HomeMy WebLinkAbout08-City Administrator
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CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
Dept: City Administrator's Office
Subject: Resolution approving the form of and
authorizing the execution and delivery of a
Purchase and Sale Agreement and related
documents with respect to the sale of the City's
Vehicle License Fee receivable from the State;
and directing and authorizing certain other
actions in connection therewith
From: Fred Wilson, City Administrator
Date: January 26, 29Q5. _ . _ .._ __ ._ 1.
ORIGINAL
MICC Meeting Date: February 7, 2005
Synopsis of Previous Council Action:
January 12, 2005 - Ways and Means Committee recommends participation in the VLF Gap Loan Financing Program
January 24, 2005 - Mayor and Council approve City's participation in the Califomia Statewide Communities
Development Authority Vehicle License Fee Gap Loan Financing Program in concept, and directed staff to bring back
the necessary documents for final approval at the February 7 Council meeting.
Recommended Motion:
Adopt resolution, and authorize the Director of Finance to amend the FY 2004-05 Budget by increasing revenue
account 001-000-4932 (VLF Loan Sale) by $3 million and a corresponding inc se to General Fund Budget
Reserve of $3 million.
Contact person: I=r~n Wil~nn
Phone:
5122
Supporting data attached: Resolution, staff report, other Ward: all
FUNDING REQUIREMENTS:
Amount: Estimated revenue of $3 million from the
sale of the VLF receivable; cost to the City of an
estimated $291,800
Source: (Acct. No.)
(Acct. Description) General Fund reserve
Finance:
Council Notes: ~. ~lJoS" - 38'
Agenda Item No. ----8
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STAFF REPORT
Sublect:
Resolution approving the fonn of and authorizing the execution and delivery of a
Purchase and Sale Agreement and related documents with respect to the sale of the City's
Vehicle License Fee receivable from the State; and directing and authorizing certain other
actions in connection therewith
Back21"ound:
Vehicle License Fees and VLF Gao Repavment: Vehicle license fees (VLF) were
historically assessed in the amount of2% of a vehicle's depreciated market value for the
privilege of operating a vehicle on California's public highways. Beginning in 1999, the
VLF paid by vehicle owners was offset (or reduced) to the effective rate of 0.65%. In
connection with the offset of the VLF, the Legislature authorized appropriations from the
State General Fund to "backfill" the offset so that local governments, which receive all of
the vehicle license fee revenues, would not experience any loss of revenues. The
legislation that established the VLF offset program also provided that if there were
insufficient State General Fund moneys to fully "backfill" the VLF offset, the percentage
offset would be reduced proportionately (i.e., the license fee payable by drivers would be
increased) to assure that local governments would not be disadvantaged.
In June 2003, the Director of Finance under the Davis Administration ordered the
suspension of VLF offsets due to a determination that insufficient State General Fund
moneys would be available for this purpose, and, beginning in October 2003, the VLF
paid by vehicle owners were restored to the 2% level. However, the offset suspension
was rescinded by Governor Schwarzenegger on November 17, 2003 and State offset
payments to local governments resumed. Local governments received "backfill"
payments totaling $3.80 billion in FY 2002-03. "Backfill" payments totaling $2.65
billion were paid to local governments in FY 2003-04. However, approximately $1.2
billion was not received by local governments during the time period between the
suspension of the VLF offsets and the implementation of higher fees and is still owed
them by the State. The City's share of the VLF Gap Repayment is $3,291,800.
As part of the 2004 Budget Act negotiations, an agreement was made between the State
and local government officials under which the VLF rate will be permanently reduced
from 2% to 0.65%. This state-local agreement also provides for the repayment by August
15, 2006 of the approximately $1.2 billion VLF Gap Repayment. In order to protect local
governments, the reduction in VLF revenue to cities and counties from this rate change
will be replaced by an increase in the amount of property tax they receive. Under the
state-local agreement, for FY 2004-05 and 2005-06 only, the replacement property taxes
that cities and counties receive has been reduced by $700 million. Commencing in FY
2006-07, local governments will receive their full share of replacement property taxes
and those replacement property taxes will now enjoy constitutional protection against
transfers by the State due to the approval of Proposition lA at the November 2004
election.
