HomeMy WebLinkAboutR34-Economic Development Agency
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REOUEST FOR COMMISSION/COUNCIL ACTION
FROM:
Gary Van Osdel
Executive Director
SUBJECT:
Education Revenue Augmentation Fund
Low Moderate Income Housing Note
DATE:
April II, 2003
ORIGiNAL
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Svnonsis of Previous Commission/CounciVCommittee Action(s):
On April 10, 2003 Redevelopment Committee Members Anderson, Estrada and Suarez unanimously recommended
approval of the ERAF financing plan and borrowing from the Low and Moderate Income Housing Fund.
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Recommended Motion(s):
(Communitv Development Commission)
MOTION:
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING AN EDUCATIONAL REVENUE AUGMENT ATlON
FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND
PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS, AND AUTHORIZING
EXECUTION THEREOF.
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Contact Person(s): Garv Van OsdeVBarbara Lindseth
Phone: 663-1044
Project Area(s):
All
Ward(s): All
Supporting Data Attached:1RI Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 LtrlMemo
FUNDING REQUIREMENTS: Amount: $622.600
Source: LM Income Housine Fund, GC, Land
Budget Authority: Reauested
SIGNATURE:
,)
/ j." ../'
,3;_l :/{CClC<..c::........J,''7('~9 ......f:;
Barbara Lindseth
Administrative Services Director
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Commission/Council Notes:
\2t;;o ,jJ c:.. 0::.1 , CD 3 - \ \
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GVO:bl:Agenda CDC ERAF .doc COMMISSION MEETING AGENDA
MEETING DATE: 412112003
Agenda Item Number:
1Z3tf
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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Education Revenue AUl!mentation Fund Low Moderate Income Housinl! Note
Backl!round:
On September 1, 2002, the State Assembly and the Senate passed Assembly Bill 1768, Chapter
1127. This bill requires redevelopment agencies to make an allocation to the county auditor in the
2002-03 fiscal year of an amount of revenue, determined in accordance with specific calculations
made by the State Director of Finance, and based on a specific report of the Controller, for deposit
into the Education Revenue Augmentation Fund ("ERAF") in each county for allocation to school
entities. During the 2002-03 fiscal year, a redevelopment agency shall, prior to May 1 0,2003, remit
an amount equal to the amount determined as defined above to the county auditor. In making the
determinations required, the State Director of Finance shall use those amounts reported as the "Tax
Increment Retained by Agency" for all agencies in the 2000-01 fiscal year Controller's State of
California Community Redevelopment Agencies Annual Report ("State Controller's Report").
An agency may borrow up to 50% of its ERAF obligation from the 2002-03 fiscal year 20% low and
moderate income housing set-aside, unless executed contracts would be impaired if the agency
reduced the amount allocated to the Low and Moderate Income Housing Fund. No carry-over
moneys held in a low and moderate income fund as of July 1, 2002 may be used for this purpose.
Further, as a condition of borrowing, an agency shall make a finding that there are insufficient other
moneys to meet the deposit requirement, and any funds borrowed from the Low and Moderate
Income Housing Fund must be repaid in full within ten (10) years following the date on which the
funds were borrowed.
In order to make the full ERAF allocation, an agency may use any funds that are legally available and
not legally obligated for other uses, including, but not limited to, reserve funds, proceeds of land
sales, proceeds of bonds or other indebtedness, lease revenues, interest, and other earned income.
The ERAF obligation imposed, including the amounts owed, if any, have been declared by this
legislation to be an indebtedness of the redevelopment project to which the allocation relates,
payable from taxes allocated to the agency, and shall constitute an indebtedness of the agency with
respect to the redevelopment project, until paid in full.
If an agency fails to transmit the full amount of funds required, if it is precluded by court order from
transmitting the amount, or it is otherwise unable to meet its full obligation, the county auditor, no
later than May 15, 2003, shall transfer any amount necessary to meet the obligation from the
legislative body's property tax allocation.
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GVO:bl:Agenda CDC ERAF.doc
COMMISSION MEETING AGENDA
MEETING DATE: 4/21/2003
Agenda Item Nnmber: li.JiJ
Community Development Commission Agenda Item
Education Revenue Augmentation Fund
Low Moderate Housing Note
Staff Report Page -2-
Current Issues:
Pursuant to the State Director of Finance, the ERAF obligation for each of the Agency's
redevelopment project areas, based on the 2000-01 State Controller's Report is as follows:
ERAF by Redevelopment
Project Area
Redevelopment
Proiect Area
2000-01
Tax Increment
ERAF
Transfer
State College
Central City North
Central City West
Southeast Industrial Park
Northwest
Tri City
Uptown
South Valle
Central City Projects
Mt Vernon
40th Street
Totals
5,237,489.52
1,030,536.43
14,606.15
3,438,019.96
1,445,427.27
1,704,520.09
434,126.94
635,508.65
2,245,240.75
341,290.52
0.00
16.526.766.28
197,332.98
38,820.30
550.21
129,510.21
54,449.24
64,209.27
16,353.56
23,939.61
84,578.21
12,856.41
0.00
622,600.00
The total ERAF obligation for the fiscal year 2002-03 is $622,600. Based upon the legislation, the
Agency is allowed to use Low and Moderate Income Housing Funds, in the form of a ten (10) year
note receivable from the redevelopment project areas, for 50% ofthe ERAF obligation ($311,300) if
the Agency has no other funds available. However, for the remaining 50% obligation ($311 ,300) the
Agency must find and use other available funds, or the obligation could fall upon the City.
