Resolution No. GPFFA 1996-01 | Amending Trust Agreement 1994 Authority Revenue Bonds | Adopted 09/23/1996RESOLUTION NO. 96 - 1
RESOLUTION AMENDING TRUST AGREEMENT
1994 AUTHORITY REVENUE BONDS
The Board of Directors of the Gilroy Public Facilities
Financing Authority resolves:
Section 1. RECITALS. On March 21, 1994, the Board of
Directors of the Gilroy Public Facilities Financing Authority
approved that certain Trust Agreement among the city of Gilroy, the
Gilroy Public Facilities Financing Authority and Union Bank of
California, N.A., as Trustee, by the adoption of Resolution No. 94-
Section 2. Approval of Amendment to Trust Aqreement. This
Board hereby approves the Amendment to the Trust Agreement
revising portions of Sections 302, 303, 305 and 306 to read as
follows:
Section 302.
(2) The amount of $689,200.00 (the "Required Reserve")
shall be deposited in the Reserve Account and shall be
administered in accordance with Section 304 hereof. The
amount in the Reserve Account may never exceed the least
of the following amounts:
(i) ten percent of the proceeds of the Bonds;
(ii) maximum annual debt service on the Bonds, or;
(iii)125% of the average annual debt service on the
Bonds.
Section 303.
(c) On December 1 of each year, the balance, if any, in
the Payment Account following the disbursement pursuant to
subsection (b) shall be transferred as follows:
(i)
first to the Reserve Account to the extent that
the amount in the Reserve Account does not
exceed the Required Reserve;
(ii)
next to the General Fund of the City of Gilroy,
in accordance with the terms outlined in the
Memorandum attached hereto as Exhibit E;
(iii)
when all obligations of the Loan Agreement have
been met, the city will instruct the Trustee to
transfer funds to the Reserve Account to the
extent that the amount in the Reserve Account
does not exceed $861,500.00; and
(iv)
any remaining balance shall be transferred to
the Prepayment Fund.
RESOLUTION NO. 96 - 1
Section 305. Prepayment Fund. The Trustee shall administer the
Prepayment Fund in accordance with Section 416 hereof. If the
Trustee has any questions regarding the Prepayment Fund balances,
such questions shall be directed to the City or its consultants in
writing.
Section 306. Investment of Fund and Account Balances.
(b) The Trustee shall deposit investment earnings on all
funds and accounts to the Payment Account.
I hereby certify that the foregoing resolution was duly and
regularly adopted and passed by the Board of Directors of the
Gilroy Public Facilities Financing Authority, City of Gilroy,
California, at a regular meeting thereof held on the 23rd day of
September, 1996, by the following vote of the members thereof:
AYES, and in favor, thereof, Boardmembers: GILROY, ~DRALES, ROGERS,
ROWLISON, SPRINGER and GAGE.
NOES, Boardmembers: None
ABSENT, Boardmembers:VALDEZ
¢
President
EXilXBXT E
The City Council has approved a temporary loan from the General
Fund in the amount of $148,293, plus interest based on the City Treasurer's
Investment Portfolio earnings, as identified in a statement delivered to the
Trustee prior to each repayment, from the date of advance (September 2,
1994) until fully paid.