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RESOLUTION NO. 1 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br /> 11 <br /> <br />12 <br /> <br /> 13 <br /> <br />14 <br /> <br /> 15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />A RESOLUTION OF THE CITY OF RIVERSIDE MUNICIPAL <br />IMPROVEMENTS CORPORATION (1) DECLARING LEASES WITH <br />THE CITY OF RIVERSIDE TERMINATED, (2) TRANSFERRING TITLE <br />TO THE POLICE PATROL BUILDING TO THE CITY OF RIVERSIDE, <br />(3) AUTHORIZING THE RELEASE AND RECONVEYANCE OF THE <br />1986 DEED OF TRUST WITH BANK OF AMERICA, AND (4) <br />AUTHORIZING CHAIRMAN TO EXECUTE ANY DOCUMENTS <br />NECESSARY ASSOCIATED WITH THE 2003 CERTIFICATES OF <br />PARTICIPATION. <br /> <br /> WHEREAS, on January 16, 1978, the City of Riverside Municipal Improvements <br />Corporation ("RMIC") was incorporated as a non-profit public benefit corporation, for the purpose of <br />rendering assistance to the City of Riverside, California ("City") with the financing of municipal <br />improvements; and <br /> <br /> WHEREAS, in connection with the financing of municipal improvements by Certificates of <br />Participation ("COPS") issued in 1984 and 1987, RMIC became the fee title owner of various properties <br />originally owned by the City, including the Police Patrol Building; and <br /> <br /> WHEREAS, in connection with the COPS, the City leased certain parcels of property to and <br />from RMIC, which leases are evidenced by those certain Lease Agreements dated January 1, 1984 and <br />October 1, 1987 and amendments thereto (collectively "Leases"); and <br /> <br /> WHEREAS, the City leased to RMIC a portion of City Hall pursuant to that certa'm City Hall <br />Space Sublease dated October 1, 1987 ("Sublease"), which, byits terms, terminated on October 2, 1997; <br />and <br /> <br /> WHEREAS, RMIC and Bank of America National Trust and Savings Association executed <br />a Deed of Trust ("Deed of Trust") on January 1, 1986, securing a 1984 Trust Agreement connected with <br />the COPS and the Leases; and <br /> <br /> WHEREAS, all amounts, bonds, rental payments and the like, that were due under the <br />Leases, Sublease, Deed of Trust and COPS have been paid in full; and <br /> <br /> WHEREAS, on November 18, 2003, the City Council of the City approved issuance of $60 <br />million of new Certificates of Participation ("2003 COPS") for various projects within the City; and <br /> <br />3C~0Attorney'sOfllce <br /> Main Street <br />Riverside, CA 92522 <br />(909) 826-$~67 <br /> <br /> <br />