HomeMy WebLinkAbout1994-118
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RESOLUTION NO. 94-118
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
EXCEED $10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY,
TAX ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION
FINANCING PROJECT) 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 Redevelopment Agency of the City of
San Bernardino (the "Agency") is a redevelopment agency (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 of San Bernardino (the "City") and
the Agency have heretofore entered into a Joint Exercise of
Powers Agreement establishing the San Bernardino Joint Powers
Authority (the "Authority") for the purpose of issuing its bonds
to be used to make loans to any of its members to finance public
capital improvements; and
WHEREAS, the Agency desires to borrow money for the
purpose of assisting the city in the construction of a Police
station (the "Police station") and for other redevelopment
purposes; and
WHEREAS, the Authority proposes at this time to issue
its San Bernardino Joint Powers Authority, Tax Allocation Bonds,
Issue of 1994 (Police station Financing Project) (the "Bonds")
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26 WHEREAS, the Mayor and Common Council have duly
27 considered such transaction and documentation and desire at this
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94-118
for the purpose of providing funds to make a certain loan (the
"Loan") to the Agency in a total principal amount not to exceed
$10,000,000 to assist the city in the construction of the Police
station and for other redevelopment purposes; and
WHEREAS, the Loan will be made by the Authority to the
Agency pursuant to that certain Loan Agreement (the "Loan
Agreement"), by and among the Agency and the Authority, a form of
which is presently on file with the Secretary of the Agency; and
WHEREAS, pursuant to the Community Redevelopment Law,
the Agency has the power and authority to borrow moneys for the
purpose of funding redevelopment activities; and
WHEREAS, the Agency has previously issued its
$15,890,000 Tax Allocation Refunding Bonds, 1989 Series A (State
College Project No.4) (the "1989 Bonds"); and
WHEREAS, the Agency has previously issued its
$6,975,000 Tax Allocation Bonds, Series 1990 D (State College
Project No.4) (the "1990 Bonds"); and
WHEREAS, the Bonds shall be on parity with the 1989
Bonds and 1990 Bonds; and
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27 Agency of the proceeds derived therefrom pursuant to the Loan
28 III
94-11.8
time to approve said transaction and documentation in the public
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. Approval of the Authoritv Bonds. The
Mayor and Common Council hereby approve the issuance by the
Authority of its Bonds in a total principal amount of not to
exceed $10,000,000 for the purpose of providing funds to make a
certain loan (the "Loan") to the Agency in a total principal
amount of not to exceed $10,000,000. The Mayor and Common
Council hereby further approve the Loan to the Agency to assist
the City in the construction of the Police station and for other
redevelopment purposes pursuant to the terms of the Loan
Agreement to be entered into by the Agency.
SECTION 2. Official Actions. The Mayor and Common
Council, the 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 and the borrowing by the
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94-118
1 Agreement and any related closing documents, as required, and the
2 consummation of the transaction described herein and therein.
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94-118
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
EXCEED $10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY, TAX
ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION FINANCING
PROJECT) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT
CERTAIN LOAN AGREEMENT
SECTION 3. Effective Date. 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 reoular
meeting
day of
thereof, held on the 16th
M"'l'
1994, by the following vote, to wit:
council Members Negrete, Curlin, Hernandez, Devlin,
AYES:
Pope-Ludlam and Miller
NAYS: Council Member Oberhelman
ABSENT: None
a~~
'-eity Clerk
The foregoing resolution is hereby approved this
19th
May
day of
, 1994.
2,'
--" / ;
---7 e.J;!'2.,/'f[.-tJ"'L
Mayor of the City of
San Bernardino
Approved as to form
JAMES F. PENMAN
City Attorney
and legal content:
By:
SBBO\0120\DOC\62
5/9/94
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94-118
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, Rachel Clark 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. 94-118 is a full, true and correct copy of that
now on file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Mayor and Common Council of the
City of San Bernardino this 26th day of May
1994.
a Cuo A-d
city Clerk
City of San Bernardino
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