HomeMy WebLinkAbout2005-292
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1 RESOLUTION NO. 2005-292
2 A RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
3 SUBMISSION OF THE APPLICATION TO THE CALIFORNIA
INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR FINANCING
4 OF PAVEMENT RECONSTRUCTION AND REHABILITATION AND
APPROVING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH
5
WHEREAS, the California Infrastructure and Economic Development Bank ("1-
6
7 Bank") administers a financing program to assist local governments with the financing of
8
Public Development Facilities as described in Section 63000 et seq. of the California
9 Government Code (the "Act"); and,
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WHEREAS, the I-Bank has instituted an application process for financing under its
Infrastructure State Revolving Fund Program ("ISRF Program"); and,
WHEREAS, the City of San Bernardino ("Applicant") desires to submit an
14 application ("Financing Application") to the 1- Bank from the ISRF Program for the
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financing of Pavement Rehabilitation ("Project") in an amount not to exceed $10,000,000;
and,
WHEREAS, the Act requires the Applicant to certify by resolution certain findings
prior to a Project being selected for financing by the I-Bank; and,
WHEREAS, the ISRF Program requires funding sources, other than the I-Bank
financing, be identified and approved prior to Project financing approval by the I-Bank
Board.
23 III
24 III
25 III
26 III
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TB: mh[IBANK .RES] 1
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2005-292
A RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
2 SUBMISSION OF THE APPLICATION TO THE CALIFORNIA
INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR FINANCING
3 OF PAVEMENT RECONSTRUCTION AND REHABILITATION AND
4 APPROVING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH
5 NOW, THEREFORE, THE CITY OF SAN BERNARDINO DOES RESOLVE AS
6 FOLLOWS:
7 Section 1. The City of San Bernardino hereby approves the filing of an ISRF
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Program Fmancing Application with the I-Bank for the Project; and in connection
therewith certifies:
a. that the Project is consistent with the General Plan of both the City of the City
of San Bernardino and the County of San Bernardino;
b.
the proposed financing is appropriate for the Project;
c.
the Project facilitates effective and efficient use of existing and future public
resources so as to promote both economic development and conservation of
natural resources.
d. the Project develops and enhances public infrastructure in a manner that will
attract, create, and sustain long-term employment opportunities; and
e.
the Project is consistent with the I-Bank's Criteria, Priorities and Guidelines
for the ISRF Program.
III
III
III
/II
III
/II
TB: mh[mANK .RES]
2
2005-292
1
A RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
2 SUBMISSION OF THE APPLICATION TO THE CALIFORNIA
~'fKASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR FINANCING
3 OF PAVEMENT RECONSTRUCTION AND REHABILITATION AND
4 APPROVING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH
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Semon 2. That the Applicant has available and commits not to exceed
$5,100,000 to the Project.
Section 3. The Mayor or designee, is hereby authorized and directed to act on
behalf of the City of San Bernardino in all matters pertaining to this application.
Section 4. If the application is approved, the City Administrator is authorized
to enter into and sign the financing documents and any amendments thereto with the
I-Bank for the purposes of this financing.
/II
III
III
/II
/II
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/II
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/II
III
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III
Section S. This resolution shall become effective immediately upon adoption.
TB: mh[ffiANK .RES]
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2005-292
1 A RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
SUBMISSION OF THE APPLICATION TO THE CALIFORNIA
INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK FOR FINANCING
OF PAVEMENT RECONSTRUCTION AND REHABILITATION AND
APPROVING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH
2
3
4
5
6
7 the 6th day of September , 2005, by the following vote, to wit:
8 Council Members:
9 ESTRADA
10
11
MCGINNIS
12
13 DERRY
14 KELLEY
15 JOHNSON
16 MCCAMMACK
17
18
19
The foregoing resolution is hereby approved this
20 2005.
