HomeMy WebLinkAbout1994-101
RESOLUTION NO. 94-101
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE EXTENSION OF
THE MATURITY OF THE $2,200,000 CITY OF SAN
BERNARDINO, CALIFORNIA, INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1983A (INLAND VALLEY
PROJECT)
WHEREAS, the city of San Bernardino, California (the
"city"), is a municipal corporation and a charter city duly
created and existing pursuant to the Constitution and the laws of
the State of California; and
WHEREAS, in 1983, the City by resolution authorized the
issuance of the $2,200,000 City of San Bernardino, California,
Industrial Development Revenue Bonds, Series 1983A (Inland Valley
Project) (the "Bonds") in order to finance a loan to Inland
Plaza, Ltd., a California general partnership ("Inland Plaza");
and
WHEREAS, it has been requested by Inland Plaza that the
Agency agree to an extension of the maturity date of the Bonds
until April 15, 1995 in order to permit Inland Plaza time to
obtain additional financing to pay the Note securing the Bonds;
and
WHEREAS, the Bondholder, Bank of California, has agreed
to such extension; and
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WHEREAS, the City deems that an extension of the
maturity of the Bonds and the Note would be beneficial to the
City and in the best 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. Recitals.
herein are true and correct.
The Recitals contained
section 2. Extension of Bonds and Note. The city
hereby agrees to extend the maturity of the Bonds and the Note
until April 15, 1995, in order to permit Inland Plaza to obtain
additional financing to pay the Bonds.
section 3. Benef it to ci tv. The ci ty hereby
finds and determines that an extension of the maturity of the
Bonds and the Note will benefit the city in that Inland Plaza
will not default on its note to the City (the "Note"), which Note
secures the Bonds.
section 4. Approval of Documents. The Mayor and
Common Council hereby approve the Extension Agreement currently
on file with the City Clerk and direct that the Extension
Agreement be converted to the final form of said document with
any changes or modifications as may be approved by the Mayor and
legal counsel.
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101
Section 5. Execution of Documents. The Mayor,
vice-Mayor, city Clerk, city Administrator and any other agent of
the City so appointed by the Mayor or the Mayor and Common
Council is hereby authorized to enter into and execute the
Extension Agreement and any and all other documents in order to
effectuate the extension of the maturity of the Bonds.
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94 1 n 1.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING THE EXTENSION OF THE MATURITY OF THE
$2,200,000 CITY OF SAN BERNARDINO, CALIFORNIA, INDUSTRIAL
DEVELOPMENT REVENUE BONDS, SERIES 1983A (INLAND VALLEY PROJECT)
section 6.
The findings 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 at a
reqular
meeting
thereof, held on the
18th
day of
April
1994, by the following vote, to wit:
Council Members:
AYES
NAYS
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
x
x
x
x
x
x
K~ CJtpJv
9ity. C1E\fk. .,.'. !J
kt ~TU(1)A'ltLJ) P..Pu.Tvv
The foregoing resolutio~-d'is hereby approved thisO
")..\<;-1:.. day of April , 1994. ~..
.~:/. p'/ tG
ayor 0 the city of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
city ~
By: ~ \.)
./
SBEO\OOOl\DOC\720
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94 101
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, ci ty Clerk of the City of
San Bernardino, DO HEREBY CERTIFY that the foregoing and attached
copy of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
now on file in this office.
IN WITNESS WHEREOF, I
affixed the official seal of the
City of San Bernardino this
1994.
have hereunto set my hand and
Mayor and Common Council of the
day of
City Clerk
City of San Bernardino