1983-10 RESOLUTION NO . CRA-83-10
RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE ,
CALIFORNIA, APPOINTING BOND COUNSEL AND
AUTHORIZING EXECUTION OF AGREEMENT FOR
BOND COUNSEL SERVICES FOR SINGLE FAMILY
RESIDENTIAL MORTGAGE BONDS, 1983 SERIES .A
WHEREAS, the Community Redevelopment Agency of the City of Grand
Terrace , California (the "Agency" ) desires to undertake certain
proceedings for the issuance of revenue bonds for single family
housing development to be constructed by Griffin Homes , a
California corporation (the "Developer" ) , and further desires to
employ Bond Counsel in connection therewith ; and
WHEREAS , a Special Counsel Agreement has been received from the
firm of Brown & Nazarek for said Bond Counsel services .
NOW, THEREFORE , BE IT RESOLVED by the Board of Directors of t-he
Community Redevelopment Agency of the City of Grand Terrace ,
California, as follows :
SECTION 1 . The agreement for Special Counsel Services by and
between the Agency and Brown & Nazarek in connection
with said revenue bond financin-q proceedings , a copy
of which is on file with the Secretary of the Agency,
is hereby approved and the Chairman is authorized and
directed to execute said agreement in the name of and
on behalf of the Community Redevelopment Agency of the
City of Grand Terrace .
SECTION 2. This resolution shall take effect immediately.
PASSED , APPROVED AND ADOPTED this 14th of December ,
1983 .
�---
Chairman" \
Community de-elopment Agency
of the City of Grand Terrace
State of California
ATTEST:
Ap roved as to form: %
Sec-r,.e-t.#r-y .
.CommurM ty Redevelopment Agency
of .the City of Grand Terrace City Attorney
State. of California
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 14th day of December, 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 Terrace
Communfty, Redevelopment Agency
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-83-10 of said
Agency, and that the same has not been amended or repealed.
DATED: December 15, 1983.
Secret a of the Grand Terra
Commun y Redevelopment Agency
Exhibit "A" to
Resolution No. CRA-83-10 GTC-83-40-2-CRA
SPECIAL COUNSEL AGREEMENT
THIS AGREEMENT is made and entered into this 14th day of
December 9 1983 , by and between BROWN & NAZAREK,
Attorneys at Law, ( hereinafter referred to as "Bond Counsel " ) , and
THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE
( hereinafter referred to as "Agency" ) .
WHEREAS, the Agency is considering the issuance and sale of sin-
gle family residential mortgage revenue bonds pursuant to Chapter
8 (commencing with Section 33750) . Part 1 of Division 24 of the
Health and Safety Code of the State of California (the "Act" ) , to
finance the construction of a single family housing development
within the City of Grand Terrace , and , in connection therewith ,
will require the services of attorneys qualified to act as bond
counsel to the City.
WHEREAS, Bond Counsel represents that it is able to provide the
legal services which will be required by the Agency in connection
with the Agency ' s proposed issuance of single family residential
mortgage bonds .
NOW, THEREFORE , IT IS HEREBY AGREED by and between the parties
hereto as follows :
l SECTION 1 . That Agency hereby employs Bond Counsel , and Bond
Counsel hereby accepts such employment , to represent
the Agency in connection with the authorization,
issuance , and sale of bonds of the Agency to finance
single family housing under the provisions of the Act .
Such representation shall include , but shall not be
limited to , general advice to and consultation with
the Agency, it's attorney, staff, consultants , under-
writers , underwriters ' counsel , and financial insti -
tutions ; drafting of all resolutions , notices , and
other documents required for the authorization , issu-
ance , and sale of the bonds ; examination of the tran-
script of the proceedings ; and issuance of an approv-
ing legal opinion to the purchasers of the bonds .
SECTION 2. Bond Counsel ' s fee for the aforesaid legal services ,
including normal expenses based on the amount of bonds
issued , will be calculated on the following schedule :
1 /2% of the lst $5 ,000 ,000
1 /4% of the next $10,000 ,000
1 /8% of the balance
Minimum fee of $25 ,000 .
Said fee shall be payable from the proceeds of the
bond sale on or within a reasonable time from the date
of closing .
SECTION 3 . Should the financing contemplated hereunder be aban-
doned before the sale and delivery of bonds , Bond
Counsel will be paid a fee based on the number of
hours spent on the project at the hourly rate of nine-
ty dollars ( $90 .00) subject to a maximum fee of five
thousand dollars ( $5 ,000) .
SECTION 4. It is understood and agreed that the aforesaid fees do
not include representation of the Agency in connection
with litigation which does not result from the perfor-
mance of this agreement . However , Bond Counsel will
represent the Agency, at ' the request of the Agency, in
any such litigation at a fee to be mutually agreed
upon .
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed as of the date and year first above written .
"AGENCY"
COMMUNTIY REDEVELOPMENT AGENCY
OF THE CITY OF GRAND TERRACE
B y:
Chairman \
ATTEST :
Secret ly
"BOND COUNSEL"
BROWN & NAZAREK
Partner
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Approved as to form :
City Attorney
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