Resolution - 8367,0
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RESOLUTION NO. 8367
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA AUTHORIZING THE AMENDMENT
• OF THE TRUST AGREEMENT RELATING TO 1987
REFUNDING CERTIFICATES OF PARTICIPATION
WHEREAS, the City of West Covina (the "City"), has previously entered into a
Trust Agreement dated as of July 15, 1986, (the "Trust Agreement") with the Los
Angeles County —West Covina Civic Center Authority (the "Authority") and First
Interstate Bank of California as trustee (the "Trustee"), relating to $26,875,000 principal
amount of 1987'Refunding Certificates of Participation (Civic Center Complex); and
WHEREAS, the City and the Authority are authorized pursuant to Section 9.01 of
the Trust Agreement to amend the Trust Agreement so as not to materially adversely
affect the interests of the owners of the certificates of participation issued under such
Trust Agreement; and
WHEREAS, the Trustee has requested that the Trust Agreement be amended in
order to resolve an inconsistency between the provisions of Section 3.02 thereof, which
requires the earnings on the investment of moneys in the Reserve Fund to be retained
therein to the extent required to maintain the necessary Reserve Fund balance, and the
provisions of Section 7.07(a) thereof, which requires that all investment earnings be
deposited in the Earnings Account; and
WHEREAS, the City wishes to amend the Trust Agreement further to permit
changes to be made thereto to conform to the requirements of federal regulations with
respect to arbitrage rebate requirements, which regulations are expected to be issued by
the Internal Revenue Service shortly, and the City and the Authority have been advised
by Jones Hall Hill & White, as special counsel, that the Trust Agreement is permitted to
be amended for all of such purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina, that the Trust Agreement shall be amended pursuant to the form of First
Amendment to Trust Agreement by and among the City, the Authority and the Trustee,
in the form on file with the City Clerk, which First Amendment to Trust Agreement is
hereby authorized to be executed by the Mayor and attested by the City Clerk.
PASSED AND ADOPTED this loth day of jujy:, 1989, by the following vote:
AYES: Manners, McFadden, Lewis, Bacon
NOES: None
ABSENT: Tarozzi
Mayor
(SEAL)
Attest:
' City Cl
APPROVED AS TO FORM:
Lm
Jones Hall Hill &; White,
A Professional Law Corporation
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