HomeMy WebLinkAbout1995-183
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RESOLUTION NO. 95-183
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE
OF NOT TO EXCEED $8,000,000 SAN BERNARDINO JOINT
POWERS AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE
OF 1995 (CENTRAL CITY NORTH REDEVELOPMENT PROJECT
AREA) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM
PURSUANT TO THAT CERTAIN LOAN AGREEMENT
WHEREAS, the City of San Bernardino is a municipal
corporation and charter city (the "City"), duly organized and existing
under and pursuant to the provisions of the Constitution of the State
of California; and
WHEREAS, the Redevelopment Agency of the City of San
Bernardino (the "Agency") is a redevelopment agency (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 Authority (the "Authority") for the purpose of
issuing its bonds to be used to make loans to any of its members to
finance public capital improvements; and
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WHEREAS, the Agency has previously issued its $6,870,000
Redevelopment Agency of the City of San Bernardino, Central City North
Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of
1988 (the "1988 Bonds"); and
WHEREAS, the Agency desires to borrow money for the purpose
of advance refunding the 1988 Bonds; and
WHEREAS, the Authority proposes at this time to issue its
San Bernardino Joint Powers Authority Tax Allocation Refunding Bonds,
Issue of 1995 (Central City North Redevelopment Project Area) (the
"Bonds") for the purpose of providing funds to make a certain loan (the
"Loan") to the Agency in a total principal amount not to exceed
$8,000,000 to refund the 1988 Bonds and pay certain costs of issuance
of the Bonds; and
WHEREAS, the Loan will be made by the Authority to the
Agency pursuant to that certain Loan Agreement which shall be dated as
of June 1, 1995 (the "Loan Agreement"), by and between the Agency and
the Authority, a form of which is presently on file with the Secretary
of the Agency; and
WHEREAS, pursuant to the Community Redevelopment Law, the
Agency has the power and authority to borrow moneys for the purpose of
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funding redevelopment activities or refunding prior obligations of the
Agency incurred therefor; and
WHEREAS, the Mayor and Common Council have duly considered
such transaction and documentation and desire at this time to approve
said transaction and documentation in the public interests of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
SECTION 1. Approval of the Authoritv Bonds. The Mayor
and Common Council hereby approve the issuance by the Authority of its
Bonds in a total principal amount of not to exceed $8,000,000 for the
purpose of providing funds to make a certain loan (the "Loan") to the
Agency in a total principal amount of not to exceed $8,000,000 to
refund the 1988 Bonds and to pay certain costs of issuance of the
Bonds. The Mayor and Common Council hereby further approve the Loan
to the Agency and the borrowing of funds by the Agency pursuant to the
terms of the Loan Agreement.
SECTION 2. Official Actions. The Mayor and Common
Council, the City Clerk, the City Manager and Assistant City Manager,
and any and all other 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 execution and
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delivery of any and all assignments, certificates, requisitions,
agreements, notices, consents, warrants and other documents which they,
or any of them, may deem necessary or advisable in connection with the
execution and delivery of the Bonds and the borrowing by the Agency of
the proceeds derived therefrom pursuant to the Loan Agreement and any
related closing documents, as required, and the consummation of the
transaction described herein and therein.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
$8,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION
REFUNDING BONDS, ISSUE OF 1995 (CENTRAL CITY NORTH REDEVELOPMENT
PROJECT AREA) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN
LOAN AGREEMENT
SECTION 3. Effective Date.
findings
The
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
regular
meeting thereof, held on the
at a
5th
June
day of
1995, by the following vote, to wit:
Council Members:
AYES
!':!AYQ.
ABSTAIN
ABSENT
x
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
-X-
~
x
c0:-~ ~
day of
The foregoing resolution is hereby approved this '7
June ,1995.
----/~V1 >>ti~'-
Mayor of the City of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
City Attorney
BY:~-~.J
S~142\DOC\6
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