HomeMy WebLinkAbout4999_CCv0001.pdf RESOLUTION NO. 4999
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS APPROVING THE SUBSTITUTION OF TRUSTEE
FOR THE CERTIFICATES OF PARTICIPATION (LOMA
LINDA UNIVERSITY MEDICAL CENTER PROJECT)
WHEREAS, the City of Redlands (the "City") has heretofore
authorized the sale of its Certificates of Participation (Loma
Linda University Medical Center Project) Series 1990-C which were
executed and delivered pursuant to a Trust Agreement dated as of
December 1, 1990 (the "Trust Agreement") by and between the City
and Bank of America National Trust and Savings Association (the
"Resigning Trustee") , and
WHEREAS, the Resigning Trustee has requested that First
Trust of California, National Association (the "Successor Trustee" )
be appointed as successor trustee under the Trust Agreement, and
WHEREAS, the City desires to provide for the resignation
of the Resigning Trustee and the designation of the Successor
Trustee pursuant to a Tri-Party Agreement by and among the City,
Loma Linda University Medical Center, the Resigning Trustee and the
Successor Trustee which has been presented at this meeting,
NOW, 'THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF REDLANDS AS FOLLOWS :
Section 1 . Approval of Successor Trustee. The
appointment of First Trust of California, National Association as
successor trustee to Bank of America National Trust and Savings
Association under the Trust Agreement is hereby approved.
Section 2 . Tri-Party Agreement . The form of Agreement
entitle "Tri-Party Agreement" presented to this meeting to be
entered into by and between the City, Bank of America National
Trust and Savings Association, First Trust of California, National
Association and Loma Linda University Medical Center is hereby
approved, and the Mayor or his designee is hereby 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
said agreement in substantially the form hereby approved with such
insubstantial 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 Mayor, the City Clerk, the
City Manager and the Finance Director are hereby authorized and
directed, jointly and severally, to do any and all things, to
execute and deliver any and all documents, which in consultation
with staff and counsel they may deem necessary or advisable in
order to consummate the transactions contemplated hereby.
KAS173937
Section 4 . Effective Date. This resolution shall take
effect upon adoption.
ADOPTED this 6th day of iuly ,- 3 a �
d `
P
the t o d S
ATTEST:
CM—tl ekk oL th,61, c4ty
of Red nds
KAS173937 -2-
I, Lorrie Poyzer, 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
6th day of July, 1993 , by the following vote of the City Council :
AYES : Councilmembers Larson, Cunningham, Milson, Foster;
Mayor DeMirjyn
NOES: None
ABSENT: None
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Redlands, California this
6th day of July, 1993 ,
City__ le k of t c ty of Redlands,
California
KA5173937 3-