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HomeMy WebLinkAbout19-003 - ResolutionRESOLUTION NO. 19-003 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING THE EXECUTION AND RECORDATION OF THAT CERTAIN RELEASE OF LIEN AND TERMINATION OF AGREEMENTS RELATED TO THE CENTRAL PARK PROPERTY WHEREAS, the Rancho Cucamonga Public Finance Authority (the "Authority") is a joint exercise of powers authority formed pursuant to a Joint Exercise of Powers Agreement by and between the City of Rancho Cucamonga (the "City"), the Rancho Cucamonga Fire Protection District, and the Former Rancho Cucamonga Redevelopment Agency and is authorized under said Agreement and under the laws of the State of California to finance the acquisition and construction of public capital improvements for the City; and WHEREAS, the City has requested that the Authority issue revenue bonds (the "Bonds") for the purpose of providing funds to enable the City to finance certain improvements to the benefit of the City, specifically the costs of acquisition, design, construction and equipping of a fiber optic network located within the City (the "Project"); and WHEREAS, to provide such financing for the Project, the Authority proposes to issue its bonds which are proposed to be payable from lease payments to be paid to the Authority by the City pursuant to a Lease Agreement (the "Lease Agreement"); and WHEREAS, the City Council of the City has determined that the facility consisting of the Goldy S. Lewis Community Center and James L. Brulte Senior Center and accompanying parking lot should be the leased assets under the Lease Agreement (the "Leased Premises"); and WHEREAS, the Leased Premises served as security for those certain Certificates of Participation issued by California Cities Financing Corporation ("CCFC") dated October 4, 1988 (the "1988 COPS") which were issued to refinance the acquisition of the Leased Premises and repaid from payments made by the City pursuant to a Lease Agreement dated October 1, 1988 (the 1988 Lease Agreement") by and between the City and CCFC; and WHEREAS, the 1988 Lease Agreement, a Site Lease Agreement dated October 1, 1988 (the "1988 Site Lease") by and between the City and CCFC and an Assignment Agreement dated October 1, 1988 (the "1988 Assignment Agreement") by and between the City, CCFC and Bank of America National Trust & Savings Association, as prior trustee, were recorded against the Leased Premises as a lien securing the Lease Payments required by the Lease Agreement; and WHEREAS, on March 28, 1990, the former Rancho Cucamonga Redevelopment Agency issued certain tax allocation bonds (the 1990 TABS"), which among other things Resolution No. 19-003 - Page 1 of 3 60285.00031\31720305.1 refinanced the City's obligations under the 1988 Lease Agreement and caused the 1988 COPS to be prepaid; and WHEREAS, the liens placed on the Leased Premises, were not released at the time of such prepayment; and WHEREAS, the City now desires to release such liens by executing a Release of Lien and Termination of (the "Release of Lien") in substantially similar form to that attached hereto and causing such Release of Lien to be recorded; and NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council as follows: 1. Findings and Determinations. The City Council finds and determines that the above recitals are true and correct. 2. Approval of Release of Lien. The City Council hereby approves the Release of Lien in substantially the form on file with the City Clerk, together with such additions thereto and changes therein as the bond counsel shall deem necessary, desirable or appropriate, the execution of which by the Mayor, the Mayor Pro Tem, or the City Manager (the "Authorized Officers") shall be conclusive evidence of the approval of any such additions and changes. The Authorized Officers are each hereby authorized and directed to execute, and the City Clerk is hereby authorized (to the extent required by such documents) to attest and affix the seal of the City to, the final forms of each of the above-mentioned documents for and in the name and on behalf of the City. 3. Official Actions. The Authorized Officers and the City Clerk and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions, including to cause the removal of any liens and encumbrances on the Leased Premises related to the 1988 COPS. 