HomeMy WebLinkAboutMC-564
SBEOOl-155/2018S/kl
11106/86
ORDINANCE NO. Mc-S64
AN ORDINANCE OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR
THE CENTRAL CITY SOUTH REDEVELOPMENT PROJECT
WHEREAS, by Ordinance No. 3572 adopted on May 3, 1976, the
Mayor and Common Council of the City of San Bernardino, California,
duly adopted the Redevelopment Plan for the Central City South
Redevelopment Project (the "Redevelopment Plan"); and
WHEREAS, pursuant to Health and Safety Code Section 33476,
the Central City South Redevelopment Project was merged with the
Meadowbrook/Central
City
and Central
City East
Redevelopment
Projects; and
WHEREAS, Health and Safety Code Section 33333.4 requires
that every legislative body which adopted a final redevelopment plan
.
prior to October 1, 1976 that does not contain certain provisions
otherwise required by Health and Safety Code Section 33333.2 shall
adopt an ordinance on or before December 31, 1986 which contains
such provisions; and
WHEREAS, the Redevelopment Plan does not contain certain
provisions
otherwise
required
by
Health
and
Safety
Code
Sections 33333.2
and 33333.4,
and it
is now
reasonable
and
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appropriate
for
the Mayor
and Common Counci 1
to
amend
the
Redevelopment Plan to include such provisions.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO DO ORDAIN AS FOLLOWS:
Sect ion 1.
Subsection "A"
of
Section IV
of
the
Redevelopment Plan is hereby amended by adding thereto Paragraph 3
to read in its entirety as follows:
"3. Time Limit for Commencement of Eminent Domain
The Agency shall not commence any proceeding to
acquire property by eminent domain pursuant to
this Plan later than twelve (12) years fOllowing
the effective date of the Ordinance pursuant to
which this Paragraph 3 was adopted as part of
this Plan."
Section 2.
Section VI
of the Redevelopment Plan is
hereby amended by adding thereto Subsections "D" and "E" to read in
their entirety as follows:
"D. Time Limit on Establishing Loans, Advances
and Indebtedness
No loan, advance or indebtedness to be repaid
from allocations of taxes and established or
incurred by the Agency to finance, in whole or in
part, the Redevelopment Project shall be
established or incurred after fifteen (15) years
following the effective date of the Ordinance
pursuant to which this Subsection "D" was adopted
as part of this Plan, or of the ordinance
approving the last amendment to this Plan and
extending such date. Such loan, advance or
indebtedness may be repaid over a period of time
longer than such time limit. Such time
limitation may be extended only by amendment of
this Plan. The principal amount of bonded
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MC-~64
indebtedness (issued pursuant to Section 33640,
et seq., of the Health and Safety Code) to be
repaid in whole or in part from such allocations
of taxes, and which can be outstanding at one
time, as applicable to the merged
Meadowbrook/Central City, Central City East and
Central City South Redevelopment Projects (which
were merged pursuant to Health and Safety Code
Section 33476), shall not exceed the sum of one
hundred five million dollars ($105,000,000)
wi thout an amendment of this Plan. In the event
that the Meadowbrook/Central City, Central City
East and Central City South Redevelopment
Projects for any reason hereafter no longer
remain merged as provided in Health and Safety
Code Section 33476, then the principal amount of
bonded indebtedness applicable to the Central
City South Redevelopment Project as set forth
above, which can be outstanding at anyone time,
shall not exceed the sum of thirty million
dollars ($30,000,000) without an amendment of
this Plan.
