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CITY OF SAN BERNAQ,INO - REQUEST F~ COUNCIL ACTION
FrO CRAIG A. GRAVES, City Treasurer
Dept: City Treasurer's Office
Su~e~: Authorization for Issuance of
Bonds, Bond Purchase Agreement
and approving form of documents
for Assessment District No. 995
(Verdemont Area Comm. Facilities)
Da~: October 18, 1990
Synopsis of Previous Council action:
4-16-90- Adopted Resolution of Intention to establish the District No. 995.
6-18-90- Adopted Resolution forming the District
7-02-90- Adopted Resolutions confirming Election Results and Validating
Ordinance MC-735
7-16-90- Adopted Ordinance MC-735 authorizing levy of Special Tax
8-20-90- Authorized agreement for Appraisal Services
Recommended motion:
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Adopt Resolution
Cont~ person:
Craig A. Graves
Phone: 5021
cc:
Shauna Edwins, City Administrator
Andrew Green, Finance Director
James Penman, City Attorney
Roger Hardgrave, Public Works
Supporting data attached: Yes
Ward:
Fifth
Bond Proceeds for
Community Facilities
Oil No~s:
Amount: $11,000,000
the Verdemont Area
Distn.ct
Source: 251-673-53925
Finance: -\ \ -- ~) ",---------
FUNDING REQUIREMENTS:
75.0262
Agenda Item NO.--1P
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CITY OF SAN BERNACbINO - REQUEST Fo:J COUNCIL ACTION
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STAFF REPORT
Attached is the Resolution of Issuance for the sale of no more
than $11,000,000 in bonds for the Verdemont Area Community Facilities
District (Assessment District No. 995). It also allows for
the approval of the Bond Purchase Agreement, Fiscal Agent Agreement,
the Mitigation Agreement and the preliminary Official Statement.
The approval for the sale of bonds will allow the Verdemont
Instrature Fees to be paid and then the Public Works Department
can proceed.
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RESOLUTION NO. __
RESOLUTION OF THE CITY OF SAN BERNARDINO
A RESOLUTION OF THE CITY OF SAN BERNARDINO,
AS THE LEGISLATIVE BODY OF CITY OF SAN
BERNARDINO COMMUNITY 'FACILITIES DISTRICT
NO. 995 (VERDEMONT AREA), AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $11,000,000
AGGREGATE PRINCIPAL AMOUNT OF CITY OF SAN
BERNARDINO COMMUNITY FACILITIES DISTRICT
NO. 995 (VERDEMONT AREA) SPECIAL TAX BONDS,
SERIES 1990A, APPROVING THE FORM AND
AUTHORIZING THE EXECUTION AND DELIVERY OF
CERTAIN AGREEMENTS RELATED THERETO AND
AUTHORIZING THE PREPARATION OF AN OFFICIAL
STATEMENT AND OTHER MATTERS RELATED THERETO
WHEREAS, pursuant to a resolution entitled "A
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Resolution of the City of San Bernardino Establishing
Community Facilities District No. 995 (Verdemont Area),
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Providing for A Special Tax To Pay For Certain Public
Facilities Within Such Community Facilities District And
Calling a Special Election To Submit To The Qualified Electors
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within such Community Facilities District The Question of
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Levying Such Special Tax" adopted by the Mayor and Common
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Council on June 18, 1990, a special election was duly held in
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City of San ~ernardino Community Facilities District No. 995
(Verdemont Area) (the "District") on June 26, 1990, at which
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election there was submitted to the qualified voters of the
District, as hereafter defined, the following bond proposition:
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PROPOSITION (A):
Shall City of San Bernardino
Community Facilities District
No. 995 (Verdemont Area) be
authorized to finance certain
public facilities, including
all or a portion of the
Verde~ont Area infrastructure
development fee, representing
the acquisition, construction
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RESOLUTION OF
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ISSUANCE AND APPROVING
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and installation of full-width street improvements,
including full-width paving, curbs and gutters,
sidewalks, street lights, sewer mains, storm
drains, catch basins, together with auxiliary
structures and appurtenances and including the
acquisition of all necessary easements and
rights-of-way, and school facilities to serve the
development within the Verdemont Area of the City
of San Bernardino, by incurring a bonded
indebtedness in the principal amount of $11,000,000
and shall an appropriations limit in the amount of
$1,100,000 per fiscal year in connection therewith
be established for the Community Facilities
District, and shall a special tax with a maximum
rate and method of apportionment as provided in
Exhibit C to Resolution No. 90-140 adopted by the
Common Council of the City of San Bernardino on
April 16, 1990, which is incorporated by reference
herein, be levied to pay for such facilities,
including the payment of current and future
principal of and interest on such bonds and the
annual administration expenses of the City and the
Community Facilities District in determining,
apportioning, levying and collecting the special
tax, and including the repayment of funds advanced
to or on behalf of the Community Facilities
District?
