HomeMy WebLinkAbout4440_CCv0001.pdf RESOLUTION NO. 4440
RESOLUTION APPROVING AMENDMENT AND EXTENSION
OF INSTALLMENT SALE AGREEMENT FINANCING FOR
YOUNG MEN' S CHRISTIAN ASSOCIATION OF REDLANDS
AND APPROVAL OF PERTINENT DOCUMENTS
WHEREAS, pursuant to Resolution No. 3922 adopted
September 20, 1983 by this City Council of the City of
Redlands, California (the "City Council" and the "City"
respectively) , the City has heretofore entered into an
Installment Sale Agreement (Security Agreement) Relating to
Recreational Facilities ( the "First Installment Sale
Agreement" ) by and between the City and Redlands Financial
Services, Inc. dated as of September 30, 1983 and has
further entered into an Installment Sale Agreement (Security
Agreement) relating to Recreation Facilities ( the "Second
Installment Sale Agreement" ) by and between the City and the
Youngs Men' s Christian Association of Redlands ( the "YMCA" )
dated as of September 30, 1983, all for the purpose of
assisting the YMCA in the acquisition and construction of
certain recreational facilities for the use and benefit of
inhabitants of the City; and
WHEREAS, pursuant to the above Agreements and the
assignment of certain rights to, and the advance of funds
from, Redlands Federal Savings and Loan Association, the
YMCA acquired and constructed certain property and
facilities as contemplated therein (the "Project" ) , but said
YMCA has advised the City that, as a result of unforeseen,
but reasonable, events, the cost of the facilities exceeded
the original estimates and the YMCA has made certain further
capital improvements to the facility, all of which has
resulted in a need to amend the terms of the Second
Installment Agreement to increase the purchase price set
forth therein, to extend the time within which the principal
balance of the purchase price must be paid and to adjust the
interest rate applicable thereto;
WHEREAS, notice of a public hearing to be conducted by
this City Council with respect to the proposed financing and
refinancing of the Project by the City was duly published at
least 10 days prior to November 1, 1988, in a newspaper of
general circulation in the City, which notice set 7 : 00 p.m.
on November 1, 1988, and the City Council chambers as the
time and place for said hearing; and
WHEREAS, this City Council is the applicable
governmental unit to conduct said public hearing for
purposes of Section 147 ( f) of the Internal Revenue Code of
1986, as amended ( the "Code" ) ; and
WHEREAS, this City Council has duly held said public
meeting and hearing with respect to the Project and its
proposed financing and refinancing, all in accordance with
Section 147( f) of the Code, at which public hearing interest
individuals were given a reasonable opportunity to express
their views on the Project and its proposed financing by the
City;
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NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Redlands, as follows:
Section 1 . This City Council hereby approves the
Project and its financing and refinancing by means of the
proposed amendment to the Second Installment Sale Agreement
described above. This approval is intended to satisfy the
requirements of Section 147(f) of the Code.
Section 2 . It is hereby found, determined and
declared by this City Council that it is in the best
interest of the citizens of the City that the Second
Installment Sale Agreement described above be amended to
increase the Principal Property Price therein to
$784,305 . 29, to extend the date for payment of the principal
unpaid balance to October 30, 2003 and to adjust the
interest rates as set forth in the proposed amendment
described below.
Section 3 . The First Amendment to the Second
Installment Sale Agreement, a copy of which is on file in
the office of the City Clerk, is hereby approved in the form
submitted to this meeting and the Mayor is hereby authorized
and directed to execute, acknowledge and deliver said
Agreement on behalf of the City, with such changes,
insertions or omissions therein as do not change the
substance thereof and as may be approved by the City
Attorney, and the City Clerk is hereby authorized to attest
to said signature and to affix thereto the corporate seal of
the City.
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Section 4. The officers of the Citi, including but
not limited to the Mayor , the City Clerk and the City
Manager, are hereby authorized and directed, jointly and
severally, to do any and all things , to execute and deliver
any and all documents, which may be required under the terms
of the First Amendment to the Second Installment Sale
Agreement, or this Resolution and to execute such
instruments and take such other action as may be required or
appropriate for the performance of the duties imposed
there-ay or to carry out the purposes thereof and such
actions previously taken by such officers are hereby
ratified and confirmed.
Section 5. This resolution shad take effect upon
adoption.
ADOPTED, SIGNED AND APPROVED this 1st day of November,
1988.
Mayor of the City of Redlands
ATTEST:
City)Clerk
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I, Lorrie Pyr, City Clerk of the City of Redlands,
do hereby certify that the foregoing resolution was adopted
by the City Council at a regular meeting hereof Ijeld on the
1st day of November, 1988, by the following vote:
AYES: Councilmembers Wormser, DeMirjyn, Johnson,
Cunningham; Mayor Beswick
NOES: None
ABSENT: None
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