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HomeMy WebLinkAboutResolution - 88-10 4 REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO RESOLUTION NO. RDA-88-10 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN JACINTO APPROVING AN AMENDED SITE LEASE, A LEASE/PURCHASE AGREEMENT, AN ASSIGNMENT AGREEMENT, A TRUST AGREEMENT, AN AGENCY AGREEMENT, A REIMBURSEMENT AGREEMENT, A CERTIFICATE PURCHASE CONTRACT AND CERTAIN OTHER DOCUMENTS WITH THE 'CITY OF SAN JACINTO, AND AUTHORIZING THE PREPARATION, SALE AND DELIVERY OF NOT TO EXCEED $5 , 000 ,000 AGGREGATE PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the Redevelopment Agency of the City of San Jacinto is a public body, corporate and politic, organized and existing under the laws of the State of California (the _ "Agency" ) with the authority to assist in the financing of the acquisition and construction of certain facilities and property (the "Project" ) on behalf of the City of San Jacinto (the "City" ) ; and WHEREAS, the City has leased certain real property of the City owned or to be acquired by the City for use in conjunction with the Project owned or to be acquired by the City and has delivered a Site Lease, dated as of December 1 , 1987, by and between the City and the Agency, which Site Lease the City desires to amend pursuant to that certain Amended Site Lease, dated as of December 1 , 1987, and amended and restated as of September 1 , 1988 , by and between the City and the Agency (the 3129001/36 (LA) "Amended Site Lease" ) , the form of which has been presented to the members of this Agency at the meeting at which this Resolution has been adopted; and `WHEREAS , the City and the Agency ,desire to enter into that certain Lease/Purchase Agreement, dated as of September 1 , 1988, by and between the Agency and the City (the "Lease" ) , the form of which has been presented to the members of this Agency at the meeting at which this Resolution has been adopted pursuant to which the City will agree to lease the Project (as defined in the Lease) from the Agency and to pay certain Lease Payments in connection therewith which will have been pledged to the owners of the Certificates of Participation described below by the Agency whose right to receive such Lease Payments from the City will be assigned to a trustee ( "the "Trustee" ) pursuant to an Assignment Agreement , dated as of September 1 , 1988 , by and between the Trustee and the Agency (the "Assignment Agreement" ) , the form of which has been presented to the members of this Agency at the meeting at which this Resolution has been adopted; and WHEREAS , the Agency desires to appoint the City as its agent in connection with the acquisition and construction of the Project pursuant to an Agency Agreement, dated as of September 1 , 1988 , by and between the Agency and the City (the "Agency Agreement" ) , the form of which has been presented to 2 3129001/36 (LA) the members of this Agency at the meeting at which this Resolution was adopted; and WHEREAS , the Agency will pay to the City ,from any lawfully available funds an amount determined by the City Manager of the City pursuant to a Reimbursement Agreement , dated as of September 1 , 1988 , by and between the Agency and the City (the "Reimbursement Agreement") , the form of which has been presented to the members of this Agency at the meeting at which this Resolution was adopted; and WHEREAS, the City and the Agency have determined that it would be in the best interests of the City, the Agency and the citizens of the community to authorize the preparation, sale and delivery of Certificates of Participation ( 1988 Fire Station Project) in an aggregate principal amount not to exceed $5 , 000 , 000 (the "Certificates" ) pursuant to a Trust Agreement , dated as of September 1 , 1988, by and among the City, the Agency and the Trustee, which Certificates evidence proportionate interests in certain Lease Payments to be made pursuant to the Lease; and WHEREAS , the Agency has found and determined that : ( 1) the Project is of benefit to the San Jacinto Redevelopment Project Area or the immediate neighborhood in which the Project is located; and 3 3129001/36 (LA) (2) no other reasonable means of financing such Project are available to the community; and WHEREAS, the Agency desires to enter into a Certificate Purchase Contract, by and among the City, the Agency and First California Regional Securities , Inc . (the "Purchaser" ) and acknowledged by the Trustee (the "Certificate Purchase Contract" ) , pursuant to which the Purchaser has agreed to buy the Certificates on the terms and conditions set forth therein, the form of which has been presented to the members of this .Agency at the meeting at which this Resolution was adopted; NOW, THEREFORE, the members of this Agency do hereby resolve as follows : SECTION 1 : Certificates . The members of this Agency hereby authorize the preparation, sale and delivery of the Certificates in an aggregate principal amount not to exceed 5, 000 , 000 in accordance with the terms and provisions of the gust Agreement . The purposes for which the proceeds and the Certificates shall be expended are to pay the cost of the Project, provide interest during construction, fund a reserve fund and pay the costs of the sale and delivery of the Certificates . 4 3129001/36 (LA) SECTION 2 : Certificate Documents , The Amended Site Lease, the Lease, the Assignment Agreement, the Agency Agreement , the Reimbursement Agreement and the Trust Agreement presented at this meeting are approved. The Chairman of the"Agency and his designee are authorized and directed to execute and deliver said agreements . The agreements shall be executed in substantially the forms hereby approved, with such additions thereto and changes therein as are recommended or approved by counsel to the Agency and approved by such officers of the Agency executing the documents, such approval to be conclusively evidenced by the execution and delivery thereof . SECTION 3 : Certificate Purchase Contract . The Certificate Purchase Contract presented at this meeting and the sale of the Certificates pursuant thereto is approved. The Chairman of the Agency or his designee is authorized and directed for and on behalf of the Agency to execute and deliver to the Purchaser a Certificate Purchase Contract in substantially the form approved, with such additions thereto or changes therein as are recommended or approved by counsel to the Agency and approved by such officers of the Agency executing the Certificate Purchase Contract, such approval to be conclusively evidenced by the execution and delivery thereof . 5 3129001/36 (LA) SECTION 4 : Other Actions . The Chairman and the Secretary, and such other officers of the Agency are authorized and directed, jointly and severally, to do any ,and all things and to execute and deliver any and all documents which they may deem necessary and advisable in order to consummate the sale and delivery of the Certificates , and the delivery of the Amended Site Lease, the Lease , ,the Agency Agreement, the Reimbursement Agreement, the Trust Agreement, the Assignment Agreement and the Certificate Purchase Contract, and otherwise effectuate the purposes of this Resolution, and such actions previously taken by such officers are hereby ratified and confirmed. SECTION 5 : Effect . This Resolution shall take effect from and after its date of adoption. ADOPTED, SIGNED AND APPROVED this 20th day of September , 1988 . Cha' man ATTEST: Secretary 6 3129001/36 (LA) STATE OF CALIFORNIA } ss . RIVERSIDE COUNTY ) I , Helen Sherman Secretary of the Redevelopment Agency of the City of San Jacinto, do hereby certify that the foregoing resolution was duly adopted by the members of said Agency at a meeting held on the 20th day of September 1988, and that it was so adopted by the following vote: AYES : Agency'Members Ford, Stevens , Divine, Redding and Stuart NOES: None ABSENT : None ABSTAIN: None and that such resolution has not been amended, modified or rescinded and is in full force and effect as of this date. Date: September 20 , 1988 Secretary 7 3129001/36 (LA)