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Home My WebLink About1997-042 1 2 3 4 5 6 7 8 9 10 11 12 13 14 RESOLUTION NO. 97-42 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A CERTAIN AGREEMENT FOR APPROPRIATION OF FUNDS WITH SUMITOMO TRUST WHEREAS, the City of San Bernardino and the County of San Bernardino and the Cities of Colton and Lorna Linda have entered into a certain agreement for the joint exercise of powers to establish the Inland Valley Development Agency ("IVDA"), and the IVDA has previously established the Inland Valley Redevelopment Project Area in the manner as required by the Community Redevelopment Law; and WHEREAS, the IVDA has previously issued and delivered its 15 $25,000,000 Inland valley Development Agency, Redevelopment Tax 16 Allocation Notes, Issue of 1993 (the "IVDA Notes") and the $15,000,000 17 Inland Valley Development Agency, School Districts Tax Allocation 18 19 20 21 22 23 24 25 Notes, Issue of 1993 (the "School District Notes") the proceeds of which were used and applied for the funding of various capital improvement projects of the IVDA and payment of the working capital requirements of the IVDA and to fund the obligations incurred with the various school districts having territory within the boundaries of the Inland Valley Redevelopment Project Area; and 26 WHEREAS, the IVDA seeks to issue its 1997 refunding bonds 27 in an approximate principal amount of $45,500,000 (the "Refunding 28 Bonds") to reduce the debt service Obligations of the IVDA by -1- . 97-42 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 establishing a lower interest rate on the Refunding Bonds than the interest rate presently in effect for both the IVDA Notes and the School District Notes, and to provide the IVDA with additional monies to support debt service; and WHEREAS, such interest rate reduction can only be achieved by the IVDA if the Refunding Bonds are issued with a direct pay letter of credit to be delivered by Sumitomo Trust & Banking Company, Ltd., New York Branch ("Sumitomo") and a confirming letter of credit; and WHEREAS, such direct pay letter of credit will only be delivered by Sumitomo if both the County of San Bernardino and the City of San Bernardino approve, execute and deliver the Agreement for Appropriation of Funds committing the County and the City to consider whether or not to appropriate such amounts as may be requested by Sumitomo in the event the IVDA experiences a debt service shortfall in the payment of the annual debt service obligations on the Refunding Bonds. NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: Section 1. The Mayor and Common Council of the City of San Bernardino hereby finds and determines that the recitals as contained herein are accurate and correct in all respects. -2- . '97-42 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Section 2. The Mayor and Common Council of the City of San Bernardino hereby approves the form of the Agreement for Appropriation of Funds as attached hereto, and authorizes the execution and delivery of the final form of the Agreement for Appropriation of Funds substantially in the form as attached hereto by the Mayor and the City Clerk with such changes and modifications as may be approved by the City Attorney. Section 3. This Resolution shall be not be repealed, amended or modified from and after the date of execution and delivery of the final form of the Agreement for Appropriation of Funds as herein approved and authorized. -3- 97-42 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A CERTAIN AGREEMENT FOR APPROPRIATION OF FUNDS WITH SUMITOMO TRUST Section 4. The findings and determinations herein shall be final and conclusive. This Resolution shall take effect upon the date of its adoption. I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a special meeting 11th day of Februarv to wit: Council Members: AYES NAYS NEGRETE X CURLIN ARIAS X OBERHELMAN DEVLIN X ANDERSON X MILLER X meeting thereof, held on the , 1997, by the following vote, ABSTAIN ABSENT X X ~~ c 1 (i/Ltu'Y....-/L.- City Clerk 13th The foregoing resolution is hereby approved this day 22 of February ~ , 4..f;{..^- Mayor of the City of San Bernardino , 1997. 23 24 25 26 27 28 -4- 97 _ 42 AGREEMENT RECEIVED--CI1'f CLE~t< VI MAR 25 AlI:2O FOR APPROPRIATION OF FUNDS Dated as of March I, 1997 by and among the COUNTY OF SAN BERNARDINO, as Guarantor, CITY OF SAN BERNARDINO, as Guarantor, INLAND VALLEY DEVELOPMENT AGENCY, and THE SUMITOMO TRUST & BANKING CO" LTD., acting through its New York Branch, as Letter of Credit Bank in connection with the issuance of the $44,485,000 Inland Valley Development Agency Tax Allocation Bonds Series 1997 97 42 CSBO\0015\DOC\5.13 3\24\97 320 law AGREEMENT FOR APPROPRIATION OF FUNDS THIS AGREEMENT FOR APPROPRIATION OF FUNDS (the "Agreement"), dated as of March 1, 1997, is by and among the County of San Bernardino, a political subdivision of the State of California, duly established and existing pursuant to the laws of the