HomeMy WebLinkAbout2006-085
NOTE: SEE COMPANION RESOLUTION NOS. CDC/2006-8 & J-52
RESOLUTION NO. 2006-85
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE BORROWING BY
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO FROM THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $36,000,000, AUTHORIZING THE
FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING THEIR PREPARATION,
EXECUTION AND DELIVERY
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WHEREAS, the City of San Bernardino, California (the "City"), is a mumclpa
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corporation and charter city, duly organized and existing pursuant to the provisions of th
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constitution ofthe State of California; and
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WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") i
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a public body, corporate and politic, duly organized and existing pursuant to the Californi
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Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) (the "CRL");
and
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WHEREAS, the City and the Agency have heretofore entered into a Joint Exercise 0
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Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (th
"Authority") for the purpose of issuing bonds, the proceeds of which may be loaned to any of it
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members to finance activities as may be undertaken by such member; and
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WHEREAS, the Agency has requested that the Authority issue, and the Authority desire
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to assist the Agency by the issuance of, a total aggregate principal amount of not to excee
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$36,000,000 San Bernardino Joint Powers Financing Authority Tax Allocation Bonds, (20% Set
Aside) Taxable Series 2006 (the "Bonds"); and
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WHEREAS, the proceeds of the Bonds will be used to make certain loans to the Agenc
to (i) provide for costs of issuance of, and a reserve fund for, the Bonds and (ii) provide monie
for certain redevelopment projects and activities of the Agency; and
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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 seq. (the "Act"); and
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2006-85
WHEREAS, the Bonds shall be issued pursuant to an Indenture of Trust by and betwee
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the Authority and U.S. Bank National Association, as trustee, in form similar to that currently 0
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file with the Secretary of the Agency (the "Indenture"); and
WHEREAS, Kinsell, Newcomb & De Dios, Inc., as prospective purchaser of the Bond
(the "Original Purchaser"), has informed the Authority that it intends to submit an offer t
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purchase the Bonds and shall cause to be prepared a Preliminary Official Statement and a
Official Statement, a form of which Preliminary Official Statement is presently on file with th
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Secretary of the Authority; and
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WHEREAS, the Mayor and Common Council by the adoption of this Resolution have
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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.
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NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED
BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS
FOLLOWS:
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Section 1.
The Mayor and Common Council hereby approve the issuance by th
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Authority of the Bonds in the total aggregate principal amount of not to exceed $36,000,000 fo
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the purpose of providing a loan to the Agency (i) to pay certain costs of issuance and fund a deb
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serVIce reserve fund and (ii) undertake certain redevelopment projects and activities of th
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Agency.
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Section 2.
The Mayor and Common Council, the City Clerk and any and all othe
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officers of the City are hereby authorized and directed, on behalf of the City, to do any and al
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things and to take any and all actions, including execution and delivery of assignments
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certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants
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Bond closing documents and other documents which any of such officers may deem necessary 0
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advisable in connection with the execution and delivery of the Bonds, and the borrowing by th
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Agency of the proceeds derived therefrom and the consummation of the transactions describe
herein and therein.
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2006-85
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE BORROWING BY
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO FROM THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $36,000,000, AUTHORIZING THE
FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING THEIR PREPARATION,
EXECUTION AND DELIVERY
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
8 Common Council of the City of San Bernardino at a joint regular
meeting thereof, held
9 on the 20th day of March
, 2006, by the following vote to wit:
10 Council Members:
Aves
Navs
Abstain
Absent
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ESTRADA
BAXTER
MCGINNIS
DERRY
KELLEY
JOHNSON
MC CAMMACK
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Q~h.~
Rathel G. Clark, City Clerk
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The foregoing resolution is hereby approved this ~day of
,2006.
March
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Pat ck J. Mo Mayor
I y of San Bernardino
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Approved as to Form and Legal Content:
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j-.
ty Attorney
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