21
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23
Approved as to
24 Form and legal content:
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor
jt. regular
and Common Council of the City of San Bernardino at a meeting thereof, held on
AYES
NAYS
ABSENT
ABSTAIN
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LIEN-LONGVILLE
x
x
x
-1L-
x
x
~b~
City Clerk
Sipf
Valles, Mayor
of San Bernardino
JAMES F. PENMAN,
City Attorney
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Attachment" A"
CITY OF SAN BERNARDINO
2005/06-2009/10 CAPITAL IMPROVEMENTS PROGRAM
su BrfdOe & 1IIlIIng'"",,, YIoloIoIo ~ (Ar\nuoI) I iICl,OlX l 15O,0lX
SS-B Conotruct _lbIIlty Imp_ atV._ LocatI... 400,00( ( ( 400,000
SS.C StrIaI.nd So~ ImP-'" at V._ LocatIOM 1150-:00< ( ( 1150,000
SS-D P_ RoJuvlnatlon'l V.~.... LocatIono (Annuol) 75,0lX ( 75,000
SS-E IIlocelllnloull_.. Ropel.. 150,00( ( -0 150,000
55.f Bill Slop eon_ Podo (Annual) eO,ocx ( C 60,000
SS4 School 01 tho lIonth prog_ (Annual) ( 150,00( I 150,00(
5s-H Gu.rdnllI Ropel, .IV._ L_ (Annual) ( 150,00 I I 150,00(
SS~ Rnldonllll S_I Ropel.. .1 V....... LocoUono (Annual) ( 25,00 I 25,00(
l
5SlJ4.01 C.mplll Pkwy Conotructlon ( 75,00 l 75,00(
5504-14 40th S_ _nlng from "".. Lono to EIocIrlc Avo ( 100,00 l ( 100,00(
SS04-17 DII R_ _ WIdonlng (Doolgn Only) ( 25~ ( C 25,00(
S804-19 Un.....1ty Pkwy 11-215 Frwy Comblnod PSR. Projoct R.port & Frwy Loop ( 1150,000 C 1150,00(
SS04-34 3rd StrIaI ond 2nd _1_lmJlfOYornonlI & Ennnco to p.rklng Lot C 0 1150,00( 0 1150,00(
SS04-37 2nd StrIaI_lon & S_ Rohob C 0 130,00( 0 130,000
SS04-44 3rd S_ P.....ont Rolllb C 200,000 0 2OO,OOC
5S04-55 SonlI F. Dopol_ PIoMlng I -; 16,00 I 16,00
SS04-57 Old Towne a.n Bernardino Infrutructurelmprovementa I l 150,00 I 150,001
5llO4-14 P......nl Rohlb lor 2 Lo...: ~.... G.. Uno Projocl I 246,301 I 246,301
S504-15 Irvlngton Ave . StrMt IInproYwwItw from Eacena at to Olive Ave I ( 25,00( l 25,001
SS04-l5 Lon. Rd _nolon from 11m 81 to 0... Show Rd 1 Q.OO( ( l 10,00
SS04-107 Love une pevement Rehab from Pepper Dr to o...nge It I 7,00( ( l 7,00
SS04-108 Orong. St Povomont _ from LoVI Lono to Hlghl.nd A.. , 8,OOC C ( 8,00
5804-121 3rd StrIaI P._ Rohob from 8to~lng Avo to Vletorlo Avo 160-:00< ( ( 160,00
5S04-124 Gllbort 81 P_ RIhIb from W.II.... Avo to Twin Crook Chlnnll 200,00( C 0 ( 200,OCX
5504-132 34th StrIaI PIVIIlIIfIl Rohobfrom lit. v.w Avo to Leroy St , c Ii
5S04-138 51.... Woy Povom.nt Rohlb from 2nd StrIaI to 5th S_I C 0
5S04-141 lit v.w Avo Rood _noIon ""roll S.nto AnI RIv., ( I 100,00( 100,OOC
SS04-142 Cojon Blvd R.h.b 1 C..._ from lit Vomon Avo to C.llIoml. 51 ( 200,00 I l 200,00(
5804-143 GordIn D,_ntRIhIbfrom Poclllc SI North ( 110:00 I I 110,00(
S804-145 _n Avo PIVIIlIIfIl Rohob from 5th StrIaI to 9th StrIaI ( 52.2Ol I l 52,20(
SS04-147 VIctorII St Po.omont _ from TI_nOl Avo to Rlehlrdoon St ( l (
5504-145 30th _ _.nt _from"E" 5tr1a1to V.lonell Avo 195,00( I 195,00(