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VLF Pro21'8Ill: Authorized under SB 1096, the VLF Program was instituted by the
California Statewide Communities Development Authority (CSCDA) in 2004 to enable
the City of San Bernardino and other cities and counties to sell their respective VLF
Receivables to CSCDA for an upfront fixed purchase price estimated to be at least 90%
of the VLF Gap repayments. CSCDA is a joint powers authority sponsored by the League
of California Cities and the California State Association of Counties. The member
agencies of CSCDA include approximately 230 cities and 54 counties throughout
California, including San Bernardino.
CSCDA is planning to issue notes and to use the note proceeds to purchase the VLF
Receivables and pay financing costs. The actual purchase price of the VLF Receivables
will depend on the total amount of VLF Receivables that cities and counties sell to
CSCDA and on bond market conditions at the time the VLF Notes are priced. If the City
sells its VLF Receivable under the VLF Program, CSCDA will pledge the City's VLF
Receivable to secure the repayment of a corresponding portion of the VLF Notes.
The City's sale of its VLF Receivables will be irrevocable. Bondholders will have no
recourse to the City if the State does not make the VLF Gap Repayment. This in effect
transfers risk from the participating cities to the bondholders.
Benefits of Particioation in the VLF Pro21'8Ill: The City's VLF backfill loan was
recognized as a deferred revenue in FY 2003-04, and the City used the budget reserve to
cover the $3,291,800 revenue shortfall. The sale of the VLF loan will allow the City to
recognize the $3 million it will get from the sale as FY 04-05 revenue, and then increase
the budget reserve by this $3 million to replace the budget reserve that was used in FY
03-04.
The reserve amount will be reduced by the difference between the proceeds from the
receivable sale and the actual VLF loan; that difference is estimated to be no more than
$300,000. The remainder of the reserve will then be available for other uses, including
helping to balance the City's budget, if so desired by the Mayor and Council.
If the City does not participate in the program, we bear the risk that the State may defer
the repayment of the loan, or not pay it at all. By selling the receivable, the City no
longer bears this risk. It is estimated that approximately 200 cities across the state are
planning to participate in this program.
Estimated Proceeds of the Sale of the City's VLF Receivable: Upon delivery of the VLF
Notes, CSCDA will make available to the City its fixed purchase price. This payment
will equal the City's VLF Receivable amount less capitalized interest costs (to pay
interest on the VLF Notes until maturity), credit enhancement fees and bond issuance
costs. As discussed above, the City's VLF Receivable is $3,291,800. The purchase price
to be paid by CSCDA is estimated to be $3,000,000, but cannot be determined with
specificity until the total number of participants in the VLF Program is known and bond
market conditions are taken into account at the time the VLF Notes are priced. There is a
possibility that if the State pays the VLF Receivable as scheduled on August 15, 2006,
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there will be some residual interest earnings on the funds prior to the maturity date of the
VLF Notes, which amount, up to 1 % of the VLF Receivable, would be refunded to the
City.
Previous Council Action:
On January 24, the Mayor and Council approved in concept the City's participation in the
CSCDA VLF Program, and directed staff to bring back the necessary documents for final
approval at the February 7 Council meeting.
The attached resolution fonnally authorizes the sale of the VLF Receivable, approves the
fonn of a Purchase and Sale Agreement with CSCDA, and authorizes other related
actions.
Financial Imoact:
As previously discussed in this staff report, the City's VLF backfill loan was recognized
as a deferred revenue in FY 2003-04, and the City used the budget reserve to cover the
$3,291,800 revenue shortfall. The sale of the VLF loan will allow the City to recognize
the $3 million it will get from the sale as FY 04-05 revenue, and then increase the budget
reserve by this $3 million to replace the budget reserve that was used in FY 03-04.
The reserve amount will also be reduced by the difference between the proceeds from the
receivable sale and the actual VLF loan; that difference is estimated to be no more than
$291,800. This is the cost to the City for participating in the financing program
If the City does not participate in the program, we bear the risk that the State may defer
the repayment of the loan, or not pay it at all. By selling the receivable, the City no
longer bears this risk.
Recommendadon:
Adopt resolution, and authorize the Director of Finance to amend the FY 2004-05 Budget
by increasing revenue account 001-000-4932 (VLF Loan Sale) by $3 million and a
corresponding increase to the General Fund Budget Reserve of $3 million.
