HomeMy WebLinkAbout1997-214
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RESOLUTION NO.
97-214
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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 AUTHORIZING A CERTAIN LEASE
AGREEMENT AND THE FORMS OF 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 September 27, 1989, which provided for the issuance of
19 the San Bernardino Joint Powers Financing Authority Public
20 Facilities Lease Revenue Bonds, 1989 Series A (the "Prior BondsH)
21 which were secured by lease payments to be made by the City; and
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WHEREAS, the City has requested that the Authority and
24 the Agency assist in refinancing the City's obligations in
25 connection with the Prior Bonds and the provision of additional
26 funds for the construction and rehabilitation of the feuling
27 station located on the City Corporate Yard; and
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1 WHEREAS, the Authority has determined to issue its Public
2 Facilities Lease Revenue Refunding Bonds, 1997 Series A, in the
3 principal amount of not to exceed $11,500,000 (the "BondsH)
4 pursuant to and secured by the Indenture of Trust dated as of July
5 1, 1997 (the "IndentureH) and loan a portion of the proceeds
6 thereof to the Agency to refund the Prior Bonds and other portion
7 to the City to cause the construction and rehabilitation of the
8 fueling station; and
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10 WHEREAS, in order to carry out the financing, the
11 Authority shall enter into (i) a Loan Agreement with the Agency
12 dated as of July 1, 1997 (the "Loan AgreementH) which shall be
13 secured by certain Base Rental Payments to be made by the City to
14 the Agency under that certain Library and Fire Station Lease
15 Agreement dated as of July 1, 1997 (the "Library and Fire Station
16 LeaseH) and (ii) a Corporate Yard Lease with the City dated as of
17 July 1, 1997 (the "Corporate Yard LeaseH); and
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19 WHEREAS, the Authority shall assign its right to receive
20 payments under the Loan Agreement and Corporate Yard Lease (the
21 "Payments"), its right to enforce payment of the Payments and
22 otherwise to enforce its interest and rights under the Loan
23 Agreement in the event of a default thereunder by the City, to the
24 Trustee pursuant to the Indenture to provide for the repayment of
25 the Bonds; and
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27 WHEREAS, the proceeds of the Bonds will be applied to
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1 fund, pay costs of issuance of the Bonds and fund the fueling
2 station; and
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4 WHEREAS, Miller & Schroeder Financial, Inc. , as
5 prospective underwriter of the Bonds (the "Underwriter" ) has
6 informed the Authority that it intends to submit an offer to
7 purchase the Bonds and shall cause to be prepared a Preliminary
8 Official Statement and an Official Statement relating to such
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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 Authority; and
WHEREAS, the City has determined to approve the issuance
of the Bonds and the execution of the Library and Fire Station
Lease, and has duly considered such transactions and seeks at this
time to approve said transaction and documents in the public
interests of the City.
OF SAN
FOLLOWS:
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY
BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
Section 1. Determinations. The City hereby finds and
determines that the refinancing of the City's obligations under the
Prior Bonds and the execution of the Library and Fire Station Lease
will result in significant public benefits.
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97-214
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Section 2. Approval of Final Forms of Librarv and
Fire Station Lease and CorDorate Yard Lease. The City hereby
authorizes and approves the forms of Library and Fire Station Lease
and Corporate Yard Lease (the "LeasesH) presently on file with the
City Clerk together with any changes therein or additions thereto
as may be approved by the Mayor when such terms and conditions have
been ascertained. The City hereby further authorizes and directs
that the forms of the Leases presently on file with the City Clerk
be converted into the final forms thereof, together with such
changes or modifications as deemed necessary or desirable by the
Mayor upon the recommendation of bond counsel. The Mayor or such
other authorized officer of the City is hereby authorized and
directed to execute and deliver, and the City Clerk is hereby
authorized and directed to attest to, the final forms thereof when
the same has been prepared.
Section 3.
Issuance of the Bonds; ADDroval of Form of
Indenture of Trust. The City hereby authorizes the issuance of the
Bonds under and pursuant to the Act, the Government Code of the
State of California and the Indenture of Trust (The "IndentureH) on
file with the City Clerk, in the principal amount not to exceed
$11,500,000 and the preparation of certain financing documents
related thereto which are necessary to carry out the issuance of
the Bonds.
Section 4. Approval of Final Form of Continuing
Disclosure Agreement and Escrow Aareement. The City hereby
approves the forms of Continuing Disclosure Agreement and Escrow
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Agreement presently on file with the City Clerk (the "Agreements")
together with any changes therein or additions thereto as may be
approved by the Mayor when such terms and conditions have been
ascertained. The City hereby further authorizes and directs that
the forms of Agreements presently on file with the City Clerk be
converted into the final forms thereof, together with such changes
or modifications as deemed necessary or desirable by the Mayor upon
the recommendation of Bond Counsel. The Mayor or such other
authorized officer of the City is hereby authorized and directed to
execute and deliver, and the City Clerk is hereby authorized and
directed to attest to, the final forms of the Agreements when the
same has been prepared and such execution and delivery shall be
deemed to be conclusive evidence of the approval thereof.
Section 5. Official Action. The Mayor, the City
Clerk, Bond Counsel and any and all other officers or agents of the
City are hereby authorized and directed, for and in the name and on
behalf of the City, to do any and all things and take any and all
actions, including execution and delivery of any and all
instruments
of
notices,
assignments,
agreements,
consents,
conveyance, warrants and other documents, which they, or any of
them, may deem necessary or advisable in order to consummate the
transaction contemplated hereby. Whenever in this Resolution any
officer of the City is authorized to execute or countersign any
document or take any action, such execution, countersigning or
action may be taken on behalf of such officer by any person
designated by such officer to act on his or her behalf in the case
such officer shall be absent or unavailable. The City hereby
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1 appoints the Mayor as agent of the City for purposes of executing
2 any and all documents and instruments which any officer of the City
3 is authorized to execute hereunder.
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5 The City hereby authorizes the Underwriter to invest
6 funds held in the Escrow Account established under the Escrow
7 Agreement and the Reserve Fund established under the Indenture in
8 Permitted Investments as defined in the Indenture. The City hereby
9 authorizes the transfer of certain reserve fund agreements from the
funds to the funds and accounts established under the
10 Prior Bond
11 Indenture.
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97~214
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 AUTHORIZING A
CERTAIN LEASE AGREEMENT AND THE FORMS OF CERTAIN DOCUMENTS RELATED
3 THERETO
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Section 6.
Effecti ve Date.
This Resolution shall
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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
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adopted by the Mayor and Common Council of the City of
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joint adjourned regular meeting
meeting
San Bernardino at a
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thereof, held on the l4th
day of
July
, 1997,
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by the following vote, to wit:
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Council:
12 NEGRETE
CURLIN
13 ARIAS
OBERHELMAN
14 DEVLIN
ANDERSON
15 MILLER
NAYS
ABSTAIN
ABSENT
AYES
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G~~
Ci~ Clerk
resolution is hereby approved this Ifg
1997.
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The foregoing
July
day of
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Mayor of the City of
San Bernardino
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Approved as to form and
legal c tent:
23 By:
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