State of California (the "County"), the City of San Bernardino, a municipal corporation duly established and existing pursuant to the Constitution and laws of the State of California and pursuant to the City Charter (the "City"), The Sumitomo Trust & Banking Co., Ltd., acting through its New York Branch (the "Bank"), and the Inland Valley Development Agency, a joint powers authority (the "IVDA") ; WIT N E SSE T H: WHEREAS, the IVDA has previously issued its $15,000,000 Inland Valley Development Agency, School District Tax Allocation Notes, Issue of 1993 (the "School District Notes") and the $25,000,000 Inland Valley Development Agency, Inland Valley Redevelopment Project Area, Tax Allocation Notes, Issue of 1993 (the "1993 IVDA Notes"); WHEREAS, the IVDA intends to issue its refunding obligations to be described as the $44,485,000 Inland Valley Development Agency, Tax Allocation Bonds, Series 1997 (the "1997 Bonds") for the purpose of redeeming both the School District Notes and the 1993 IVDA Notes as of the next available dates set for the call and redemption prior to the respective maturity dates; WHEREAS, the Bank has expressed an interest to issue its direct pay irrevocable letter of credit in a total amount equal to $47,410,042 (the "Letter of Credit") for the purpose of providing both the liquidity facility and the credit faci-lity required for the IVDA to successfully issue the 1997 Bonds as variable rate multi-modal notes at the highest municipal bond rating as may be obtained from the nationally recognized municipal bond rating agencies; WHEREAS, the Bank would not issue the Letter of Credit without the approval and execution of this Agreement by both the County and the City for the purpose of providing additional assurances to the Bank as to the willingness of the County and the City to assist in providing the payment of certain deficit amounts in the event that the tax increment revenues of the IVDA and other legally available funds of the IVDA are insufficient for the 1 9'1 42 payment of the required annual debt service amounts on the 1997 Bonds for the period of time that the Letter of Credit remains outstanding. NOW THEREFORE, THE PARTIES MUTUALLY AGREE AS FURTHER PROVIDED IN THE FOLLOWING TERMS AND CONDITIONS OF THIS AGREEMENT, Section 1. Defini tions. All terms used in this Agreement which are not otherwise defined herein shall have the same meanings as set forth in the Indenture of Trust dated as of March 1, 1997, between the IVDA and First Trust of California, National Association, as Trustee and the other documents related to the Bonds (the "1997 Bond Documents"). The terms as so defined in this Agreement or in the 1997 Bond Documents shall have the meanings ascribed to them herein or therein unless the context clearly requires some other meaning. Section 2. Reoresentations, Covenants and Warranties of the County. The County represents, covenants and warrants to the Bank as follows: (al Due Oraanization and Existence. The County is a political subdivision of the State, duly organized and existing under the laws of the State. (b) Authorization. The laws of the State authorize the County to enter into this Agreement and to enter into the transactions contemplated by and to carry out its obligations under this Agreement, the County has duly authorized and executed this Agreement and this Agreement constitutes the legal, valid and binding agreement of the County, enforceable against the County in accordance with the terms hereof. (c) No Violations. Neither the execution and delivery of this Agreement, the fulfillment of or compliance with the terms and conditions hereof, nor the consummation of the transactions contemplated hereby, conflicts with or results in a breach of the terms, conditions or provisions of any restriction, agreement or instrument to which the County is now a party or by which the County or any of its assets is bound, constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrances whatsoever upon any assets of the County. (d) authorized and of the State. Execution and Deliverv. The County has duly executed this Agreement in accordance with the laws 2 9'7 42 Section 3. Reoresentations, Covenants and Warranties of the City. The City represents, covenants and warrants to the Bank as follows: (a) Due Oraanization and Existence. The City is a municipal corporation and charter city, duly organized and existing under the Constitution and laws of the State. (b) Authorization. The laws of the State authorize the City to enter into this Agreement and to enter into the transactions contemplated by and to carry out its obligations under this Agreement, the City has duly authorized and executed this Agreement and this Agreement constitutes the legal, valid and binding agreement of the City, enforceable against the City in accordance with the terms hereof. (c) No Violations. Neither the execution and delivery of this Agreement, the fulfillment of or compliance with the terms and conditions hereof, nor the