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Home My WebLink About1995-334 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 95-334 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING, THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $120,000,000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THEIR PREPARATION, EXECUTION AND DELIVERY 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 organized and existing pursuant to the California Community Redevelopment Law (the "Law") (Health and Safety Code Section 33000, ~ ~); and WHEREAS, the City and the Agency have heretofore entered into Joint Exercise establishing of the Powers Agreement San a 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 - 1 - ;.0<_. " 1--, / . ., .- ..-,'1 ~'" /1 --,/ 1 2 3 4 5 6 WHEREAS, the Agency and the Authority have issued or have provided for the issuance of the following tax allocation bond issues and revenue bond issues of either the Agency or the Authority as herein set forth: 7 STATE COLLEGE 8 9 $15,890,000 San Bernardino Tax Allocation (State College Joint Powers Financing Authority Refunding Bonds, 1989 Series A project No.4) 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 $6,975,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, 1990 Series D (State college Project No.4) $10,000,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, Issue of 1994 (Police Station Financing project) SOUTHEAST INDUSTRIAL PARK $7,500,000 San Bernardino Joint Powers Financing Authority Tax Allocation Refunding Bonds, Issue of 1993 (Southeast Industrial Park Redevelopment project Area) $5,700,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, 1990 Series F (Southeast Industrial Park Redevelopment Project Area) $12,215,000 Redevelopment Agency of the City of San Bernardino Southeast Industrial Park Redevelopment Project Area Tax Allocation Refunding Bonds Issue of 1988 $1,750,000 Redevelopment Agency of the City of San Bernardino Southeast Industrial Park Redevelopment project Area - 2 - r,. ..;;.'.u 1 Tax Allocation Bonds 2 Issue of 1988 3 NORTHWEST 4 5 6 7 $3,245,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, 1990 Series B (Northwest Redevelopment Project) TRI-CITY 8 $7,810,000 San Bernardino Joint Powers Financing Authority 9 Tax Allocation Bonds, 1990 Series B (Tri-City Redevelopment Project) 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 UPTOWN $1,900,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, 1990 Series C (Uptown Redevelopment Project) SOUTH VALLE $3,735,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, 1990 Series A (South Valle Redevelopment Project) CENTRAL CITY NORTH $3,500,000 Redevelopment Agency of the City of San Bernardino Central City North Redevelopment Project Area Tax Allocation Bonds Issue of 1988 $6,870,000 Redevelopment Agency of the City of San Bernardino Central City North Redevelopment Project Area Tax Allocation Bonds Issue of 1988 26 (the "Prior Bonds"); and 27 28 - 3 - 1 WHEREAS, the Prior Bonds are secured by the tax increment 2 revenues from each respective redevelopment project area including the 3 State college Project No.4, the Southeast Industrial Park, the 4 Northwest Redevelopment project Area, the Tri-City Redevelopment 5 6 Project Area, the Uptown Redevelopment Project Area, the South Valle 7 Redevelopment project Area and the Central City North Redevelopment 8 proj ect Area (collectively, the "proj ect Areas"); and 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 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, some of the Prior Bonds have been previously insured and remain insured by either MBIA, FGIC or AMBAC or were rated municipal bond rating agencies, and the Agency seeks to continue the municipal bond insurance program of the Agency and to obtain a similar - 4 - · .:A! municipal insurance policy from Capital Guaranty as to the senior lien bonds to be issued pursuant to this Resolution and a duly adopted Resolution of the Authority; and 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 $120,000,000 (the "Loan"); and - 5 - '. .:! WHEREAS, the proceeds of the Bonds shall be applied to (i) WHEREAS, the Loan shall be provided by the Authority to the Agency pursuant to a separate Loan Agreement for each of the individual project areas 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, or as otherwise may be required by the Bond insurer with the concurrence of the Chairman or Administrator for each of the Project Areas (the "Loan Agreements"); authority WHEREAS, pursuant to the Law, the Agency has the power and to borrow moneys for the purpose of funding certain - 6 - ,~. , , .< 1 activities or 2 3 4 WHEREAS, the Mayor and Common Council have duly considered 5 6 the terms of such transaction as contemplated herein and find that 7 approval of the issuance of the Bonds at this time is in the best 8 interests of the City; 9 10 11 COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: 12 13 14 15 16 17 providing a Loan or Loans to the Agency in said amount in order to 18 19 20 21 22 23 24 25 26 27 28 refunding prior obligations of the Agency incurred therefor; and NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON SECTION 1. ADDrova1 of the Bonds. The Mayor and Common Council hereby approve the issuance by the Authority of its Bonds in a total principal amount not to exceed $120,000,000 for the purpose of refund the Prior Bonds, provide for certain redevelopment activities and 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 Agreements. 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 - 7 - ,.> :~'0 1 2 3 4 documents and other documents which any of such officers, may deem 5 6 necessary or advisable in connection with the execution and delivery 7 of the Bonds, and the borrowing by the Agency of the proceeds derived 8 therefrom pursuant to the Loan Agreements and the consummation of the 9 transaction described herein and therein. things and to take any and all actions, delivery of assignments, certificates, including execution and requisitions, agreements, notices, consents, instruments of conveyance, warrants bond closing 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 - 8 - fI, --' -Lj ,- J_.5 1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN 2 BERNARDINO, CALIFORNIA, AUTHORIZING, THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE 3 PRINCIPAL AMOUNT OF NOT TO EXCEED $120,000,000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF CERTAIN LEGAL 4 DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THEIR PREPARATION, EXECUTION AND DELIVERY 5 6 7 SECTION 3. Effective Date. The findings and determinations herein shall be final and conclusive. This Resolution 8 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 a reqular meeting thereof, held on the 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 5th day of September, 1995, by the following vote, to wit: Council Members: AYES NAYS ABSTAIN ABSENT x X NEGRETE CURLIN HERNANDEZ OBERHELMAN DEVLIN POPE-LUDLAM MILLER - X X --x- ~ X 7<. D-~ v(!.~0Afv 6j)~~~~dJ;rl~/ bP.~ Resolution is hereby approved this 7tlO day The foregoing of september, 1995. ~)tip~ Mayor of the City of San Bernardino Approved as to form and legal content: JAMES F. PENMAN City Attorney By: SBEO\OH9\DOC\8 28 9/1/95245 vb - 9 -