5504-149 Park.1e Dr PMlment Rehab from Parkalde Dr to W.tennan Ave ( 72.OOC 72,OOC
c
5S0U4 Broodmoor Blvd 130th SI/Watonnon A.. So~ S_lk, ADA & W.II c 0 25,OOC 0 25,000
SS05.o5 Del Raaa Ave EnhlinC*Mnt 'BHutlflcatlon Imprcwemem. , 0 1150,00( C 1150,00(
SS05-12 V_ Avo PIVIIlIIfIl Rohob from 30th StrIaI to 40th S_I 350,OOC 0 C 350,OOC
5S05.17 AIoboml St BrIdgo at City C_k South 0I3rd StrIaI (Design Only) I 100-:00< ( ( I 100,00(
SS05-24 5tr1a1 UgIIt Po'" & E_ Syoloml Roploe....nt I 4O,OOC ( I 40.00c
( I
SSoe.o1 4th StrHt Cuf.Oe..Sac -' .. V.mon Ave l 160,OOC ( 160,00
550e.02 4th _'5th StrIaIY~_n 125,00( ( ( 125,00
5808.03 f..tIIe Colmlng on 4th S_.I TI. JUlno St & C.brorI Avo , 69,00( ( 69,00
5S08004 LondoClplng on 4th S_ bIwn Mt. V.mon Avo & 8th StrIaI 50-:00< ( ( 150,001
SS08.o5 1111181 _ _from lit V.mon Avo to Bordwell Avo 25,00 ( ( 25,00
850e.08 .~ 1ft neno AVO to .._,,.vo . rrom -~- 0. to M< 285,001 ( ( 295,001
550e.07 2nd__RIhIb lit. Vernon Avo to 1.215 F/IIWIY 160,000 ( ( 160,00(
5S05-10 _ uno ~...,.. .rom .. yomon ,.VO to Mlnal.n . rrom ........n 295,000 ( ( 295.00
8S08.13 -eo 8tr1a1 _.nl Rolllb from 2nd StrIaI to 8th StrIaI 0 ( 5O,OOC 100,000 0 1150,000
5SOI.14 E_ Avo P.vomont Rohlb from P.rkdoll Avo to 40th S_I 155.000 ( ( C 0 155,000
CONTINUeD ON NeXT PAGB
8I2W2005 3:04PM
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CITY OF SAN BERNARDINO
2004/05-2008/09 CAPITAL IMPROVEMENTS PROGRAM
San . STREETS AND STREET LIGHTING
SSDl-1' GoIlIM...................... _ ID Lr-o.. Dr 230, e ( .( I 230~
SSOI-19 Dol_Avo _0lIl_...... HIg/lIond A..ID P_St 90,001 e ( C I 90,001
SS0I-21 .H._P__......IIlIIS_IDIIlIIS_ 210,001 C ( ( e 210,001
SS0I-23 Hoopl1ollty Lono p__......W_AvoID "E'_ C ( 3SO,OOC 0 3SO,00I
SSOIoU Hany SlIoppord Dr -1..toR conc_ P-O _ Truol< D_y ( ( (
SSOI-27 Muocup_ Dr P_ RIhob...... Hlghlond A.. ID 271h_ 200,001 ( ( 0 ( 200,001
SSOI-29 N_pIIIe Blvd P_ RIhob.......F" S_ID Eloctrtc Av. 220,001 ( ( . ( ( 220,001
SSOlI-30 PI.. Avonue P.......nt Rohob ......lrvIngtan A.. ID Ohio A.. 115,00 I I 115,001
SSOI-3Z Un.....1ty Pkwy P_ Rohob ......1-21. _ Rompe to V...lly A.. 205,00 I ( 205,001
- K._ Dr S_1t I..tol_ btwn Cambridge Avo & PI.. A.. 7,001 I 7,001
SSOI-3I lith S__nt_......W_ A.. to n_noo Avo 150,00 I I 150,001
SSOlI-37 .u. S_ P.......nt _.lnIctIon...... ML Vomon A.. to .... - 893,SOC ( I 693,SOC
SSOlI-3. ....S_P__......W._nAvoIDn_nooA.. ( 330,201 I 330,201
SS0I-39 P....ytv.nto A.. Povomont _...... _ LI.. St ID 1.'" S_ 7O,OOC e c 70,OOC
SS06-IO 2nd S__ont_......I-21.F_ID'e-S_ 180,OOC ( 180,OOC
SSIlI-43 RI.IlDAvonue P......ont_frami-Zl.ID.F" S_ 280,80( ( ( ( 280,601
S_ .... s__ont ...... Shirley Avo ID V1ctorto Av. 844,80( 0 ( 844,601
6_ 27'" S_ __...... Codor.ttoGoldonAv. 76,80( ( ( 76,aoc
SSOI-<47 OUt Place Pavement R~ from Del Rou Dr to City limb 124,001 I ( I 124,001
