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<br /> WHEREAS, the 2003 COPS will be secured by a pledge of the revenues derived from the
<br />lease-leaseback of certain existing City facilities, including among others, City Hall, the Corporation
<br />Yard and the Police Patrol Building; and
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<br /> WHEREAS, in order to complete the 2003 COPS transaction, title to the Police Patrol
<br />Building must be vested in the City rather than RMIC, and termination of the Leases, including the
<br />Sublease, must be declared; and
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<br /> WHEREAS, RMIC's Articles of Incorporation provide that, among other powers, RMIC has
<br />the power to exercise any and all rights and powers which a corporation organized under the General
<br />Nonprofit Corporation Law of the State of California may have or hereafter exercise, including the
<br />power to own, lease, and transfer real property; and
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<br /> WHEREAS, the terms of the COPS, Leases and Sublease provide that RMIC's fight, title
<br />and interest in the City's real properties transferred or encumbered by the COPS, Leases and Sublease
<br />would terminate upon RMIC's payment of all principal, interest and other amounts payable under the
<br />COPS.
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<br /> NOW, THEREFORE, BE IT RESOLVED by the City of Riverside Municipal Improvements
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<br />Corporation, as follows:
<br /> Section 1:
<br /> Section 2:
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<br /> The foregoing recitals are all tree and correct.
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<br /> The Lease between RMIC as lessor and the City as lessee, dated January 1,
<br />1984, and recorded on July 21, 1986, as instrument number 170451, and amended by that First Lease
<br />Amendment dated January 1, 1986, and recorded on July 21, 1986, as instrument number 170452, and
<br />amended by that Second Lease Amendment dated October 13, 1987, and recorded on August 14, 1989,
<br />as instrument number 273706, the Lease between RMIC as lessor and the City as lessee, dated October
<br />1, 1987, and recorded on October 22, 1987, as instrument number 304072, and the Sublease between
<br />RMIC as lessee and the City as lessor, dated October 1, 1987, and recorded on October 22, 1987, as
<br />instrument number 304070, are terminated in accordance with their terms, as the RMIC has paid all
<br />amounts, bonds, rental payments and the like, so that any and all security devices executed in
<br />connection therewith have been discharged. The Chairman of RMIC is hereby authorized to execute
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<br />(909) 826-5567
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