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RESOLUTION NO.
95-118
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE
OF CERTAIN MULTIFAMILY HOUSING REVENUE BONDS AND THE
BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO A
CERTAIN LOAN AGREEMENT
WHEREAS, the City of San Bernardino is a municipal
7 corporation and charter city (the "City"), duly organized and
8 existing under and pursuant to the provisions of the Constitution
9 of the State of California; and
WHEREAS, the Redevelopment Agency of the City of San
Bernardino (the "Agency") is a public body, corporate and
politic, duly created and existing pursuant to the Community
Redevelopment Law (Part 1 of Division 24, commencing with Section
33000) of the Health and Safety Code of the State of California
(the "Community Redevelopment Law"); and
WHEREAS, the City and the Agency have heretofore
entered into a Joint Exercise of Powers Agreement establishing
the San Bernardino Joint Powers Financing Authority (the
"Authority") for the purpose of issuing bonds to be used to make
loans to finance certain projects; and
WHEREAS, the Agency desires to borrow money from the
Authority for the purpose of undertaking the purchase of a
certain mobilehome parks referred to as the Tropicana Mobilehome
Estates
("Tropicana"), Orangewood Estates Mobilehome Park
("Orangewood" )
Friendly
Village
(collectively,
the
and
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"Projects") in accordance with the Community Redevelopment Law;
and
WHEREAS, the Authority proposes at this time to issue
its not to exceed (1) $3,500,000 Multifamily Housing Revenue
Bonds (Tropicana Mobilehome Estates Project) Series 1995A;
(ii) $4,000,000 Multifamily Housing Revenue Bonds (Orangewood
Estates Mobilehome Park Project), Series 1995A; and
(iii) $2,400,000 Multifamily Housing Revenue Bonds (Friendly
Village Project) Series 1995A (collectively, the "Bonds") for the
purpose of providing funds to make certain loans (the II Loans ") to
the Agency for the purchase the Projects; and
WHEREAS, the Loans will be made by the Authority to the
Agency pursuant to those certain Loan Agreements which shall be
entered into by and among the Agency and the Authority, the forms
of which are presently on file with the City Clerk (the "Loan
Agreements"); and
WHEREAS, pursuant to the Community Redevelopment Law,
the Agency has the power and authority to borrow moneys for the
purpose of funding certain projects and redevelopment activities
within the City; and
WHEREAS, the Mayor and Common Council has considered
the terms of the transaction as contemplated herein and, in the
public interests of the City, desires at this time to approve the
terms of said transaction and related documents necessary therefor.
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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:
SECTION 1.
Recitals. The Recitals contained herein
and are incorporated herein by this
are true and correct
reference.
SECTION 2. Determinations. The Mayor and Common
Council hereby find and determine that the issuance of the Bonds
by the Authority will result in significant public benefits, by
enabling the Agency to undertake certain projects within the City
and the issuance of the Bonds by the Authority shall result in
demonstrable savings in any and all of the following: effective
interest rates, bond preparation, bond underwriting or bond
issuance costs.
SECTION 3. Approval of the Bonds. The Mayor and
Common Council hereby approve the issuance by the Authority of
its Bonds as described in the Recitals hereof for the purpose of
providing funds to make the Loans to the Agency to enable the
Agency to purchase the Projects in accordance with the provisions
of the Community Redevelopment Law. The Mayor and Common Council
hereby further approve the Loans by the Authority to the Agency
and the borrowing of funds by the Agency pursuant thereto for the
purposes described herein, pursuant to the terms of the Loan
Agreements.
III
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95-118
1 SECTION 4. Official Actions. The Mayor and Common
2 Council, City Administrator, City Treasurer, City Clerk, and any
3 and all other officers of the City are hereby authorized and
4 directed, for and in the name and on behalf of the City, to do
5 any and all things and to take any and all actions, including
6 execution and delivery of any and all assignments, certificates,
7 requisitions, agreements, notices, consents, warrants and other
8 documents which they, or any of them, may deem necessary or
9 advisable in connection with the execution and delivery of the
10 Bonds, the borrowing by the Agency of the proceeds derived
11 therefrom pursuant to the Loan Agreements and the consummation of
12 the transaction described herein and therein.
13 III
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15 III
16 I I I
17 III
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF CERTAIN
MULTIFAMILY HOUSING REVENUE BONDS AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE
PROCEEDS THEREFROM PURSUANT TO A CERTAIN LOAN AGREEMENT
SECTION 5.
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
thereof, held on the
day of
Aoril
17th
1995, by the following vote, to wit:
Council Members:
NAYS
ABSTAIN
ABSENT
AYES
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
U?~L ~
Cit Clerk
The foregoing resolution is hereby approved this
19th day of April , 1995. _----,
~L/t~~'-
Mayor of the City of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
City ;h~~:~~y fJ//J
BY~ /
SBEO\0129\DOC\6
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