HomeMy WebLinkAboutSA RESO 2014-58RESOLUTION NO. 2014 — 58
RESOLUTION OF THE SUCCESSOR AGENCY TO
THE COMMUNITY DEVELOPMENT COMMISSION AS
THE NATIONAL CITY REDEVELOPMENT AGENCY RESCINDING
RESOLUTION NO. 2014-57 AND 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 RESIGNA T ION OF DEUTSCHE BANK AS TRUSTEE FOR THE 2004
SERIES A, 2005 SERIES A AND SERIES B, AND 2011 TAX ALLOCATION
BONDS, AND APPOINTING US 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 Series A, 2005 Series
A and Series B, and 2011 Tax Allocation Bond ("Bonds") were issued, with Deutsche Bank
acting as trustee of the Bonds; and
WHEREAS, pursuant to ABX1 26, all redevelopment aqencies 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 formed the Successor Agency to the Community Development
Commission as the National City Redevelopment Agency; and
WHEREAS, on March 14, 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; and
WHEREAS, Resolution No. 2014-57, adopted November 18, 2104, had the
names of the parties inadvertently transposed, thus needs to be rescinded so that this
Resolution with the parties names correctly reflected may be adopted.
NOW, THEREFORE, BE IT RESOLVED by the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency that
Resolution No. 2014-57, adopted on November 18, 2014, is hereby rescinded.
BE IT FURTHER RESOLVED that the Chairman to authorized to execute the
Agreement of Resignation, Appointment, and Axcptan ce by and between the Successor
Agency, Deutsche Bank National Trust Company, US Bank National Association, and Ambac
A a S u ar.oa CGiGia`uGii atcuuily the �cbiyiia-'uoi i Cci D6utSC is udt.,iIN, as
T rustee for the 2004
Series, 2005 Series A Series B, and 2011 Tax Allocation Bonds, and appointing US Bank as
trustee. The Agreement of Resignation, Appointment, and Acceptance is on file in the office of
the City Cleric.
[Signature Page to Follow]
Resolution No. 2014 — 58
Page Two
PASSED and ADOPTED this 161 day o, December, 2014.
on Morrison, Chairman
ATTEST:
.-) / / -4 A, /Y
Michael R. Dalla, Vy 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
December 16, 2014 by the following vote, to -wit:
Ayes: Boardmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY:
By:
RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
4CiClerk
4Se Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2014-58 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on December 16, 2014.
City Clerk Serving as Secretary
to the Successor Agency
By:
Deputy