In accordance with the condition of borrowing from the Low and Moderate Income Housing Fund,
the Agency must make a finding that there are insufficient other moneys to meet the full 100%
ERAF obligation. The following chart makes such a finding and demonstrates the negative impact
upon each of the redevelopment project areas if 100% of the ERAF obligation is imposed, without
the benefit of borrowing 50% of the ERAF obligation from the Low and Moderate Income Housing
Fund.
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GVO:bl:Agenda CDC ERAF.doc
COMMISSION MEETING AGENDA
MEETING DATE; 4/21/2003
Agenda Item Number; /!.3'{
Community Development Commission Agenda Item
Education Revenue Augmentation Fund
Low Moderate Income Housing Note
Staff Report Page - 3 -
Actual 2002-03 ERAF Pavment
A B C D E F G H I
Project Area 2002-03 100% Deposit All Pass Non-Housing Admin Costs Net Net
Tax ERAF 20% to Low Thru Debt SVG & & Operation Remaining Remaining
Increment Obligation Mod Payments Contractual Expenses & Fiscal Year Including
Receipts Housing Obligations Other Mise Tax Other
Fund Expenses Increment Revenue
Only Sources
State College 5,603,592 197,333 1,120,718 0 4,324,072 336,000 -374,531 172,424
CCNorth 965,976 38,820 193,195 0 1,401,885 56,000 -723,924 -81,134
CCWest 17,909 550 3,582 0 358 2,000 11,419 21,068
Southeast 3,407,507 129,510 681,501 0 2,623,150 200,000 -226,654 76,179
Ind
Northwest 1,587,245 54,449 317,449 350,000 825,745 90,000 -50,398 101,510
TriCity 1,791,726 64,209 358,345 31,780 1,433,835 100,000 -196,443 97,176
Uptown 448,086 16,354 89,617 0 436,562 45,000 -139,447 -76,376
South Valle 733,040 23,940 146,608 16,000 442,661 76,000 27,831 56,697
CCProjects 2,442,043 84,578 488,409 0 3,318,841 100,000 -1,549,785 -859,318
Mt Vernon 650,199 12,857 130,040 31,300 360,619 40,000 75,383 244,708
40th Street 26,000 0 5,200 0 10,520 0 10,280 10,280
17,673,323 622,600 3,534,664
429,080
15,178,248
1,045,000 -3,136,269
-236,786
The Agency's projected gross tax increment for the fiscal year 2002-03 is shown in column "B",
with the 100% ERAF obligation shown in column "C". The 20% low and moderate set-aside (from
which the Agency may borrow 50% for the ERAF obligation) is shown in column "D". Other
obligations ofthe Agency, including administration and operating costs, are shown in columns "E",
"F" and "G". After subtraction of the ERAF and other obligations, the Agency is in a negative
position ($3,136,269) in most redevelopment project areas when only current fiscal year 2002-03 tax
increment is considered as available (column "H"). When all other project area revenue sources
(land sales, bond reserves, interest earnings, notes receivable, leases, etc) that may be available to the
redevelopment project area are included, the negative impact ofthe ERAF obligation ($236,786) is
shown in column "1",
To avoid the negative ERAF impact on the project areas it is recommended that 50% of the ERAF
obligation ($311,300) be borrowed from the 2002-03 Low and Moderate Income Housing Funds. It
is further proposed that the remaining 50% of the ERAF obligation be taken from the receipt of
$180,000 of recent land sale proceeds from the Auto Recycle property (not included in column "1"),
along with $131,300 of golf course revenues received since July I, 2002 (all other golf course
revenues are pledged towards the repayment of the Community Reinvestment Loan).
