HomeMy WebLinkAboutCDC/2002-13
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Also See Reso 2002-81
Also See Reso J-51
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4 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO AUTHORIZING ON BEHALF OF THE REDEVELOPMENT
5 AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL
6 AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $33,000,000, AUTHORIZING
THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
7 AUTHORIZING AND DIRECTING THEIR PREPARATION, EXECUTION AND
DELIVERY
RESOLUTION NO. CDC/2002-13
WHEREAS, the City of San Bernardino, California (the "City") is a municipal
corporation and charter city, duly organized and existing pursuant to the provisions of the constitution
of the State of California; and
WHEREAS, the Community Development Commission of the City of San Bernardino
(the "Commission") is the governing body of the Redevelopment Agency of the City of San
Bernardino (the "Agency"), a public body, corporate and politic, organized and existing pursuant to
the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) (the
"CRL"); and
WHEREAS, the City and the Agency have heretofore entered into a Joint Exercise of
Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (the
"Authority") for the purpose of issuing bonds, the proceeds of which may be loaned to any of its
members to finance public capital improvements; and
WHEREAS, the Authority has heretofore issued its Tax Allocation Refunding Bonds,
Series 1995A (the "Series 1995A Bonds" or the "Prior Bonds") and its Subordinated Tax Allocation
Refunding Bonds, Series 1995B (the "Series 1995B Bonds" (the Series 1995A Bonds and the Series
1995B Bonds being hereinafter from time to time referred to collectively as the" 1995 Bonds"); and
WHEREAS, the 1995 Bonds were issued in order to enable the Authority to make seven
(7) loans to the Agency to refund the Authority's outstanding $7,120,000 Tax Allocation Bonds, 1990
Series B (Tri-City Redevelopment Project); $5,200,000 Tax Allocation Refunding Bonds (Central
City North Redevelopment Project Area, Issue of 1988; $3,025,000 Tax Allocation Bonds (Central
City North Redevelopment Project Area), Issue of 1988; $12,800,000 Tax Allocation Refunding
Bonds, 1989 Series A (State College Project No.4); $5,830,000 Tax Allocation Bonds 1990 Series D
SBEO/000l/00C/4127
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CDC/2002-13
(State College Project No.4); $9,575,000 Tax Allocation Bonds, Issue of 1994 (Police Station
Financing Project); $6,725,000 Tax Allocation Refunding Bonds, Issue of 1993 (Southeast Industrial
Park Redevelopment Project Area); $5,130,000 Tax Allocation Bonds, 1990 Series F (Southeast
Industrial Park Redevelopment Project Area); $2,940,000 Tax Allocation Bonds, 1990 Series E
(Northwest Redevelopment Project); $3,400,000 Tax Allocation Bonds, 1990 Series A (South Valle
Redevelopment Project) and $1,730,000 Tax Allocation Bonds, 1990 Series C (Uptown
Redevelopment Project), as well as the Agency's outstanding $11,410,000 Redevelopment Agency of
the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation
Refunding Bonds, Issue of 1988 and $1,525,000 Redevelopment Agency of the City of San
Bernardino Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds, Issue of
1988, and to finance certain redevelopment activities, pay costs of issuance of the 1995 Bonds and
establish certain reserve funds; and
WHEREAS, the 1995 Bonds are secured by the tax increment revenues from each
respective redevelopment area enumerated above, including the State College Project No.4, the
Southeast Industrial Park, the Northwest Redevelopment Project Area, the Tri-City Redevelopment
Project Area, the Uptown Redevelopment Project Area, the South Valle Redevelopment Project Area
and the Central City North Redevelopment Project Area (collectively, the "Project Areas"); and
WHEREAS, the Agency has requested that the Authority issue, and the Authority desires
to assist the Agency by the issuance of, a total aggregate principal amount of not to exceed
$33,000,000 San Bernardino Joint Powers Financing Authority Subordinate Tax Allocation
Refunding Bonds, Series 2002A (the "Bonds") which shall be subordinate to the Series 1995A
Bonds; and
WHEREAS, the proceeds of the Bonds will be used to make certain loans to the Agency
to (i) provide for costs of issuance of, and reserve funds for, the Bonds, (ii) refund the Series 1995B
Bonds, and (iii) provide monies for certain redevelopment projects and activities within the Project
Areas and certain capital improvement projects outside of the Project Areas or within another Project
Area which are of benefit to all or anyone of the Project Areas, as may be authorized pursuant to the
CRL and subject to such actions and findings as may be required to be taken hereafter by the
Authority, Mayor and Common Council of the City and the Agency; and
WHEREAS, the Bonds shall be issued pursuant to the Marks-Roos Local Bond Pooling
Act of 1985, codified at California Government Code Section 6584 et~. (the "Act"); and
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CDC/2002-13
WHEREAS, the Bonds shall be issued pursuant to an Indenture of Trust by and between
the Authority and U.S. Bank N.A., as trustee, in form similar to that currently on file with the
Secretary of the Agency (the "Indenture"); and
WHEREAS, Kinsell, Newcomb & De Dios, Inc., as prospective purchaser of the Bonds
(the "Original Purchaser"), has informed the Authority that it intends to submit an offer to purchase
the Bonds and shall cause to be prepared a Preliminary Official Statement and an Official Statement,
a form of which Preliminary Official Statement is presently on file with the Secretary of the
Authority; and
WHEREAS, the Commission has duly considered the terms of such transactions as
contemplated herein and find that approval of the issuance of the Bonds at this time is in the best
interests of the City.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1. Findings and Determinations. The Commission hereby finds and determines
that issuance of the Bonds by the Authority will result in significant public benefits to the Agency,
namely favorable interest rates, Bond preparation, Bond underwriting or Bond issuance costs.
