HomeMy WebLinkAbout1990-036
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SBE00103-1/3346S/dc
01/22/90 1020
RESOLUTION NO.
90-36
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ISSUANCE OF CERTAIN TAX ALLOCATION BONDS, 1990
SERIES F (SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA) OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT
TO A RELATED LOAN AGREEMENT
WHEREAS,
the
Redevelopment Agency of
the Ci ty 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
Redevelopment Agency of the City of San Bernardino (the "Agency")
have heretofore entered into a Joint Exercise of Powers Agreement
establishing the San Bernardino Joint Powers Financing 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
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I
WHEREAS, the Authority proposes at this time to issue its
Tax Allocation Bonds, 1990 Series F (Southeast Industrial Park
Redevelopment Project Area) in an aggregate principal amount
approximately equal to $6,700,000 (the "Bonds") for the purpose of
providing funds to make a certain loan (the "Loan") to the Agency in
an aggregate principal amount approximately equal to $6,700,000 to
finance certain public capital improvements of the Agency in the
redevelopment of the Southeast Industrial Park Redevelopment Project
Area located within the City of San Bernardino, California (the
"Project Area"); and
WHEREAS, the Loan will be made by the Authority to the
Agency pursuant to a certain Loan Agreement with respect to the
Project Area dated as of March 1, 1990 (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
Agency has the power and
redevelopment purposes; and
the Communi ty Redevelopment Law,
authority to borrow moneys
the
for
WHEREAS, pursuant to the Communi ty Redevelopment Law, the
Agency now desires to borrow certain amounts under the Loan
Agreement for the purpose of paying the costs of acquisition,
construction and installation of its various redevelopment projects;
and
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WHEREAS, the Mayor and Common Council have duly considered
such transactions and documentation and wish at this time to approve
said transactions and documentation in the pUblic interests of the
City.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. Approval of the Authoritv Bonds. The Mayor
and Common Counci 1 hereby approve the issuance by the Authority of
its Bonds in an aggregate principal amount approximately equal to
$6,700,000 for the purpose of providing funds to make a certain loan
(the "Loan") to the Agency in an aggregate principal amount
approximately equal to $6,700,000 to finance certain public capital
improvement projects and certain other costs related thereto within
or benefitting the Project Area. The Mayor and Common Council
hereby further approve the Loan to the Agency and the borrowing of
funds by the Agency for the purpose of financing certain
redevelopment projects within the Southeast Industrial Park
Redevelopment Project Area pursuant to the terms of the Loan
Agreement to be entered into by the Agency for the Project Area.
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Section 2. Official Actions. The Mayor and Common
Council, khe City Clerk, and any and all other officers of the City
are hereby authorized and directed, for and in the name and on
behalf of the City, to do any and all things and to take any and all
actions, including execution and delivery of any and all
assignments, certificates, requisitions, agreements, notices,
consents, warrants and other documents which they, or any of them,
may deem necessary or advisable in connection with the execution and
delivery of the Bonds and the borrowing by the Agency of the
proceeds derived therefrom pursuant to the Loan Agreement and any
related closing documents, as required, and the consummation of the
transactions described herein and therein.
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Section 3.
Effective Date.
This Resolution shall take
effect from and after the date of its passage and adoption.
I HEREBY
adopted by the
San Bernardino at
held on the 29th
the following vote,
CERTIFY that the foregoing
Mayor and Common Council
an adiourned rE:~9\llnr
day of January
to wit:
resolution
of the
meeting
was duly
Ci ty of
thereof,
1990, by
AYES:
Council Members
Estrada. Reillv. Flores. Pooe-Ludlam
Miller
NAYS:
Council Member Maudslev
ABSENT:
Council Member Minor
~dm~Q/
ei'tY~c 1 e r k
day of
The foregoing
Januarv
resolution is
, 1990.
Approved as to form and legal content:
,,~J
CJ.ty At ney
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