HomeMy WebLinkAboutCDC/1999-10
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RESOLUTION NO. cnc/1999-10
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO AUTHORIZING A CERTAIN
LOAN AGREEMENT AND DOCUMENTS RELATED THERETO
IN CONNECTION WITH THE ISSUANCE OF CERTAIN TAX
ALLOCATION BONDS BY THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY
7 WHEREAS, the City of San Bernardino (the "City") and the
8 Redevelopment Agency of the City of San Bernardino (the "Agency")
9 have heretofore entered into a Joint Exercise of Powers Agreement
10 establishing the San Bernardino Joint Powers Financing Authority
11 (the "Authority") for the purpose, among other things, of issuing
12 bonds to be used to make loans to finance certain activities of the
13 City and the Agency; and
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WHEREAS, the City owns certain property located Northwest
16 of Little League Drive and Northeast of Interstate 215 (the
17 "Property") and desires to sell said Property to the Agency; and
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19 WHEREAS, the Agency desires to purchase the Property from
20 the City and has therefore requested that the Authority assist it
21 with said purchase and the Authority has determined to issue its
22 not to exceed $5,000,000 San Bernardino Joint Powers Financing
23 Authority Tax Allocation Bonds (20% Set Aside), Series 1999 (the
24 "Bonds") pursuant to that certain Indenture of Trust (the
25 "Indenture"); and
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WHEREAS, the proceeds of the Bonds shall be loaned to the
28 Agency pursuant to that certain Loan Agreement (the "Loan
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CDC/I999-10
1 Agreement") and the Bonds shall be secured by tax increment revenues
2 of the Agency set aside for low- and moderate-income
3 housing(defined in the Indenture as "Housing Revenues"); and
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5 WHEREAS, the proceeds of the Bonds will be applied to
6 purchase and rehabilitate the Property, fund a reserve fund and pay
7 costs of issuance of the Bonds; and
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9 WHEREAS, Miller & Schroeder Financial, Inc., as
10 prospective underwriter of the Bonds (the "Underwriter") has
11 informed the Authority that it intends to submit an offer to
12 purchase the Bonds and shall cause to be prepared a Preliminary
13 Official Statement and an Official statement relating to such
14 Bonds, as may be necessary in the sale and marketing of the Bonds,
15 the form of which Preliminary Official Statement is presently on
16 file with the Secretary of the Agency; and
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18 WHEREAS, the Agency has considered the terms of the
19 transaction as contemplated herein and desires at this time to
20 approve the terms of said transaction in the public interests of
21 the Agency.
22 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION,
23 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
24 SAN BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
25 FOLLOWS:
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27 Section 1. ApDroval of Final Form of Loan Aareement.
28 The Agency hereby approves the form of Loan Agreement (the "Agency
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CDC/1999-10
1 Documents") presently on file with the Secretary together with any
2 changes therein or additions thereto as may be approved by the
3 Chairman or Executive Director and as necessary to incorporate
4 certain terms and conditions when such terms and conditions have
5 been ascertained. The Agency hereby further authorizes and directs
6 that the form of Loan Agreement presently on file with the
7 Secretary be converted into the final form thereof, together with
8 such changes or modifications as deemed necessary or desirable by
9 the Chairman or Executive Director of the Authority upon the
10 recommendation of Bond Counsel. The Chairman, Vice-Chairman,
11 Executive Director or such other authorized officer of the
12 Authority is hereby authorized and directed to execute and deliver,
13 and the Secretary or Assistant Secretary is hereby authorized and
14 directed to attest to, the final form of the Loan Agreement when
15 the same has been prepared and such execution and delivery shall be
16 deemed to be conclusive evidence of the approval thereof.
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18 Section 2. Sale of the Bonds; Official Statement.
