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Home My WebLink AboutMC-559 .. . , SBEOOl-158/2024S/nb 11/06/86 ORDINANCE NO. MC-559 AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY PROJECT NO. 1 WHEREAS, by Ordinance No. 2649 adopted on February 23, 1965, as amended by Ordinance No. 3059 dated March 17, 1970, the Mayor and Common Council of the City of San Bernardino. California, duly adopted the Redevelopment Plan for the Central City Project No.1 (the "Redevelopment Plan"); and WHEREAS, pursuant to Health and Safety Code Section 33476, the Central City Project No.1 was merged with the Central City South, Central City East and Meadowbrook Park (Meadowbrook Project No.1) 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 Hea lth and Safety Code Sections 33333.2 and 33333.4, and it is now reasonable and - 1 - t'>-, r appropriate for the Mayor and Common Council to amend the MC-559-. Redevelopment Plan to include such provisions. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS: Sect ion 1. Section "H" of the Redevelopment Plan is hereby amended by adding at the end thereof a new paragraph to read in its entirety as follows: "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 subparagraph was adopted as part of this Plan." Section 2. Section "C" of the Redevelopment Plan is hereby amended by adding new Subsections 6 and 7 to read in their entirety as follows: "6. 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 6 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 - 2 - MC-559 '. 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 ~., 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) without 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 Project No.1 as set forth above, which can be outstanding at anyone time, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan. 7. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Agenc:y 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 6 of this Section "CO 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 "b" 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: - 3 - MC-559 (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 parity Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term pari 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 parity Bonds 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 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 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 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 - 4 - MC-559 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 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 Project No.1 as set forth in this Paragraph "b" which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan. " Section 3. within fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated - 5 - MC~599 in the City of San Bernardino. This Ordinance shall take effect thirty (30) days following the date of adoption hereof. I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Common Council of the City of San Bernardino at ad~ou rred meeting thereof, held the 8th day an r gu a r on of December , 1986, by the fallowing vote, to wit: AYES: Members Estrada, Reilly, Hernandez, Frazier NOES: Members Marks ABSENT: Members Quiel, Strickler ABSTAIN: Members None ~$/j(?q?~Lf City Clerk of A~) The foregoing Ordinance is hereby approved this 7',.;'-;( day , 1986. l~2~u/ San Bernardino Approved as to form: tI~ /!~ ~ ~ City Attorney 12022S - 6 -