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RESOLllTION NO. -tOpy
3 RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE
FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
4 PURCHASE AND SALE AGREEMENT AND RELATED DOCUMENTS
WITH RESPECT TO THE SALE OF THE CITY OF SAN BERNARDINO'S
5 VEHICLE LICENSE FEE RECEIVABLE FROM THE STATE; AND
6 DIRECTING AND AUTHORIZING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH
7
8
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2
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AS FOLLOWS:
9
10 WHEREAS, certain public agencies within the State of California (the
11 "State") are entitled to receive certain payments payable by the State to each such
12 local agency on or before August 15,2006, in connection with vehicle license fees
13
14
pursuant to Section 10754.11 ofthe California Revenue and Taxation Code ("VLF
Gap Repayments");
15
16
WHEREAS, the City of San Bernardino (the "Seller") is entitled to and has
17 determined to sell all right, title and interest of the Seller in and to the "VLF
18 Receivable" as defined in Section 6585(i) of the California Government Code (the
19 "VLF Receivable''), namely, the right to payment of monies due or to become due to
20 the Seller out of funds payable in connection with vehicle license fees to a local
21
agency pursuant to Section 1 0754.11 of the California Revenue and Taxation Code;
22
WHEREAS, the California Statewide Communities Development Authority, a
23
24 California joint exercise of powers authority organizing and existing under the laws
25 of the State (the "Authority"), has been authorized pursuant to Section 6588 (w) of
26 the California Govemment Code to purchase the VLF Receivable;
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No. ~
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RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE
1 FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
PURCHASE AND SALE AGREEMENT AND RELATED DOCUMENTS
2 WITH RESPECT TO THE SALE OF THE CITY OF SAN BERNARDINO'S
VEHICLE LICENSE FEE RECEIVABLE FROM THE STATE; AND
3 DIRECTING AND AUTHORIZING CERTAIN OTHER ACTIONS IN
4 CONNECTION THEREWITH
5
WHEREAS, the Authority desires to purchase the VLF Receivable and the
6
Seller desires to sell the VLF Receivable pursuant to a purchase and sale agreement
7
8 by and between the Seller and the Authority in the form presented to the Mayor and
9 Common Council (the "Sale Agreement") for the purposes set forth herein;
10 WHEREAS, in order to finance the purchase price of the VLF Receivable
11 from the Seller and the purchase price of other VLF Receivables from other local
12
agencies, the Authority will issue its taxable and tax-exempt notes (the ''Notes'')
13
pursuant to Section 6590 of the California Government Code and an Indenture (the
14
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"Indenture"), by and between the Authority and Wells Fargo Bank, National
15
16 Association, as trustee (the "Trustee"), which Notes will be payable solely from the
17 proceeds of the VLF Receivable and such other VLF Receivables;
18 WHEREAS, the Seller acknowledges that the Authority will grant a security
19 interest in the VLF Receivable to the Trustee and any credit enhancer to secure
20
payment of the Notes; and
21
22
23 Authority to, among other things, pay the purchase price of the VLF Receivable;
WHEREAS, a portion of the proceeds of the Notes will be used by the
24 WHEREAS, the Seller will use the proceeds received from the sale of the
25 VLF Receivable for any lawful purpose as permitted under the applicable laws of the
26 State;
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RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE
FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
PURCHASE AND SALE AGREEMENT AND RELATED DOCUMENTS
WITH RESPECT TO THE SALE OF THE CITY OF SAN BERNARDINO'S
VEHICLE LICENSE FEE RECEIVABLE FROM THE STATE; AND
DIRECTING AND AUTHORIZING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH
sell the VLF Receivable to the Authority pursuant to the Sale Agreement and the
Seller shall not have any option to revoke its approval of the Sale Agreement or to
determine not to perform its obligations thereunder.
