HomeMy WebLinkAbout1995-025
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RESOLUTION NO.
95-25
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING: (i) EXECUTION OF A CERTAIN
FLOAT LOAN AGREEMENT BY AND BETWEEN THE CITY
OF SAN BERNARDINO AND HARRIS'; AND (ii)
SUBMITTAL OF NECESSARY REQUESTS TO THE
UNITED STATES DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT TO FUND THE FLOAT LOAN
WHEREAS, the City of San Bernardino (the "City"), is a
municipal corporation and a charter city duly created and
existing pursuant to the Constitution and the laws of the State
of California; and
WHEREAS, the City has entered into an agreement with
the United States of America through its Department of Housing
and Urban Development ("HUD") to execute a Community Development
Block Grant ("CDBG") pursuant to the Housing and Community
Development Act of 1974, as amended; and
WHEREAS, Harris' desires to borrow up to the maximum
principal amount of $3,150,000 ("Float Loan") from the City for
the purpose of financing Harris' acquisition of a retail building
located at 300 North liE" Street, San Bernardino, California 92416
("Project"); and
WHEREAS, the City desires to make the Float Loan to
Harris' on the terms and conditions set forth therein; and
WHEREAS, the City has made determinations that the
Project to which the Float Loan proceeds are to be applied is a
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CDBG eligible special economic development activity benefitting
low and moderate income persons, and that the Float Loan is
appropriate to carry out a special economic development project;
and
WHEREAS, Harris' has agreed to obtain a Letter of
credit to secure its repayment of the Float Loan; and
WHEREAS, the City at this time deems it desirable to
enter into the Float Loan Agreement, the form of which is
attached hereto as Exhibit "A" and is incorporated herein by this
reference.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
SECTION 2. The City hereby approves the form of the
Float Loan Agreement, a copy of which is attached hereto as
Exhibit "A" and is incorporated herein by this reference.
SECTION 3. The Mayor and City Clerk of the City are
hereby authorized and directed to execute the Float Loan
Agreement with any such changes and modifications as may be
approved by the Mayor and the Agency Administrator of the
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Economic Development Agency of the City of San Bernardino.
SECTION 4. The Mayor and the Agency Administrator
are hereby authorized and directed to take such other actions and
to execute documents necessary to complete the contemplated
transaction set forth in the Float Loan Agreement and to submit
any and all necessary requests to HUD in order to fund the Float
Loan.
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95-25
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, AUTHORIZING: (i) EXECUTION OF A CERTAIN
FLOAT LOAN AGREEMENT BY AND BETWEEN THE CITY OF SAN BERNARDINO
AND HARRIS'; AND (ii) SUBMITTAL OF NECESSARY REQUESTS TO THE
UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO FUND
THE FLOAT LOAN
SECTION 5.
This Resolution shall take effect from
and after the date of its passage and 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 n ad;ourned rp-a1l1ar
meeting
thereof, held on the 23rd
day of
January
1995, by the following vote, to wit:
AYES:
Council Members Neqrete, Curlin, Hernandez,
Devlin, Pope-Ludlam, Miller
NAYS:
Oberhelman
ABSENT:
none
Q~J..J.. ~
'- City Clerk
The foregoing resolution is hereby approved this
25th
day of
, 1995.
January
(e?~~~-~
Mayor of the citY of
San Bernardino
Pro Tem
Approved as to form and legal content:
refused to sign
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By:
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City Attorney
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