Section 2. Authorization of Loans: Approval of Final Forms of Loan Agreements. The
Commission hereby authorizes and approves the Loans to be made to the Agency by the Authority
pursuant to and in accordance with the terms of the Loan Agreements with respect to each of the
Project Areas, for the purpose of paying certain costs of issuance and funding required debt service
reserves and undertaking certain redevelopment projects within the Project Areas and certain capital
improvement projects outside of the Project Areas or within another Project Area which are of benefit
to all or anyone of the Project Areas, as may be authorized pursuant to the CRL and subject to such
actions and findings as may be required to be taken hereafter by the Authority, Mayor and Common
Council of the City and the Agency. The Community Development Commission hereby further
approves the form of Loan Agreements substantially in the form presently on file with the Secretary
of the Agency, together with any changes therein or additions thereto as may be approved by the
Chair or the Executive Director and as necessary to incorporate the principal amount, interest rate,
maturity and prepayment dates and such other terms and conditions when such terms and conditions
have been ascertained. The Community Redevelopment Commission hereby further authorizes and
directs that the form of the Loan Agreements as on file be converted into the final form of the Loan
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CDC/2002-13
Agreements with respect to each of the Project Areas. The Chair, Executive Director or such other
members or representatives of the Commission are hereby authorized and directed to execute and
deliver, and the Secretary or Assistant Secretary is hereby authorized and directed to attest to and
affix the seal of the Agency to, the final forms of the Loan Agreements for each of the Project Areas
when the same has been prepared for and in the name and on behalf of the Agency, and such
execution and delivery shall be deemed to be conclusive evidence of the approval thereof. The
Community Development Commission hereby authorizes the delivery and performance of the Loan
Agreements. The Community Development Commission further authorizes and directs Agency Staff
together with the Original Purchaser to obtain bids or proposals for any investment of funds to be
held and maintained either within the Loan Agreements or by the Agency or held and maintained by
the Trustee pursuant to the Indenture of Trust dated as of March I, 2002, by and between the
Authority and U.S. Bank Trust N. A., as trustee (the "Trustee") and any other debt service funds.
Section 3. Approval of Final Form of Continuing Disclosure Agreement. The Community
Development Commission hereby approves the form of Continuing Disclosure Agreement in the
form on file with the Secretary, together with any changes therein or additions thereto as may be
approved by the Chair or the Executive Director. The Community Development Commission hereby
further authorizes and directs the conversion of the form of Continuing Disclosure Agreement into
the final form thereof, together with such changes or modifications as deemed necessary or desirable
by the Chair or the Executive Director upon the recommendation of Bond Counsel. The Chair or the
Executive Director or such other authorized officer of the Authority is hereby authorized and directed
to execute and deliver, and the Secretary or Assistant Secretary is hereby authorized and directed to
attest to, the final form of the Continuing Disclosure Agreement.
Section 4. Official Action. The Chair, Vice-Chair, Secretary, Assistant Secretary, Executive
Director, Agency Special Counsel and any and all other members and officers of the Agency are
hereby authorized and directed, on behalf of the Agency, to do any and all things and to take any and
all actions, including execution and delivery of assignments, certificates, requisitions, agreements,
notices, consents, instruments of conveyance, warrants, Bond closing documents and other
documents as may be approved by Bond Counsel and as may be reasonably necessary or advisable in
connection with execution and delivery of the Loan Agreements and the consummation of the
transactions described herein and therein.
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A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO AUTHORIZING ON BEHALF OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $33,000,000, AUTHORIZING
THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING THEIR PREPARATION, EXECUTION AND
DELIVERY
Section 4.
Effective Date. This Resolution shall take effect upon the date of its passage and
adoption.
8 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
Development Commission of the City of San Bernardino at a j t. reg. meeting thereof, held on
the 4 th day of March , 2002, by the following vote, to wit:
Commission Members AYES NAYS ABST AIN ABSENT
ESTRADA X
LIEN X
MCGINNIS X
DERRY X
SUAREZ X
ANDERSON X
McCAMMACK X
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The foregoing Resolution is hereby approved this ~ day of March , 2002.
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J udithVitITes, Chair
Con<mJnity Development Commission
oythe,Fityof San Bernardino
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By:
26 Agency Counsel