19 The Agency hereby approves the sale of the Bonds by negotiated
20 purchase with the Underwriter, pursuant to that certain Bond
21 Purchase Agreement on file with the Agency (the "Purchase
22 Agreement"), and the sale of the Bonds pursuant to the Purchase
23 Agreement is hereby approved. The Authority hereby further
24 authorizes the form of Purchase Agreement as presently on file with
25 the Secretary, together with any changes therein or additions
26 thereto approved by the Chairman, Executive Director or an
27 authorized representative of the Chairman and as necessary to
28 incorporate the principal amount, the interest rate, the purchase
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CDc/1999-10
1 price and such other terms and conditions when such terms and
2 conditions have been ascertained. The Agency hereby authorizes and
3 directs the Underwriter to cause the preparation of the final
4 Purchase Agreement of which such terms are a part, and the
5 Chairman, the Vice-Chairman, Executive Director or such other
6 authorized officer of the Agency is hereby authorized and directed
7 to evidence the Agency's acceptance of the offer made by the
8 Purchase Agreement by executing and delivering the Purchase
9 Agreement in said form as on file with such changes therein as the
10 officer or the officers executing the same may approve, such
11 approval to be conclusively evidenced by the execution and delivery
12 thereof.
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14 Section 3. Approval of Final Form of Continuina
15 Disclosure Agreement. The Agency hereby approves the form of
16 Continuing Disclosure Agreement presently on file with the
17 Secretary together with any changes therein or additions thereto as
18 may be approved by the Chairman or Executive Director and as
19 necessary to incorporate certain terms and conditions when such
20 terms and conditions have been ascertained. The Agency hereby
21 further authorizes and directs that the form of Continuing
22 Disclosure Agreement presently on file with the Secretary be
23 converted into the final form thereof, together with such changes
24 or modifications as deemed necessary or desirable by the Chairman
25 or Executive Director of the Agency upon the recommendation of Bond
26 Counsel. The Chairman, Vice-Chairman, or Executive Director or
27 such other authorized officer of the Agency is hereby authorized
28 and directed to execute and deliver, and the Secretary or Assistant
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CDc/1999-10
1 Secretary is hereby authorized and directed to attest to, the final
2 form of the Continuing Disclosure Agreement when the same has been
3 prepared and such execution and delivery shall be deemed to be
4 conclusive evidence of the approval thereof.
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6 Section 4. Official Action. The Chairman, Executive
7 Director, Secretary, Counsel and any and all other officers of the
8 Agency are hereby authorized and directed, for and in the name and
9 on behalf of the Agency, to do any and all things and take any and
10 all actions, including execution and deli very of any and all
11 assignments, certificates, requisitions, agreements, notices,
12 consents, instruments of conveyance, warrants and other documents,
13 which they, or any of them, may deem necessary or advisable in
14 order to consummate the transaction contemplated herein. Whenever
15 in this Resolution any officer of the Agency is authorized to
16 execute or countersign any document or take any action, such
17 execution, countersigning or action may be taken on behalf of such
18 officer by any person designated by such officer to act on his or
19 her behalf in the case such officer shall be absent or unavailable.
20 The Agency hereby appoints its Chairman and Executive Director as
21 agents of the Agency for purposes of executing any and all
22 documents and instruments which any officer of the Agency is
23 authorized to execute hereunder.
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27 III
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CDC/1999-10
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING A
2 CERTAIN LOAN AGREEMENT AND DOCUMENTS RELATED THERETO IN CONNECTION
WITH THE ISSUANCE OF CERTAIN TAX ALLOCATION BONDS BY THE SAN
3 BERNARDINO JOINT POWERS FINANCING AUTHORITY
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Section 5.
This Resolution shall take effect upon the
date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
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San Bernardino at a joint regular
adopted by the Conununi ty Development Conunission of the City of
meeting thereof, held on
the 15th day of April, 1999, by the following vote, to wit:
conunission Members: AYES NAYS ABSTAIN ABSENT
11 ESTRADA x
LIEN -X.-
12 McGINNIS -X.-
SCHNETZ -X.-
13 DEVLIN -X.-
ANDERSON -X.-
14 MILLER ~
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17 The foregoing resolution is hereby approved this ~
day of April, 1999.
22 egal content:
23 By:
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27 SBEO\0179\DOC\1732.WPD
3/23/99 3:00 ik
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