CIC Resolution 01-97COMMUNITY IMPROVEMENT COMMISSION OF THE
CITY OF ALAMEDA RESOLUTION 01 -97
AUTHORIZING EXECUTION, DELIVERY AND PERFORMANCE OF
REIMBURSEMENT AGREEMENT WITH
WELLS FARGO BANK, NATIONAL ASSOCIATION
RESOLVED, by the Community Improvement Commission of the City of Alameda (the
"Commission "), as follows:
WHEREAS, pursuant to an Indenture of Trust, dated as of April 1, 1992 (the "Inden-
ture"), by and between the Alameda Public Financing Authority (the "Authority ") and Bank of
America National Trust and Savings Association, as the initial trustee thereunder, the Authority
issued $2,740,000 of its 1992 Revenue Bonds, Series A (West End Community Project - Hous-
ing Increment Loan) (the "Bonds "), which provided in part for the delivery of a stand -by letter of
credit issued by The Industrial Bank of Japan, Limited, San Francisco Agency (in such capacity,
the "Reserve Fund Credit Provider ") , in order to satisfy the Reserve Requirement for the Bonds
(as such term is defined in the Indenture), and for a loan of the proceeds of the Bonds to the
Commission under a Loan Agreement, dated as of April 1, 1992 (the "Loan Agreement "), by and
between the Authority and the Commission; and
WHEREAS, the Indenture and the Loan Agreement provide in part for the delivery of a
substitute letter of credit to satisfy the Reserve Requirement in the event that the rating of the
unsecured general obligations of the Reserve Fund Credit Provider falls below a "Minimum
Rating" of "A" or better by Standard & Poor's Credit Markets Services, a division of The
McGraw -Hill Companies, Inc.; and
WHEREAS, the Authority and the Commission have been advised that such event has
occurred, and the Commission now intends to substitute a letter of credit to be issued by Wells
Fargo Bank, National Association (the "Bank "), whose unsecured general obligations are rated at
or above the Minimum Rating; and
WHEREAS, in connection with the Bank letter of credit, the Bank requires that the
Commission enter into a Reimbursement Agreement (the "Reimbursement Agreement ") by and
between the Bank and the Commission; and
WHEREAS, the Commission finds that it is in the public interest of the City of Alameda
for the Commission to satisfy its obligations with respect to the Bonds and the delivery of the
letter of credit by the Bank.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED that the
Commission's entering into the Reimbursement Agreement and the transactions contemplated
thereby be and hereby are approved in order to effect the substitution of the letter of credit as
contemplated under the Indenture and the Loan Agreement, and in connection therewith, the
Commission hereby authorizes the execution, delivery and performance of its obligations under
the Reimbursement Agreement, substantially in the form thereof presented at this meeting, with
such changes as may be approved by the Executive Director or his designate (which approval
shall be evidenced by execution and delivery of the Reimbursement Agreement as so changed);
and the Executive Director or his designate be and hereby is authorized to execute and deliver
the Reimbursement Agreement and related documents and instruments, and to take such other
actions as may be necessary to carry out the purposes of this resolution; and that this resolution
shall take effect immediately upon its adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly
adopted and passed by the Community Improvement Commission of the City of Alameda in a
Special Community Improvement Commission meeting assembled on the 17th day of July, 2001,
by the following vote to wit:
AYES: Commissioners Daysog, DeWitt, Johnson, Kerr and
Chair Appczzato - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said
Commission this 18th day of July, 2001.
Lara Weisiger, Acting` Secretary
Community Improvement Commission
Ralph Appezz to, C[ a
Community Improvement Commission