HomeMy WebLinkAbout1989-493
SBEOOIOO-29/3310S/dc
12/13/89 1040
RESOLUTION NO. 89.493
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ISSUANCE OF CERTAIN TAX ALLOCATION BONDS, 1989
SERIES B THROUGH 1989 SERIES G, INCLUSIVE, OF THE
SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO OF THE PROCEEDS
THEREFROM PURSUANT TO CERTAIN RELATED LOAN
AGREEMENTS
WHEREAS,
the
Redevelopment
Agency
of
the
City
of
San Berna rdi no (the "Agency") is a redevelopment agency (a pub 1 ic
body, corporate and politic) duly created and existing pursuant to
the Community Redevelopment Law (Part 1 of Division 24, commencing
with Section 33000) of the Health and Safety Code of the State of
California (the "Community Redevelopment Law"); and
WHEREAS, the City of San Bernardino (the "Ci ty") and the
Redevelopment Agency of the City of San Bernardino (the "Agency")
have heretofore entered into a Joint Exercise of Powers Agreement
establishing
the
San Bernardino
Joint
Powers
Authority
(the
"Authority") for the purpose of issuing its bonds to be used to make
loans to any of its members to finance public capital improvements;
and
WHEREAS, the Authority proposes at this time to lssue its
Tax Allocation Bonds, 1989 Series B, 1989 Series C, 1989 Series D,
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1989 Series E, 1989 Series F and 1989 Series G in a total aggregate
principal amount approximately equal to $42,500,000 (collectively,
the 1989 Series B Bonds through the 1989 Series G Bonds, inclusive,
are referred to herein as the "Bonds") for the purpose of providing
funds to make certain loans (the "Loans") to the Agency in a total
principal amount approximately equal to $42,500,000 to finance
certain public capital improvements of the Agency In the
redevelopment of various redevelopment project areas located within
the City of San Bernardino, California; and
WHEREAS, the Loans will be made by the Authority to the
Agency pursuant to certain Loan Agreements relating to each of the
above described series of Bonds and each of which shall be dated as
of December 1, 1989 (collectively, the "Loan Agreements"), by and
among the Agency, the Authority and Security Pacific National Bank,
as trustee (the "Trustee"), a form of which is presently on file
with the Secretary of the Agency; and
WHEREAS, pursuant to the Communi ty Redeve lopment Law, the
Agency has the power and authority to borrow moneys for the purpose
of financing certain public improvements in its redevelopment
project areas within the City of San Bernardino, California; and
WHEREAS, pursuant to the Community Redevelopment Law, the
Agency now desires to borrow certain amounts under the Loan
Agreements for the purpose of paying the costs of acquisition,
construction and installation of its various redevelopment projects;
and
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WHEREAS, the Mayor and Common Council have duly considered
such transactions and documentation and wish at this time to approve
said transactions and documentation ln the public interests of the
Ci ty;
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. Approval of the Authority Bonds. The Mayor
and Common Council hereby approve the issuance by the Authority of
its Bonds ln a total principal amount approximately equal to
$42,500,000 for the purpose of providing funds to make certain loans
(the "Loans") to the Agency In ,] total principal amount
approximately equal to $42,500,000 to finance certain public capital
improvement projects and certain other costs related thereto within
or benefitting the hereinafter described redevelopment project areas
of the Agency. The Mayor and Common Council hereby further approve
the Loans to the Agency and the borrowing of funds by the Agency for
the purpose of financing certain redevelopment projects within the
South Valle Redevelopment Project, the State College Project No.4,
the Tri-City Redevelopment Project Area, the Northwest Redevelopment
Project, the Southeast Industrial Park Redevelopment Project Area
and the Uptown Redevelopment Project pursuant to the terms of each
Loan Agreement to be entered into by the Agency for the applicable
Project Area.
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Section 2. Official Actions. The Mayor and Common
Council, the City Clerk, and any and all other officers of the City
are hereby authorized and directed, for and ln the name and on
behalf of the City, to do any and all things and to take any and all
actions, including execution and delivery of any and all
assignments,
certificates,
requisitions,
agreements,
notices,
consents, warrants and other documents which they, or any of them,
may deem necessary or advisable in connection with the execution and
delivery of the Bonds and the borrowing by the Agency of the
proceeds derived therefrom pursuant to the Loan Agreements and any
related closing documents, as required, and the consummation of the
transactions described herein and therein.
~4.
Section 3.
Effective Date.
This Resolution shall take
effect from and after the date of its passage and adoption.
I HEREBY CERTIFY
adopted by the Mayor
San Bernardino at a
held on the 18th day of
the following vote, to wit:
that
and
the foregoing
Common Counc i 1
resolution
of the
meeting
was du ly
Ci ty of
thereof,
1989, by
reqular
December
AYES:
Council Members
Reilly, Flores, Maudslev, Minor,
Miller
NAYS:
None
ABSENT:
Council Members Estrada, Pope-Ludla~__
, A'
~/$?/~~-
crtY~.'
day of
The foregoing
December
resolution is
, 1080.
hereby approved
this
.20 iL
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/~O{~j~ity rn
San Bernardi 0
Approved as to form and legal content:
By: /;~ )
../ C Y Att ey
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