Section 7. The authorization to execute the above referenced agreement is
rescinded if the parties to the agreement fail to execute it within sixty (60) days of the
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RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING THE
FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A
PURCHASE AND SALE AGREEMENT AND RELATED DOCUMENTS
WITH RESPECT TO THE SALE OF THE CITY OF SAN BERNARDINO'S
VEHICLE LICENSE FEE RECEIVABLE FROM THE STATE; AND
DIRECTING AND AUTHORIZING CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Mayor and Common Council of the City of San Bernardino at a
meeting thereof, held on the
day of
, 2005, by
9 the following vote to-wit:
10 Council Members:
NAYS
ABSTAIN ABSENT
AYES
11
12
13
14
15
16
ESTRADA
LONGVILLE
MCGINNIS
DERRY
KELLEY
17 JOHNSON
18 MCCAMMACK
19
20
City Clerk
The foregoing resolution is hereby approved this
,2005
day of
Judith Valles, Mayor
City of San Bernardino
Approved as to
Form and legal content:
JAMES F. PENMAN,
City Attorney
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** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT **
RESOLUTION AGENDA ITEM TRACKING FORM
Mooting D.te (Date Ado'(r41 to -c:;- 'tern #
Vote: Ayes Nays
Change to motion to amend original documents 0
Null/Void After: ~ days /
Resolution # On Attachments: 0
2
Resolution #
f)O()~ ~ "3 '1
Abstain
Absent
?mpaniOn Resolutions
oS
PUBLISH 0
POST 0
n 'esolution of attachment stored separately: 0
RECORD W/COUNTY 0 By:
Date Sent to Mayor:
Date of Mayor's Signature.
Date of Clerk/CDC Signature:
Reso. Log Updated:
Seal Impressed:
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Date Memo/Letter Sent for Signature:
I sl Reminder Letter Sent:
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Date Returned:
Not Returned: 0
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200 Reminder Letter Sent:
Request for Council Action & Staff Report Attached:
Updated Prior Resolutions (Other Than Below):
Updated CITY Personnel Folders (6413, 6429, 6433, 10584, 10585, 12634):
Updated CDC Personnel Folders (5557):
Updated Traffic Folders (3985, 8234, 655, 92-389):
/
yes/ No By_
Yes ------- No By_
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Yes '-------- No By_
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Yes No By_
Yes __.___.om- No By_
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Copies Distributed to:
Animal Control o / EDA 0 Information Services 0
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City Administrator Facilities ~// Parks & Recreation 0
City Attorney Finance Police Department 0
Code Compliance 0 Fire Department 0 Public Services 0
Development Services 0 Human Resources 0 Water Department D
Others:
Notes:
Ready to File:
Revised 12/18/03
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ORRICK, HERRINGTON & SUTCLIFFE LLP
THE ORRICK BUILDING
405 HOWARD STREET
SAN FRANCISCO, CA 94105.2669
tel 415-773-5700
fax 415-773-5759
WWW.ORRICK.COM
ORRICK
January 20, 2005
Re: California Statewide Communities Development Authority
Vehicle License Fee NLF) Receivable Fhiancing Program
To: Participating Local Agency
Enclosed are the final versions of the resolutions and documents that your local agency will need
to approve and execute in order to participate in the Vehicle License Fee (VLF) Receivable Financing
Program sponsored by the California Statewide Communities Development Authority (CSCDA).
Enclosed are three (3) copies of the following documents:
(A) Resolution approving participation in the VLF Receivable Financing Program (the "VLF
Resolution"); and
(B) Purchase and Sale Agreement (the "Sale Agreement").
In addition, attached to the Sale Agreement are the following documents:
(C)
(D)
(E)
(F)
(G)
(H)
(I)
Opinion of Counsel to be delivered in connection with pricing (Exhibit B 1 );
Bringdown Opinion of Counsel to be delivered in connection with closing (Exhibit B2);
Certificate of the Cityrrown Clerk or the Clerk of the Board of Supervisors, as applicable
(Exhibit C1);
Seller Certificate (Exhibit C2);
Bill of Sale and Bringdown Certificate (Exhibit C3 );
Irrevocable Instructions to Controller (Exhibit D);and
Escrow Instruction Letter (Exhibit F).
Please note that these documents are in final form and may not be changed without the approval
from Orrick, Herrington & Sutcliffe LLP, Transaction Counsel ("Orrick"). If you have questions or
believe changes are required; please contact one of the Orrick team members listed at the end of this
letter.
1. Instructions for Adoption of Resolutions
Please take the following steps with respect to the enclosed resolutions:
(A) Adopt the VLF Resolution to participate in the VLF Receivable Financing Program.
Agenda Language: The following language should be used for the agenda of the meeting at which
the VLF Resolution will be adopted:
Taxable/Member
DOCSLA1:490217.1
"A RESOLUTION APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A
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PURCHASE AND SALE AGREEMENT AND RELATED
DOCUMENTS WITH RESPECT TO THE SALE OF THE TOWN,
CITY OR COUNTY'S VEHICLE LICENSE FEE RECEW ABLE
FROM THE STATE; AND DIRECTING AND AUTHORIZING
CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH."
