HomeMy WebLinkAbout1995-096
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3\28\95 420 law
95-96
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, ELECTING TO
SECURE THE REPAYMENT OF CERTAIN CERTIFICATES WITH
MOTOR VEHICLE LICENSE FEE REVENUES
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, on March 20, 1995, the Mayor and Common
Council approved a lease and the issuance of certain bonds
entitled "$6,300,000 Certificates of Participation (1995 Police
Station Proj ect) Evidencing the Direct , Undivided Fractional
Interest of the Owner Hereof in Lease Payments to be Made by the
City of San Bernardino, California As the Rental for a Certain
Project Pursuant to a Lease Agreement With the San Bernardino
Joint Powers Financing Authority" (the "Certificates"); and
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to be
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shall
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WHEREAS, the Certificates are secured by lease payments
made by the City and if such payments are not sufficient,
be secured by Motor Vehicle License Fee Revenues; and
WHEREAS, pursuant to Government Code Section 37351.5,
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the City must make an election to apply said Motor Vehicle
License Fee Revenues to the repayment of the Certificates.
. :;5'~ft
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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. Election. The City hereby elects to
apply its Motor Vehicle License Fee Revenues as further security
for the Certificates to the extent that the City's lease payments
are insufficient to meet the required payments under the Trust
Agreement dated April 1, 1995, by and between the San Bernardino
Joint Powers Financing Authority and Bank of America, as trustee.
The City agrees to be bound by the provisions of the State Motor
Vehicle License Fee Revenue Program (Government Code Section
37351.5) .
Section 3. State Controller. The City
Administrator, Assistant City Administrator, or City Clerk, is
hereby authorized to notify the State Controller of the election
made by this resolution.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, ELECTING TO SECURE THE REPAYMENT OF
CERTAIN Certificates WITH MOTOR VEHICLE LICENSE FEE REVENUES
Section 4.
Effective Date.
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
regular
meeting
day of
thereof, held on the
3rd
April
1995, by the following vote, to wit:
Council Members: AYES NAYS ABSTAIN ABSENT
NEGRETE x
- -
CURLIN x
- -
HERNANDEZ x
-
OBERHELMAN x
- -
DEVLIN x
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POPE-LUDLAM x
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MILLER x
- -
fk~rk~
4ft...
The foregoing
day of April
resolution is hereby approved
, 19~)u~
Mayor of the City of
San Bernardino
this
Approved as to form and legal content:
JAMES F. PENMAN
:~i?,..-
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95-96
NOTICE OF ELECTION TO PLEDGE MOTOR VEHICLE LICENSE FEES
AS SECURITY FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION
(1995 POLICE STATION PROJECT) EVIDENCING THE DIRECT,
UNDIVIDED FRACTIONAL INTEREST OF THE OWNER HEREOF
IN LEASE PAYMENTS TO BE MADE BY THE CITY OF SAN BERNARDINO,
CALIFORNIA AS THE RENTAL FOR A CERTAIN PROJECT
PURSUANT TO A LEASE AGREEMENT WITH THE
SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
Attached is a certified copy of the Resolution adopted by
the Mayor and Common Council of the City of San Bernardino,
electing to guarantee payment of the $6,300,000 certificates of
Participation (1995 Police station project) Evidencing the Direct,
Undivided Fractional Interest of the Owner Thereof in Lease
Payments to be Made by the city of San Bernardino, California As
the Rental for a certain Project Pursuant to a Lease Agreement with
the San Bernardino Joint Powers Financing Authority (the
"Certificates") in accordance with section 37351.5 of the
Government Code.
First Trust of California, National Association, 333
South Grand Avenue, suite 3020, Los Angeles, California 90071,
shall be Trustee under that certain Trust Agreement dated as of
April 1, 1995, by and between the San Bernardino Joint Powers
Financing Authority and First Trust of California, National
Association, as Trustee.
This Notice will be supplemented within ten (10) calendar
days after entering into the agreement to finance or completion of
the bond sale in order to provide the State Controller with the
Schedule of Payments.
~~., ~
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City of San Bernardino
300 North "0" Street
San Bernardino, CA 92418
(909) 384-5102
April 11, 1995
Date
RETURN TO:
STATE CONTROLLER
Division of Accounting
Financial Reports and Apportionments
P.O. Box 942850
Sacramento, CA 94250-5875
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