Loading...
HomeMy WebLinkAbout1990-448 '. RESOLUTION NO. J'tl-/-j'!Y 2 RESOLUTION OF THE CITY OF SAN BERNARDINO 3 A RESOLUTION OF THE CITY OF SAN BERNARDINO, AS THE LEGISLATIVE BODY OF CITY OF SAN BERNARDINO COMMUNITY FACILITIES DISTRICT NO. 995 (VERDEMONT AREA), AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $ll,OOO,OOO AGGREGATE PRINCIPAL AMOUNT OF CITY OF SAN BERNARDINO COMMUNITY FACILITIES DISTRICT NO. 995 (VERDEMONT AREA) SPECIAL TAX BONDS, SERIES 1990A, APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF CERTAIN AGREEMENTS RELATED THERETO AND AUTHORIZING THE PREPARATION OF AN OFFICIAL STATEMENT AND OTHER MATTERS RELATED THERETO 4 5 6 7 8 9 10 WHEREAS, pursuant to a resolution entitled "A II Resolution of the City of San Bernardino Establishing 12 Community Facilities District No. 995 (Verdemont Area), 13 Providing for A Special Tax To Pay For Certain Public 14 Facilities within Such Community Facilities District And 15 Calling a Special Election To Submit To The Qualified Electors 16 within such Community Facilities District The Question of 17 Levying Such Special Tax" adopted by the Mayor and Common 18 Council on June IS, 1990, a special election was duly held in 19 City of San Bernardino Community Facilities District No. 995 20 (Verdemont Area) (the "District") on June 26, 1990, at which 21 election there was submitted to the qualified voters of the 22 District, as hereafter defined, the following bond proposition: 23 PROPOSITION (A): Shall City of San Bernardino Community Facilities District No. 995 (Verdemont Area) be authorized to finance certain public facilities, including all or a portion of the Verdemont Area infrastructure development fee, representing the acquisition, construction 24 25 26 27 28 10/16/90 (Date prepared) " . . RESOLUTION OF ISSUANCE AND APPROVING DOCUMENTS,' and installation of full-width street improvements, including full-width paving, curbs and gutters, 2 sidewalks, street lights, sewer mains, storm drains, catch basins, together with auxiliary 3 structures and appurtenances and including the acquisition of all necessary easements and 4 rights-of-way, and school facilities to serve the development within the Verdemont Area of the City 5 of San Bernardino, by incurring a bonded indebtedness in the principal amount of $11,000,000 6 and shall an appropriations limit in the amount of $1,100,000 per fiscal year in connection therewith 7 be established for the Community Facilities District, and shall a special tax with a maximum 8 rate and method of apportionment as provided in Exhibit C to Resolution No. 90-140 adopted by the 9 Common Council of the City of San Bernardino on April 16, 1990, which is incorporated by reference 10 herein, be levied to pay for such facilities, including the payment of current and future II principal of and interest on such bonds and the annual administration expenses of the City and the 12 Communi ty Faci Ii ties District in determining, apportioning, levying and collecting the special 13 tax, and including the repayment of funds advanced to or on behalf of the Community Facilities 14 District? 15 WHEREAS, more than two-thirds of the votes cast at 16 the election were cast in favor of incurring a bonded 17 indebtedness and levying the special tax and the District is 18 now authorized to issue bonds, in an aggregate principal 19 amount of not to exceed $ll, 000,000, for the purposes set 20 forth in Proposition (A); and 21 WHEREAS, no bonds authorized pursuant to such 22 election have been issued and sold; and 23 WHEREAS, the Mayor and Common Council of the City 24 of San Bernardino (the "Mayor and Common Counci 1"), as the 25 legislative body of the District, propose to issue up to 26 $11,000,000 aggregate principal amount of a series of such 27 1 / / 28 1 1 / 10/16/90 2 3891m RESOLUTION OF !SSUANCE AND APPROVING DOCUMENTS..' 