Sanmle Staff Report: A sample Staff Report can be obtained from CSCDA's website at:
httos:/ /secure.cacommunities.com/cacommlaooslvlfJ.
Adootion Deadline: The VLF Resolution must be adopted no later than February 18,2005 in
order to participate in the initial phase of the financing.
Fill in blanks and sim: The Clerk should fill in the resolution number, the adoption date and the
governing board information, and sign the three (3) copies of the VLF Resolution where indicated
by the RED tabs. Your legal counsel should approve the form by signing each copy of the VLF
Resolution where indicated by the GREEN tabs.
2. Instructions for Execution of Documents
Please take the following steps with respect to the enclosed documents:
(A) Sign the Sale Agreement.
Please arrange for an authorized officer to sign all three (3) copies of the Sale Agreement where
indicated by the YELLOW "SIGN HERE" tabs. Once your local agency has adopted the VLF
Resolution and has signed the Sale Agreement, your local agency's obligations under the Sale
Agreement are binding and are irrevocable.
(B) Have le2al counsel sim the le2al opinion (Exhibit BI to Sale A2reement).
Please arrange for legal counsel to sign all three (3) copies of the legal opinion attached as
Exhibit B I of the Sale Agreement where indicated by the GREEN tabs. Such legal counsel may
be the Town Attorney, City Attorney or County Counsel, as appropriate. There is no requirement
that the legal opinion be placed on the letterhead of such legal counsel.
(C) Sign and Seal Clerk's Certificate (Exhibit CI to Sale A2reement).
Please arrange for the Town Clerk, City Clerk or Clerk of the Board of Supervisors, as
appropriate, (1) to manually write on the signature page of the Certificate attached as Exhibit CI
to the Sale Agreement in the appropriate places the resolution number, the adoption date and the
governing board information and (2) to sign all three (3) copies of the Certificate where indicated
by the RED tabs.
TaxableIMember
DOCSLA!:490217.!
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(D) Sign Seller Certificate (Exhibit C2 to Sale Agreement).
Please arrange for all three (3) copies of the Seller Certificate attached as Exhibit C2 to the Sale
Agreement to be signed by (1) an authorized officer of your local agency where indicated by the
YELLOW "SIGN HERE" tabs, and (2) the Town Clerk, City Clerk or Clerk of the Board of
Supervisors, as appropriate, where indicated by the RED tabs.
(E) Sign Irrevocable Instructions to Controller (Exhibit D to Sale Agreement).
Please arrange for an authorized officer to sign all three (3) copies of the Irrevocable Instructions
to Controller attached as Exhibit D to the Sale Agreement where indicated by the YELLOW
"SIGN HERE" tabs. Please leave the document UNDATED - we will insert the date of the
closing later and send the completed Irrevocable Instructions to Controller to the State
Controller upon closing on behalf of your local agency.
(F) Sign Escrow Instruction Letter (Exhibit F to the Sale Agreement).
Please arrange for an authorized officer to sign all three (3) copies of the Escrow Instruction
Letter attached as Exhibit E to the Sale Agreement where indicated by the YELLOW "SIGN
HERE" tabs.
(G) Do NOT Sign the Brine:down Opinion or the Bill of Sale at this time (Exhibits B2 and C3 to the
Sale Agreement).
Please do not Sign the Bringdown Opinion or Bill of Sale at this time (Exhibits B2 and C3 to the
Sale Agreement). These two documents will be sent to you for execution after the pricing of the
Notes but prior to the closing. (See paragraph 4 below.)
3. Return Executed Documents and Resolutions to Orrick
As mentioned above, the VLF Resolution must be adopted no later than February 18, 2005 in
order to participate in the VLF Receivable Financing Program. As soon as oossible thereafter. and in anv
event no later than February 25. 2005. all three (3) orilZinally executed cODies of the documents and
resolutions described above need to be returned to:
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Attention: Michael Eng
(415) 773-5454 (direct dial)
(415) 773-5759 (fax)
meng@orrick.com
(CSCDA VLF Financing)
A self-addressed, prepaid federal express envelope has been enclosed with this letter to facilitate
your return of these resolutions and documents.
