed by the Bank, at the direction
of the City Council, for the construction and equipping of the
Project and other aspects of the transaction as set forth in the
Lease-Purchase Agreement; and
WHEREAS, pursuant to an Agency Agreement, the City shall act
as the agent of the Corporation for the purpose of the supervision
and construction of the Project; and
WHEREAS, pursuant to an Assignment Agreement, the Corporation
will assign all of its rights and duties under the Lease-Purchase
Agreement to the Bank, for the benefit of the Owners of the
Certificates of Participation; and
' WHEREAS , the Community Redevelopment Agency has authority to
expend tax increment revenues to finance construction of the Civic
Center, pursuant to its duly adopted Redevelopment Plan; and
WHEREAS, the Community Redevelopment Agency hasreceived and
reviewed the Financing Agreement:
NOW, THEREFORE , BE IT RESOLVED by the Community Redevelopment
Agency of the City of Grand Terrace as follows:
Section 1. The above recitals are all true and correct.
Section 2. The Community Redevelopment Agency hereby
approves the agreement entitled:
Financing Agreement
by and between the Community Redevelopment Agency and City of
Grand Terrace, in substantially the form on file with the
Secretary.
2.
Section 3. The Community Redevelopment Agency hereby
authorizes and directs the Chairman to execute and the Secretary
to attest to the Financing Agreement.
Section 4. The Community Redevelopment Agency hereby
recommends that the City Council authorize execution of the
documents specified as follows:
(a) Site Lease by and between the City and Corporation;
(b) Lease-Purchase Agreement by and between the City and
Corporation;
( c) Agency Agreement by and between the City and Corpora-
tion; and
(d) Trust Agreement by and among the City, Corporation and
Bank
in substantially the form on file with the City Clerk of the City
of Grand Terrace.
Section 5. The Community Redevelopment Agency hereby further
recommends that the City Council take such other and further
action as may be appropriate to cause the issuance and delivery of
the Certificates of Participation in the aggregate amount
necessary to finance the construction of the Project and other
costs incident thereto.
Section 6 . The Community Redevelopment Agency hereby
authorizes and directs:
(a) The appropriate officers of the Community Redevelopment
Agency to execute any closing documents in connection
with the Certificates of Participation;
(b) The appropriate officers of the Community Redevelopment
Agency, jointly and severally, for and in the name of
3.
and on behalf of this Community Redevelopment 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 Community Redevelopment Agency; and
(c) The appropriate officers of the Community Redevelopment
Agency to make such additional filings, amendments ,
consents, undertakings or agreements as may be required
to affect and maintain the qualifications or exemptions
existing or to be obtained under the laws of the State
of California.
Section 7 . The Community Redevelopment Agency hereby rati-
fies and confirms all actions heretofore taken by the Community
- Redevelopment Agency in connection with the authorization,
issuance and sale of the Certificates of Participation and the
approval and execution of all documents incident thereto.
Section 8. This resolution shall take effect upon its
adoption.
ADOPTED this 17thday of -November . , 1983.
ha rman
ATTEST:
_ Secretary
-_ (SE'_ -L- (/
Ap roved as to F., Pm
Agency Counsel
4.
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, Secretary of the Grand Terrace Community
Redevelopment Agency, DO HEREBY CERTIFY that the foregoing Resolution
was duly adopted by the Grand Terrace Community Redevelopment Agency
at a regular meeting held on the 17th day of November, 1983, and that
it was so adopted by the following vote:
AYES: Members Rigley, Petta, Nix, Pfennighausen;
Chairman Grant.
NOES: None.
ABSENT: None.
Secret y of the Grand Te ,face
Commu ty Redevelopment ency
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA ERWAY, 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-83-08 of said
Agency, and that the same has not been amended or repealed.
DATED: November 18, 1983.
Secret of the Grand -Ter ce-
Commurf-i'ty Redevelopment Ancy