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. Resolution No. 19-003 - Page 2 of 3 60285.00031\31720305.1 PASSED, APPROVED, AND ADOPTED this 16th day of January, 2019. e B. Kenne , May rc Tem ATTEST: nip45'C./Reynolds, Clerk STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss CITY OF RANCHO CUCAMONGA ) I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cucamonga, at a Regular Meeting of said Council held on the 16th day of January 2019. AYES: Hutchison, Kennedy, Scott, Spagnolo NOES: None ABSENT: Michael ABSTAINED: None Executed this 17th day of January, 2019, at Rancho Cucamonga, California. Resolution No. 19-003 - Page 3 of 3 60285.00031\31720305.1 RECORDING REQUESTED BY AND WHEN RECORDED RETURN TO: Best Best & Krieger LLP Attention: Mrunal Shah, Esq. 3390 University Avenue, 5th Floor Riverside, CA 92501 THIS TRANSACTION IS EXEMPT FROM CALIFORNIA DOCUMENTARY TRANSFER TAX PURSUANT TO SECTION 11929 OF THE CALIFORNIA REVENUE AND TAXATION CODE. THIS DOCUMENT IS EXEMPT FROM RECORDING FEES PURSUANT TO SECTION 27383 OF THE CALIFORNIA GOVERNMENT CODE. RELEASE OF LIEN AND TERMINATION This RELEASE OF LIEN AND TERMINATION (this "Release") is made as of January 16, 2019 by the City of Rancho Cucamonga (the "City"). WITNESSETH: WHEREAS, the City previously entered into the agreements listed below in (a), (b) and (c), each such document creates an encumbrance on the real property described in Exhibit A attached hereto (the "Property") for the purpose of refinancing the acquisition of a certain park known as Central Park described therein (the "1988 Certificates") as follows: (a) Lease Agreement dated as of October 1, 1988, by and between the City of Rancho Cucamonga, a California municipal corporation, and the California Cities Financing Corporation, a California non-profit public benefit corporation ("CCFC"), under the terms and provisions contained therein, recorded October 4, 1988, as Document No. 88-333217 of Official Records of San Bernardino County; and (b) Site Lease, dated as of October 1, 1988, between CCFC and the City, recorded October 4, 1988, as Document No. 88-333216; and (c) An Assignment Agreement, dated as of October 1, 1988, between CCFC and the Trustee, recorded October 4, 1988, as Document No. 88-333218. WHEREAS, for purposes of this Release, each of the documents referred to in (a) through (c) above will be referred to collectively as the "Agreements;" and WHEREAS, the City has refinanced the 1988 Certificates and the Property is no longer required to secure the 1988 Certificates; and 60285.0003 1\31718666.1 WHEREAS, CCFC was subsequently dissolved in 2013 without releasing the Agreements therefor there is no signature available to sign a Release; and WHEREAS, the City desires to cause the filing of this Release in the official records of the Recorder of the County of San Bernardino to release and terminate any and all liens and encumbrances on the Property created by the Agreements upon payment in full of the 1998 Certificates. NOW, THEREFORE, the parties hereto hereby agree as follows: 1. The Resolution No. 64Sattached hereto as Exhibit B confirms the above facts. 2. The foregoing recitals are true and correct and by this reference are incorporated herein. The parties hereto acknowledge and agree that any lien or encumbrance for their respective part on the Property created by the Agreements is hereby terminated and released without recourse, representation or warranty, and each of the Agreements is hereby terminated. 3. This Release shall be binding on and inure to the benefit of the parties and their successors and assigns. 4. This Release shall be governed by the laws of the State of California. (Signature page follows) 2 60285.00031\31718666.1 IN WITNESS WHEREOF, each of the parties hereto have caused this Release to be executed by the respective duly authorized officers as of the day and year first above written. CITY OF RANCHO CUCAMONGA *� li W Johrl Gillison City Manager ATTEST: -Signature Page - Release of Lien and Termination S-1 60285.0003 1 \31718666.1 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ) COUNTY OF Onbefore me, `�AQ I�"'i7'��'a Notary Public, personally a peared , who proved to me on the basis of satisfactory evidence to be the person whose name re sub ibed to the within instrument and acknowled to me tha�e sh /they executed the same inher/their authorized capacity and that bier/their signature on the instrument the person�or the entity upon behalf of which the perso�(4 acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. 66285.00031\31718666.1 PATRICIA BRAVO-VALOEZ Commission * 2139102 Notary Public - California Los Angeles County M Comm. Egg: Jan 30, 2020 (Seal) EXHIBIT A DESCRIPTION OF THE PROPERTY That parcel of land in the City of Rancho Cucamonga, County of San Bernardino, State of California, described as follows: LOTS 1 THROUGH 11, INCLUSIVE OF TRACT 12809, AS SHOWN ON PAGES 1, 2, AND 3 BOOK NO. 175 OF RECORDS IN THE OFFICE OF THE COUNTY RECORDER IN THE COUNTY OF SAN BERNARDINO, CALIFORNIA. EXCEPT THEREFROM ALL OIL, GAS, MINERALS, HYDROCARBON AND KINDRED SUBSTANCES LYING BELOW A DEPTH OF 500 FEET, BUT WITHOUT THE RIGHT OF SURFACE ENTRY, AS GRANTED TO WESTERN SUPPLY CORP. BY DEED RECORDED SEPTEMBER 17, 1979 IN BOOK 9772 PAGE 1262 OF OFFICIAL RECORDS. ALSO EXCEPTING THEREFROM ALL OIL, GAS, MINERALS, HYDROCARBON AND KINDRED SUBSTANCES LYING BELOW A DEPTH OF 500 FEET, BUT WITHOUT THE RIGHT OF SURFACE IN BOOK 7563, PAGE 227 OF OFFICIAL RECORDS. FEW 60285.0003 1 \31718666.1 EXHIBIT B RESOLUTION NO. OF THE CITY OF RANCHO CUCAMONGA 60285.0003 1 \31718666.1