HomeMy WebLinkAboutCDC/1999-01
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RESOLUTION NO. CDC 1999-1
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
3 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
HIRING OF A FINANCE TEAM AND THE COMMENCEMENT OF PREPARATION OF
4 BOND DOCUMENTS FOR THE ISSUANCE OF BONDS TO FINANCE THE PURCHASE OF
CERTAIN REAL PROPERTY LOCATED WITHIN CFD 995 OF THE CITY OF SAN
5 BERNARDINO
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WHEREAS, the Redevelopment Agency of the City of San
8 Bernardino (the "Agency") is organized and existing under the
9 Community Development Law (Health and Safety Code Section 33000, et
10 ~.) and is authorized thereunder to purchase and sale property in
11 order to carry out its redevelopment purposes; and
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WHEREAS, the City of San Bernardino (the "City") owns
14 property located within its Community Facilities District No. 995
15 (the "Property")and desires to sell said Property to the Agency;
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WHEREAS, the Agency desires to purchase said Property
19 from the City and has therefore requested that the San Bernardino
20 Joint Powers Financing Authority (the "Authority") assist it with
21 said purchase; and
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23 WHEREAS, the Authority was established for the purpose,
24 among other things, of issuing bonds to be used to make loans to
25 finance certain activities of the City and the Agency; and
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WHEREAS, it has been determined that the most cost
28 effective means of financing the purchase of the Property is
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CDC 1999-1
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through the issuance of tax exempt bonds secured and payable from
Low- and Moderate-Income Housing monies of the Agency; and
WHEREAS, in order to commence preparation of the bond
transaction the Agency desires at this time to hire the financing
team and authorize preparation of the financing documents.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION,
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1.
Reci tals. The Recitals contained herein
are true and correct and are incorporated herein by reference.
Section 2. Approval of Financing Team. The Agency
hereby approves the following firms for the financing described
herein:
Sabo & Green, P.C. Bond Counsel
Miller & Schroeder Financial Underwriter
Hinshaw & Culbertson Underwriter's Counsel
U.S. Bank Trust Nat'l Assoc. Trustee
The above named firms are authorized on behalf of the Agency to
commence preparation of the financing transaction which shall be
subject to final approval by the Agency prior to closing.
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CDC 1999-1
1 Section 3. Official Action. The Chairman, Executive
2 Director, Secretary, Counsel and any and all other officers of the
3 Agency are hereby authorized and directed, for and in the name and
4 on behalf of the Agency, to do any and all things and take any and
the financing team with the preparation of
5 all actions, to assist
6 the bond transaction.
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CDC 1999-1
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
2 HIRING OF A FINANCE TEAM AND THE COMMENCEMENT OF PREPARATION OF
BOND DOCUMENTS FOR THE ISSUANCE OF BONDS TO FINANCE THE PURCHASE OF
3 CERTAIN REAL PROPERTY LOCATED WITHIN CFD 995 OF THE CITY OF SAN
BERNARDINO
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Section 4.
This Resolution shall take effect upon the
6 date of its adoption.
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8 I HEREBY CERTIFY that the foregoing Resolution was duly
9 adopted by the Community Development Commission of the City of
10 San Bernardino at an adjourned regular meeting thereof, held on the
11 1st day of February, 1999, by the following vote, to wit:
12 Commission Members:
ESTRADA
13 LIEN
AYES
X
~
NAYS
ABSTAIN
ABSENT
14 SCHNETZ
DEVLIN
15 ANDERSON
MILLER
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X
X
X
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The foregoing resolution (s h
19 day of February, 1999.
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24 APprov.e~/.I.. f 71:0 ~o7. .,and/.e. ~al
By : _Ii, ,,;&~1 . L [:[ ,. I '--
25 Agency Counsel
Judith alles, Chairperson
Commun' y Development Commission
of the City of San Bernardino
content:
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