HomeMy WebLinkAbout2001-355
Also See Resolution CDC/2001-53
I ". Also See Resolution J-49
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RESOLUTION NO.
2001-355
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO APPROVING THE
ISSUANCE OF CERTAIN TAX ALLOCATION BONDS BY
THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY AND AUTHORIZING A CERTAIN LOAN
AGREEMENT AND CERTAIN DOCUMENTS RELATED
THERETO
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7 WHEREAS, the City of San Bernardino (the "City") and the
8 Redevelopment Agency of the City of San Bernardino (the "Agency")
9 have heretofore entered into a Joint Exercise of Powers Agreement
10 establishing the San Bernardino Joint Powers Financing Authority
11 (the "Authority") for the purpose, among other things, of issuing
12 bonds to be used to make loans to finance certain activities of the
13 City and the Agency; and
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WHEREAS,
the
Agency
desires
to
finance
certain
16 redevelopment costs within the Mount Vernon Redevelopment Project
17 Area and at the request of the Agency, the Authority has determined
18 to issue its
Tax Allocation Bonds Series 2001A (Mount Vernon
19 Project) (the "Bonds") pursuant to and secured by the Indenture of
20 Trust dated as of December 1, 2001 (the "Indenture") and loan the
21 proceeds thereof to the Agency; and
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WHEREAS, in order to carry out the financing, the
24 Authority shall enter into a Loan Agreement with the Agency dated
25 as of December 1, 2001 (the "Loan Agreement") which shall be
26 secured by tax increment revenues as that term is defined in the
27 Indenture; and
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2001-355
1 WHEREAS, the proceeds of the Bonds wi 11 be appl ied to pay
2 certain redevelopment costs of the Agency, fund a reserve fund and
3 pay costs of issuance of the Bonds; and
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5 WHEREAS, Kinsell, Newcomb & De Dios, Inc., as prospective
6 underwriter of the Bonds (the "Underwriter") has informed the
7 Authority that it intends to submit an offer to purchase the Bonds
8 and shall cause to be prepared a Preliminary Official Statement and
9 an Official Statement relating to such Bonds, as may be necessary
10 in the sale and marketing of the Bonds, the form of which
11 preliminary Official Statement is presently on file with the
12 Secretary of the Agency; and
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14 WHEREAS, the City has determined to approve the issuance
15 of the Bonds and the execution of the Loan Agreement and has duly
16 considered such transactions and seeks at this time to approve said
17 transaction and documents in the public interests of the City and
18 the Agency,
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20 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY
21 OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
22 FOLLOWS:
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24 Section 1. Determinations. The City hereby finds and
25 determines that the issuance of the Bonds will result in
26 significant public benefits.
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2001-355
1 Section 2. Issuance of the Bonds; Approval of Form of
2 Indenture and Loan Aqreement. The City hereby authorizes the
3 issuance of the Bonds under and pursuant to the Indenture on file
4 with the City Clerk (the "Indenture") in the principal amount not
5 to exceed $5,000,000 and the loan of the proceeds thereof to the
6 Agency pursuant to the Loan Agreement on file with the City Clerk.
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8 Section 3. Official Action. The Mayor, the City
9 Clerk, Bond Counsel and any and all other officers or agents of the
10 City are hereby authorized and directed, for and in the name and on
11 behalf of the City, to do any and all things and take any and all
12 actions, including execution and delivery of any and all
13 assignments, agreements, notices, consents, instruments of
14 conveyance, warrants and other documents, which they, or any of
15 them, may deem necessary or advisable in order to consummate the
16 transaction contemplated hereby, Whenever in this Resolution any
17 officer of the City is authorized to execute or countersign any
18 document or take any action, such execution, countersigning or
19 action may be taken on behalf of such officer by any person
20 designated by such officer to act on his or her behalf in the case
21 such officer shall be absent or unavailable. The City hereby
22 appoints the Mayor as agent of the City for purposes of executing
23 any and all documents and instruments which any officer of the City
24 is authorized to execute hereunder.
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2001-355
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING THE ISSUANCE OF CERTAIN LEASE REVENUE BONDS BY
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AND AUTHORIZING
A CERTAIN LEASE AGREEMENT AND THE FORMS OF CERTAIN DOCUMENTS
RELATED THERETO
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Section 4.
Effective Date.
This Resolution shall
6 take effect from and after the date of its passage and adoption.
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I HEREBY CERTIFY that the foregoing Resolution was duly
9 adopted by the Mayor and Common Council of the City of
10 San Bernardino at a
joint regular
meeting thereof, held on
11 the 19th day of November, 2001, by the following vote, to wit:
12 Council: AYES NAYS
ESTRADA X
13 LIEN X
MCGINNIS X
14 SCHNETZ X
SUAREZ X
15 ANDERSON
MCCAMMACK X
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ABSENT
ABSTAIN
X
J/ra::~?!i~~ &,U~
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The foregoing resolution is hereby approved this;)./
November, 2001.
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day of
1-~t. )/!wy-
Frank Schnetz, Mayor Pro Tern
City of San Bernardino
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Approved as to form and
legal content:
By: t.b??ve? 7-/~
Oty Attorney
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1 STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO ss
2 CITY OF SAN BERNARDINO
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4 I, Ci ty Clerk of the City of
San Bernardino, DO HEREBY CERTIFY that the foregoing and attached
5 copy of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
6 now on file in this office,
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IN WITNESS WHEREOF, I
affixed the official seal of the
City of San Bernardino this
have hereunto set my hand and
Mayor and Common Council of the
day of , 2001.
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City Clerk
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