HomeMy WebLinkAbout1998-072
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RESOLUTION NO.
98-72
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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 Authority and Security Pacific National
16 Bank, as succeeded as trustee by First Trust of California,
17 National Association, entered into that certain Indenture of Trust
18 dated as of October 1, 1991, which provided for the issuance of the
19 San Bernardino Joint Powers Financing Authority Tax Allocation
20 Refunding Bonds, 1991 Series A (Central City Merged Project) (the
21 "Prior Bonds"); and
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23 WHEREAS, the Agency desires to refinance the Prior Bonds
24 and at the request of the Agency, the Authority has determined to
25 issue its
Tax Allocation Refunding Bonds Series 1998A (Central
26 City Merged Project) and Tax Allocation Refunding Bonds Series
27 1998B (Central City Merged Project) (the "Bonds") pursuant to and
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98-7
1 secured by the Indenture of Trust dated as of March 1, 1998 (the
2 "IndentureU) and loan the proceeds thereof to the Agency; and
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4 WHEREAS, in order to carry out the financing, the
5 Authority shall enter into a Loan Agreement with the Agency dated
6 as of March 1, 1998 (the "Loan AgreementU) which shall be secured
7 by the tax revenues as that term is defined in the Indenture; and
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9 WHEREAS, the proceeds of the Bonds will be applied to
10 refund the Prior Bonds, to pay certain redevelopment costs of the
11 Agency, fund a reserve fund and pay costs of issuance of the Bonds;
12 and
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14 WHEREAS, Miller & Schroeder Financial, Inc. , as
15 prospective underwriter of the Bonds (the "Underwriter") has
16 informed the Authority that it intends to submit an offer to
17 purchase the Bonds and shall cause to be prepared a Preliminary
18 Official Statement and an Official Statement relating to such
19 Bonds, as may be necessary in the sale and marketing of the Bonds,
20 the form of which Preliminary Official Statement is presently on
21 file with the Secretary of the Agency; and
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23 WHEREAS, the city has determined to approve the issuance
24 of the Bonds and the execution of the Loan Agreement and has duly
25 considered such transactions and seeks at this time to approve said
26 transaction and documents in the public interests of the city and
27 the Agency.
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98-7
1 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY
2 OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
3 FOLLOWS:
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5 Section 1. Determinations. The City hereby finds and
6 determines that the issuance of the Bonds will result in
7 significant public benefits.
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9 Section 2. Issuance of the Bonds; ADDrova1 of Form of
10 Indenture and Loan Aareement. The City hereby authorizes the
11 issuance of the Bonds under and pursuant to the Indenture on file
12 with the City Clerk (the "Indenture") in the aggregate principal
13 amount not to exceed $32,000,000 and the loan of the proceeds
14 thereof to the Agency pursuant to the Loan Agreement on file with
15 the City Clerk.
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17 Section 3. Official Action. The Mayor,
18 Administrator, the City Clerk, Bond Counsel and any and all other
19 officers or agents of the City are hereby authorized and directed,
20 for and in the name and on behalf of the City, to do any and all
21 things and take any and all actions, including execution and
22 delivery of any and all assignments, agreements, notices, consents,
23 instruments of conveyance, warrants and other documents, which
24 they, or any of them, may deem necessary or advisable in order to
25 consummate the transaction contemplated hereby. Whenever in this
26 Resolution any officer of the City lS authorized to execute or
27 countersign any document or take any action, such execution,
28 countersigning or action may be taken on behalf of such officer by
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98-
1 any person designated by such officer to act on his or her behalf
2 in the case such officer shall be absent or unavailable. The city
3 hereby appoints the Mayor and Administrator as agent of the City
4 for purposes of executing any and all documents and instruments
any officer of the City is authorized to execute hereunder.
5 which
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gs-72
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.
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 2nd day of March, 1998, by the following vote, to wit:
12 Council: AYES NAYS ABSTAIN ABSENT
ESTRADA X
13 LIEN 1(
ARIAS 1(
14 SCHNETZ 1(
DEVLIN 1(
15 ANDERSON X
MILLER X
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~kh.~
The foregoing resolution is hereb':{/ appro,~ed this <;d
day of March, 1998.
~L/J
of the City of
ernardino
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24 By:
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SBEO\0173\DOC\1733.WPD
27 2\24\98 930 ct
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