HomeMy WebLinkAbout1995-417
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RESOLUTION NO. 95-417
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 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 a
certain mobilehome park referred to as Meridian Terrace Mobile
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Home Park (the "Project") in accordance with the Community
Redevelopment Law; and
WHEREAS, the Authority proposes at this time to issue
its not to exceed $5,100,000 Multifamily Housing Revenue Bonds
(Meridian Terrace Mobile Home Park Project) Series 1995A (the
"Bonds") for the purpose of providing funds to make a certain
loan (the "Loan") to the Agency for the purchase of the Project;
and
WHEREAS, the Loan will be made by the Authority to the
Agency pursuant to that certain Loan Agreement which shall be
entered into by and between the Agency and the Authority, the
form of which is presently on file with the City Clerk (the "Loan
Agreement"); 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 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
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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
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 the Project 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. Public Hearinq. Testimonv and Comments.
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 comments submitted in connection with the issuance
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of the Bonds.
SECTION 4. Approval of the Bonds. The Mayor and
Common Council, after consideration of comments 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 Loan to the Agency to enable the
Agency to purchase the Project in accordance with the provisions
of the Community Redevelopment Law. The Mayor and Common Council
hereby further approve the Loan 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
Agreement.
SECTION 5. Off icial 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
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 Agreement and the consummation of
the transaction described herein and therein.
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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 Project. 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 Mayor or any officer
designated by the Mayor.
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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 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
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
reqular
meeting
thereof, held on the 4th
day of
December
1995, by the following vote, to wit:
13 Council Members:
AYES
NAYS
ABSTAIN
ABSENT
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NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
RJ1{Il1J.~ flOJJu __
(OAI, :JCNrl~~~:),~l~cJ . )).j)u~,
The foregoing -~solution is hereby) apprO@ed
day of December , 19~~~/7 "\
/ ~~-t~a"'-l
Mayor of the City of
San Bernardino
this
~fl
Approved as to form and legal content:
JAMES F. PENMAN
City Attorney
By: 4.-!2-p.a'fo..J
./
SBEO\0130\DOC\lO
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