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HomeMy WebLinkAbout2001-356 II Also See Resolution CDC/2001-54 Also See Resolution J-50 RESOLUTION NO. 2001-356 2 3 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $110,000,000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THEIR PREPARATION, EXECUTION AND DELIVERY 4 5 6 7 8 9 WHEREAS, the City of San Bernardino, California (the "City") is a municipal 10 corporation and charter city, duly organized and existing pursuant to the provisions of the constitution II of the State of California; and 12 13 WHEREAS, the Redevelopment Agency ofthe City of San Bernardino is a public body, 14 corporate and politic (the "Agency") duly organized and existing pursuant to the California Community 15 Redevelopment Law (Health and Safety Code Section 33000 et seQ.) (the "CRL"); and 16 17 WHEREAS, the City and the Agency have heretofore entered into a Joint Exercise of 18 Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (the "Authority") 19 for the purpose of issuing bonds, the proceeds of which may be loaned to any of its members to finance 20 public capital improvements; and 21 22 WHEREAS, the Authority has issued its Tax Allocation Refunding Bonds, Series I995A 23 (the "Series 1995A Bonds" or "Prior Bonds") and its Subordinated Tax Allocation Refunding Bonds, 24 Series 1995B (the "Series 1995B Bonds" (the Series 1995A Bonds and the Series I995B Bonds are 25 hereinafter from time to time referred to collectively as the "1995 Bonds"); and 26 27 28 SB2001:33076.1 I 2001-356 1 WHEREAS, the 1995 Bonds were issued in order to enable the Authority to make seven 2 (7) loans to the Agency to refund the Authority's outstanding $7,120,000 Tax Allocation Bonds, 1990 3 Series B (Tri-City Redevelopment Project); $5,200,000 Tax Allocation Refunding Bonds (Central City 4 North Redevelopment Project Area, Issue of 1988; $3,025,000 Tax Allocation Bonds (Central City 5 North Redevelopment Project Area), Issue of1988; $12,800,000 Tax Allocation Refunding Bonds, 1989 6 Series A (State College Project No.4); $5,830,000 Tax Allocation Bonds 1990 Series D (State College 7 Project No.4); $9,575,000 Tax Allocation Bonds, Issue of 1994 (Police Station Financing Project); 8 $6,725,000 Tax Allocation Refunding Bonds, Issue of 1993 (Southeast Industrial Park Redevelopment 9 Project Area); $5,130,000 Tax Allocation Bonds, 1990 Series F (Southeast Industrial Park 10 Redevelopment Project Area); $2,940,000 Tax Allocation Bonds, 1990 Series E (Northwest II Redevelopment Project); $3,400,000 Tax Allocation Bonds, 1990 Series A (South Valle Redevelopment 12 Project) and $1,730,000 Tax Allocation Bonds, 1990 Series C (Uptown Redevelopment Project), as well 13 as the Agency's outstanding $11,410,000 Redevelopment Agency of the City of San Bernardino, 14 Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of1988 15 and $1,525,000 Redevelopment Agency of the City of San Bernardino Southeast Industrial Park 16 Redevelopment Project Area, Tax Allocation Bonds, Issue of1988, and to finance certain redevelopment 17 activities, pay costs of issuance of the 1995 Bonds and establish certain reserve funds; and 18 19 WHEREAS, the Bonds are secured by the tax increment revenues from each respective 20 redevelopment area enumerated above, including the State College Project No.4, the Southeast 21 Industrial Park, the Northwest Redevelopment Project Area, the Tri-City Redevelopment Project Area, 22 the Uptown Redevelopment Project Area, the South Valle Redevelopment Project Area and the Central 23 City North Redevelopment Project Area (collectively, the "Project Areas"); and 24 25 WHEREAS, the Agency has requested that the Authority issue, and the Authority desires 26 to assist the Agency by the issuance of, a total aggregate principal amount ofnotto exceed $85,000,000 27 San Bernardino Joint Powers Financing Authority Tax Allocation Revenue Refunding Bonds, Series 28 SB200U3076.! 2 2001-356 2005A (the "2005A Revenue Refunding Bonds") and an approximate principal amount of$25,OOO,OOO San Bernardino Joint Powers Financing Authority Tax Allocation Advance Refunding Bonds, Series 200_ A (the "200_ A Advance Refunding Bonds") (the 2005A Revenue Refunding Bonds and the 200_ A Advance Refunding Bonds being hereinafter from time to time collectively referred to as the "Bonds"); and I 2 3 4 5 6 7 WHEREAS, the proceeds ofthe Bonds will be used to make certain loans (the "Revenue 8 Refunding Loans") to the Agency for the purpose of refunding a portion of the Prior Bonds and to make 9 certain loans (the "Advance Refunding Loans") to the Agency for the purpose of refunding the IO remaining portion of the Prior Bonds; and 11 12 I3 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 SB2001:33076.1 WHEREAS, the proceeds of the Bonds shall be applied to (i) refund the Prior Bonds, (ii) provide for costs of issuance of, and reserve funds for, the 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 ofthe Proj ect Areas, as may be authorized pursuant to the CRL and subj ect 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; and WHEREAS, the Prior Bonds have been previously insured and remain insured by Capital Guaranty Insurance Company and were rated Aaa by Moody's Investors Service and AAA by Standard & Poor's Ratings Groups, and the Agency seeks to continue the municipal bond insurance program of the Agency and to obtain a similar municipal insurance policy from Financial Security Assurance or other similar bond insurer as to the Revenue Refunding Bonds and the Advance Refunding