HomeMy WebLinkAbout5247_CCv0001.pdf RESOLUTION NO. 5247
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS AUTHORIZING A FIRST AMENDMENT TO
IN'TERCREDITOR AGREEMENT RELATING TO $22,650,000
AGGREGATE PRINCIPAL AMOUNT OF CITY OF
REDLANDS VARIABLE RATE DEMAND MULTIFAMILY
HOUSING REVENUE REFUNDING BONDS (PARKVIEW
TERRACE PROJECT), 1991 SERIES A AND CERTAIN OTHER
ACTIONS PERTAINING THERETO
WHEREAS, the City Council of the City of Redlands (the "City") has issued its
$22,650,000 aggregate principal amount of City of Redlands Variable Rate Demand Multifamily
Housing Revenue Refunding Bonds (Parkview 'Terrace Project), 1991 Series A (the "Bonds"),
the proceeds of which were used to provide a loan to the owner of a certain multifamily housing
project (the "Project"); and
WHEREAS, the Bonds were secured by a direct draw letter of credit (the "Letter
of Credit") originally issued by Security Pacific National Bank; and
WHEREAS, the owner (the "Owner") of the Project wishes to extend the terms
of the Letter of Credit with Bank of America NT&SA, as successor in interest to Security
Pack National Bank (the "Bank"); and
WHEREAS, in connection with the issuance of the Bonds and the Letter of
Credit, the City, the Bank and Bankers Trust Company of California, National Association, as
succeeded in interest by First Trust of California, National Association (the "Trustee"), have
entered into an Intercreditor Agreement dated as of February 1, 1991 (the "Intercreditor
Agreement"); and
WHEREAS, as a condition to the Bank's agreement: to extend the Letter of Credit,
the Owner has agreed to certain amendments to the Intercreditor Agreement; and
WHEREAS, the Bank and the Owner have submitted a First Amendment To
Intercreditor Agreement to the City for approval and execution,
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND
ORDERED BY THE CITY COUNCIL OF THE CITY OF REDLANDS that:
Section 1. Recitals. The recitals stated above, and each of them, are true
and correct.
Section 2. Approval of First Amendment to Intercreditor A regiment. The First
Amendment to Intercreditor Agreement presented to the City Council at this meeting and entered
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into between the City, the Bank and the Trustee, is hereby approved and the Mayor or the City
Manager or their designee is authorized and directed for and in the name and on behalf of the
City to execute and the City Clerk is hereby authorized to acknowledge and deliver the First
Amendment to Intercreditor Agreement with such changes therein as the officer executing the
same may approve, such approval to be conclusively evidenced by the execution and delivery
thereof.
Section 3. Other Acts. The City Manager and the Finance Director of the City
are hereby authorized to take any and all actions necessary in order to execute the provisions of
this Resolution and this City Council hereby ratifies and affirms any prior action taken by such
officers in connection with this transaction.
Section 4. Effective Date. This Resolution shall take effect upon adoption.
ADOPTED this 16th day of January, 1996.
ayor of the City of Redlands -
ATTEST:
City�• , r
of the
City of Redlands
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I, _ _Lorrie Poy°zer , City Clerk of the City of Redlands, California, do
hereby certify that the foregoing Resolution was regularly introduced and adopted by the City
Council of the City of Redlands, California, at a regular meeting thereof held on the 16th day
of January, 1996, by the following vote of the City Council:
AYES: Councilmembers Gilbreath, Cunningham, Gil, Banda;
Mayor Larson
NOES: None
ABSENT: None
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hanj and affixed the official
seal of the City of Redlands, California this 16th day of January, Bias._
t
City C erk of th it.; of Redlands,
California
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