HomeMy WebLinkAbout1992-009
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RESOLUTION NO.
92-09
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING AND AUTHORIZING THE EXECUTION OF
CERTAIN DOCUMENTS IN CONNECTION WITH THE
ISSUANCE OF THE "CITY OF SAN BERNARDINO,
CALIFORNIA, INDUSTRIAL DEVELOPMENT REVENUE
REFUNDING BONDS, ISSUE OF 1992 (LA QUINTA
MOTOR INNS, INC. PROJECT)" AND AUTHORIZING
SUCH FURTHER ACTION AS MAY BE NECESSARY TO
CONCLUDE THE ISSUANCE, SALE AND DELIVERY OF
SUCH BONDS
WHEREAS, the city of San Bernardino, California
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("city"), is a charter city duly organized and existing under and
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pursuant to the provisions of the Constitution of the State of
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California; and
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WHEREAS, pursuant to its charter powers, the City duly
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and regularly enacted Ordinance No. 3815, as amended (the
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"Ordinance"), to finance various types of projects, as defined in
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the Ordinance, and to issue its special revenue bonds for the
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purpose of paying the costs of financing or refunding such
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projects; and
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WHEREAS, there was filed with the City an Application
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(the "Application") pursuant to the provisions of the Ordinance
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by La Quinta Motor Inns, Inc., San Antonio, Texas, referred to
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herein as the "Corporation"), requesting the issuance of revenue
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bonds (the "Bonds") for the purpose of refunding the outstanding
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$7,000,000 city of San Bernardino, California Industrial
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Development Revenue Bonds, Series 1982A (La Quinta Motor Inns,
Inc. Project) (the "1982 Bonds"); and
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1 WHEREAS, the Application was reviewed and the plan of
2 financing was found to comply with the spirit, intent and
3 provisions of the Ordinance, and the City determined to proceed
4 with the financing; and
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WHEREAS, the Mayor and Common Council must now approve
7 and authorize the execution of various documents in connection
8 with the issuance, sale and delivery of such Bonds entitled "City
9 of San Bernardino, California, Industrial Development Revenue
10 Refunding Bonds, Issue of 1992 (La Quinta Motor Inns, Inc.
11 Project)".
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13 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
14 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1.
The Recitals set forth hereinabove are
17 true and correct in all respects.
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19 SECTION 2. The city hereby determines that the
20 project proposed by the Corporation to be refunded and for which
21 the Bonds will be issued is in compliance with the purposes of
22 the Ordinance and with the criteria established pursuant thereto,
23 and further determines that the Corporation provides benefits and
24 services to the citizens of the City and the undertaking of such
25 proposed project by the city will be a substantial factor in the
26 ability of the Corporation to continue to provide such necessary
27 services and to contain the cost of such services. The project
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1 proposed by the Corporation is in compliance with the purposes of
2 the Ordinance and with the criteria established pursuant thereto.
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4 SECTION J. It is likely that the undertaking of the
5 project by the city will be a substantial factor in the accrual
6 of public benefits from the use of the Corporation's facilities
7 as proposed in the Application.
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9 SECTION 4. The issuance by the city of the "City of
10 San Bernardino, California, Industrial Development Revenue
11 Refunding Bonds, Issue of 1992 (La Quinta Motor Inns, Inc.
12 Project)" in an amount not to exceed $7,000,000 is hereby
13 approved. The Bonds shall be issued in substantially the form
14 and in accordance with the terms of the Trust Indenture as herein
15 defined and herein approved and as such Trust Indenture may be
16 from time to time amended. The Bonds shall be issued and sold to
17 NCNB Investment Banking Company (the "Underwriters") upon such
18 terms and conditions as are provided in the Bond Purchase
19 Agreement as hereinafter defined and approved.
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21 SECTION 5. The Bonds shall be special obligations
22 of the City and shall not be deemed to constitute a debt or
23 liability of the city or a pledge of the faith and credit of the
24 City, but shall be payable solely from the payments received
25 under the terms of the Loan Agreement, described hereinafter.
26 The issuance of such Bonds shall not directly or indirectly or
27 contingently obligate the City to levy or pledge any form of
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1 taxation whatsoever therefor or to make any appropriation for
2 their payment.
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4 SECTION 6. The Mayor and Common Council, acting for
5 and on behalf of the City, hereby approve the Trust Indenture
6 referred to above, substantially in the form as on file with the
7 City Clerk with such corrections, changes, modifications,
8 additions or deletions as may be approved and recommended by the
9 city Attorney and Bond Counsel to the city, the Mayor, or, in his
10 absence or disability, the Mayor Pro Tem, and approved by him,
11 his execution thereof to be conclusive evidence of such approval.
12 The Mayor, or, in his absence or disability, the Mayor Pro Tem,
13 and city Clerk are hereby authorized and directed to execute such
14 final Trust Indenture when the same shall have been prepared for
15 execution, with the seal of the city to be affixed thereto.
