HomeMy WebLinkAbout1995-070
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RESOLUTION NO.
95-70
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AND
AUTHORIZING THE EXTENSION OF MATURITY OF ITS
"INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES
1983A (INLAND PLAZA PROJECT), AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $225,000 TAXABLE
INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES
1995A" AND APPROVING THE EXECUTION OF DOCUMENTS
IN CONNECTION THEREWITH
WHEREAS, the City of San Bernardino is a municipal
corporation and charter city duly organized and existing under
and pursuant to the provisions of the Constitution and laws of
the State of California (the "City"); and
WHEREAS,
Indenture
(the
pursuant
to
a
Trust
"Indenture") dated as of July 15, 1983, by and between the City
and The Mitsubishi Bank of California as succeeded by the Bank of
California, N.A., as trustee (the "Trustee"), the City issued its
Industrial Development Revenue Bonds, Series 1983A (Inland Plaza
Project) in the original principal amount of $2,200,000 (the
"1983 Bonds"); and
WHEREAS, the City provided a loan (the "Loan") of the
proceeds of the 1983 Bonds to Inland Plaza, a general partnership
23 (the "Developer") pursuant to a Loan Agreement dated as of
24 July 15, 1983 (the "Loan Agreement") and the proceeds of said
25 1983 Bonds were applied to construct a multi-tenant shopping
26 center within the boundaries of the City (the "Project"); and
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WHEREAS, the Loan is evidenced by a promissory note
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dated as of July 15, 1983, executed by the Developer in favor of
the City (the "Note") and is further secured by certain documents
described in the Loan Agreement (the "Loan Documents"); and
WHEREAS, the 1983 Bonds and the Note were due on
October 15, 1993, and were extended pursuant to that certain
Extension Agreement dated as of May 17, 1994, as amended by
Amendment Number One To Extension Agreement dated as of December
23, 1994 (the "Extension Agreement"); and
WHEREAS, Bank of California, N.A., as successor to
Mitsubishi Bank of California ("Bondholder") is the owner of the
1983 Bonds; and
WHEREAS, the 1983 Bonds and the Note are due on
April 15, 1995, and the Developer and the Bondholder have
requested that the City (i) approve the extension of the maturity
of the 1983 Bonds, and (ii) issue its Taxable Industrial
Development Revenue Bonds Series 1995A in the principal amount
not to exceed $225,000 (the "1995 Bonds"); and
WHEREAS, the City deems it desirable and in the best
interests of the City to approve the extension of the 1983 Bonds
and the issuance of the 1995 Bonds and provide for the requisite
modifications to the Loan Documents.
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
are true
reference.
Section 1.
and correct
Recitals. The Recitals contained herein
and are incorporated herein by this
Section 2. Determinations. The City hereby
finds and determines that the extension of the maturity of the
1983 Bonds and the issuance of the 1995 Bonds and the
modification of the Loan Documents to reflect said extension will
be in the best interests of the City, as follows: (i) the Project
shall not be in default and shall continue to perform; and (ii)
performance of the Project shall assist in providing jobs and
necessary services within the City.
Section 3. Authorization and Approval of Extension
Aqreement and Related Documents. The Mayor and Common Council
hereby authorize and approve the extension of the maturity of the
1983 Bonds and the Note as evidenced by the Extension Agreement
(the "Extension Agreement") and further approve the Extension
Agreement and related documents to be provided by the Developer
for the benefit of the City. The Mayor and Common Council hereby
approve the form of the Extension Agreement in substantially the
form as presently on file with the City Clerk, together with any
changes therein or additions thereto as may be approved by the
Mayor or City Administrator upon the recommendation of Bond
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Counsel, or as necessary to incorporate other terms and
conditions when such terms and conditions have been ascertained.
The Mayor and Common Council hereby further authorize and direct
that the form of the Extension Agreement be converted into the
final form thereof.
Section 4. Issuance of the 1995 Bonds. The Mayor
and Common Council hereby approve the issuance of the 1995 Bonds
pursuant to the laws of the State and as provided in the
Extension Agreement amending the Indenture or a supplemental
indenture, as necessary, and as shall be approved by the Mayor or
City Administrator upon the recommendation of Bond Counsel. The
Mayor and Common Council further approve the loan of proceeds of
the 1995 Bonds to the Developer as evidenced in the Extension
Agreement or a supplemental loan agreement, as necessary, and as
shall be approved by the Mayor or City Administrator upon the
recommendation of Bond Counsel. The Mayor and Common Council
authorize the sale of the 1995 Bonds to Miller & Schroeder
Financial, Inc. as underwriter pursuant to a Bond Purchase
Agreement to be prepared and as shall be approved by the Mayor or
City Administrator upon the recommendation of Bond Counsel.
Section 5. Official Actions. The Mayor and Common
Council, City Administrator, City Clerk, Bond Counsel, and any
and all other members and officers 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 to take any and all actions,
including but not limited to, execution and delivery of any and
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1 all assignments, certificates, requisitions, indentures,
2 agreements, notices, consents, instruments of conveyance,
3 warrants and other documents which they, or any of them, may deem
4 necessary or advisable in connection with the extension of
5 maturity of the 1983 Bonds, the issuance of the 1995 Bonds and
6 the modification of the Loan Documents in order to consummate the
7 transactions described herein.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING AND AUTHORIZING THE EXTENSION
OF MATURITY OF ITS "INDUSTRIAL DEVELOPMENT REVENUE BONDS SERIES
1983A (INLAND PLAZA PROJECT), AUTHORIZING THE ISSUANCE OF NOT TO
EXCEED $225,000 TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BONDS,
SERIES 1995A" AND APPROVING THE EXECUTION OF DOCUMENTS IN
CONNECTION THEREWITH
Section 5.
Effective Date.
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
regular
meeting
thereof, held on the
20th
day of
March
1995, by the following vote, to wit:
Council Members:
NAYS
ABSENT
ABSTAIN
AYES
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
~~
'j /) I
<.7'-<-.+ /1(.-.,
The foregoing
day of March
resolution is hereby approved
1995 ._)~
~~ /J(i&L~
Mayor of the City of
San Bernardino
this
Approved as to form and legal content:
JAMES F. PENMAN
City ~torn~v /) .
~~~
SBEO\0132\DOC\7
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