HomeMy WebLinkAbout1994-251
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RESOLUTION NO. 94-251
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE PURCHASE
OF A PORTION OF CERTAIN BONDS ENTITLED COMMUNITY
FACILITIES DISTRICT NO. 995 OF THE CITY OF SAN
BERNARDINO (VERDEMONT AREA) SPECIAL TAX BONDS,
APPROVING THE CANCELLATION OF A PORTION OF SAID
BONDS AND THE DEFEASANCE OF THE REMAINDER,
APPROVING THE FORM OF ESCROW AGREEMENT RELATED
THERETO AND AUTHORIZING AND DIRECTING
PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORM THEREOF
10 WHEREAS, the City of San Bernardino (the "City") is a
11 charter city and municipal corporation organized and existing
12 under and pursuant to California law; and
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14 WHEREAS, the City issued its $7,440,000 Community
15 Facilities District No. 995 (Verdemont Area) Special Tax Bonds
16 (the "Prior Bonds") in order to finance the acquisition and
17 construction of certain facilities within its Community
18 Facilities District No. 995; and
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20 WHEREAS, the Prior Bonds are dated November 15, 1990,
21 and the last scheduled maturity of the Prior Bonds is
22 September 1, 2015; and
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24 WHEREAS, certain property owners are in default on the
25 payment of the special taxes securing the Prior Bonds and if a
26 portion of the Prior Bonds are either purchased and canceled, or
27 defeased, there will be substantial benefits to the Prior
28 Bondowners and the City; and
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94-251
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WHEREAS, the City desires to use certain amounts
received from the San Bernardino Unified School District (the
"School District") to cancel a portion of the Prior Bonds and use
bond proceeds from its not to exceed $3,500,000 Community
Facilities District No. 995 (Verdemont Area) Special Tax
Refunding Bonds (the "Bonds"), together with amounts on deposit
from Prior Bond proceeds, to refund the remaining portion of the
Prior Bonds; and
WHEREAS, the Prior Bonds shall be paid at the principal
trust office of First Interstate Bank, Ltd., in Los Angeles,
California; and
WHEREAS, the City has duly considered such transactions
and desires at this time to approve said transactions in the
public interests of the City.
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 above mentioned recitals
are correct and are incorporated herein as if fully set forth.
Section 2, Findinqs and Determinations. The Mayor
and Common Council hereby find and determine that the purchase
and cancellation of a portion of the Prior Bonds and the
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94-251
1 defeasance of a portion of the Prior Bonds will result in
2 significant public benefits to the City and the Prior Bondowners.
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4 Section 3. Purchase. Defeasance and Redemption.
5 The Mayor and Common Council hereby authorize the purchase of
6 approximately $1,000,000 of Prior Bonds for cancellation from
7 amounts disbursed from the School District, and the defeasance of
8 the remaining Prior Bonds to the first call date on September 1,
9 1998 at 102%.
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11 Section 4. Approval of Escrow Aoreement; Escrow
12 Aoent and Trustee. The Mayor and Common Council hereby approve
13 the Escrow Agreement and further authorize and direct that the
14 form of Escrow Agreement presently on file with the City Clerk be
15 converted into the final form of Escrow Agreement, together with
16 such changes or modifications as deemed necessary or desirable by
17 the Mayor upon the recommendation of Sabo & Green, a Professional
18 Corporation ("Bond Counsel"). The Mayor, City Administrator or
19 such other authorized officer of the City is hereby authorized
20 and directed to execute and deliver, and the City Clerk is hereby
21 authorized and directed to attest to, the final form of Escrow
22 Agreement when the same has been prepared for and in the name of
23 the City, and such execution and delivery shall be deemed to be
24 conclusive evidence of the approval thereof. The Mayor and
25 Common Council hereby authorize the delivery and performance of
26 the Escrow Agreement.
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94-251
1 The Mayor and Common Council hereby further approve
2 designating, and hereby designate, First Trust of California,
3 National Association, as Trustee for the Bonds and Escrow Agent
4 for the defeasance of the Prior Bonds.
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94-251
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO AUTHORIZING THE PURCHASE OF A PORTION OF CERTAIN BONDS
ENTITLED COMMUNITY FACILITIES DISTRICT NO. 995 OF THE CITY OF SAN
BERNARDINO (VERDEMONT AREA) SPECIAL TAX BONDS, APPROVING THE
CANCELLATION OF A PORTION OF SAID BONDS AND THE DEFEASANCE OF THE
REMAINDER, APPROVING THE FORM OF ESCROW AGREEMENT RELATED THERETO
AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY
OF THE FINAL FORM THEREOF
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Section 5.
Effective Date.
This
Resolution
shall take effect from and after its passage and adoption.
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19th
Approved
JAMES F.
City At
By:
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
regular
meeting
San Bernardino at a
SBEO\0125\DOC\19
August
thereof, held on the
15th day of
13 1994, by the following vote, to wit:
AYES:
Council Members Negrete, Curlin, Oberhelman,
Devlin, Pope-Ludlam & Miller
NAYS:
Hernandez
ABSENT:
~~
ity Clerk
The foregoing resolution is hereby approved this
day of
August
~)/(--f~
Mayor of the City of
San Bernardino
, 1994.
as to form
PENMAN
rney
and legal content:
"'
~7
t.
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