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 bonds of the District, to be designated as "City of San Bernardino Community Facilities District No. 995 (Verdemont Area) Special Tax Bonds, Series 1990A" (the "Bonds") pursuant to a Fiscal Agent Agreement, executed by the Mayor and Common Council on behalf of the District, and First Interstate Bank, Ltd. (such Fiscal Agent Agreement, in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Fiscal Agent Agreement"); WHEREAS, Prudential-Bache Capital Funding (the "Underwriter") has submitted a proposal, in the form of a Bond Purchase Agreement, to purchase the Bonds (such Bond Purchase Agreement in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Purchase Agreement"); WHEREAS, in order to provide for the payment of the school facilities fees to be paid with a portion of the proceeds of the Bonds, the Mayor and Common Council, as the legislative body of the District, propose to enter into a School Fee Mitigation Agreement with the San Bernardino City Unified School District (such School Fee Mitigation Agreement, in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Mitigation Agreement"); WHEREAS, there have been prepared and submitted to this meeting forms of: 10/l6/90 3 389lm RESOLUTION OF iSSUANCE AND APPROVING DOCUMENTS-' 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (l) the Fiscal Agent Agreement; (2) the Mitigation Agreement; (3) the Purchase Agreement; and (4) the Preliminary Official Statement to be used in connection with the offering and sale of the Bonds (such Preliminary Official Statement in the form presented to this meeting, with such changes, insertions and omissions as are made pursuant to this Resolution, being referred to herein as the "Preliminary Official Statement"); WHEREAS, the District desires to proceed to issue and sell up to $11,000,000 aggregate principal amount of the Bonds and to authorize the execution of such documents and the performance of such acts and the establishment of certain financing parameters as may be necessary or desirable to effect the issuance and sale of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. For purposes of this Resolution, all capitalized terms not defined herein shall have the meanings assigned to them in the Fiscal Agent Agreement. Section 2. Subject to the provisions of Section 3 hereof, the issuance of the Bonds, in the aggregate principal amount of not to exceed $11,000,000, on the terms and conditions set forth in, and subject to the limitations specified in, the Fiscal Agent Agreement, is hereby authorized and approved. The Bonds shall be dated, shall bear interest at the rates, shall mature on the dates, shall 10/16/90 4 3891m 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION OF iSSUANCE AND APPROVING DOCUMENTS- be issued in the form, shall be sUbject to redemption, and shall be as otherwise provided in the Fiscal Agent Agreement, as the same shall be completed as provided in this Resolution. Section 3. The maximum Special Tax on any parcel within the District, as determined by the Rate and Method of Apportionment attached as Exhibit C to Resolution No. 90-247 adopted by the Mayor and Common Council on June 18, 1990, shall be restricted to escalation by a factor of not to exceed l% over the maximum Special Tax in the preceding year. Section 4. The Fiscal Agent Agreement, in substantially the form submitted to this meeting and made a part hereof as though set forth in full herein, be and the same is hereby approved. The Mayor of the City of San Bernardino (the "Mayor") and the City Clerk of the City of San Bernardino (the "City Clerk") are, and each of them is, hereby authorized and directed, for and in the name of the District, to execute and deliver the Fiscal Agent Agreement in the form presented to this meeting, with such changes, insertions and omissions as the City Attorney of the City of San Bernardino (the "City Attorney") and Orrick, Herrington & Sutcliffe ("BOnd Counsel") may require or approve, such requirement or approval to be conclusively evidenced by the execution of the Fiscal Agent Agreement by the Mayor; provided, however, that such changes, insertions and omissions shall not authorize an aggregate principal amount of Bonds in excess of $11,000,000, shall not result in a maximum average coupon on the Bonds in excess of ~1)% per 1// 10/16/90 5 3891m RESOLUTION OF ISSUANCE AND APPROVING DOCUMENTS . annum, and shall not result in the Bonds having a maturity 2 date later than 30 years from their date of issuance. 