consummation of the transactions contemplated hereby, conflicts with or results in a breach of the terms, conditions or provisions of any restriction, agreement or instrument to which the City is now a party or by which the City or any of its assets is bound, constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrances whatsoever upon any assets of the City. (d) authorized and of the State. Execution and Delivery. The City has duly executed this Agreement in accordance with the laws Section 4. Reoresentations. Covenants and Warranties of the Bank. The Bank represents, covenants and warrants to the County and to the City as follows: (a) Due Oraanization and Existence. The Bank is a banking corporation, duly organized and existing under the laws of the Country of Japan. (b) Authorization. The laws of the state of incorporation and of the State authorize the Bank to enter into the Reimbursement Agreement, to execute and deliver the Letter of Credi t and to enter into this Agreement and to enter into the transactions contemplated by and to carry out its obligations under all of the aforesaid agreements, the Bank has duly authorized and executed all of the aforesaid agreements and the Letter of Credit and such agreements and the Letter of Credit constitute the legal, valid and binding agreements of the Bank, enforceable against the Bank in accordance with their respective terms. 3 9~' 42 (c) No Violations. Neither the execution and delivery of the Reimbursement Agreement, the Letter of Credit nor this Agreement, or the fulfillment of or compliance with the terms and conditions hereof or thereof, nor the consummation of the transactions contemplated hereby or thereby, conflicts with or results in a breach of the terms, conditions or provisions of any restriction, federal or state banking regulation or securities law, agreement or instrument to which the Bank is now a party or by which the Bank is bound, constitutes a default under any of the foregoing, or results in the creation or imposition of any lien, charge or encumbrances whatsoever upon any assets of the Bank, or upon the Letter of Credit or this Agreement. (d) Execution and Deliverv. The Bank has duly authorized and executed this Agreement in accordance with the laws of the State of California. Section 5. Term of Aareement. The term of this Agreement shall commence on the date hereof, and shall end on the date the Bonds and all amounts owed under the Credit Facility are paid in full. If on any date prior to the termination date of this Agreement the 1997 Bond Documents shall be discharged by their terms and no further payments are required to be made pursuant to the Reimbursement Agreement, the term of this Agreement shall thereupon end. Section 6. Obliaation to Pav. Subject to the provisions of Section 7(b) hereof, the County and the City each agree to pay to the Bank, an amount equal to fifty percent (50%) of (i) the interest payment required to be made but not made by the IVDA with respect to the 1997 Bond Documents in any single fiscal year during the term of this Agreement, and (ii) the interest amounts payable but not paid by the IVDA to the Bank and Letter of Credit fees and confirmation fees due to the Bank pursuant to the Reimbursement Agreement (the "Bank Fees") in any single fiscal year. The obligations of the County and the City as hereby incurred shall be payable only as to such annual amount to the extent that the IVDA has failed to pay the full amount of the interest payment for the 1997 Bonds on any Interest Payment Date pursuant to the 1997 Bond Documents and the interest amounts and fees due to the Bank, payable under the Reimbursement Agreement. Both the County and the City shall be obligated to remit the payments pursuant to the terms of this Section 6 during such period of time that the 1997 Bonds remain outstanding pursuant to the provisions of the 1997 Bond Documents, or that amounts due and owing under the Credit Facility for interest and fees have not been paid in full, whichever is later. 4 97 42 Section ADDrODria~ions. 7. Source of Pavments: Budaet and (a) Payments to be made by the County and the City pursuant to this Agreement shall be payable from any source of legally available funds of the County and the City, respectively, subj ect to the provisions as set forth in Section 6 and as hereinafter set forth. (b) Pursuant to the Reimbursement Agreement, the IVDA has undertaken the obligation to submit for review by the appropriate budget staff of the City and the County the proposed annual budget of the IVDA setting forth, for the next fiscal year, the Tax Increment Revenues (which means those amounts described in subsection (i) of the definition of Revenues which are pledged to the Bank pursuant to the Indenture), anticipated for the next fiscal year, based upon latest actual assessed value, as calculated by an Independent Financial Consultant, to cover the payment of interest on the 1997 Bonds in that fiscal year, as well as any interest, fees