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17 SECTION 7. The Mayor and Common Council, acting for
18 and on behalf of the city, hereby approve the Loan Agreement with
19 the Corporation, substantially in the form as on file with the
20 City Clerk with such corrections, changes, modifications,
21 additions or deletions as may be approved and recommended by the
22 City Attorney and Bond Counsel to the Mayor or in his absence or
23 disability, the Mayor Pro Tem, and approved by him, his execution
24 thereof to be conclusive evidence of such approval. The Mayor,
25 or in his absence or disability, the Mayor Pro Tem, and City
26 Clerk are hereby authorized and directed to execute such final
27 Loan Agreement when the same shall have been prepared for
28 execution with the seal of the city to be affixed thereto.
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1 SECTION 8. The Mayor and Common Council, acting for
2 and on behalf of the City, hereby approve the Bond Purchase
3 Agreement, substantially in the form as on file with the city
4 Clerk with such corrections, changes, modifications, additions or
5 deletions as may be approved and recommended by the city Attorney
6 and Bond Counsel to the City, the Mayor, or, in his absence or
7 disability, the Mayor Pro Tem, and approved by him, his execution
8 thereof to be conclusive evidence of such approval. The Bond
9 Purchase Agreement shall be executed on behalf of the City as
10 hereinafter provided at such time as the final interest rates,
11 principal amount of Bonds, maturity dates and amounts and
12 Underwriter's discount are known; provided, however, that such
13 principal amount of Bonds shall not exceed $7,000,000, the net
14 interest cost shall not exceed 8% and the Underwriter's discount,
15 including original issue discount, shall not exceed 2%, without
16 further approval and authorization by the Mayor and Common
17 Council. The Mayor, or, in his absence or disability, the Mayor
18 Pro Tem, and city Clerk are hereby authorized and directed to
19 execute such final Bond Purchase Agreement when the same shall
20 have been prepared for execution, with the seal of the City to be
21 affixed thereto.
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23 SECTION 9. The Mayor and the Common Counci l, acting
24 for and on behalf of the City, hereby approve the Preliminary
25 Official Statement and authorize its use by the Underwriters in
26 connection with the offering of the Bonds. The City authorizes
27 and directs the Underwriters to prepare a final Official
28 Statement at such time as the Underwriters deem appropriate and
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1 the city hereby authorizes the execution of such final Official
2 statement by the Mayor, or, in his absence or disability, the
3 Mayor Pro Tem. The Final Official statement shall be in
4 substantially the form of the Preliminary Official statement as
5 on file with the City Clerk with such corrections, changes,
6 modifications, additions or deletions as may be proposed by the
7 Underwriters, approved and recommended by the City Attorney and
8 Bond Counsel to the City, the Mayor, or, in his absence or
9 disability, the Mayor Pro Tem, and approved by the Mayor or, in
10 his absence or disability, the Mayor Pro Tem, with the execution
11 thereof to be conclusive evidence of such approval.
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13 SECTION 10. The Mayor, or, in his absence or
14 disability, the Mayor Pro Tem, the city Clerk, the City's Project
15 Coordinator and such other city officers and employees as are
16 appropriate are authorized and directed to provide for the
17 payment of the costs of issuance solely from the proceeds of the
18 Bonds, provide for the investment of funds pursuant to the terms
19 of the Trust Indenture, execute such other documents, including
20 a subscription for federal securities, if necessary, to complete
21 the issuance of the Bonds and take such further action as shall
22 be consistent with the intent and purpose of this Resolution and
23 shall be needed to conclude the issuance, delivery and sale of
24 the Bonds.
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION
2 OF CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE "CITY
OF SAN BERNARDINO, CALIFORNIA, INDUSTRIAL DEVELOPMENT REVENUE
3 REFUNDING BONDS, ISSUE OF 1992 (LA QUINTA MOTOR INNS, INC.
PROJECT)" AND AUTHORIZING SUCH FURTHER ACTION AS MAY BE NECESSARY
4 TO CONCLUDE THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS
5 SECTION 11. This Resolution shall take effect upon
6 the date of its adoption.
7 I HEREBY CERTIFY that the foregoing Resolution was duly
8 adopted by the Mayor and Common Council of the City of
9 San Bernardino at a
regular
meeting
10 thereof, held on the
6th
day of January
11 1992, by the following vote, to wit:
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Council Members:
~
NAYS
ABSTAIN
ABSENT
13
ESTRADA
14 REILLY
HERNANDEZ
15 MAUDSLEY
MINOR
16 POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
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G~~
'- City Clerk
20 day of
The foregoing resolution
.Januarv I 1992.
ed this 9th
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of
23 Approved as to form and legal content:
JAMES F. PENMAN
24 city Attorney
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