HomeMy WebLinkAboutMC-560
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SBE001-161/2021S/kl
11/06/86
ORDINANCE NO. MC-560
AN ORDINANCE OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR
THE STATE COLLEGE REDEVELOPMENT PROJECT NO. 4
WHEREAS, by Ordinance No. 3061 adopted on April 21, 1910,
the Mayor and Cornmon Council of the City of San Bernardino,
California, duly adopted the Redevelopment Plan for the State
College Redevelopment Project No.4 (the "Redevelopment Plan"); and
WHEREAS, Health and Safety Code Section 33333.4 requires
that every legislative body which adopted a final redevelopment plan
prior to October 1, 1916 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
appropriate for the Mayor and Cornmon Council to amend the
Redevelopment Plan to include such provisions.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS:
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C,
,
MC-560
Section 1.
Subsection 2
of
Section "D"
of
the
Redevelopment Plan is hereby amended by adding thereto Paragraph "f"
to read in its entirety as follows:
"f. The Agency may acquire real and
personal property for purposes of this Plan in
the manner and to the extent permi tted by the
Community Redevelopment Law of the State of
California, Health and Safety Code Section 33000,
et seq. 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 provision of
Paragraph "f" was adopted as part of this Plan."
Section 2.
Section "E" of the Redevelopment Plan is
hereby amended by
renumbering
Sections 2
and 3
to
become
Subsections 4 and 5, respectively, and by adding new Subsections 2
and 3 to read in their entirety as follows:
"2. Time Limit on Establishinq 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 2 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
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 Redevelopment Project,
shall not exceed the sum of sixty million dollars
($60,000,000) without an amendment of this Plan."
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Me-560'
3. Limitation on Number of Dollars of Taxes
Which May Be Divided and Allocated to Agency
a. 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 2 of
this Section "E" 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 "boo 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
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
pari ty Bonds and the schedule or schedules
of minimum sinking fund payments for term
Bonds and term par i ty 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 par i ty Bonds
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MC-56lY .
already retired in advance of the
above-mentioned schedule or schedules shall
be deducted pro rata from the remaining
amounts thereon.
b. The principal amount of tax allocation
bonded indebtedness applicable to the
Redevelopment Project issued pursuant to
Section 33640, et seq., 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
Redevelopment Project shall be limited to
sixty million dollars ($60,000,000) if and
to the extent the same is serviceable solely
from tax allocations, applying to such tax
allocations the 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
sixty million dollars ($60,000,000)
principal amount outstanding as set forth
above applying the same coverage test to
determine the total amount of tax
allocations which \hall be available to the
Agency."
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MC-560
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.
I HEREBY CERTIFY that the foregoing Ordinance was duly
adopted by the Mayor and Common Counci 1 of the
ad iou5.ned .
San Bernardino at an regu ar meetIng thereof, held on the
Ci ty of
8th day
of December
, 1986, by the following vote, to wit:
AYES: Members
Estrada, Reilly, Hernandez, Frazier
NOES: Members
Marks
ABSENT: Members
Quiel, Strickler
ABSTAIN: Members
None
A ~
~#~. /
Cit'y Clerk
of
The
-I L.MV~.,)
foregoing Ordinance is
hereby approved this
9'e,c,
day
, 1986.
/<LL~
Mayor of t e City
San Bernardino
Approved as to form:
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City Aftorney
/202
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