HomeMy WebLinkAboutSA RESO 2014-57RESOLUTION NO. 2014 — 57
RESOLUTION OF THE SUCCESSOR AGENCY TO
THE COMMUNITY DEVELOPMENT COMMISSION AS
THE NATIONAL CITY REDEVELOPMENT AGENCY AUTHORIZING
THE CHAIRMAN TO EXECUTE THE AGREEMENT OF RESIGNATION,
APPOINTMENT, AND ACCEPTANCE BY AND BETWEEN
THE SUCCESSOR AGENCY, DEUTSCHE BANK NATIONAL TRUST COMPANY,
US BANK NATIONAL ASSOCIATION, AND AMBAC ASSURANCE CORPORATION
ACCEPTING THE RESIGNATION OF US BANK AS TRUSTEE FOR
THE 2004 TAX ALLOCATION BONDS, SERIES A, AND 2005 TAX ALLOCATION
REFUNDING BONDS, SERIES B, AND APPOINTING DEUTSCHE BANK AS TRUSTEE
WHEREAS, Deutsche Bank National Trust Company ("Deutsche Bank") and the
Community Development Commission of the City of National City ("CDC") entered into
indentures of trust dated June 1, 2004, pursuant to which the CDC's 2004 Tax Allocation Bonds,
Series A, and 2005 Tax Allocation Refunding Bond, Series B, ("Bonds") were issued, with
Deutsche Bank acting as trustee of the Bonds; and
WHEREAS, pursuant to ABX1 26, all redevelopment agencies in the State of
California were dissolved as of February_ 1, 2012. Upon dissolution of the City's Redevelopment
Agency, the City of National City assumed the role of Successor Agency to the Community
Development Commission as the National City Redevelopment Agency; and
WHEREAS, on March 18, 2013, Deutsche Bank sold its municipal bond trustee
business to US Bank National Association ("US Bank'). In connection with the sale, Deutsche
Bank desires to resign as the trustee under the trust indenture, and US Bank desires to be
appointed as the successor. The bond issuer, Ambac Assurance Corporation agrees to such
resignation and appointment.
NOW, THEREFORE, BE IT RESOLVED that the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency hereby
authorizes the Chairman to execute the Agreement of Resignation, Appointment, and
Acceptance by and between the Successor Agency, Deutsche Bank National Toast Company,
US Bank National Association, and Ambac Assurance Corporation accepting the resignation of
US Bank as Trustee for the 2004 Tax Allocation Bonds, Series A, and 2005 Tax Allocation
Refunding Bonds, Series B, and appointing Deutsche Bank as trustee. The Agreement of
Resignation, Appointment, and Acceptance is on file in the office of the City Clerk.
PASSED and ADOPTED this 18t' day of Novemb 014.
on Morrison, Chairman
ATTEST:
F
Mi ael R. Dall , City Clerk as
Secretary to the Successor Agency
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
November 18, 2014 by the following vote, to -wit:
Ayes: Boardmembers Cano, Morrison, Natividad, Rios, Soteio-Solis.
Nays: None,
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, Califomia
0
City Clerk Sen+in as Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2014-57 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on November 18, 2014.
By:
City Clerk Serving as Secretary
to the Successor Agency
11eputy