HomeMy WebLinkAbout2002-081
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Also See Reso CDC/2002-13
Also See Reso J-51
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RESOLUTION NO, 2002-81
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO AUTHORIZING THE BORROWING BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT
OF NOT TO EXCEED $33,000,000, AUTHORIZING THE FORM OF CERTAIN LEGAL
DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THEIR
PREPARATION, EXECUTION AND DELIVERY
WHEREAS, the City of San Bernardino, California (the "City") is a municipal
corporation and charter city, duly organized and existing pursuant to the provisions of the constitution
of the State of California; and
WHEREAS, the Redevelopment Agency of the City of San Bernardino is a public body,
corporate and politic (the "Agency") duly organized and existing pursuant to the California Community
Redevelopment Law (Health and Safety Code Section 33000 et seq.) (the "CRL"); and
WHEREAS, the City and the Agency have heretofore entered into a Joint Exercise of
Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (the
"Authority") for the purpose of issuing bonds, the proceeds of which may be loaned to any of its
members to finance public capital improvements; and
WHEREAS, the Authority has issued its Tax Allocation Refunding Bonds, Series 1995A
(the "Series 1995A Bonds" or "Prior Bonds") and its Subordinated Tax Allocation Refunding Bonds,
Series 1995B (the "Series 1995B Bonds" (the Series 1995A Bonds and the Series 1995B Bonds are
hereinafter from time to time referred to collectively as the "1995 Bonds"); and
WHEREAS, the 1995 Bonds were issued in order to enable the Authority to make seven
(7) loans to the Agency to refund the Authority's outstanding $7,120,000 Tax Allocation Bonds, i990
Series B (Tri-City Redevelopment Project); $5,200,000 Tax Allocation Refunding Bonds (Central City
North Redevelopment Project Area, Issue of 1988; $3,025,000 Tax Allocation Bonds (Central City
North Redevelopment Project Area), Issue of 1988; $12,800,000 Tax Allocation Refunding Bonds,
1989 Series A (State College Project No.4); $5,830,000 Tax Allocation Bonds 1990 Series D (State
College Project No.4); $9,575,000 Tax Allocation Bonds, Issue of 1994 (Police Station Financing
Project); $6,725,000 Tax Allocation Refunding Bonds, Issue of 1993 (Southeast Industrial Park
Redevelopment Project Area); $5,130,000 Tax Allocation Bonds, 1990 Series F (Southeast Industrial
Park Redevelopment Project Area); $2,940,000 Tax Allocation Bonds, 1990 Series E (Northwest
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2002-81
Redevelopment Project); $3,400,000 Tax Allocation Bonds, 1990 Series A (South Valle
Redevelopment Project) and $1,730,000 Tax Allocation Bonds, 1990 Series C (Uptown
Redevelopment Project), as well as the Agency's outstanding $11,410,000 Redevelopment Agency of
the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation
Refunding Bonds, Issue of 1988 and $1,525,000 Redevelopment Agency of the City of San Bemardino
Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds, Issue of 1988, and to
finance certain redevelopment activities, pay costs of issuance of the 1995 Bonds and establish certain
reserve funds; and
WHEREAS, the Bonds are secured by the tax increment revenues from each respective
redevelopment area enumerated above, including the State College Project No.4, the Southeast
Industrial Park, the Northwest Redevelopment Project Area, the Tri-City Redevelopment Project Area,
the Uptown Redevelopment Project Area, the South Valle Redevelopment Project Area and the Central
City North Redevelopment Project Area (collectively, the "Project Areas"); and
WHEREAS, the Agency has requested that the Authority issue, and the Authority desires
to assist the Agency by the issuance of, a total aggregate principal amount of not to exceed
$33,000,000 San Bemardino Joint Powers Financing Authority Subordinate Tax Allocation
Refunding Bonds, Series 2002A (the "Bonds") which shall be subordinate to the Series 1995A Bonds;
and
WHEREAS, the proceeds of the Bonds will be used to make certain loans to the Agency
to (i) provide for costs of issuance of, and reserve funds for, the Bonds, (ii) refund the Series 1995B
Bonds, and (iii) provide monies for certain redevelopment projects and activities within the Project
Areas and certain capital improvement projects outside of the Project Areas or within another Project
Area which are of benefit to all or anyone of the Project Areas, as may be authorized pursuant to the
