HomeMy WebLinkAbout1991-423
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RESOLUTION NO. 91-423
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO ACKNOWLEDGING
THE PAYMENTS TO BE MADE BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO IN
CONNECTION WITH THE ISSUANCE OF TAX
ALLOCATION NOTES BY THE SAN BERNARDINO/
COLTON/LOMA LINDA JOINT POWERS FINANCING
AUTHORITY IN CONNECTION WITH THE
IMPLEMENTATION OF THE REDEVELOPMENT PLAN FOR
THE INLAND VALLEY DEVELOPMENT PROJECT AND
MAKING CERTAIN FINDINGS AND ACKNOWLEDGING
THEIR GUARANTY WITH RESPECT THERETO
WHEREAS, the city of San Bernardino, California {the
is a municipal corporation and a charter city duly
11 created and existing pursuant to the Constitution and the laws of
12 the State of California; and
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WHEREAS, the Community Development Commission of the
15 City of San Bernardino (the "Commission") on behalf of the
16 Redevelopment Agency of the City of San Bernardino (the "Agency")
17 is a redevelopment agency, a public body, corporate and politic
18 of the State of California, organized and existing pursuant to
19 the Community Redevelopment Law (Part 1 of Division 24)
20 commencing with section 33000 of the Health and safety Code of
21 the State of California (the "Act"); and
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WHEREAS, the Inland Valley Development Agency (the
24 "IVDA") is a joint powers authority which was formed for the
25 purposes of causing the redevelopment of Norton Air Force Base
26 and certain areas in proximity thereto in accordance with the
27 provisions of Health and Safety Code section 33320.5; and
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1 WHEREAS, the Agency, in conjunction wi th the
2 Redevelopment Agency of the City of Colton and the Redevelopment
3 Agency of the City of Lorna Linda has previously approved the
4 formation of a joint powers financing authority (the "Authority")
5 in order to assist in the funding of the activities of the IVDA
6 in the implementation of a Redevelopment Plan adopted by the
7 IVDA; and
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9 WHEREAS, the Agency has entered into a certain Joint
10 Exercise of Powers Agreement (the "Joint Powers Agreement") by
11 and among the Agency, the Redevelopment Agency of the City of
12 Colton and the Redevelopment Agency of the City of Lorna Linda
13 pertaining to the funding of certain activities of the IVDA, a
14 copy of which Joint Powers Agreement is on file with the Agency
15 Secretary; and
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17 WHEREAS, pursuant to the terms of the Joint Powers
18 Agreement, the Agency has deemed it desirable to guaranty the
19 incurrence of certain indebtedness by the Authority for the
20 purposes of assisting the IVDA in implementing its redevelopment
21 plan; and
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23 WHEREAS, the Authority deems it desirable to issue
24 certain tax allocation notes in a principal amount not to exceed
25 Seven Million Five Hundred Thousand Dollars ($7,500,000) (the
26 "Notes") the proceeds of which are to be used to fund the
27 activities of the IVDA in connection with the implementation of
28 its Redevelopment Plan; and
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21 actions of the Agency in connection with the issuance of the
22 Notes by the Authority on behalf of the IVDA in order to
23 implement the provisions of the IVDA's Redevelopment Plan.
1 WHEREAS, the City Council at this time deems it
2 desirable to approve the Agency's actions in connection with its
3 guaranty of the Notes to be issued by the Authority and to
4 acknowledge the Agency's obligations with respect thereto and to
5 consent to the findings of benefit as established by the Agency.
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7 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
8 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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10 SECTION 1. The City Council hereby acknowledges
11 that the Agency has an obligation to guaranty 92.08% of any
12 indebtedness incurred by the Authority created through the
13 issuance of the Notes in a principal amount of not to exceed
14 Seven Million Five Hundred Thousand ($7,500,000) in accordance
15 with the terms of the Joint Powers Agreement as previously
approved by the Agency, together with any amendments thereto and
may be required to make payment in such amount in the event other
funding sources are not available.
SECTION 2.
The City Council hereby approves the
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25 SECTION 3. The City Council has reviewed the
26 Agency's findings and determinations as to the benefits to the
27 Agency's own project areas of assisting in the financing to be
28 undertaken by the Authority and the city Council hereby concurs
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1 in such findings and determinations as set forth in the Agency's
2 Resolution which sets forth such findings and determinations.
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO ACKNOWLEDGING THE PAYMENTS TO BE MADE BY THE
2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO IN CONNECTION
WITH THE ISSUANCE OF TAX ALLOCATION NOTES BY THE
3 SAN BERNARDINO/COLTON/LOMA LINDA JOINT POWERS FINANCING AUTHORITY
IN CONNECTION WITH THE IMPLEMENTATION OF THE REDEVELOPMENT PLAN
4 FOR THE INLAND VALLEY DEVELOPMENT PROJECT AND MAKING CERTAIN
FINDINGS AND ACKNOWLEDGING THEIR GUARANTY WITH RESPECT THERETO
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SECTION 4.
This Resolution shall take effect upon
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the date of its 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
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thereof, held on the 7th day of
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1991, by the following vote, to wit:
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meeting
October
14 Council Members: AYES
15 ESTRADA x
REILLY ----1L-
16 HERNANDEZ
MAUDSLEY ----X....-
17 MINOR ----1L-
POPE-LUDLAM
18 MILLER ----1L-
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NAYS
ABSTAIN
ABSENT
----1L-
x
day of
Q I. " ;:y ',..c"
",-,,-,\ ~{.,(: A.....i -L ~.' \,(... YUi-' l...!--
~ City Clerk ~
./.
The foregoing resolution is hereby ap .oved this 11th
October 1991. -"" /
//. //~>/ .';,..",."- ~---.
Mayor of the City of
San Bernardino
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