HomeMy WebLinkAbout1997-01 RESOLUTION NO. 97-01
RESOLUTION OF THE GRAND TERRACE PUBLIC
FINANCING AUTHORITY, SAN BERNARDINO COUNTY,
CALIFORNIA, AUTHORIZING THE EXECUTION, SALE
AND DELIVERY OF NOT TO EXCEED $4,000,000
REFUNDING CERTIFICATES OF PARTICIPATION,
SERIES 1997
WHEREAS, the Authority of Grand Terrace desires to refund certain outstanding
bonds, specifically the $3,370,000 Grand Terrace Public Financing Authority 1991 Lease
Purchase Reserve Bonds, Series A (the "Refunded Bonds"); and
WHEREAS, the Authority of Grand Terrace (the "Authority") now desires to refund the
bonds by the issuance of not-to-exceed$4,000,000 Certificates of Participation, Series 1997; and
WHEREAS, the Authority has determined it is in the best interest and for the common
benefit of the residents and landowners that the refunding be accomplished as follows:
(a) The refunding shall be accomplished by the issuance not to exceed $4,000,000
Authority of Grand Terrace Certificates of Participation, Series of 1997 (the "Certificates"),
pursuant to a Trust Agreement by and among a trustee, the Public Financing Authority (the
"Authority"), and the Authority; and
(b) The principal and interest on the Certificates shall be paid by lease payments to be
made by the City to the Authority, which in turn, will make debt service payments to the trustee
for payment to the holders of the Certificates; and
WHEREAS, proposals for services to be rendered incident to the transaction are on file
with the Authority;
NOW, THEREFORE, the Board of Directors for the Grand Terrace Public Financing
Authority does hereby RESOLVE,DETERMINE AND ORDER as follows:
SECTION 1. Recitals. The above recitals are all true and correct.
SECTION 2. Designations. The Authority hereby designates:
(a) Harper & Burns LLP to act as bond counsel.
(b) C.M. de Crinis and Company, Inc. to act as financial advisor.
(c) First Trust of California, National Association to act as trustee under the
Trust Agreement and as escrow Holder.
(d) Spelman and Company, Inc., to serve as underwriter.
(e) McGladrey & Pullen, LLP to act as escrow verification consultant.
(f) Fulbright & Jaworski, LLP to act as disclosure counsel.
SECTION 3. Authorized Officer(s). The Authority hereby approves and authorizes and
designates Thomas Schwab, Executive Director, and in his absence, Bernard Simon, Finance
Director, as the Authorized Officer(s) of the Authority for the purposes specified as follows:
(a) Executing the agreements and other documents incident to and necessary
for execution, sale and delivery of the Certificates; and
(b) Executing any and all certificates requesting disbursement of the proceeds
from the sale of the Certificates, pursuant to the Trust Agreement.
SECTION 4. Approval of Proposals for Services. The Authority hereby approves and
authorizes its officers to execute, for and in the name of the Authority, the proposals for services
specified under Section 2 in substantially the form on file in the office of the Authority.
SECTION 5. Closina Documents. The Authority hereby authorizes and directs the
Authorized Officer(s) and such other officers of the Authority as may be appropriate,jointly and
severally, for and in the name and on behalf of the Authority:
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(a) To execute all closing documents in connection with the Certificates;
(b) 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 the Certificates; and
(c) To make such filings, amendments, consents, undertakings or agreements
as may be required to affect and maintain any qualifications or exemptions existing or to be
obtained under the laws of the State of California and the laws of the United States of America.
SECTION 6. Ratification. The Authority hereby ratifies and confirms all actions
heretofore taken by this Authority in connection with the execution, sale and delivery of the
Certificates.
SECTION 7. Effective Date. This Resolution shall take effect upon adoption.
NOES: -
ABSENT: Eouncilmember Singley
ABSTENTIONS: None
AYES: Councilmembers Hilkey_-aad,partici_a- Ma or anan;
Mayor Matteson
Cheman
ATTEST:
Brenda Stanfill, City Clerk
APPROVED AS TO FORM AND CONTENT
JOHN R. HARPER
AUTHORITY COUNS
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STATE OF CALIFORNIA )
SAN BERNARDINO COUNTY )ss.
CITY OF GRAND TERRACE )
I, BRENDA STANFILL, CITY CLERK FOR THE GRAND TERRACE PUBLIC
FINANCING AUTHORITY, DO HEREBY CERTIFY that the foregoing Resolution, being
Resolution No. 97-01 was regularly introduced and adopted by the Members of the Authority
of Grand Terrace, California, at a regular meeting thereof held on the 12th day of
June , 1997.
AYES: of , MLm'ar§ Hilke'y and Garcia; Mayor Pro Tem Buchanan; Mayor Matteson
NOES: None
ABSENT: counci.lmember Singley
ABSTAIN: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of
the Authority of Grand Terrace, California this 12th day of June , 1997.
BRENDA STANFILL, afry CLERK
[SEAL]
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