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1986-06 RESOLUTION NO. CRA-86-06 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY. OF GRAND TERRACE, CALIFORNIA, APPROVING THE FIRST SUPPLEMENTAL INDENTURE AND THE FIRST AMENDMENT TO LOAN AGREEMENT RELATING TO THE $30, 000, 000 COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE MULTIFAMILY HOUSING REVENUE BONDS (MT. VERNON VILLAS PROJECT) 1985 SERIES A, APPROVING RELATED DOCUMENTS AND AUTHORIZING THE EXECUTION THEREOF WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace, California (the "Agency") has issued and sold its Community Redevelopment Agency of the City of Grand Terrace Multifamily Housing Revenue Bonds (Mt. Vernon Villas Project) 1985 Series A in the aggregate principal amount of $30, 000, 000 (the "Bonds") , under and pursuant to an Indenture of Trust (the "Indenture") dated as of December 1, 1985, between the Agency and Seattle-First National Bank as trustee (the "Trustee") ; and WHEREAS, the provisions of the Indenture and the Loan Agreement dated as of December 1, 1985 (the "Loan Agreement") by and among the Agency, the Trustee and F. C. Grand Terrace, a California Limited Partnership (the "Developer") require technical and procedural amendments to reflect the requirements of the Letter of Credit to be provided by Security Pacific National Bank (the "Credit Facility") and as may be required by the Rating Agency; and WHEREAS, amendments to the Indenture, the Loan Agreement and related documents have been prepared for such purpose, and it is appropriate at this time for the Agency to approve and authorize the execution of such documents relating to the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment Agency of the City of Grand Terrace, as follows: SECTION 1. The First Supplemental Indenture, dated as of November 1, 1986, from the Agency to the Trustee in substantially the form presented to the Agency at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of Bond Counsel, is hereby approved. The appropriate officers of the Agency are hereby authorized and directed to execute the First Supplemental Indenture, as amended, for and in 1. the name and on behalf of the Agency, such execution to represent approval of the final form thereof by the Agency. SECTION 2. The First Amendment to Loan Agreement, dated as of November 1, 1986, by and between the Agency, the Trustee and the Developer in substantially the form presented to the Agency at this meeting, together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director upon the advice of Bond Counsel, is hereby approved. The appropriate officers of the Agency are hereby authorized and directed -to execute said agreement, as amended, for and in the name and on behalf of the Agency, such execution to represent approval of the final form thereof by the Agency. SECTION 3 . Smith Barney, Harris Upham & Co. , Incorporated (the "Remarketing Agent") intends to use an amended Official Statement in connection with the , remarketing of the Bonds. The Executive Director is hereby authorized and directed to review a form of said Official Statement with the assistance of staff and to recommend any changes therein or additions thereto deemed necessary or advisable by the Executive Director. The appropriate officers of the Agency are hereby authorized and directed to execute said Official Statement, incorporating any such changes and additions, for and in the name and on behalf of the Agency, such execution to represent approval of the final form of the Official Statement by the Agency. SECTION 4. All actions heretofore taken by the officers and agents of the Agency with respect to the remarketing of the Bonds are hereby approved, confirmed and ratified, and the Chairman, the Secretary, the Executive Director, and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on .behalf -.of .-the. Agency, to do -any and all things and-=take any -and -al.l :actions relating to the .execution -and .delivery of .any and all certificates, requisitions, agreements and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful remarketing of the Bonds in accordance with the Indenture, as supplemented, the Loan Agreement, as amended, and this resolution. 2 . SECTION 5. This resolution shall take effect from and after its adoption. ADOPTED this 20th day of November, 1986. ATTEST: Secretary o=f t e Community Chairman of he' omm ity Redevelopmemi Agency of the Redevel` me Agenc of the City of Grand Terrace City of rand Terrace I, Ilene Dughman, Secretary of the Community Redevelopment Agency of the City of Grand Terrace, 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 20th day of November, 1986, by the following vote: AYES: Members Matteson, Evans , Crawford; Chairman Grant NOES: None ABSENT: None (One seated vacated pending Runoff Election) ABSTAIN: None Secretary O XVED AS TO FGi1RM Agency Counsel (V W 3 .