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GVO:bl:Agenda CDC ERAF,doc
COMMISSION MEETING AGENDA
MEETING DATE: 4/21/2003
Agenda Item Number: ~'I
Community Development Commission Agenda Item
Education Revenue Augmentation Fund
Low Moderate Income Housing Note
Staff Report Page - 4 -
The following represents how the total $622,600 ERAF payment will be made on May 10, 2003:
I. Low and Moderate Income Housing Notes
$311,300
State College
Central City North
Central City West
Southeast Ind Park
Northwest
Tri City
Uptown
South Valle
Central City Projects
MtVemon
Total
$98,667
19,410
275
64,755
27,224
32,105
8,177
11,970
42,289
6.428
31 1.300
2. Land Sales Proceeds Auto Recycle
180,000
3. Golf Course Revenues
Total
13 1.300
$622,600
It is requested that the Commission approve the financing plan for the 2002-03 ERAF payment and
approve notes payable from each of the redevelopment project areas, as outlined above.
Environmental Impact:
None.
Fiscal Impact:
As required by Assembly Bill 1768, Chapter 1127, the amountof$622, 600 will be paid by May 10,
2003 to the County Auditor for deposit into the Education Revenue Augmentation Fund. One half
of this amount, $311,300, will be paid from redevelopment project area land sales proceeds, and golf
course revenues. The remaining $311 ,300 will be paid from the Low and Moderate Income Housing
Fund. Notes payable, as described above, will be executed in each of the redevelopment project
areas as required.
GVO:bl:Agenda CDC ERAF.doc
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COMMISSION MEETING AGENDA
MEETING DATE: 4/21/2003
Agenda Item Number: RJ'{
Community Development Commission Agenda Item
Education Revenue Augmentation Fund
Low Moderate Income Housing Note
Staff Report Page - 5 -
Recommendations:
Tillzm"llY IJw,lopmcol C,mmt"l"" .d<>p1 Ihe ,(("hed R=l,',".
7/1?/~/
Gilly V <J,ifOsdel /
Executive Director
GVO:bl:Agenda CDC ERAF.doc
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COMMISSION MEETING AGENDA
MEETING DATE: 4/2112003
Agenda Item Number: /l.J1f
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RESOLUTION NO.
2
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSlOl'"
OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ARPPOVING AN
EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM
COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND
PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS,
AND AUTHORIZING EXECUTION THEREOF.
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WHEREAS. the legislature of the State of California enacted urgency
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legislation adding Health and Safety Code Sections 33681.7 and 33681.8 and
requiring the Agency to remit certain community redevelopment funds of the
Agency to the Sah Bernardino County Auditor for deposit into the Educational
Revenue Augmentation Fund created pursuant to Revenue and Taxation Code
Section 97.03 (the "ERAF");
WHEREAS, under Health and Safety Code Section 33681. 7(a) the Director
of Finance of the State of California has calculated the amount of money that the
Agency is required to remit to the San Bernardino County Auditor for deposit into
the ERAF on or before May 15. 2003;
WHEREAS. the Agency received a letter. dated October 1,2002. from the
Department of Finance of the State of California stating that the Agency is required
to remit the total sum of Six Hundred Twenty-Two Thousand Six Hundred Dollars
($622.600) (the "Agency FY 2002-03 ERAF Obligation") to the County of San
Bernardino Auditor for deposit into the ERAF:
WHEREAS, the Agency has found and determined that there are
insufficient funds of the Agency to meet the Agency FY 2002-03 ERAF
Obligation, without borrowing funds from the Low and Moderate Income Housing
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Funds of the Agency for each of the redevelopment project areas of the Agency
(collectively. the "Low-Mod Funds"");
WHEREAS. Health and Safety Code Section 33681.7(b) authorizes the
Agency to borrow up to fifty percent (50%) of the Agency FY 2002-03 ERAF
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Obligation from the Low-Mod Funds in order to make the State-mandated payment
as required by Stats 2002: Chapter 1127; Health and Safety Code Section 33681.7;
WHEREAS, the Agency has further found and determined that although
borrowing funds from the Low-Mod Funds will not expand or preserve the
community's supply of affordable housing or otherwise promote the goal of
providing affordable housing in the community, the loan of Low-Mod Funds to pay
a portion of the Agency FY 2002-03 ERAF Obligation will not impair any
executed existing contractsofthe Low-Mod Funds;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO,
AS FOLLOWS:
Section 1.
The Commission hereby approves the ERAF Loan Plan.
The purpose of this ERAF Loan Plan is to evidence an indebtedness of the Agency
in the original principal amount of Three Hundred Eleven Thousand Three
Hundred Dollars ($311.300) as incurred by each of the redevelopment project areas
of the Agency to the Low-Mod Funds, as evidenced by the ten (10) promissory
notes identified below. Such indebtedness is incurred by the Agency to satisfy the
State-mandated redevelopment indebtedness of the Agency to transfer certain tax
increment. or other available funds of the Agency. to the County of San Bernardino
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Auditor for deposit into the ERAF for Fiscal Year 2002-03 pursuant to Stats 2002:
Chapter 1127 (Health and Safety Code Section 33681.7).