and confirmation fees projected to be owed to the Bank in that fiscal year (collectively "Anticipated Interest and Fees"). In the event the projected tax increment revenues of the IVDA are insufficient to allow for the remittance in full of the Anticipated Interest and Fees to be incurred in that fiscal year, or in the event a draw is made by the Trustee in the current fiscal year upon the funds then on deposit in the Reserve Account of the Revenue Fund for the 1997 Bonds or in the event interest, fees or confirmation fees due pursuant to the Reimbursement Agreement (the "Bank Fees") are not paid in the current fiscal year, upon notice by the IVDA to the City and the County, the City and the County shall, for the next fiscal year in which it is projected that the IVDA will fail to have sufficient tax increment revenues to pay Anticipated Interest and Fees or subsequent to the fiscal year in which the Trustee has drawn on the Reserve Account or in which Bank Fees have not been paid, consider as a part of the budget adoption process, based upon a report of the respective staff personnel of the City and the County, whether to include an appropriation of funds within the budgets of the City and the County for the payment of amounts due under Section 6 hereof. It is the intention of this Agreement that the decision to appropriate or not to appropriate under this Agreement shall be made solely by the action or inaction of the legislative body of the City and County, respectively. The County and City shall each deliver written notice to the Bank no later than fifteen (15) days after the date of final adoption of the respective budget for the applicable fiscal year in which the tax increment revenues were anticipated to be insufficient to allow for the remittance in full of the Anticipated Interest and Fees for the applicable fiscal year, subsequent to the 5 . 9'1 4 Z fiscal year in which a draw has been made upon the Reserve Account of the Revenue Fund or Bank Fees were not paid pursuant to the Reimbursement Agreement. Such written notice shall state whether or not the Board of Supervisors in the case of the County, and the Mayor and Common Council in the case of the City, have appropriated funds sufficient for the purpose of paying their respective one- half share of the obligations set forth in Section 6 hereof. The Bank, the County and the City acknowledge and agree that their obligation hereunder shall not in any way be construed or interpreted as creating a liability or general obligation or debt of the County or of the City, as the case may be, in contravention of any applicable constitutional or statutory limitation or requirements concerning the creation of indebtedness by the County and the City, nor shall anything contained herein constitute a pledge of the general credit, tax revenues, funds or moneys of the County or the City. The County's and City's obligations to pay their one-half share of the obligations hereunder shall be determined from year to year only, and if the appropriation is made in any given year, then said obligation shall not constitute a mandatory payment obligation of the County or the City in any ensuing fiscal year beyond the then current fiscal year for which funds, if any, have been duly budgeted and appropriated in the respective budgets. Neither this Agreement nor the issuance of the 1997 Bonds shall directly or indirectly obligate the County or the City to levy or pledge any form of taxation or make any appropriation or make any payments beyond those appropriated, if any, for the then current fiscal year of both the County and the City. All notices of deficiency for a fiscal year must be provided to the City and the County prior to May 30, of each fiscal year. The covenants on the part of the County and the City herein contained shall be deemed at all times to be subject to and limited as to enforcement as required by applicable state law and the Constitution of the State for all actions otherwise required of the County and the City to carry out and perform the covenants and agreements in this Agreement agreed to be carried out and performed by the County and the City. Amounts due and payable by the City provided hereunder shall be calculated in the event by the IVDA in the Weekly Mode at 2% above the Interest Rate. and County as of a deficiency current Weekly Section 8. Maintenance of Tax-Exemotion. Neither the County, the City nor the IVDA shall take any action, or fail to take any action, as may be required to assure that the exclusion of interest payable by the IVDA with respect to the 1997 Bonds from the gross income of the Holders of the 1997 Bonds to the extent as 6 ," 7 'Ii 42 such interest is permitted to be excluded from gross income under the Code as in effect on the date of issuance of the 1997 Bonds. Section 9. Assianment bv the Bank. The rights of the Bank under this Agreement, including the right to receive payments of those amounts as may be remitted by the County and the City