HomeMy WebLinkAboutCC RESO 15,571RESOLUTION NO. 15,571
RESOLUTION OF THE CITY OF NATIONAL CITY AUTHORIZING
THE EXECUTION AND DELIVERY OF A SUPPLEMENTAL TRUST
AGREEMENT (SUPPLEMENTAL TO THE TRUST AGREEMENT
EXECUTED AND ENTERED INTO AS OF AUGUST 1, 1986)
RELATING TO REFUNDING CERTIFICATES OF PARTICIPATION
IN RENTAL PAYMENTS TO BE MADE UNDER AND PURSUANT
TO THE PROJECT LEASE FOR THE CITY OF NATIONAL CITY
PLAZA BONITA PARKING FACILITIES PROJECT
WHEREAS, First Interstate Bank of California (the
"Trustee"), the Parking Authority of the City of National
City (the "Authority") and the City of National City (the
"City") executed and entered into a Trust Agreement (the
"Trust Agreement") as of August 1, 1986, relative to the
execution and delivery of Refunding Certificates of
Participation in Rental Payments to be made under and
pursuant to the Project Lease for the City of National City
Plaza Bonita Parking Facilities Project; and
WHEREAS, in connection with the foregoing, a policy
of municipal bond insurance was issued by AMBAC Indemnity
relating to said Refunding Certificates of Participation, and
it is appropriate and necessary to supplement the Trust
Agreement in order to take cognizance of the rights and
responsibilities of said insurer; and
WHEREAS, the supplement of the Trust Agreement by
the Supplemental Trust Agreement hereinafter referred to was
contemplated by the parties to the Trust Agreement at the
time of its execution and is authorized by and complies with
Section 9.01 of the Trust Agreement;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National City, as follows:
Section 1. The above recitals are true and
correct, and this City Council so finds and determines.
Section 2. The form of Supplemental Trust
Agreement, dated as of February 1, 1988, among the Trustee,
the Authority and the City, presented to this meeting and on
file with the City Clerk, is hereby approved. The Mayor of
the City is hereby authorized and directed, for and in the
name and on behalf of the City, to execute and deliver to the
Trustee and the Authority said Supplemental Trust Agreement
in substantially said form, with such changes therein as such
officer may require or approve, such approval to be
conclusively evidenced by the execution and delivery
thereof. The City Clerk is hereby authorized and directed to
attest the signature of the Mayor, and to affix and attest
the seal of the City, as may be required or appropriate in
connection with the execution and delivery of said
Supplemental Trust Agreement.
Section 3. The officers of the City are hereby
authorized and directed, jointly and severally, to do any and
all things and to execute and deliver any and all documents
which they may deem necessary or advisable in order to carry
out, give effect to and comply withthe terms and intent of
this resolution and said Supplemental Trust Agreement. Such
actions heretofore taken by such officers are hereby
ratified, confirmed and approved.
Section 4. This resolution shall take effect
immediately upon its passage.
PASSED and ADOPTED this 5th day of April, 1988.
GEORGE . WATERS, MAYOR
ATTEST:
IONE CAMPBELL
IONE PEELLC TY CLERK
BY: Y) nc� (L`%
APPRO jp AS TO RM.
GEORGE H. EISER, III -CITY ATTORNEY