HomeMy WebLinkAbout1993-152
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RESOLUTION NO.
93-152
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING THE ISSUANCE OF NOT TO EXCEED
$7,500,000 SAN BERNARDINO JOINT POWERS
AUTHORITY TAX ALLOCATION REFUNDING BONDS,
ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA) 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
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Bernardino (the "Agency") is a redevelopment agency (a public
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body, corporate and politic) duly created and existing pursuant
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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
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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 has previously issued its
$5,600,000 Redevelopment Agency of the City of San Bernardino,
Southeast Industrial Park Redevelopment Project Area, Tax
Allocation Refunding Bonds, Issue of 1981 (Series A) (the "1981
Bonds") and its $2,000,000 Redevelopment Agency of the city of
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RES 93-152
1 San Bernardino, Southeast Industrial Park Redevelopment Project
2 Area, Tax Allocation Bonds, Issue of 1985 (the "1985 Bonds"); and
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4 WHEREAS, the Agency desires to borrow money for the
5 purpose of refunding the 1981 Bonds and 1985 Bonds; and
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7 WHEREAS, the Authority proposes at this time to issue
8 its San Bernardino Joint Powers Authority Tax Allocation
9 Refunding Bonds, Issue of 1993 (Southeast Industrial Park
10 Redevelopment Project Area) (the "Bonds") for the purpose of
11 providing funds to make a certain loan (the "Loan") to the Agency
12 in a total principal amount not to exceed $7,500,000 to refund
13 the 1981 Bonds and 1985 Bonds; and
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15 WHEREAS, the Loan will be made by the Authority to the
16 Agency pursuant to that certain Loan Agreement which shall be
17 dated as of March 1, 1993 (the "Loan Agreement"), by and among
18 the Agency, the Authority and Bank of America, National Trust and
19 Savings Association, as trustee (the "Trustee"), a form of which
20 is presently on file with the secretary of the Agency; and
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22 WHEREAS, pursuant to the Community Redevelopment Law,
23 the Agency has the power and authority to borrow moneys for the
24 purpose of funding redevelopment activities or refunding prior
25 obligations of the Agency incurred therefor; and
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r RES 93-152
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WHEREAS, the Agency has previously issued its
2 $12,215,000 Southeast Industrial Park Redevelopment Project Area,
3 Tax Allocation Refunding Bonds, Issue of 1988 (the "$12,215,000
4 Issue of 1988"); and
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11 WHEREAS, the Authority has previously issued its
12 $5,700,000 Tax Allocation Bonds, 1990 Series F (Southeast
13 Industrial Park Redevelopment Project) (the "$5,700,000 Issue of
14 1990"); and
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16 WHEREAS, the Bonds shall be on parity with the $12,215,000
17 Issue of 1988, the $1,750,000 Issue of 1988 and the $5,700,000
18 Issue of 1990; and
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25 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
26 COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
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WHEREAS, the Agency has previously issued its
$1,750,000 Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Bonds, Issue of 1988 (the "$1,750,000 Issue of
1988"); and
WHEREAS, the Mayor and Common Council have duly
considered such transaction and documentation and desire at this
time to approve said transaction and documentation in the public
interests of the City;
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RES 93-152
1 SECTION 1. Approval of the Authoritv Bonds. The
2 Mayor and Common Council hereby approve the issuance by the
3 Authority of its Bonds in a total principal amount of not to
4 exceed $7,500,000 for the purpose of providing funds to make a
5 certain loan (the "Loan") to the Agency in a total principal
6 amount of not to exceed $7,500,000 to refund the 1981 Bonds and
7 1985 Bonds. The Mayor and Common Council hereby further approve
8 the Loan to the Agency and the borrowing of funds by the Agency
9 for the purpose of refunding the 1981 Bonds and 1985 Bonds,
10 pursuant to the terms of the Loan Agreement to be entered into by
11 the Agency.
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13 SECTION 2. Official Actions. The Mayor and Common
14 council, the city Clerk, and any and all other officers of the
15 City are hereby authorized and directed, for and in the name and
16 on behalf of the City, to do any and all things and to take any
17 and all actions, including execution and delivery of any and all
18 assignments, certificates, requisi tions, agreements, notices,
19 consents, warrants and other documents which they, or any of
20 them, may deem necessary or advisable in connection with the
21 execution and delivery of the Bonds and the borrowing by the
22 Agency of the proceeds derived therefrom pursuant to the Loan
23 Agreement and any related closing documents, as required, and the
24 consummation of the transaction described herein and therein.
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RES 93-152
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
2 $7,500,000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION
3 REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK
REDEVELOPMENT PROJECT AREA) AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE
4 PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT
5 SECTION 3. Effective Date. The findings and
6 determinations herein shall be final and conclusive. This
7 Resolution shall take effect upon the date of its adoption.
S
9 I HEREBY CERTIFY that the foregoing Resolution was duly
10 adopted by the Mayor and Common Council of the city of
13 1993, by the following vote, to wit:
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11 San Bernardino at a
reqular
meeting
day of
May
12 thereof, held on the
24th
NAYS
ABSTAIN
ABSENT
Council Members:
AYES
x
~~.Jf..(.. ~
ity Clerk
resolution is hereby
, 1993. , ;:
4:~/
Mayo
San
approve this
v'
24 Approved as to form and legal content:
JAMES F. PENMAN
25 Ci~y Attorney , /) /J
26 By: _.~..r.t'ct.t....J
SBEO 1 \6
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ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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The foregoing
day of Mav
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