under this Agreement as limited by Sections 6 and 7 hereof, have been assigned to the Trustee pursuant to the 1997 Bond Documents. Section 10. Events of Default Defined. The following shall be "Events of Default" under this Agreement and the terms "Events of Default" and "Default" shall mean, whenever they are used in this Agreement, anyone or more of the following events: (a) Failure by the County or the City to pay any payment required to be paid hereunder in the manner, to the extent and at the time specified hereunder or breach by the County or the City of any of the representations or warranties set forth in Section 2 and 3 respectively of this Agreement. (b) Failure by the County or the City to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Agreement other than as referred to in clause (a) of this Section 10, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied has been given to the County or the City by the Bank; provided, however, if the failure stated in the notice can be corrected, but not within the applicable period, the Bank shall not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the either the County or the City within the applicable period and diligently pursued until the Default is corrected. (c) Failure of the appointed staff members of the County or the City to request that the necessary payments be included in the particular annual budget of the County and the City when required by this Agreement. (d) The filing by the County or the City of a voluntary petition in bankruptcy, or failure by the County or the City promptly to lift any execution, garnishment or attachment, or adjudication of the County or the City as a bankrupt, or assignment by the County or the City for the benefit of creditors, or the entry by the County or the city into an agreement of composition with creditors, or the approval by a court of competent jurisdiction of a petition applicable to the County or the city in any proceedings instituted under the provisions of the Federal Bankruptcy Act, as amended, or under any similar acts which may hereafter be enacted. 7 ~Vi' 42 It is understood that upon default of payments due by the IVDA under the Indenture, IVDA funds available for payment shall be applied first to the payment of principal due on the Bonds, then to replenish the Reserve Account, and then to the payment of interest due on the Bonds. Section 11. Remedies on Default: Exclusive Remedv. Whenever any Event of Default referred to in Section 10 hereof shall have occurred and be continuing, it shall be lawful for the Bank to exercise any and all remedies available to the Bank pursuant solely to this Section 11. Neither the Bank, the Trustee nor any Holder of all or any amount of the 1997 Bonds may initiate any action in law or in equity or exercise any other remedy except as specifically set forth in this Section 11. Upon the occurrence of any such Event of Default, the Bank shall have as the exclusive remedy pursuant to this Section 11 the right at its election to declare an Event of Default under the Reimbursement Agreement all as may be further provided and limited by the 1997 Bond Documents. Section 12. No Additional Waiver Imolied by One Waiver. In the event any provision contained in this Agreement should be breached by any party hereto and thereafter waived by any of the other parties, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder by any party. Section 13. Aareement to Pay Attorneys' Fees and Exoenses. In the event any party to this Agreement should Default under any of the provisions hereof and the non-defaulting party or parties should employ attorneys or incur other expenses for the collection of moneys or the enforcement or performance or observance of any obligation or agreement on the part of the defaulting party or parties herein contained, the defaulting party agrees that it will on demand therefor pay to the non-defaulting party or parties the reasonable fees of such attorneys and such other expense so incurred by the non-defaulting party or parties; provided, however, that both the County and the City shall be liable for such costs and expenses to the extent that either the County or the City elect to make the necessary appropriations for such purposes pursuant to Section 7 hereof. Nothing contained herein shall preclude the Bank from seeking payment of such costs and expenses from the IVDA pursuant to the terms and provisions of the Reimbursement Agreement by and between the Bank and the IVDA. The costs, salary and expenses of the City Attorney and County Counsel and members of his office in enforcing this Agreement on behalf of the City and County, and the costs, salary and expenses of in-house counsel of the Bank in enforcing this Agreement on its 8 9'1 42 behalf, shall be considered as "attorneys' fees" for the purposes of this section. Section 14. Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed to have been received forty-eight (48) hours after deposit in the United States mail in first class form with postage fully prepaid unless delivered by hand or by verified facsimile or other electronic transmission: If to the County: County of San Bernardino 385 North Arrowhead Avenue San Bernardino, CA 92415 Attn: County Administrative Officer If to the City: City of San Bernardino 300 North "D" Street San Bernardino, CA 92418 Attn: City Administrator If to the Bank: The Sumitomo Trust & Banking Co., Ltd. New York Branch 527 Madison Avenue, 6th Floor New York, New York 10022 Attn: Public Finance Department If to the Trustee: First Trust of California, National Association Corporate Trust Dept., Fifth Floor 550 South Hope Street Los Angeles, CA 90071 The County, the City, the Bank and the Trustee, by notice given hereunder, may designate different addresses to which subsequent notices, certificates or other communications will be sent. Section 15. inure to the benefit of City, the IVDA and the assigns. Bindina Effect. This Agre,ement shall and shall be binding upon the County, the Bank and their respective successors and Section 16. Severabi1itv. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 17. Further Assurances and Corrective Instrl~ents. The County, the City and the Bank agree that they 9 97 42 will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as may reasonably be required for correcting any inadequate or incorrect description contained herein or intended so to be or for carrying out the expressed intentions of this Agreement. Section 18, Execution in Counteroarts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument, Section 19. Aoolicahle law. This Agreement shall be governed by and construed in accordance with the laws of the State. Section 20. Countv and Ci tv Official Actions. Whenever under the provisions of this Agreement the approval of the County or the City is required, or the County or the City is required to take some action at the request of the Bank, such approval or action shall be given or undertaken for the County by official action of the Board of Supervisors of the County and for the City by official action of the Mayor and Common Council of the City, and each party hereto shall be authorized to rely upon any such approval or action only if acted upon by the Board of Supervisors and the Mayor and Common Council at duly noticed public meetings in the manner as required by the laws of the state. Section 21. Caotions. The captions contained in this Agreement are for convenience manner define, limit or describe the scope or provisions or section of this Agreement. or headings as only and in no intent of any 10 'oil 42 IN WITNESS WHEREOF, the County has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its seal; and the City has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal; and the Bank has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal, as of the date first above written, COUNTY OF SAN BERNARDINO B~~' ha'rman By: APPROVED AS TO FORM: By: c!{tl,,;~q,/~ J/n/Y7 / ~/ CITY OF SAN BERNARDINO By: Mayor ATTEST: By: City Clerk APPROVED AS TO FORM: By: THE SUMITOMO TRUST & BANKING CO., LTD. By: __Title: ATTEST: By: Title: 9'1 4 Z IN WITNESS WHEREOF, the County has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its seal; and the City has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal; and the Bank has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal, as of the date first above written. COUNTY OF SAN BERNARDINO By: Chairman ATTEST: By: Clerk of the Board APPROVED AS TO FORM: By: CITY OF SAN BE~DINO B~ jJ,tu({ ~yor ~ ATTEST: By: City Clerk By: THE SUMITOMO TRUST & BANKING CO., LTD. By: Title: ATTEST: By: Title: [Signature Page To Agreement For Appropriation Of Funds] ~I 4" .:;. IN WITNESS WHEREOF, the County has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its seal; and the City has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal; and the Bank has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal, as of the date first above written, and the IVDA has caused this Agreement to be executed in its name by its duly authorized officer as of the date first written above. COUNTY OF SAN BERNARDINO By: Chairman ATTEST: By: Clerk of the Board APPROVED AS TO FORM: By: CITY OF SAN BERNARDINO By: Mayor ATTEST: By: City Clerk APPROVED AS TO FORM: By: ATTEST: By: ~J/I-O;\lJR,T~ Title: V,ti. ~"'si~ CSBO\0015\DOC\5.9 THE SUMITOMO TRUST & LTD., yeW(York Branc By: j1udu~ Title: M' h I n_ Ie ae D::;:;: - Senior Vice PresiacilL 11 97-42 IN WITNESS WHEREOF, the County has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its seal; and the City has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal; and the Bank has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its seal, as of the date first above written. COUNTY OF SAN BERNARDINO By: Chairman ATTEST: By: Clerk of the Board APPROVED AS TO FORM: By: CITY OF SAN~ARDINO ----r- ' By: ~ l,f4/~ , Mayor ATTEST: By: ~ C-~'- C Y Clerk By: SUMITOMO BANK By: Title: ATTEST: By: Title: CSBO\OOlS\DOC\S.4 11