HomeMy WebLinkAbout1992-044
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RESOLUTION NO. 92-44
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, AUTHORIZING CERTAIN ACTIONS BY THE
CITY OF SAN BERNARDINO IN PREPARATION FOR THE CITY HALL
REFINANCING
WHEREAS, the City of San Bernardino (the "City") is a
charter city duly organized and existing under and pursuant to
the provisions of the Constitution and laws of the State of
California; and
WHEREAS, the Redevelopment Agency of the city of
San Bernardino (the "Agency"), 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, in 1970 and 1972 the San Bernardino civic
Center Authority (the "Authority") issued bonds to finance and
refinance the construction of the City Hall and Convention
Center; and
WHEREAS, the City deems it desirable to restructure the
financing of the City Hall by taking advantage of reduced
interest rates under current market conditions, all in the best
interests of the City and the public; and
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WHEREAS, the Agency is empowered to assist the City
with the refinancing of the City Hall pursuant to the Community
Redevelopment Law; and
WHEREAS, it is proposed that the Agency provide for the
delivery of certificates of participation (the "Certificates") to
assist the city with the refinancing of City Hall; and
WHEREAS, the Agency would cause the delivery of the
certificates to mature in thirty (30) years in the aggregate
principal amount not to exceed $12,500,000. The Certificates
would bear interest at a variable rate of interest; interest only
would be payable on each interest payment date and principal may
be prepaid at the option of the City for the first five (5)
years, and thereafter the interest rate may be converted to a
fixed rate of interest per annum at the option of the City; and
WHEREAS, the city deems it desirable at this time to
take certain actions to commence preparation for the delivery of
the certificates and thereby deems it desirable to direct the
Authority to provide for the defeasance of the civic Center
Facilities Refunding Revenue Bonds, Issue of 1972, and to provide
for the refinancing of the city Hall; and
WHEREAS, the City deems it further desirable to request
that the Agency enter into financing documents and take steps
necessary to prepare for the delivery of the certificates,
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namely, preparation of appropriate resolutions and bond
documents.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
section 1. The City hereby finds that the recitals
contained hereinabove are true and correct and are incorporated
herein as though fully set forth.
section 2. The refinancing of the City Hall is
desirable to the City and in the best interests of the public and
is hereby authorized subject to final approval of all financing
documents by the Mayor and Common Council at a subsequent
meeting.
section 3. The Mayor, the City Clerk and such other
City officers and employees as are appropriate are authorized and
directed to request that the Authority prepare for the
refinancing of the City Hall and to request that the Agency take
all actions necessary to cause the delivery of the Certificates,
including, but not limited to, the preparation of, and execution
of, bond documents, and preparation of a title report and survey
to ensure that the city Hall may be financed by the certificates.
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section 4. The Staff of the City, Sabo & Green, a
Professional Corporation as Special Counsel and Miller &
Schroeder Financial, Inc., as Underwriter are hereby further
authorized and directed to commence preparation of the necessary
legal and financial documents and to initiate such other action
and consultations, including discussions so as to implement the
refinancing of city Hall.
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. .
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, AUTHORIZING CERTAIN ACTIONS BY THE CITY OF
SAN BERNARDINO IN PREPARATION FOR THE CITY HALL REFINANCING
section 6.
This resolution shall take effect from
and after the date of its passage and 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
regular
meeting
thereof, held on the
3rd
day of
Fphrl1::1ry
1992, by the following vote, to wit:
AYES:
Council Members Estrada. Reillv. Minor. Pove-Ludlam.
Miller
NAYS:
Council Member Maudslev
ABSENT:
None
ABSTAIN:
C~Cil Member Hernandez
~/~
ity Clerk
13th
The foregoing resolution is hereby
day of F<"hrnary ~M' 1992. ,/ /7 ~..
/~ ity of
San B 0
this
,
Approved as to form and legal content:
JAMES F. PENMAN
City Attorney
By:
SBEO\OlI2\DOC\14
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