Bonds to be issued pursuant to this Resolution and a duly adopted Resolution of the Authority; and 3 2001-356 I WHEREAS, the Revenue Refunding Loan shall be provided by the Authority to the 2 Agency pursuant to separate loan agreements for each of the individual Project Areas between the 3 Agency and the Authority, substantially in the form presently on file with the Secretary ofthe Agency, 4 with such changes and modifications as deemed necessary or desirable by the Agency upon 5 recommendation of Bond Counsel, or as otherwise may be required by the Bond insurer with the 6 concurrence of the Chair or the Executive Director of the Agency (the "Executive Director") for each 7 of the Project Areas (the "Revenue Refunding Loan Agreements") and the Advance Refunding Loan 8 shall be provided by the Authority to the Agency pursuant to separate loan agreements for each of the 9 individual Project Areas between the Agency and the Authority, substantially in the form presently on IO file with the Secretary of the Agency, with such changes and modifications as deemed necessary or 11 desirable by the Agency upon recommendation of Bond Counsel, or as otherwise may be required by 12 the Bond insurer with the concurrence of the Chair or the Executive Director for each of the Project I3 Areas (the "Advance Refunding Loan Agreements"); and 14 15 WHEREAS, pursuant to the CRL, the Agency has the power and authority to borrow 16 moneys for the purpose of funding certain activities or refunding prior obligations of the Agency 17 incurred therefor; and 18 19 WHEREAS, the Mayor and Common Council have duly considered the terms of such 20 transactions as contemplated herein and find that approval of the issuance of the Bonds at this time is 21 in the best interests ofthe City; 22 23 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN 24 BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: 25 26 SECTION 1. ADoroval ofthe Bonds. The Mayor and Common Council hereby approve the 27 issuance by the Authority of the Bonds in the total aggregate principal amount of not to exceed 28 SB2001:JJ076.1 4 2001-356 1 $110,000,000 for the purpose of providing loans to the Agency in said amount in order to refund the 2 Prior Bonds, pay certain costs of issuance and fund required debt service reserves and, in the case ofthe 3 Revenue Refunding Bonds, undertake certain redevelopment projects within the Project Areas and 4 certain capital improvement projects outside of the Project Areas or within another Project Area which 5 are of benefit to all or anyone of the Project Areas, as may be authorized pursuant to the CRL and 6 subject to such actions and findings as may be required to be taken hereafter by the Authority, Mayor 7 and Common Council of the City and the Agency. The Mayor and Common Council hereby further 8 approve the Revenue Refunding Loan and the Advance Refunding Loan to the Agency, the form of the 9 Revenue Refunding Loan Agreements and the Advance Refunding Loan Agreements and the 10 borrowing of funds by the Agency pursuant to the terms of the Revenue Refunding Loan Agreements 11 and the Advance Refunding Loan Agreements, respectively. 12 13 SECTION 2. Official Action. The Mayor and Common Council, the City Clerk, the City 14 Administrator and Assistant City Administrator, and any and all other officers of the City are hereby IS authorized and directed, on behalf of the City, to do any and all things and to take any and all actions, 16 including execution and delivery of assignments, certificates, requisitions, agreements, notices, consents, 17 instruments of conveyance, warrants, Bond closing documents and other documents which any of such 18 officers may deem necessary or advisable in connection with the execution and delivery ofthe Bonds, 19 and the borrowing by the Agency ofthe proceeds derived therefrom pursuant to the Revenue Refunding 20 Loan Agreements and the Advance Refunding Loan Agreements and the consummation of the 21 transactions described herein and therein. 22 23 24 25 26 27 28 SB200133076.1 5 1- 2001-356 1 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE BORROWING OF FUNDS FROM THE SAN 2 BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $110,000,000 TO REFUND CERTAIN 3 OUTSTANDING T AX ALLOCATION BONDS, AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING 4 THEIR PREPARATION, EXECUTION AND DELIVERY 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and 6 Common Council of the City of San Bernardino at a joint regularmeeting thereof, held on the 7 19th day of November, 2001, by the following vote, to wit: 8 9 Common Council ESTRADA 10 LIEN MCGINNIS II SCHNETZ SUAREZ 12 ANDERSON McCAMMACK AYES x x X X X NAYS ABSTAIN ABSENT X 13 14 15 16 x 17 '0andAJv~tl/fl~ ~l~ City Clerk '/ - cr The foregoing Resolution is hereby approved this :2; day of November ,2001. if-~ r: 18 19 Approved as to form and legal content: 20 21 -4 James F. Penman 22 City Attorney 23 24 25 26 27 28 SB2001 :33076.1 Frank Schnetz, Mayor City of San Bernardino 6 1 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) ss 2 CITY OF SAN BERNARDINO ) 3 I, City Clerk ofthe City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached copy of Mayor and Common Council of the City of San 4 Bernardino Resolution No. is a full, true and correct copy of that now on file in this office. 5 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Bernardino this day of ,2000. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 City Clerk of the City of San Bernardino 23 24 25 26 27 28 SB200l :33076.1 7 j