WHEREAS, more than two-thirds of the votes cast at
the election were cast in favor of incurring a bonded
indebtedness and levying the special tax and the District is
now authorized to issue bonds, in an aggregate principal
amount of not to exceed $11,000,000, for the purposes set
forth in Proposition (A); and
WHEREAS, no bonds authorized pursuant to such
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election have been issued and sold; and
WHEREAS, the Mayor and Common Council of the City
of San Bernardino (the "Mayor and Common Council"), as the
legislative body of the District, propose to issue up to
$11,000,000 aggregate principal amount of a series of such
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RESOLUTION OF ISSU~CE AND APPROVING
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bonds of the District, to be designated as -City of San
Bernardino Community Facilities District No. 995 (Verdemont
Area) Special Tax Bonds, Series 1990A- (the -Bonds-) pursuant
to a Fiscal Agent Agreement, executed by the Mayor and Common
Council on behalf of the District, and First Interstate Bank,
Ltd. (such Fiscal Agent Agreement, in the form presented to
this meeting, with such changes, insertions and omissions as
are made pursuant to this Resolution, being referred to
herein as the -Fiscal Agent Agreement-);
WHEREAS, Prudential-Bache Capital Funding (the
-Underwriter-) has submitted a proposal, in the form of a
Bond Purchase Agreement, to purchase the Bonds (such Bond
13 Purchase Agreement in the form presented to this meeting,
c:J 14 with such changes, insertions and omissions as are made
15 pursuant to this Resolution, being referred to herein as the
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16 -Purchase Agreement-);
17 WHEREAS, in order to provide for the payment of the
18 school facilities fees to be paid with a portion of the
19 proceeds of the Bonds, the Mayor and Common Council, as the
20 legislative body of the District, propose to enter into a
21 School Fee Mitigation Agreement with the San Bernardino City
22 Unified School District (such School Fee Mitigation
23 Agreement, in the form presented to this meeting, with such
24 changes, insertions and omissions as are made pursuant to
25 this Resolution, being referred to herein as the -Mitigation
26 Agreement-);
WHEREAS, there have been prepared and submitted to
28 this meeting forms of:
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RESOLUTION OF ISSU~CE AND APPROVING
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(1) the Fiscal Agent Agreement;
(2) the Mitigation Agreement;
(3) the Purchase Agreement; and
(4) the Preliminary Official Statement to be
used in connection with the offering and sale of the
Bonds (such preliminary Official Statement in the form
presented to this meeting, with such changes, insertions
and omissions as are made pursuant to this Resolution,
being referred to herein as the .Preliminary Official
Statement");
WHEREAS, the District desires to proceed to issue
and sell up to $11,000,000 aggregate principal amount of the
Bonds and to authorize the execution of such documents and
the performance of such acts and the establishment of certain
financing parameters as may be necessary or desirable to
effect the issuance and sale of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND
18 COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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section 1. For purposes of this Resolution, all
20 capitalized terms not defined herein shall have the meanings
21 assigned to them in the Fiscal Agent Agreement.
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Section 2. Subject to the provisions of Section 3
23 hereof, the issuance of the Bonds, in the aggregate principal
24 amount of not to exceed $11,000,000, on the terms and
25 conditions set forth in, and subject to the limitations
26 specified in, the Fiscal Agent Agreement, is hereby
c:J 27 authorized and approved. The Bonds shall be dated, shall
28 bear interest at the rates, shall mature on the dates, shall
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RESOLUTION OF
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ISSUANCE AND APPROVING
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c:; be issued in the form, shall be subject to redemption, and
2 shall be as otherwise provided in the Fiscal Agent Agreement,
3 as the same shall be completed as provided in this Resolution.
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Section 3. The maximum Special Tax on any parcel
5 within the District, as determined by the Rate and Method of
6 Apportionment attached as Exhibit C to Resolution No. 90-247
7 adopted by the Mayor and Common Council on June 18, 1990,
8 shall be restricted to escalation by a factor of not to
9 exceed 1\ over the maximum Special Tax in the preceding year.
