HomeMy WebLinkAbout2009-01 RESOLUTION NO. 2009-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
CITY OF GRAND TERRACE PUBLIC FINANCING AUTHORITY
AUTHORIZING=PROCEEDINGS TO REFUND OUTSTANDING
1997 CERTIFICATES OF PARTICIPATION AND APPROVING
RELATED DOCUMENTS AND ACTIONS
WHEREAS; in order to refinance obligations issued by the City of Grand Terrace
(the "City") and the City.of Grand Terrace Public Financing Authority (the "Authority").
have previously entered into a Lease Agreement dated as of August 1 1997 (the "1997
Lease"); and
WHEREAS, the City's lease payments under the 1997 Lease (the "1997 Lease
Payments") are evidenced by City of Grand Terrace Refunding Certificates of
Participation, Issue of 1997 which have been executed and delivered in the aggregate
principal amount of$3,730,000'(the "1997 Certificates"); and
WHEREAS, the Board of Directors wishes at this time to approve proceedings to
refinance the 1997 Certificates and thereby realize interest rate savings as well as the
reduction or elimination of certain other costs, and to approve related documents and
actions;
NOW, THEREFORE, IT IS HEREBY RESOLVED:by the Board of Directors of
the City of Grand Terrace Public Financing Authority as follows:
Section 1. Approval of Refinancing Proceedings. The Board of Directors
hereby approves the refinancing of the 1997 Certificates and the related 1997 Lease
Payments. To that end, the Board of Directors hereby approves the following agreement
in substantially the respective form on file with the Secretary together with any change
therein or addition thereto deemed advisable by the Acting Executive Director, and the
execution thereof by the Acting Executive Director shall be conclusive evidence of such
approval:
• Termination Aareement between the City, the Authority and U.S. Bank
National Association, as trustee for the 1997 Certificates (the "1997
Trustee"), whereby the City and the Authority agree to terminate the
1997 Lease.and the related Assignment Agreement.
The Acting Executive Director is authorized and directed for and in the name and
on behalf of the Authority to execute and the Secretary is hereby authorized and directed
to attest the final form of each of the foregoing documents.
Section 2. Material Terms of Lease Agreement. The Lease Agreement shall
be for a term not in excess of the original term of the 1997 Lease, the aggregate
principal amount of the lease payments shall not exceed $2,300,000 and the interest
components of the lease payments thereunder shall be computed at an interest rate of
__ 4.70% per annum.
Section 3. Official Actions. The Acting Executive Director, the Secretary and
all other officers of the Authority are each authorized and directed in the name and on
'~ behalf of the Authority to make any and all assignments, certificates, requisitions,
agreements, notices, consents, instruments of conveyance, warrants and other
documents, which they.or any of them might deem necessary or appropriate in order to
consummate any of the transactions contemplated by the agreements and documents
approved under this Resolution. Whenever in this resolution any officer of the Authority
is authorized to execute or countersign any document or take any action, such
execution,countersigning or action may be taken on behalf of such officer by any person
designated by such officer to act on his or her behalf in the case such officer is absent or
unavailable.
Section 4. Effective.Date. This Resolution shall take effect from and after the
date of its passage and adoption.
PASSED AND ADOPTED at a regular meeting of the Board of Directors of the
City of Grand Terrace Public Financing Authority on the 23`d day of June, 2009, by the
following called vote:
AYES:. Councilmembers Cortes, 'Miller and Stanckiewitz; Mayor Ferre
NOES: None
ABSENT: Mayor Pro:.-Tem Garcia
�. ABSTAIN: None
ATTEST:
Secretary, City of Grand Terrace
Public Financing Authority
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Grand Terrace on the 23rd day of June, 2009, by the following called vote:
Mayor the-City of Grand Terrace
Attest:
� W" A
City Clerk of the City.of Grand Terrace
-- 2
I, BRENDA MESA, City Clerk of the City of Grand Terrace, do hereby certify.that
Resolution No. 2009- 01 was introduced and adopted at a regular meeting of the City
Council of the City of Grand Terrace held on the 23`d day of June, 2008, by the following
vote:
AYES: Councilmembers Cortes, Miller and Stanckiewitz;
Mayor Ferre
NOES: None
ABSENT: Mayor Pro Tem Garcia
ABSTAIN: None
Brenda Mesa, City Clerk
Approved to form:
City Attorn
-- 3