HomeMy WebLinkAbout1995-261
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RESOLUTION NO.
95-2fi1
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE
OF NOT TO EXCEED $45,000,000 SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY T&~ ALLOCATION REFUNDING
BONDS, 1995 SERIES (STATE COLLEGE PROJECT NO.4) 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, California, (the
"City") is a municipal corporation and charter city, duly organized and
existing pursuant to the provisions of the Constitution of the State
of California; and
WHEREAS, the Redevelopment Agency of the City of San
Bernardino is a public body, corporate and politic (the "Agency") duly
existing
to
the
California
Community
organized
and
pursuant
Redevelopment Law (the "Law") (Health and Safety Code Section 33000, et
~); 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, the proceeds of which may be loaned to any
of its members to finance public capital improvements; and
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9 Allocation Bonds, 1990 Series D (State College Project No.4); and
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WHEREAS, on June 9, 1994, the Authority issued its
$10,000,000 San Bernardino Joint Powers Financing Authority Tax
Allocation Bonds, Issue of 1994 (Police Station Financing Project)
(together with the above issues, the "Prior Bonds"); and
WHEREAS, the Prior Bonds are secured by the tax increment
revenues from the State College Project NO.4 (the "Project Area"); and
WHEREAS, the Agency seeks to repay its prior loans and
therefore refund the Prior Bonds and further seeks to extend the final
payment date for the refunding of the Prior Bonds, as permitted by the
provisions of the Community Redevelopment Law Reform Act of 1993
("AB1290"); and
WHEREAS, the Agency may extend the final date for payment
of the bonds issued to refund the Prior Bonds pursuant to a duly
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6 WHEREAS, the Prior Bonds have been previously insured and
7 remain insured by either MBlA or AMBAC, and the Agency seeks to
8 continue the municipal bond insurance program of one (1) or both of the
9 existing municipal bond insurers; and
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19 bond insurers; and
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adopted Ordinance of the Mayor and Common Council of the City of San
Bernardino, designated as Ordinance No, MC-925, dated January 19, 1995;
and
WHEREAS, the Agency has requested that the Authority issue,
and the Authority desires to assist the Agency by the issuance of, its
San Bernardino Joint Powers Financing Authority, Tax Allocation
Refunding Bonds, 1995 Series (State College project No.4) (the
"Bonds"), which may be issued in one (1) or more series as may be
required by the respective bond insurers to facilitate compliance with
the municipal bond insurance underwriting criteria of said municipal
WHEREAS, the proceeds of the Bonds shall be applied to
provide a certain loan or loans to the Agency in a total principal
amount not to exceed $45,000,000 (the "Loan"); and
WHEREAS, the proceeds of the Bonds shall be applied to (i)
refund the Prior Bonds, (ii) undertake certain redevelopment projects
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and activities within the Project Area and certain capital improvement
projects outside of the Project Area which are of benefit to the
project Area, as may be authorized pursuant to the Law and subject to
such actions and findings as may be required to be taken hereafter by
the Mayor and Common Council and the Agency, and (iii) provide for
certain costs of issuance of the Bonds; and
WHEREAS, the Loan shall be provided by the Authority to the
Agency pursuant to a Loan Agreement between the Agency and the
Authority, substantially in the form presently on file with the
Secretary of the Agency, with such changes and modifications as deemed
necessary or desirable by the Agency upon recommendation of Bond
Counsel (the "Loan Agreement"); and
WHEREAS, pursuant to the Law, the Agency has the power and
authority to borrow moneys for the purpose of funding certain
activities or refunding prior obligations of the Agency incurred
therefor; and
WHEREAS, the Mayor and Common Council have duly considered
the terms of such transaction as contemplated herein and find that
approval of the issuance of the Bonds at this time is in the best
interests of the City;
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NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
SECTION 1.
Aooroval of the Bonds. The Mayor and Common
6 Council hereby approve the issuance by the Authority of its Bonds in
7 a total principal amount not to exceed $45,000,000 for the purpose of
8 providing a Loan to the Agency in said amount in order to refund the
9 Prior Bonds, provide for certain redevelopment activities and pay
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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 Action.
The Mayor and Common
Council, the City Clerk, the City Administrator and Assistant City
Administrator, and any and all other officers of the City are hereby
authorized and directed, on behalf of the City, to do any and all
things and to take any and all actions, including execution and
delivery of assignments, certificates, requisitions, agreements,
notices, consents, instruments of conveyance, warrants bond closing
documents and other documents which any of such officers, 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 the consummation of the
transaction described herein and therein,
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1
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
2 BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
$45,000,000 SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY TAX
3 ALLOCATION REFUNDING BONDS, 1995 SERIES (STATE COLLEGE PROJECT NO.4)
AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
4 BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN
5 AGREEMENT
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SECTION 3.
Effective Date,
findings
and
The
determinations herein shall be final and conclusive,
This Resolution
shall take effect upon the date of its adoption.
9 I HEREBY CERTIFY that the foregoing Resolution was duly
10 adopted by the Mayor and Common Council of the City of San Bernardino
11 at an adiourned reaul ar
meeting thereof, held on the 24th
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day of July, 1995, by the following vote, to wit:
ABSTAIN
ABSENT
Council Members:
AYE..S.
~
x
X
X
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
---'L
X
X
X
.cz~~ ~
City Clerk
The foregoing Resolution is hereby approved this 2qth day
of July, 1995,
~~ V(j)A~
Mayor of the City of
San Bernardino
Approved as to form and legal content:
JAMES F, PENMAN
City Attorney
By:
BEO\0149\DOC\1
7/20/95 1145 law
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