HomeMy WebLinkAbout1991-424
1
2
3
4
5
6
7
8
9
RESOLUTION NO. 91-424
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING THE ISSUANCE OF NOT TO EXCEED
$5,800,000 SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY, SUBORDINATED TAX
ALLOCATION BONDS, 1991 SERIES B (CENTRAL
CITY MERGED PROJECT) AND THE BORROWING BY
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO OF THE PROCEEDS THEREFROM
PURSUANT TO A CERTAIN LOAN AGREEMENT
WHEREAS, the City of San Bernardino is a charter city
(the "city"), duly organized and existing under and pursuant to
10 the provisions of the Constitution of the State of California;
11 and
12
13
WHEREAS, the Community Development Commission of the
14 City of San Bernardino (the "Commission") is the governing body
15 which acts on behalf of the Redevelopment Agency of the City of
16 San Bernardino (the "Agency"), a redevelopment agency (a public
17 body, corporate and politic) duly created and existing pursuant
18 to the community Redevelopment Law (Part 1 of Division 24,
19 commencing with section 33000) of the Health and Safety Code of
20 the State of California (the "Community Redevelopment Law"); and
21
22 WHEREAS, the City and the Agency have heretofore
23 entered into a Joint Exercise of Powers Agreement establishing
24 the San Bernardino Joint Powers Authority (the "Authority") for
25 the purpose of issuing bonds to be used to make loans to finance
26 public capital improvements; and
27
28
- 1 -
l
1 WHEREAS, the Agency desires to borrow money from the
2 Authority for the purpose of undertaking redevelopment activities
3 in accordance with the Community Redevelopment Law; and
4
5 WHEREAS, the Authority proposes at this time to issue
6 its San Bernardino Joint Powers Authority, Subordinated Tax
7 Allocation Bonds, 1991 Series B (Central City Merged Project)
8 (the "Bonds") for the purpose of providing funds to make a
9 certain loan (the "Loan") to the Agency in a total principal
10 amount not to exceed $5,800,000 to undertake certain
11 redevelopment projects; and
12
13 WHEREAS, the Loan will be made by the Authority to the
14 Agency pursuant to that certain Loan Agreement which shall be
15 entered into by and among the Agency, the Authority and Security
16 Pacific National Bank, as trustee (the "Trustee"), the form of
17 which is presently on file with the Secretary of the Agency (the
18 "Loan Agreement"); and
19
20 WHEREAS, pursuant to the Community Redevelopment Law,
21 the Agency has the power and authority to borrow moneys for the
22 purpose of funding certain public improvements and redevelopment
23 activities in its redevelopment project areas within the city;
24 and
25
26 WHEREAS, the Mayor and Common Council have previously
27 considered the terms of the transaction as contemplated herein
28 and, in the public interests of the City, desire at this time to
- 2 -
1 approve the terms of said transaction and related documents
2 necessary therefor.
3
4 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
5 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
6
7 SECTION 1. Determinations. The Mayor and Common
8 Council hereby find and determine that the issuance of the Bonds
9 by the Authority will result in significant public benefits, by
10 enabling the Agency to undertake redevelopment projects and
11 activities within its Central City Redevelopment Project which in
12 turn will assist in the elimination of blighting conditions and
13 cause demonstrable savings in any and all of the following:
14 effective interest rates, bond preparation, bond underwriting or
15 bond issuance costs.
16
17 SECTION 2. Approval of the Authoritv Bonds. The
18 Mayor and Common Council hereby approve the issuance by the
19 Authority of its Bonds in a total principal amount of not to
20 exceed $5,800,000 for the purpose of providing funds to make the
21 Loan to the Agency in a total principal amount of not to exceed
22 $5,800,000 to enable the Agency to undertake certain
23 redevelopment projects and activities in accordance with the
24 provisions of the Community Redevelopment Law. The Mayor and
25 Common Council hereby further approve the Loan by the Authority
26 to the Agency and the borrowing of funds by the Agency pursuant
27 thereto for the purpose of undertaking the redevelopment projects
28
- 3 -
1 as contemplated herein, pursuant to the terms of the Loan
2 Agreement.
3
4 SECTION 3. Official Actions. The Mayor and Conunon
5 council, the city Clerk, and any and all other officers of the
6 City are hereby authorized and directed, for and in the name and
7 on behalf of the city, to do any and all things and to take any
8 and all actions, including execution and delivery of any and all
9 assignments, certificates, requisitions, agreements, notices,
10 consents, warrants and other documents which they, or any of
11 them, may deem necessary or advisable in connection with the
12 execution and delivery of the Bonds and the borrowing by the
13 Agency of the proceeds derived therefrom pursuant to the Loan
14 Agreement and any related closing documents, as required, and the
15 consummation of the transaction described herein and therein.
16 III
17 I I I
18 III
19 III
20 I I I
21 I I I
22 III
23 III
24 I I I
25 III
26 III
27 I I I
28 I I I
- 4 -
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
2 $5,800,000 SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY,
SUBORDINATED TAX ALLOCATION BONDS, 1991 SERIES B (CENTRAL CITY
3 MERGED PROJECT) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO
4 A CERTAIN LOAN AGREEMENT
5
6
SECTION 4.
Effective Date.
The
findings
and
determinations herein
shall be final and
This
conclusive.
7
8
9
10
11
Resolution shall take effect upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
Common Council
the City
of
of
adopted by the Mayor and
San Bernardino at a
TP.:gnlar
meeting
day of
thereof, held on the
O~t-nhpr
7th
12
1991, by the following vote, to wit:
13
Council Members:
ABSTAIN
ABSENT
AYES
NAYS
14
ESTRADA
15 REILLY
HERNANDEZ
16 MAUDSLEY
MINOR
17 POPE-LUDLAM
MILLER
..1L-
..1L-
..1L-
....1L-
..1L-
..1L-
..1L-
18
19
20
21
22
23
24
('"J .. > "-rc>
\.A tck-.u.L ~~-cr-~ "J-
'\.... city Cler (J
herebY~cived
this
The foregoing
day of October
resolution is
, 1991.
11th
--/
Y of
Approved as to form and legal
25 JAMES F. PENMAN
city Attorney
~~ BY~~
28
content:
SBBO\0111\DOC\8
- 5 -