HomeMy WebLinkAboutResolution - 97-6 RESOLUTION NO. RDA 97-6
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
JACINTO AUTHORIZING THE REPLACEMENT OF THE
RESERVE FUND WITH A RESERVE FUND SURETY BOND
RELATING TO THE $1,975,000 CERTIFICATES OF
PARTICIPATION (WATER IMPROVEMENT PROJECT)
WHEREAS,the Redevelopment Agency of the City of San Jacinto (the "Agency")
issued its S1,975,000 Certificates of Participation (Water Improvement Project) (the "Certificates")
on behalf of the City of San Jacinto (the "City"); and
WHEREAS, Section 403 of the Trust Agreement, dated as of April 1, 1993 (the
"Trust Agreement") establishes a Reserve Fund and provides that the cash on deposit in the Reserve
Fund may be replaced with a surety bond or insurance policy; and
WHEREAS, Financial Security Assurance Inc. ("FSA") has agreed to provide its
reserve fund surety bonds for the purpose of releasing cash on deposit in the Reserve Fund to acquire
and construct additional projects for and of benefit to the City's water system; and
WHEREAS,the Board of Directors(the "Board") of the Agency has duly considered
such transactions and wishes at this time to approve said transactions in the public interests of the
Agency;
THEREFORE, IT IS RESOLVED that the Board of Directors of the
Redevelopment Agency of the City of San Jacinto adopt the following:
Section 1. Findings and Determinations. The Board hereby finds and determines that
the recitals stated above are true and correct.
Section 2. Approval of Reserve Fund Surety Bonds. The Board hereby approves the
reserve fund surety bond to be provided by FSA and authorizes and directs the execution of any
reimbursement agreement among the City, the Agency and FSA by the Executive Director.
Section 3. Official Actions. The Chairman, the Executive Director, the Treasurer,
the Assistant Treasurer, the Secretary and any and all other officers of the Agency are hereby
authorized and directed, for and in the name and on behalf of the Agency, to do any and all things and
take any and all actions, and including execution and delivery of any and all assignments, certificates,
requisitions, agreements, notices, consents, instruments of conveyance, warrants and other
documents, which they, or any of them, may deem necessary or advisable to further the intent and
purposes of this resolution.
RVPUB\KAB\26523
Section 4. Effective Date. This Resolution shall take effect from and after the date
of its passage and adoption.
APPROVED AND ADOPTED this 16th day of July, 1997 by the following roll call
vote:
AYES: _Agency Members Cornett, Williams & Vice Chair Smedley
NOES: None
ABSTAIN: None
ABSENT:
Agency Member ;Solorio h it Con
C airman
ATTEST:
Pamela L. Lee
Secretary
CERTIFICATION
RDA
The foregoing is certified to be a true and correct copy of Resolution No./97- 6 duly
adopted by said Board of Directors of the Redevelopment Agency of the City of San Jacinto on the
date set forth herein.
Secretary
RVPUMKAB\26523 -2-