- '0' S___InIctIon...... _.. .tID Hlghlond Av. 534,30( ( C ( 534,31l(
SSOIo49 3OIhS_P_ .......O._ID.H.S_ 102,00 ( ( I 102,00
SSOI-80 SIoITOWoyP_RIhobfram_._ID-"".nAvo 263,001 e ( I 263,001
SS06-52 .H..__RIhob......_L1..attolI1l11S_ 180,11l( I ( I lBO,lll(
SSOI-I3 l....S_P_RIhob.......e-._ID.O.S- .i,OOI I ( I 67,00
.S_ 1.... _P_tRlhob...... MlVernon AvoID Porrto St 136,9OC C ( ( 136,9OC
SSOI-I6 _ _ Povomont _...... W.to....... Avo ID Votonclo A.. 136,101 ( ( C ( 136,11l(
SS_. ...rllllll Avonue P.......nt Rohob...... Hlghlond A_ Dolo PI 261,60( ( ( ( 261.6()(
SS_7 MHI.t P_ Rohob...... __ Avo ID W_.n A.. 212.SOl ( ( ( 212,SOl
SSOI-86 DovIdoonA___...... HIgII_A..ID27'" S_ .7,SOl ( -0 67,SOl
5S_9 Sorrono Rd Povomont _...... HIg/I_ A.. to 271h S_ 67,SOl I I 67,SOl
S._O 211l11.__RIhob...........noRdID...- 71.SOl I ( 71.SOl
SSOI-Il 2....._ P.......nt _...... Lincoln Dr to .,..- 19.5Ol I I 19.5Ol
SS06-52 ... ._ P......ont _...... 271h._ ID CoIlmo Rd 70,5oc I ( 70,SOl
SS_ _..... Ln _tRohob...... FoxGroItWyIDWolr Rd 4O,OOC ( 4O,OOC
SSIII-I4 HorwlGk Dr Povomont Rohob...... Weir Rd to Hunto Ln IlO,OOC I 90.001
SSOI-I5 EUGOIyptuo A.. P_.............. Mil StID RtoIlo A.. 5O.00c , ( 50,001
.- PIno Avo _t Rohob...... Ko_ Dr to IrvIngtan A.. 96.00c ( ( 96,001
SSOI-I7 C_ DrP_Rohob...... EdgohIH Rd IDN. '0' ._t 43,201 ( ( 43.201
SSO...9 Ore..t P_ R.hob...... HIg_ A.. ID LynwOGd Dr 132,OOC ( ( 132.00c
SSOI-70 'D" S_ P......ont Rohob...... Hlghlond Avo ID RGUl8 30 145.201 ( 0 ( 145,201
SSOl-71 ~rcy..~ ~ 0 192,00 I ( C 192,00
SSOI-72 Sto"I_..L_~nt 25,001 20.001 ( 45.00
SS0I-73 WoIOmllIn A.. _ _...... DroIllIO S_ Rd to 3rd SL 400:00c I C 400,00
SSOl-74 ll1h._P__......__A..toML VornonA.. 64.60( ( ( 64,600
SSOl-7S 111111 S_P_.............. _10m A.. ID_Ico' Contor Dr 96,00 ( C 96,OOC
SSOl-7S _ton A_ P__framllth._to EUwondoAvo 57,1lOl e ( 57,60(
SSOI-77 Mt. Vernon A..... P__ ......lI1l11S_to Hlghlond Avonue 112,001 C ( 192,OOC
SSOI-76 I"''' .......... nll'Ol11_L'I1O 180.00c C C 160.DOC
SSOI-79 lIth.__tRlhobl_n......F_S_to.L.S_ 34S,aoc ( ( 345,60(
0804.07 City Vord P.......nt 25.00c 25.00c
Tctol 9,059,301 3,010,500 1,162.201 ..D.OOi ( 14,111,00II
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8I29l2OO5 3:04PM
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2005-292
RESOLUTION NO. 05-25
RESOLUTION OF THE CALIFORNIA INFRASTRUCTURE AND
ECONOMIC DEVELOPMENT BANK APPROVING INFRASTRUCTURE
STATE REVOLVING FUND PROGRAM FINANCING NOT TO EXCEED
$10,000,000 FOR THE CITY OF SAN BERNARDINO
WHEREAS, staff of the California Infrastructure and Economic Development Bank
("Staff" and "I-Bank," respectively) has determined that the City of San Bernardino
("Borrower") submitted a timely and complete application ("Application") requesting
Infrastructure State Revolving Fund ("ISRF") Program financing for the Pavement
Reconstruction and Rehabilitation Project, which consists of 3.4 miles of pavement
