HomeMy WebLinkAboutResolution - 93-4 RESOLUTION NO. RDA 93-4
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
JACINTO APPROVING CERTAIN DOCUMENTS AND
AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH
WHEREAS, the City of San Jacinto, a municipal corporation
of the State of California (the "City" ) , desires to acquire
improvements to its water system. Pursuant to Section 38730 of
the Government Code of the State of California the City is
authorized to purchase real and personal property for the
common benefit and in order to achieve its public purposes of
providing water service in the City; and
WHEREAS, the City desires to acquire the following water
system improvements : ( 1) the Bath Well Reservoir, (2) the Bath
Well Filtration System, (3) replacement water meters and (4)
appurtenant water system improvements (the "Project" ) ; and
WHEREAS, Redevelopment Agency of the City of San Jacinto , a
public corporation organized and existing under the laws of the
State of California (the "Agency" ) , has adopted the San Jacinto
Redevelopment Plan, San Jacinto Redevelopment Project Area
which plan authorizes the Agency to construct water
improvements; and
WHEREAS, the Project will benefit the San Jacinto
Redevelopment Project Area; and
WHEREAS, pursuant to Sections 33430 and 33431 of the Health
and Safety Code prior to selling real and personal property the
Agency must hold a public hearing; and
WHEREAS, a public hearing was duly called, noticed and held
as provided by law and this Board of Directors is fully advised
in the premises ; and
WHEREAS, the Agency desires to enter into a Installment
Purchase Agreement by and between the City and the Agency,
dated as of March 1, 1993 , (the "Installment Purchase
Agreement" ) pursuant to which the Agency provide for the
issuance of Certificates of Participation, construct the
Project from the Certificates of Participation proceeds and
sell the Project to the City; and
WHEREAS , the Agency desires to enter into a Trust
Agreement, dated March 1, 1993 , by and among the Agency, the
City and Union Bank (the "Trustee" ) for the issuance of the
Certificates of Participation; and
WHEREAS, substantially all right , title and interest of the
Agency under the Installment Purchase Agreement will be
assigned to the Trustee pursuant to an Assignment Agreement by
and between the Agency and the Trustee, dated as of March 1 ,
1993 (the "Assignment Agreement" ) ; and
WHEREAS, copies of each of the aforementioned documents
have been presented to and considered by this Board of
Directors ; and
NOW, THEREFORE, the Board of Directors of the Redevelopment
Agency of the City of San Jacinto does hereby find, determine,
resolve and order as follows :
SECTION 1 . The foregoing recitals , and each of them,
are true and correct .
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SECTION 2 . This Board of Directors approves the sale to
the City of the real and personal property to be acquired by
the Agency in regard to the Project .
SECTION 3 . The Trust Agreement, the Installment
Purchase Agreement and the Assignment Agreement (collectively
the "Financing Documents" ) are approved in substantially the
form presented at this meeting . The Chairman and Secretary of
the Agency are hereby authorized and directed, for and in the
name of the Agency, to execute , and deliver the Financing
Documents with such changes , insertions and omissions necessary
to carry out the interest of this Agency as said officers may
approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
ADOPTED, SIGNED AND APPROVED this 6th day of April, 1993 .
t k,
Chairman]
ATTEST:
u w �.
Se etary
(SEAL)
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STATE OF CALIFORNIA )
) ss .
COUNTY OF RIVERSIDE )
I , Richard Brewer , Secretary of the Board of Directors of
the Redevelopment Agency of the City of San Jacinto, do hereby
certify that the foregoing resolution was duly adopted by the
Board of Directors of said Agency at a regular meeting held on
the 6thday of April 1993 , and that it was so adopted by
the following vote:
AYES : DIRECTORS: Ford, Solorio, Williams , Chairman Hafiiger
NOES: DIRECTORS : None
ABSENT: DIRECTORS : Leahy
ABSTAIN: DIRECTORS: None
Secretary of the and of Directors of
Redevelopment Agency of the City of San
Jacinto
(SEAL)
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