3 Section 5. The Purchase Agreement, in 4 substantially the form submitted to this meeting and made a 5 part hereof as though set forth in full herein, be and the 6 same is hereby approved. The Mayor is hereby authorized and 7 directed, for and in the name of the District, to execute the 8 Purchase Agreement in the form presented to this meeting, 9 with such changes, insertions, and omissions as the City 10 Attorney and Bond Counsel may require or approve, such II requirement or approval to be conclusively evidenced by the 12 execution of the Purchase Agreement by the Mayor; provided, 13 however, that the purchase price of the Bonds shall not be 14 less than '1l,'1 % of the aggregate par value thereof. 15 Section 6. The Mitigation Agreement, in 16 substantially the form submitted to this meeting and made a 17 part hereof as though set forth in full herein, be and the 18 same is hereby approved. The MayOr and the City Clerk are, 19 and each of them is, hereby authorized and directed, for and W in the name of the District, to execute the Mitigation 21 Agreement in the form presented to this meeting, with such 22 changes, insertions and omissions as the City Attorney and n Bond Counsel may require or approve, such requirements or 24 approval to be conclusively evidenced by the execution of the 25 Mitigation Agreement by the Mayor. 26 Section 7. The Preliminary Official Statement, in 27 substantially the form presented to this meeting and made a 28 part hereof as though set forth in full herein, with such 10/16/90 6 3891m RESQLUTIPN OF ISSUANCE AND APPROVING DOCUMENTS " changes therein as may be approved by the Mayor, be and the same is hereby approved, and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. Section 8. The preparation and delivery of a final Official Statement, and its use by the Underwriter in connection with the offering and sale of the Bonds (the "Official Statement"), be and the same is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement with such changes, insertions and omissions as may be approved by the Mayor, such approval to be conclusively evidenced by the execution and delivery thereof. The Mayor is hereby authorized and directed to execute the final Official Statement and any amendment or supplement thereto, for and in the name of the District, and thereupon to cause the final Official Statement and any such amendment or supplement to be delivered to the Underwriter. Section 9. The Mayor, the City Clerk, the Treasurer and the City Administrator are, and each of them hereby is, authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the issuance of the Bonds and the transactions contemplated by the Fiscal Agent Agreement, the Purchase Agreement, the Mitigation Agreement, the Official Statement and this Resolution. 1// 10/16/90 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 7 389lm RESQLUT~ON OF IESUANCE AND APPROVING DOCUMENTS - 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Section 10. All actions heretofore taken by the Mayor, the City Clerk, the Treasurer and the City Administrator with respect to the issuance and sale of the Bonds, or in connection with or related to any of the agreements referenced herein, are hereby approved, confirmed and ratified. Section ll. This Resolution shall be effective upon adoption. 1// 1// / / / / / / / / / / / / / / / / / / / / / 1// / / / / / / 11/ 1// 1// / / / 1// 1// 1// /1/ 10/16/90 8 3891m RESQLUTIDN OF i$SUA~CE AND APPROVING DOCUMENTS " I HEREBY CERTIFY that the foregoing resolution was 2 duly adopted by the Mayor and Common Council of the City of 3 San Bernardino at ~~ meeting thereof, held on the 4 by the following vote, to wit: 51h day of 1tPW.-',- 1990, 5 6 Council Members: AYES NAYS ABSTAIN 7 8 ESTRADA v 9 REILLY ,/ v II MAUDSLEY v V 10 FLORES 12 MINOR / /' v" 13 POPE-LUDLAM 14 MILLER /5 16 ~~~ 17 City Clerk 18 19 The foregoing resolution is hereby approved this 20 7XlL day of '11~~990. 21 22 23 24 Approved as to form and legal content: 25 26 JAMES F. PENMAN, Ci ty Attorney B~ 27 28 10/16/90 9 3891m