TaxableIMember
DOCSLAl:490217.1
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4. Conclusion of Transaction
After Orrick receives the executed documents described above, CSCDA and its investment
bankers will price the Notes on or about March 2, 2005. At that time, CSCDA will know the exact
Purchase Price that your local agency will be paid for its VLF receivable (the "Final Purchase Price"). As
described in the Sale Agreement, the Final Purchase Price will be at least equal to the Minimum Purchase
Price indicated in the VLF Resolution and the Sale Agreement. If the Authority cannot achieve the
Minimum Purchase Price, your local agency's VLF Receivable will not be purchased and you will be
notified that you have been removed from the financing program. Please review carefully the Minimum
Purchase Price indicated in the VLF Resolution and the Sale Agreement to ensure that it accurately
reflects the minimum amount for which your local agency will sell its VLF Receivable.
Once pricing occurs, Orrick will send to you an additional package which will contain (1) a
notification of the Final Purchase Price (or that your local agency has been removed from the program as
described above), and (2) the two additional documents that your local agency will need to sign and return
before the closing of the financing, which are (a) the Bill of Sale and Bringdown Certificate (Exhibit B2
to the Sale Agreement), and (b) the Seller's Bringdown Certificate and Receipt (Exhibit C3 to the Sale
Agreement). Your local agency does not need to sign and return these two documents at this time as
these documents will be finalized and sent to you after the pricing of the Notes.
S. Contacts for Further Information
If you have any questions regarding this letter, the instructions contained herein, or the documents
enclosed herewith, please call Michael Eng at (415) 773-5454, Patricia Wyler at (415) 773-5912, David
Stevens at (415) 773-5503, Daniel Deaton at (213) 612-2321, Justin Cooper at (415) 773-5908, or John
Knox at (415) 773-5626.
J!--,~
John H. Knox
TaxableIMember
DOCSLAl:490217.1
-4-
Minimum Purchase
Price:
Authorized Officers:
Taxable
DOCSSF1:795390.1
APPENDIX A
CITY OF SAN BERNARDINO
An amount equal to or greater than $3,000,000.00 (the "Minimum
Purchase Price").
Mayor
City Administrator
Finance Director
any designee of any of them, as appointed in a written certificate of
such Authorized Officer delivered to the Trustee.
~.~_.~ "'"
.
OFFICE OF THE CITY CLERK
RAcHEL G. CLARK, C.M.C. - CITY CLERK
300 North "0" Street. San Bernardino. CA 92418-0001
909.384.5002' Fax: 909.384.5158
www.cLsan-bernardino.ca.us
February 18, 2005
Mr. Michael Eng
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Dear Mr. Eng:
At the Mayor and Common Council meeting of February 7, 2005, the City of San Bernardino
adopted Resolution 2005-38 - Resolution of the City of San Bernardino approving the form of
and authorizing the execution and delivery of a Purchase and Sale Agreement and related
documents with respect to the sale of the City of San Bernardino's Vehicle License Fee
Receivable from the State; and directing and authorizing certain other actions in connection
therewith.
Enclosed are three (3) original agreements executed by the Mayor, City Attorney, City Clerk,
City Administrator and Director of Finance. Please sign in the appropriate locations and return
two (2) original agreements to the City Clerk's Office, Attn: Eileen Gomez, P.O. Box 1318, San
Bernardino, CA 92402, once they are fully executed.
Please be advised that the resolution and agreement will be null and void if not executed
within sixty (60) days, or by Friday, AprilS, 2005.
If you have any questions, please do not hesitate to contact me at (909)384-5002.
Sincerely,
~~
Eileen Gomez
Senior Secretary
Enclosures
CITY OF SAN BERNARDINO
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---~~='"C~-'"^~'f:wr""-'--- --~ ..
.
OFFICE OF THE CITY CLERK
RACHEL G. CLARK, C.M.C. . CITY CLERK
300 North "D" Street. San Bernardino' CA 92418-0001
909.384.5002' Fax: 909.384.5158
www.ci.san-bernardino.ca.us
February 23, 2005
Mr. Michael Eng
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
Dear Mr. Eng:
As per your request, enclosed are two (2) additional certified copies of Resolution No. 2005-38
for your records.
If you have any questions, please do not hesitate to contact me at (909)384-5002.
Sincerely,
.,Ol~ ~~
Eileen Gomez
Senior Secretary
Enclosures
CITY OF SAN BERNARDINO
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