ARA1995-14RESOLUTION NO. ARA9 5-14
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
APPROVING AN AMENDMENT TO AN ESCROW AGREEMENT AND
DIRECTING AN INVESTMENT OF FUNDS IN CONNECTION
THEREWITH
WHEREAS, the Anaheim Redevelopment Agency (the "Agency") and Bank of
America National Trust and Savings Association (the "Escrow Bank") have entered into
an Escrow Deposit and Trust Agreement as of February 1, 1992 (the "Agreement") in
order to provide for, inter alia, the refunding and defeasance of a loan made to the Agency
under a Loan Agreement, dated as of September 1, 1988 by and among the Agency, the
Local Government Finance Authority and The Bank of New York, as trustee; and
WHEREAS, in the Agreement, the Agency directed that the Escrow Bank invest
certain moneys in Federal Securities (as defined therein), and in order to not adversely
affect the tax-exempt status of interest on certain Agency Prior Obligations and the
Agency's 1992 Bonds (as such terms are defined in the Agreement), it was necessary for
the Escrow Bank to reinvest the proceeds of the maturing Federal Securities in certain
United States Treasury Securities - State and Local Government Securities bearing no
interest ("SLGs"), which reinvestment was contemplated at the time of the execution of
the Agreement; and
WHEREAS, certain of the maturing Federal Securities were not so reinvested in
SLGs, such that it is necessary at this time that the Agency invest additional amounts in
the Escrow Fund established under the Agreement in SLGs in order to reduce the yield on
the amounts held in said Escrow Fund and to otherwise assure the tax-exempt status of
the interest on such Prior Obligations and 1992 Bonds; and
WHEREAS, in order to effect such additional investment, there has been
presented to the Agency at this meeting an Amendment No. 1 to Escrow Deposit and
Trust Agreement, between the Agency and the Escrow Bank (the "Amendment") the form
of which is on file with the Secretary, and the Agency now desires to approve the
execution and delivery of the Amendment and the investment of funds of the Agency in
accordance therewith.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the Anaheim Redevelopment Agency as follows:
1. The Amendment in the form on file with the Secretary is hereby approved.
The Executive Director of the Agency is hereby authorized and directed to execute and
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deliver the Amendment in such form together with such additions thereto or changes
therein as the Executive Director, upon consultation with the Agency's General Counsel
and Bond Counsel, shall deem necessary or appropriate; the execution and delivery by the
Executive Director of the Amendment to be conclusive evidence of the approval of any
such additions or changes.
2. The Treasurer of the Agency is hereby directed to transfer to the Escrow
Bank, from any available funds of the Agency, an amount not to exceed $2,000,000, under
and in accordance with the terms of Section 15 of the Agreement, as such Section is
added to the Agreement upon execution and delivery of the Amendment by the Agency
and the Escrow Bank.
3. Those certain Settlement Agreements and Releases (the "Releases") are
approved in substantially the form on file with the City Attorney. The Executive Director
of the Agency is hereby authorized and directed to execute and deliver the Releases with
members of the original Bond Team, in such form together with such additions thereto or
changes therein as the Executive Director, upon consultation with the Agency's General
Counsel, shall deem necessary or appropriate, provided the total contribution from the
Bond Team shall not be less than $175,000.
4. This Resolution shall take effect from and after its adoption.
ADOPTED this 7th day of November, 1995.
ATTEST:
Chairman, Anaheim cy
Secretary, Aaaheim Redevelopment Agency
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STATE OF CAUFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby certify that the foregoing
Resolution No. ARA95-14 was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held
on the 7th day of November, 1995, by the following vote of the members thereof:
AYES:
CHAIRMAN/AGENCY: Tait, Lopez, Zemel, Feidhaus, Daly
NOES:
CHAIRMAN/AGENCY: None
ABSENT:
CHAIRMAN/AGENCY: None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency signed said Resolution
No. ARA95-14 on the 7th day of November, 1995.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 7th day of November, 1995.
SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
(SEAL)