reconstruction and 25.5 miles of pavement rehabilitation projects on public streets throughout the
City of San Bernardino (collectively, and as more particularly described in the Borrower's
financing application and the staff report that accompanies this resolution, the "Project"); and
WHEREAS, Staff has determined that the Borrower-proposed financing and Project
meet all eligibility requirements contained in Government Code Section 63000 et seq. ("Act")
and the Criteria, Priorities and Guidelines ("Criteria") for the ISRF Program.
WHEREAS, the Borrower may pay certain expenditures (the "Reimbursable
Expenditures") in connection with the Project prior to the issuance by the I-Bank of indebtedness for
the purpose of financing costs associated with the Project on a long-term basis;
WHEREAS, the I-Bank reasonably expects that a portion of tax-exempt bonds in an
aggregate amount not expected to exceed $10,000,000 will be issued to finance the costs of the
Project and that certain of the proceeds of the tax-exempt bonds will be used to reimburse the
Reimbursable Expenditures; and
WHEREAS, Section 1.150-2 of the Treasury Regulations requires the I-Bank to declare its
reasonable official intent to reimburse Reimbursable Expenditures for the Project with proceeds of a
subsequent borrowing;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the California
Infrastructure and Economic Development Bank ("Board"), as follows:
Section 1. Based upon information presented at the meeting where adoption of this
resolution was presented and the staff report presented to the Board, the Board makes the
following findings:
(a) Borrower meets the definition of "sponsor" pursuant to Government Code
Section 63010 (u) and is thus an eligible recipient of financing;
(b) The Proj ect meets the definition of "public development facility" pursuant to
Government Code Section 63010(q) and is thus an eligible project to be financed;
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2005-292
(c) The categories of Project costs proposed to be paid with ISRF Program
funds meet the definition of "Costs" pursuant to Government Code Section 630l0(f) and thus are
eligible for ISRF Program financing;
(d) Borrower adopted a resolution consistent with all the requirements of
Government Code Section 63041;
(e) Borrower meets the "need for I-Bank financing" and "readiness to proceed"
criteria contained in the Criteria;
(f) Borrower and Project are eligible for tax-exempt financing under Federal
law, without an allocation of private activity bond volume cap as required in the Criteria;
(g) The Project will not result in a "business relocation" as defined in the
Criteria;
(h) The proposed financing complies with the underwriting criteria and sources
ofloan repayment specified in the Criteria; and
(i) The proposed Project is financially feasible, with all Project funding sources
identified and committed.
