HomeMy WebLinkAbout1999-062
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RESOLUTION NO. 1999-62
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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 City owns certain property located Northwest
16 of Little League Drive and Northeast of Interstate 215 (the
17 "Property") and desires to sell said Property to the Agency; and
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19 WHEREAS, the Agency desires to purchase the Property from
20 the City and has therefore requested that the Authority assist it
21 with said purchase and the Authority has determined to issue its
22 not to exceed $5,000,000 San Bernardino Joint Powers Financing
23 Authority Tax Allocation Bonds (20% Set Aside), Series 1999 (the
24 "Bonds") pursuant to that certain Indenture of Trust (the
25 "Indenture"); and
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WHEREAS, the proceeds of the Bonds shall be loaned to the
28 Agency pursuant to that certain Loan Agreement (the "Loan
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Res 1999-62
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Agreement") and the Bonds shall be secured by tax increment revenues
of the Agency set aside for low- and moderate-income
housing(defined in the Indenture as "Housing Revenues"); and
WHEREAS, the proceeds of the Bonds will be applied to
purchase and rehabilitate the Project, fund a reserve fund and pay
costs of issuance of the Bonds; and
WHEREAS, Miller
prospective underwriter of
informed the Authority that
Schroeder
Financial,
Inc. ,
&
the
it
as
Bonds
intends
(the "Underwriter") has
to submit an offer to
purchase the Bonds and shall cause to be prepared a Preliminary
Official Statement and an Official Statement relating to such
Bonds, as may be necessary in the sale and marketing of the Bonds,
the form of which Preliminary Official Statement is presently on
file with the Secretary of the Agency; and
WHEREAS, the City has determined to approve the issuance
of the Bonds and the execution of the Loan Agreement and has duly
considered such transactions and seeks at this time to approve said
transaction and documents in the public interests of the City and
the Agency.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
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Res 1999-62
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Section 1.
Determinations. The City hereby finds and
2 determines that the issuance of the Bonds will result in
3 significant public benefits.
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Section 2.
Issuance of the Bonds; ADDroval of Form of
6 Indenture and Loan Aareement.
The City hereby authorizes the
7 issuance of the Bonds under and pursuant to the Indenture on file
8 with the City Clerk (the ~IndentureH) in the aggregate principal
9 amount not to exceed $5,000,000 and the loan of the proceeds
10 thereof to the Agency pursuant to the Loan Agreement on file with
11 the City Clerk.
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Section 3.
The Mayor, the City
Official Action.
14 Clerk, Bond Counsel and any and all other officers or agents of the
15 City are hereby authorized and directed, for and in the name and on
16 behalf of the City, to do any and all things and take any and all
17 actions,
including execution and delivery of any and all
18 assignments,
notices,
instruments
agreements,
of
consents,
19 conveyance, warrants and other documents, which they, or any of
20 them, may deem necessary or advisable in order to consummate the
21 transaction contemplated hereby. Whenever in this Resolution any
22 officer of the City is authorized to execute or countersign any
23 document or take any action, such execution, countersigning or
24 action may be taken on behalf of such officer by any person
25 designated by such officer to act on his or her behalf in the case
26 such officer shall be absent or unavailable.
The City hereby
27 appoints the Mayor as agent of the City for purposes of executing
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Res 1999-62
1 executing any and all documents and instruments which any officer
City is authorized to execute hereunder.
2 of the
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Res 1999-62
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING THE ISSUANCE OF CERTAIN LEASE REVENUE BONDS BY
2 THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AND AUTHORIZING
A CERTAIN LEASE AGREEMENT AND THE FORMS OF CERTAIN DOCUMENTS
3 RELATED THERETO
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Section 4.
Effecti ve 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 ~ day of April, 1999, by the following vote, to wit:
12 Council: AYES NAYS ABSTAIN ABSENT
ESTRADA x
13 LIEN x
McGINNIS x
14 SCHNETZ x
DEVLIN x
15 ANDERSON x
MILLER x
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17 ~"'-C~ ~
Ci t ..clerk
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The foregoing resolution is
19 day of April, 1999.
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Approved as to form and
23 legal c():tent: ,
24 By: ~ f-P~
25 Uy Attorney
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SBEO\0179\DOC\1733-1.WPD
27 3\31\99 400 ct
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approved this 1J:t:L