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Section 4. The Fiscal Agent Agreement, in
II substantially the form submitted to this meeting and made a
12 part hereof as though set forth in full herein, be and the
13 same is hereby approved. The Mayor of the City of San
c:; 14 Bernardino (the NMayorN) and the City Clerk of the City of
15 San Bernardino (the NCity ClerkN) are, and each of them is,
16 hereby authorized and directed, for and in the name of the
17 District, to execute and deliver the Fiscal Agent Agreement
18 in the form presented to this meeting, with such changes,
19 insertions and omissions as the City Attorney of the City of
20 San Bernardino (the NCity AttorneyN) and Orrick, Herrington &
21 Sutcliffe (NBond CounselN) may require or approve, such
22 requirement or approval to be conclusively evidenced by the
23 execution of the Fiscal Agent Agreement by the Mayor;
24 provided, however, that such changes, insertions and
25 omissions shall not authorize an aggregate principal amount
26 of Bonds in excess of $11,000,000, shall not result in a
c:; 27 maximum average coupon on the Bonds in excess of ____\ per
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RESOLUTION OF ISSUANCE AND APPROVING
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c:; annum, and shall not result in the Bonds having a maturity
2 date later than 30 years from their date of issuance.
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Section 5. The Purchase Agreement, in
4 substantially the form submitted to this meeting and made a
5 part hereof as though set forth in full herein, be and the
6 same is hereby approved. The Mayor is hereby authorized and
7 directed, for and in the name of the District, to execute the
8 Purchase Agreement in the form presented to this meeting,
9 with such changes, insertions, and omissions as the City
10 Attorney and Bond Counsel may require or approve, such
II requirement or approval to be conclusively evidenced by the
12 execution of the Purchase Agreement by the Mayor; provided,
13 however, that the purchase price of the Bonds shall not be
c:; 14 less than ____i of the aggregate par value thereof.
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Section 6. The Mitigation Agreement, in
16 substantially the form submitted to this meeting and made a
17 part hereof as though set forth in full herein, be and the
18 same is hereby approved. The Mayor and the City Clerk are,
19 and each of them is, hereby authorized and directed, for and
20 in the name of the District, to execute the Mitigation
21 Agreement in the form presented to this meeting, with such
22 changes, insertions and omissions as the City Attorney and
23 Bond Counsel may require or approve, such requirements or
24 approval to be conclusively evidenced by the execution of the
25 Mitigation Agreement by the Mayor.
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Section 7. The Preliminary Official Statement, in
c:J 27 substantially the form presented to this meeting and made a
28 part hereof as though set forth in full herein, with such
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c:J changes therein as may be approved by the Mayor, be and the
2 same is hereby approved, and the use of the Preliminary
3 Official Statement in connection with the offering and sale
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4 of the Bonds is hereby authorized and approved.
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section 8. The preparation and delivery of a final
6 Official Statement, and its use by the Underwriter in
7 connection with the offering and sale of the Bonds (the
8 "Official Statement"), be and the same is hereby authorized
9 and approved. The Official Statement shall be in
10 substantially the form of the Preliminary Official Statement
II with such changes, insertions and omissions as may be
approved by the Mayor, such approval to be conclusively
evidenced by the execution and delivery thereof. The Mayor
is hereby authorized and directed to execute the final
Official Statement and any amendment or supplement thereto,
for and in the name of the District, and thereupon to cause
the final Official Statement and any such amendment or
supplement to be delivered to the Underwriter.
Section 9. The Mayor, the City Clerk, the
Treasurer and the City Administrator are, and each of them
hereby is, authorized and directed to execute and deliver any
and all documents and instruments and to do and cause to be
done any and all acts and things necessary or proper for
carrying out the issuance of the Bonds and the transactions
25 contemplated by the Fiscal Agent Agreement, the Purchase
26 Agreement, the Mitigation Agreement, the Official Statement
c:; 27 and this Resolution.
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Section 10. All actions heretofore taken by the
2 Mayor, the City Clerk, the Treasurer and the City
3 Administrator with respect to the issuance and sale of the
4 Bonds, or in connection with or related to any of the
5 agreements referenced herein, are hereby approved, confirmed
6 and ratified.
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Section 11. This Resolution shall be effective
8 upon adoption.
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RESOLUTION OF ISSUANCE AND APPROVING DOCUMENTS
c:J I HEREBY CERTIFY that the foregoing resolution was
2 duly adopted by the Mayor and Common Council of the City of
meeting thereof, held on the
, 1990, by the following vote, to wit:
3 San Bernardino at a
4 _ day of
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6 Council Memhers:
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8 ESTRADA
9 REILLY
10 FLORES
11 MAUDSLEY
12 MINOR
13" POPE-LUDLAM
0 14 MILLER
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ABSTAIN
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City Clerk
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The foregoing resolution is hereby approved this
20 _ day of , 1990.
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w. R. Holcomh, Mayor
23 City of San Bernardino
24 Approved as to
form and legal content:
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JAMES F. PENMAN,
26 City Attorney
0 27 By: C""'~ 7 14.~
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10/1/90 9 3891m