E. Limitation on Number of Dollars of Taxes
Which May Be Divided and Allocated to Agency
1. A limitation on the number of dollars of
taxes which may be divided and allocated to
the Agency need not be specified as a dollar
value limitation so long as a limitation
does in fact exist to enable the Agency to
reasonably determine a limitation on such
amounts when certain financial variables are
known. Taxes shall not be divided and shall
not be allocated to the Agency beyond such
limitation, except by amendment of this
Plan. The dollar amount of taxes which may
be divided and allocated to the Agency ("tax
allocations") pursuant to Subsection "B" of
this Section VI in any fiscal year shall be
a figure derived by multiplying the maximum
annual debt service (as hereinafter defined)
on those forms of indebtedness as further
provided in Paragraph 2 below and payable
from the tax increment revenues attributable
to the Redevelopment Project by a factor of
1.75 ("coverage"). As used herein, maximum
annual debt service means the largest of the
sums obtained for any fiscal year after the
computation is made by totaling the
following for each such fiscal year:
(1) the principal amount of all serial Bonds
and serial parity Bonds payable in such
fiscal year; and (2) the amount of minimum
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sinking fund payments; (3) the interest
which would be due during such fiscal year
on the aggregate principal amount of Bonds
and parity Bonds which would be outstanding
in such fiscal year if the Bonds and parity
Bonds outstanding on the date of such
computation were to mature or be redeemed in
accordance with the maturity schedule or
schedules for the serial Bonds and serial
parity Bonds and the schedule or schedules
of minimum sinking fund payments for term
Bonds and term parity Bonds; (4) any other
optional or mandatory call and redemption of
bonds; and (5) the principal and interest
due and payable in each fiscal year of the
agency with respect to loans, notes,
contractual Obligations or other forms of
indebtedness payable to third parties either
in whole or in part from the tax
allocations. At the time and for the
purpose of making such computation, the
amount of term Bonds and term parity Bonds
already retired in advance of the
above-mentioned schedule or schedules shall
be deducted pro rata from the remaining
amounts thereon.
2. The principal amount of tax allocation
bonded indebtedness applicable to the merged
Meadowbrook/Central City, Central City East
and Central City South Redevelopment
Projects (which were merged pursuant to
Health and Safety Code Section 33476),
issued pursuant to Section 33640, et ~.,
of the Health and Safety Code, exclusive of
(i) sales and use tax revenue bonds or other
similar bonded indebtedness or contractual
obligations, (ii) other Agency subordinated
contractual obligations payable from tax
allocations and, (iii) other forms of
indebtedness and City and/or Agency
indebtedness payable from tax allocations,
which can be outstanding at anyone time and
payable in whole or in part from tax
allocations attributable to the merged
Meadowbrook/Central City, Central City East
and Central City South Redevelopment
Projects (as merged pursuant to Health and
Safety Code Section 33476) shall be limited
to one hundred five million dollars
($105,000,000) if and to the extent the same
is serviceable solely from tax allocations,
applying to such tax allocations the
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KC-564
1.75 coverage test as set forth above to so
determine the total amount of tax
allocations to be allocated to the Agency
for the debt service requirements on such
tax allocation bonded indebtedness issued
pursuant to said Section 33640 in addition
to that amount required for the repayment of
principal and interest on such other Agency
subordinated contractual obligations payable
from tax allocations and other forms of
indebtedness and City and/or Agency
indebtedness payable from tax allocations;
provided, however, that if other sources of
payment are lawfully combined with tax
allocations, there shall be no limit as to
the amount of bonded indebtedness
serviceable from such other source of funds,
except as to that portion of the total tax
allocation bonded indebtedness which is
attributable to being serviced from tax
allocations which shall not at anyone time
exceed such figure of one hundred five
million dollars ($105,000,000) principal
amount outstanding as set forth above
applying the same coverage test to determine
the total amount of tax allocations which
shall be available to the Agency. In the
event that the Meadowbrook/Central City,
Central City East and Central City South
Redevelopment Projects for any reason
hereafter no longer remain merged as
provided in Health and Safety Code
Section 33476, then the principal amount of
bonded indebtedness applicable to the
Central City South Redevelopment Project as
set forth in this Paragraph 2 which can be
outstanding at anyone time and payable in
whole or in part from tax allocations
attributable to the Redevelopment Project,
sha 11 not exceed the sum of thi rty mi 11 ion
dollars ($30,000,000) without an amendment
of this Plan."
Section 3.
Within fifteen (15) days after its passage,
the City Clerk shall cause this Ordinance to be published at least
once in a newspaper of general circulation published and circulated
in the City of San Bernardino.
This Ordinance shall take effect
thirty (30) days following the date of adoption hereof.
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. MC-564
I HEREBY CERTIFY that the foregoing Ordinance was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at auou r~ed meeting thereof, held the 8th day
iJ1 gu ar on
of December , 1986, by the following vote, to wit:
AYES: Members
Estrada, Reilly, Hernandez, Frazier
NOES: Members Marks
ABSENT: Members Qu iel , Strickler
ABSTAIN: Members None
...#.PA'Z?,f'~~
City/Clerk
The foregoing Ordinance is hereby approved this ~ day
of ~ , 1986.
Approved as to form:
J,.~.
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