Section 2. The provision of ISRF Program funds to the Borrower are consistent with the
terms and conditions specified in Attachment A to this resolution is hereby approved. The Chair
or the Executive Director and the Secretary are authorized to execute all documents, certificates
and other written agreements reasonably necessary to effectuate the described financing. The
authority to execute financing documents shall expire automatically two hundred and ten (210)
days from the adoption of this resolution.
Section 3. This resolution does not constitute a cornmitment to finance the Project, but
instead sets forth the terms and conditions that shall be contained in the financing agreement
with the Borrower. It is the understanding that the fmancing agreement will require considerable
conditions and agreements on the part of the Borrower in order to adequately protect the interests
of the I-Bank. Attachment A is meant solely to call out terms and conditions specific to this
financing, and is not meant as a listing of conditions of sufficient specificity to constitute a
commitment to finance.
Section 4. This resolution is adopted for purposes of establishing compliance with the
requirements of Section 1.150-2 of the Treasury Regulations. This resolution does not bind the 1-
Bank to make any expenditure, incur any indebtedness, or proceed with the financing of the Project.
Section S. All of the Reimbursable Expenditures covered by this resolution were made
not earlier than 60 days prior to the date of this resolution.
Section 6. The Board hereby declares its reasonable official intent to use proceeds of
tax-exempt bonds to reimburse the Borrower for the Reimbursable Expenditures.
Section 7. This resolution shall take effect from and after its adoption.
2
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2005-292
PASSED, APPROVED, AND ADOPTED at a meeting of the Board of Directors of the
California Infrastructure and Economic Development Bank on September 27, 2005 by the
following vote:
AYES: SEDLIK, SHEEHAN, LUJANO, AGUIAR
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
BY.~
Stanton C. Hazelroth, Executi Director
ATTEST
By:
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Blake Fowler, Secretary
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2005-292
ATTACHMENT A
Staff recommends approval of Resolution No. 05-25 authorizing financing not to exceed
$10,000,000 for the City of San Bemardino for the Project subject to the following
conditions:
1. Borrower: City of San Bernardino.
2. Project: Pavement Reconstruction and Rehabilitation Project.
3. Amount of Financing: Not to exceed $10,000,000.
4. Funding Availability: The I-Bank's financing commitment is subject to the
availability of funds from either, or a combination of, proceeds of a revenue bond
issue or I-Bank equity funds. The City shall execute the I-Bank financing agreement
within 210 days of September 27, 2005, or the commitment of funds may be
cancelled by the I-Bank.
5. Maturity: Not to exceed 10 years.
6. Repayment/Security: Lease payments from the General Fund of the City.
7. Interest Rate: 67% of Thompson's Municipal Market Data Index for an "A" rated
tax-exempt security with a weighted average life similar to the I-Bank financing
based on the rates on September 1, 2005.
8. Fees: Financing origination fee of .85% of the I-Bank financing, and an annual fee of
.3% of the outstanding principal balance.
9. Type of Financing Agreement: General Fund Lease Agreement between the City
and the I-Bank for Fire Station #2, #3, #4, #5, #6, #7, #8, and #11 (Leased Assets).
10. Condition Precedent to Execution of the Lease Agreement: City to obtain title to
Fire Station #11 located at 450 East Vanderbilt Way.
