HomeMy WebLinkAbout2011-02 -z, RESOLUTION NO. 2011-02
RESOLUTION OF THE GRAND TERRACE PUBLIC FINANCING AUTHORITY
APPROVING THE FORMS OF AN INDENTURE OF TRUST, PURCHASE
CONTRACT, CONTINUING DISCLOSURE AGREEMENT AND AN OFFICIAL
STATEMENT AND AUTHORIZING THE EXECUTION OF THE PURCHASE
CONTRACT RELATING TO THE ISSUANCE OF THE COMMUNITY
REDEVELOPMENT AGENCY OF' THE CITY OF GRAND TERRACE'S TAX
ALLOCATION BONDS ISSUE OF 2011A AND ISSUE OF 2011B FOR THE
COMMUNITY REDEVELOPMENT PROJECT AREA AND APPROVING
CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, 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 deems it necessary to issue at this time its
Community Redevelopment Project Area Tax Allocation Bonds, Issue of .2011A (the "2011A
Bonds") in an aggregate principal amount of not to exceed Twenty-Two Million Dollars
($22,000,000.00) and its Community Redevelopment Project Area Tax Allocation Bonds, Issue of
2011B (the "2011B Bonds") in an aggregate principal amount of not to exceed Seven Million Dollars
($7,000,000.00) for the purpose of providing moneys to finance the Redevelopment Plan, all
pursuant to the provisions of Articles 10 and 11 of Chapter 3 of part 1 of Division 2 of Title 5 of the
(r~ California Government Code (the "Bond Law"), as provided in an indenture of trust substantially in
the form submitted herewith (the "Indenture"), and to pay costs in connection with the issuance of
the 2011A Bonds and the 2011B Bonds (collectively, the "2011 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 2011 Bonds from the Agency and selling such 2011 Bonds to Wedbush Securities Inc. (the
"Underwriter") pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (Government Code
Sections 6584, etseq.); and
WHEREAS, there have been prepared and submitted to this meeting forms of:
(1) a draft of the Indenture of the Agency;
(2) a draft of the Preliminary Official Statement of the Agency to be used in connection
with the sale of the 2011 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");
(3) a draft of the proposed Purchase Contract among the Agency, the Authority and the
Underwriter(as the 2011A Bonds and the 2011B Bonds, respectively); and
(4) a draft of the proposed Continuing Disclosure Agreement.
DOCSOC/1488628v3/022092-0002
- NOW, THEREFORE, BE IT RESOLVED by the Grand Terrace Public Financing Authority,
' as follows:
Section 1. Subject to provisions of the Indenture referred to in Section 2 hereof, the
purchase of and simultaneous resale to the Underwriter of 2011A Bonds in the aggregate principal
amount of not to exceed Twenty-Two Million Dollars ($22,000,000.00) and the issuance of 2011B
Bonds in the aggregate principal amount of not to exceed Seven Million Dollars ($7,000,000.00) on
the terms and conditions set forth in, and subject to the limitations specified in, the Indenture and the
Purchase Contract, is hereby authorized and approved. The 2011 Bonds will be dated, will bear
interest at the rates, will mature on the dates, will be issued in the form, 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, 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 Purchase Contract 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. The
Executive Director of the Authority is hereby authorized and directed to execute the Purchase
Contract 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 2011
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 2011 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 Executive Director of the Authority, the
Treasurer, the Secretary of the Authority, and any other proper officer of the Authority, 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 2011 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 Contract, the Official Statement, this Resolution and
any such agreements.
Section 7. This Resolution shall take effect immediately upon its adoption.
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DOCSOC/1488628v3/022092-0002
PASSED, APPROVED and ADOPTED this 24th day of May, 2011 by the following vote:
AYES: Authority Members McNaboe, Sandoval and Hays; Vice-Chairman Garcia and
Chairman Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
Chairman
(SEAL)
ATTEST:
Secretary
l
3
DOCSOC/1488628v3/022092-0002
STATE OF CALIFORNIA SECRETARY'S CERTIFICATE
COUNTY OF SAN BERNARDINO OF AUTHENTICATION
CITY OF GRAND TERRACE
I, Brenda Mesa Secretary of the Grand Terrace Public Financing
Authority, California, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by
said Authority at a regular meeting of said Authority held on the 24th day of Mav , 2011,
and that the same was passed and adopted by the following vote, to wit:
AYES: Authority Members McNaboe, Sandoval and Hays; Vice-Chairman Garcia
and Chairman Stanckiewitz
NOES: None
ABSENT: None
ABSTAIN: None
Secretary
r
i
DOCSOC/1488628v3/022092-0002