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HomeMy WebLinkAbout2004-01 GTPFA RESOLUTION NO. 2004=Ioi RESOLUTION OF THE GRAND TERRACE PUBLIC FINANCING AUTHORITY APPROVING THE FORMS OF AND AUTHORIZING THE EXECUTION OF AN INDENTURE OF TRUST, A BOND PURCHASE CONTRACT, CONTINUING DISCLOSURE AGREEMENT AND AN OFFICIAL STATEMENT RELATING TO THE ISSUANCE OF THE AGENCY'S TAX ALLOCATION BONDS AND APPROVING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Grand Terrace Public Financing Authority (the "Authority") is a joint powers authority organized pursuant to Title 1, Division 7, Chapter 5 of the Government Code of the State of California; and WHEREAS, for the corporate purposes of the Community Redevelopment Agency of the City of Grand Terrace (the "Agency"), the Agency has determined to issue at this time tax allocation bonds in a total principal amount Not to Exceed Sixteen Million Dollars ($16,000,000), and to use the proceeds of such Bonds to refund outstanding bonds, defease an existing Loan Agreement, fund low and moderate income housing projects, and to pay costs in connection with the issuance of the Bonds and to make certain other deposits as required by the Indenture; and WHEREAS, the purposes stated above will be accomplished by the Authority purchasing such Bonds from the Agency and selling such Bonds to Wedbush Morgan Securities (the "Underwriter") pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (Government Code Section 6584 et seq.). WHEREAS, there have been prepared and submitted to this meeting forms of: (1) a draft of the Indenture of Trust of the Agency; and (2) a draft of the Preliminary Official Statement of the Agency to be used in connection with the sale of the Bonds (such Preliminary Official Statement in the form presented at this meeting with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as."Preliminary Official Statement"); and (3) a draft of the proposed Bond Purchase Contract among the Agency, the Underwriter and the Authority; and 1 (4) a draft of the proposed Continuing Disclosure Agreement between the Authority and the Underwriter. NOW, THEREFORE, BE IT RESOLVED by the Grand Terrace Public Financing Authority, as follows: Section 1. Subject to the provisions of Section 2 hereof, the purchase of the Bonds in the aggregate principal amount Not to Exceed Sixteen Million Dollars ($16,000,000) on the terms and conditions set forth in, and subject to the limitations specified in, the Indenture and the Purchase Agreement, is hereby authorized and approved. The Bonds will be dated, will bear interest at the rates, will mature on the dates, will be issued in the form, will have such sinking fund installments, will be subject to redemption, and will be as otherwise provided in the Indenture, as the same will be completed as provided in this Resolution. Section 2. The Indenture of Trust, in substantially the form submitted at this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved. Section 3. The Bond Purchase Contract among the Agency, the Underwriter and the Authority, in substantially the form submitted at this meeting and made a part hereof as though set forth in full herein are hereby approved. The Executive Director of the Authority is hereby authorized and directed to execute the Purchase Agreement in the form presented at this meeting with such changes, insertions and omissions as may be approved by the Executive Director, said execution being conclusive evidence of such approval. Section 4. The Preliminary Official Statement in substantially the form presented at this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. Section 5. The preparation and delivery of an Official Statement, and its use by the Underwriter, in connection with the offering and sale of the Bonds, be and the same is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be requested by Bond Counsel or the Underwriter and approved by the Chairman of the Agency, such approval to be conclusively evidenced by the execution and delivery thereof. Section 6. The Chairman of the Authority, the Treasurer, the Secretary of the Authority, and any other proper officer of the Agency, acting singly, be and each of them hereby is authorized and directed to execute and deliver any and all documents and instruments, including any agreements with the Agency relating to the Bonds, and to do and cause to be done any and all acts and things necessary or proper for carrying out the transactions contemplated by the Indenture, the Purchase Agreement, the Official Statement, this Resolution and any such agreements. - Section 7. This Resolution shall take effect immediately upon its adoption. PASSED AND APPROVED by the Grand Terrace Public Financing Authority at a regular meeting held on July 22 , 2004. _ �� Chairman V D 4 Grand Terrace Public Financing Authority ATTEST: Secretary for the Grand Tq%,(Zace Public Financing Authority I, Brenda Stanfill, Secretary of the Grand Terrace Public Financing Authority, do hereby certify that the foregoing Resolution was introduced and adopted at a meeting held on the 22nd day of July , 2004 by the following vote: AYES: Councilmembers Garcia, Larkin and Cortes; Mayor Pro Tem"Ferre and Mayor Hilkey NOES: None ABSENT: None ABSTAIN: None Secr,oary for the Grand Terrace Public Financing Authority