HomeMy WebLinkAbout1995-400
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RESOLUTION NO.
95-400
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
CERTAIN LOAN AGREEMENTS AND APPROVAL OF THE ISSUANCE OF
SAID BONDS UNDER SECTION 147 (f) OF THE INTERNAL REVENUE
CODE
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 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 certain
mobilehome parks referred to as Glen Aire Mobile Estates ("Glen
Aire"), Royal Coach Mobile Manor ("Royal Coach") , Pacific Palms
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Mobile Home Park ("Pacific Palms"), Ninth street Mobile Home Park
("Ninth street"), Rancho Meridian Mobilehome Park ("Rancho
Meridian") and sequoia Plaza Mobile Home Community ("Sequoia")
(herein collectively, the "Projects") in accordance with the
Community Redevelopment Law; and
WHEREAS, the Authority proposes at this time to issue
its not to exceed (i) $3,500,000 Multifamily Housing Revenue
Bonds (Glen Aire Mobile Estates Project) Series 1995A,
(E) $875,000 Multifamily Housing Revenue Bonds (Royal Coach
Mobile Manor project), Series 1995A, (iii) $3,500,000 Multifamily
Housing Revenue Bonds (Pacific Palms Mobile Home Park),
(iv) $1,000,000 Multifamily Housing Revenue Bonds (Ninth Street
Mobile Home Park), (v) $5,100,000 Multifamily Housing Revenue
Bonds (Rancho Meridian Mobilehome Park) and (vi) $6,500,000
Multifamily Housing Revenue Bonds (Sequoia Plaza Mobile Home
community) (collectively, the "Bonds") for the purpose of
providing funds to make certain loans (the "Loans") to the Agency
for the purchase of 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
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purpose of funding certain projects and redevelopment activities
within the city; and
WHEREAS, the Mayor and Common Council have caused the
timely publication of notice regarding the holding of the public
hearing in accordance with section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code"), in connection with the
issuance of the Bonds; and
WHEREAS, the Mayor and Common Council have considered
the terms of the transaction as contemplated herein and, in the
public interests of the City, desire at this time to approve the
terms of said transaction and related documents necessary
therefor.
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
are true and correct and are incorporated herein by this
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
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demonstrable savings in any and all of the following: effective
interest rates, bond preparation, bond underwriting or bond
issuance costs.
SECTION 3. Public Hearina. Testimonv and COlDlDents.
The city has held a public hearing in accordance with the
provisions of section 147(f) of the Code, and has considered all
testimony and cOlDlDents submitted in connection with the issuance
of the Bonds.
SECTION 4. Approval of the Bonds. The Mayor and
COlDlDon Council, after consideration of cOlDlDents received at the
public hearing, 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 COlDlDunity Redevelopment Law. The Mayor and COlDlDon 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.
SECTION 5. Official Actions. The Mayor and Common
Council, City Administrator, City Treasurer, city Clerk, 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
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execution and 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, the borrowing by the Agency of the proceeds derived
therefrom pursuant to the Loan Agreements and the consummation of
the transaction described herein and therein.
SECTION 6. Approval Bv Elected Representative. It
is the purpose and intent of the Mayor and Common Council that
this Resolution constitute approval by the applicable elected
representative in accordance with the terms of section 147(f) of
the Code.
SECTION 7. Approval of Home Funds. The Mayor and
Common Council hereby approve the provision of certain Home Funds
to the Agency pursuant to 24 CFR section 92.214 for the payment
of a portion of the acquisition costs of the Projects. The Mayor
and Common Council authorize preparation of an agreement between
the City and the Agency evidencing the agreement to pledge said
funds and execution thereof by the Chairman or any officer
designated by the Chairman.
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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 AGREEMENTS AND
APPROVAL OF THE ISSUANCE OF SAID BONDS UNDER SECTION 147(f) OF
THE INTERNAL REVENUE CODE
Effective Date.
The findings and
SECTION 8.
determinations herein shall be final and conclusive.
This
7 Resolution shall take effect upon the date of its adoption.
8 I HEREBY CERTIFY that the foregoing Resolution was duly
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adopted by the Mayor and Common Council of the City of
San Bernardino at a regular meeting
November
20th
day of
thereof, held on the
1995, by the following vote, to wit:
Council Members: AYES NAYS ABSTAIN ABSENT
NEGRETE x
CURLIN --
x
HERNANDEZ x
--
OBERHELMAN x
DEVLIN x
POPE-LUDLAM -- --
x
MILLER ---
x
~~
di5i:
The foregoing resolution is hereby approved
day of November ,1995., ' U '-
---;-- &n'l /Utft1-A
Mayor of the City of
San Bernardino
this
Approved as to form and legal content:
JAMES F. PENMAN
:~~~
SBEO\Ol24\DOC\l04
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