HomeMy WebLinkAbout1991-409
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RESOLUTION NO. 91-409
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING THE ISSUANCE OF NOT TO EXCEED
$28,000,000 SAN BERNARDINO JOINT POWERS
. AUTHORITY TAX ALLOCATION REFUNDING BONDS,
1991 SERIES A (CENTRAL CITY MERGED 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 issued refunding bonds for its
Central city Redevelopment Project, Tax Allocation Refunding
Bonds, Issue of 1985 (the "Prior Bonds"); and
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26 WHEREAS, the Agency desires to borrow money for the
27 purpose of refunding the Prior Bonds; and
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WHEREAS, the Authority proposes at this time to issue
its San Bernardino Joint Powers Authority Tax Allocation
Refunding Bonds, 1991 Series A (Central city Merged Project) (the
"Bonds") for the purpose of providing funds to make a certain
loan (the "Loan") to the Agency in a total principal amount not
to exceed $28,000,000 to undertake additional redevelopment
projects and to refund the Prior Bonds; and
WHEREAS, the Loan will be made by the Authority to the
Agency pursuant to that certain Loan Agreement which shall be
dated as of October 1, 1991 (the "Loan Agreement"), by and among
the Agency, the Authority and Security Pacific National Bank, as
trustee (the "Trustee"), 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 certain public improvements and redevelopment
activities in its redevelopment project areas within the City of
San Bernardino, California; and
WHEREAS, the Mayor and Common Council have duly
considered such transaction and documentation and desires at this
time to approve said transaction and documentation in the public
interests of the City;
NOW, THEREFORE, BE IT RESOLVED BY THE THE MAYOR AND
COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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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 $28,000,000 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 $28,000,000 to undertake additional
7 redevelopment projects and to refund the Prior Bonds. The Mayor
8 and Common Council hereby further approve the Loan to the Agency
9 and the borrowing of funds by the Agency for the purpose of
10 undertaking further redevelopment projects and refunding the
11 Prior Bonds, pursuant to the terms of the Loan Agreement to be
12 entered into by the Agency.
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14 section 2. Official Actions. The Mayor and Common
15 Council, the City Clerk, and any and all other officers of the
16 City are hereby authorized and directed, for and in the name and
17 on behalf of the City, to do any and all things and to take any
18 and all actions, including execution and delivery of any and all
19 assignments, certificates, requisitions, agreements, notices,
20 consents, warrants and other documents which they, or any of
21 them, may deem necessary or advisable in connection with the
22 execution and delivery of the Bonds and the borrowing by the
23 Agency of the proceeds derived therefrom pursuant to the Loan
24 Agreement and any related closing documents, as required, and the
25 consummation of the transaction described herein and therein.
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
2 $28,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION
REFUNDING BONDS, 1991 SERIES A (CENTRAL CITY MERGED PROJECT) AND
3 THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN
4 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.
8
I HEREBY CERTIFY that the foregoing Resolution was duly
9 adopted by the Mayor and Common Council of the City of
10 San Bernardino at a
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regular
meeting
thereof, held on the
16th
day of
September
1991, by the following vote, to wit:
Council Members:
AYES
NAYS
ABSTAIN
ABSENT
14 ESTRADA
REILLY
15 HERNANDEZ
MAUDSLEY
16 MINOR
POPE-LUDLAM
17 MILLER
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C3.~ ~
C1ty Clerk
20th
The foregoing resolution is here
day of SeDtember, IJ.~/-7 /-;77
/
approved this
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of
24 Approved as to form and legal content:
JAMES F. PENMAN
25 CitY~AttorneY
26BY:~
27 t/
SBEOIOlll lDOC\2
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