11. Financing Agreement Covenants: The following are some of the covenants that
will be contained in the Lease Agreement.
a. The City shall covenant to budget and appropriate the lease payment, and
to use its best efforts to maintain sufficient General Fund revenues to
provide moneys to fund all necessary and appropriate General Fund
operations.
b. The City may request to prepay all or a portion of the financed amount. A
request for a reduction is considered a prepayment. The I-Bank shall
respond promptly to any prepayment request and shall make every effort
to accommodate the request, subject to the prepayment restrictions of the
bonds to which this financing is pledged. The City may on any date
provide for a legal defeasance of the principal amount outstanding and
any additional payments then due.
c. An agreement by the City to indemnify I-Bank and its directors, officers
and employees from any liability arising from the Lease Agreement or
from construction or operation of the Project.
A-1
2005-292
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12. Conditions Precedent to Initial Disbursement: The following are some of the
conditions, which will be required precedent to the initial disbursement of I-Bank
funds:
a.
Adopted City resolution authorizing the execution and delivery of the
Lease Agreement and Site Lease, and approving certain other matters in
connection therewith.
Execution by the City of a Lease Agreement and Site Lease consistent
with the terms contained herein.
Receipt of an opinion of legal counsel to the City that the City has the legal
authority to enter into the I-Bank Lease Agreement, that there is no
litigation currently pending or anticipated that will have a material adverse
effect on the City's ability to make lease payments, and that the Lease
Agreement and Site Lease are legal, binding and enforceable agreements
of the City.
Evidence of adequate insurance against liability and damage or
destruction of the Leased Assets in such amounts and against such risks
as are usually covered for similar properties, and use and occupancy
insurance and rental interruption insurance for the Leased Assets with 1-
Bank named as the additional insured or loss payee, as appropriate.
Evidence of workers' compensation insurance covering all City
employees.
f. Evidence of CL TA title insurance.
g. Tax Certificate executed by the City.
h. Documentation of the completed environmental review process.
13. Conditions Precedent to Initial Construction Disbursement: The following are
some of the conditions, which will be required precedent to the initial construction
disbursement of I-Bank funds:
a. Certifications by the City that all required permits have been obtained for
the construction of the Project.
A written statement by the City Manager, City counselor other designated
person that:
i All construction contracts and subcontracts necessary for the
construction of the applicable Project component have been
awarded, and were awarded pursuant to competitive bidding and
City procedures normally required for similar construction projects.
Project costs for the applicable Project component are consistent
with the Sources and Uses listed in this staff report; and
All prime contracts require the contractor to maintain appropriate
builder's risk insurance and name the City as additional insured and
loss payee, require the contractor to maintain liability insurance and
name the City as an additional insured, and include performance
and payment bond provisions and name the City as additional
payee.
All construction contracts are let to the lowest responsible bidder at
a fixed price subject to increase only for allowable extra work,
b.
c.
d.
e.
b.
ii
iii
iv
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change orders approved by the City and damages or delays
authorized by the laws of the State.
v All contracts and subcontracts require payment of prevailing wage
rates and compliance with Chapter 1 (commencing with Section
1720) of Part 7 of Division 2 of the California Labor Code; require
payment of workers' compensation insurance by contractors and
subcontractors; and are guaranteed maximum price contracts.
vi All construction contracts require payment of worker's
compensation insurance by contractors and subcontractors.
vii All construction contracts include nondiscrimination provisions.
viii The City has utilized the contractor pre-qualification forms
developed by the Department of Industrial Relations as set forth in
AB 574 (Chapter 972 of the Statutes of 1999) codified in Public
Contract Code Section 20101 et seq.
14.Conditions Precedent to Final Disbursement: The following are some of the
conditions precedent to final disbursement of I-Bank funds:
a. Recorded Project Notice of Completion.
b. Lien waivers for the Project, or passage of the applicable statutory time
periods for filing preliminary lien notices and any subsequent stop notices.
c. Certification that the Project has been completed in accordance with the
approved plans and specifications, and that the completed Project is
consistent with the definition of Project in this staff report and is
acceptable to the I-Bank.
d. Project operating permits.
15. Financial and Other Reporting Requirements:
a. Audited annual City financial statements, due to I-Bank within 210 days of
fiscal year end, or such other time that is acceptable to I-Bank.
b. Other information as I-Bank may request from time to time.
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