CRL and subject to such actions and findings as may be required to be taken hereafter by the Authority,
Mayor and Common Council of the City and thc Agency; and
WHEREAS, the Bonds shall be issued pursuant to the Marks-Roos Local Bond Pooling
Act of 1985, codified at California Govemment Code Section 6584 ~~. (the "Act"); and
WHEREAS, the Bonds shall be issued pursuant to an Indenture of Trust by and between
the Authority and U.S. Bank N.A., as trustee, in form similar to that currently on file with the
Secretary of the Agency (the "Indenture"); and
WHEREAS, Kinsell, Newcomb & De Dios, Inc., as prospective purchaser of the Bonds
(the "Original Purchaser"), has informed the Authority that it intends to submit an offer to purchase the
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2002-81
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Bonds and shall cause to be prepared a Preliminary Official Statement and an Official Statement, a
2 form of which Preliminary Official Statement is presently on file with the Secretary of the Authority;
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4 WHEREAS, the Mayor and Common Council have duly considered the terms of such
transactions as contemplated herein and find that approval of the issuance of the Bonds at this time is in
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the best interests of the City.
6 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
7 BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 2. Official Action. The Mayor and Common Council, the City Clerk and any and all
other officers of the City are hereby authorized and directed, on behalf of the City, to do any and all
19 things and to take any and all actions, including execution and delivery of assignments, certificates,
20 requisitions, agreements, notices, consents, instruments of conveyance, warrants, Bond closing
documents and other documents which any of such officers may deem necessary or advisable in
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connection with the execution and delivery of the Bonds, and the borrowing by the Agency of the
22 proceeds derived therefrom and the consummation of the transactions described herein and therein.
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Section 1. Approval of the Bonds. The Mayor and Common Council hereby approve the
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issuance by the Authority of the Bonds in the total aggregate principal amount of not to exceed
10 $33,000,000 for the purpose of providing loans to the Agency (i) to pay certain costs of issuance and
II fund a debt service reserve fund, (ii) refund the Series 1995B Bonds, and (iii) to undertake certain
12 redevelopment projects within the Project Areas and certain capital improvement projects outside of
the Project Areas or within another Project Area which are of benefit to all or anyone of the Project
Areas, as may be authorized pursuant to the CRL and subject to such actions and findings as may be
required to be taken hereafter by the Authority, Mayor and Common Council of the City and the
Agency. The Mayor and Common Council hereby further approve the loans to the Agency and the
form of the Loan Agreements.
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2002-81
1
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
2 BERNARDINO AUTHORIZING THE BORROWING BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO FROM THE SAN BERNARDINO JOINT
3 POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT
OF NOT TO EXCEED $33,000,000, AUTHORIZING THE FORM OF CERTAIN LEGAL
4 DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THEIR
PREPARATION, EXECUTION AND DELIVERY A
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6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and Common
7 Council of the City of San Bernardino at a j t. reg. meeting thereof, held on the 4 th day of
March ,2002, by the following vote, to wit:
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9 Common Council AYES
10 ESTRADA X
LIEN X
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MCGINNIS x
12 DERRY X
13 SUAREZ X
ANDERSON X
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McCAMMACK X
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NAYS
ABSTAIN
ABSENT
~due b ~
City erk
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The foregoing Resolution is hereby appr4d this ~ day of
~~ Lv---
J~;rV;,llles, Mayor
oL;er of San Bernardino
March
,2002.
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