1986 RES R-09-86 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-9-86 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH THE AUTHORIZATION, SALE AND ISSUANCE OF PARTICIPATION IN AN AMOUNT NOT TO EXCEED $565,000 (PUBLIC LIBRARY) WHEREAS, the City Council of the City of Colton (this "City Council"), pursuant to Resolution No. 4190, dated March 2, 1982, determined that it was in the best interest and for the common benefit of the citizens of the City of Colton (the "City") that the City lease a certain site to Bank of America National Trust and Savings Association, as lessee, pursuant to the terms of a Ground Lease Agreement dated as of February 15, 1982 (the "Ground Lease"), and cause a public library to be constructed on such site and enter into a Lease -Purchase Agreement with Bank of America National Trust and Savings Association, as lessor, dated as of February 15, 1982 (the "Lease Agreement"), for the lease- back of such site and lease -purchase of such public library; and WHEREAS, the City, pursuant to a Trust Agreement (the "1982 Trust Agreement") dated as of February 15, 1982, by and between the City and Bank of America National Trust and Savings Association, as trustee (the "Trustee"), issued Certificates of Participation in the aggregate principal amount of $760,000 (the "1982 Certificates") where the net proceeds of the 1982 Certifi- cates were used to finance construction of a public library and related fixtures and equipment, provided interest during construction, established a reserve fund and paid all costs for issuing the 1982 Certificates; and