Section 2.
The Agency hereby declares its intention to borrow the sum
of Three Hundred Eleven Thousand Three Hundred Dollars ($311,300) from the
Low-Mod Funds (the "ERAF Loan Plan Amount") to remit to the County of San
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Bernardino Auditor for deposit into the ERAF in partial satisfaction of the Agency
FY 2002-03 ERAF Obligation under Health and Safety Code Section 33681.7 for
fiscal year 2002-2003. as authorized by Health and Safety Code Section
33681.7(b).
Section 3.
The ERAF Loan Plan Amount shall be allocated among the
Low-Mod Housing Funds of each redevelopment project area of the Agency as
follows:
State College Redevelopment Project
$98,667
Central City North Redevelopment Project
19.410
Central City West Redevelopment Project
275
Southeast Industrial Park Redevelopment Project
64,755
Northwest Redevelopment Project
27,224
Tri City Redevelopment Project
32,105
Uptown Redevelopment Project
8.177
South Valle Redevelopment Project
11.970
Central City Redevelopment Projects
(Merged Projects)
42.289
Mt Vernon Corridor Redevelopment Project
6,428
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SB200335152
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40th Street Redevelopment Project
Q
Total ERAF Loan Plan Amount lor FY 2002-03:
$3] 1.300
Section 4.
The ERAF Loan Plan Amount shall be evidenced by the ten
(10) promissory notes attached to the ERAF Loan Plan as Exhibits "A" through
"J". inclusive. The Chairperson of the Community Development Commission of
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the City of San Bernardino is hereby authorized and directed to execute THE eraf
loan Plan and each of the ten (10) promissory notes, as attached in the original
principal amounts as set forth for each such redevelopment project area in Section 3
of the ERAF Loan Plan. The date of each such promissory note shall be May 9,
2003. The principal amount and interest under each such promissory note shall be
payable by each redevelopment project area in accordance with the terms set forth
in each promissory note.
Section 5.
Repayments of the ERAF Loan Plan Amount, plus interest
thereon. shall be made under each promissory note to the applicable Low-Mod
Fund by each redevelopment project area in each fiscal year commencing on June
30. 2004 and on each following June 30. thereafter to and including tenth (I Olh)
anniversary of each promissory note from "Excess Revenues'" as this term is
defined in the next sentence. "Excess Revenues" means those excess tax increment
revenues (as defmed in the redevelopment plan for the applicable redevelopment
project area) available and paid to the Agency, if any, in an applicable fiscal year
between July 1,2003 and May 1,2013, after the Agency has made provision from
such fiscal year tax increment revenues to pay all of the following for each such
redevelopment project area: (i) all debt service on any outstanding bonds, notes.
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loans, money advanced to, other contractual obligations or other forms of
indebtedness of the Agency as evidenced by each of the promissory notes for each
particular redevelopment project area; (ii) the administrative and operational costs
of the Agency incurred in the implementation of the redevelopment plan and the
undertaking of Agency redevelopment activities within the particular
redevelopment project area: and (iii) the amount to be deposited into the Low-Mod
Fund for the particular redevelopment project area for such then current fiscal year.
No other source of funds of the Agency is pledged or made available thereafter for
the repayment of any amount of the ERAF Loan Plan Amount when due under any
of the promissory notes.
Section 6.
All sums applied towards repayment of the Low-Mod Fund
Loan Amount together with interest thereon, as evidenced by each of the
promissory notes, are an indebtedness of the redevelopment project area to which
such promissory note relates, payable from Excess Revenues and shall constitute an
indebtedness of the Agency with respect to each of the applicable redevelopment
projects, until paid in full, pursuant to Health and Safety Code Section 33681.7(e).
Section 7.
The Executive Director of the Agency is hereby authorized
and directed to cause the sum of Three Hundred Eleven Thousand Three Hundred
Dollars ($311.300) to be transferred from the Low-Mod Funds of the Agency in the
amounts specified in Section 3 of this ERAF Loan Plan to the San Bernardino
County Auditor for deposit to the ERAF on or before May 9, 2003.
Section 8.
The Executive Director of the Agency is further authorized
and directed to identify the indebtedness as hereby created, in the Statements of
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMM]SSION
OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AN
EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM
COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND
PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS,
AND AUTHORIZING EXECUTION THEREOF.
I HEREBY CERTIFY that the forgoing Resolution was duly adopted by
the Community Development Commission of the City of San Bernardino at a
meeting thereof. held on the _day of
. 2003, by
the following vote. to wit:
Commission Members
Navs
Abstain
Absent
All
ESTRADA
LONGVILLE
MCGINNIS
DERRY
SUAREZ
ANDERSON
MCCAMMACK
Secretary
The foregoing Resolution is hereby approved this _day of
.2003.
^
Chairperson. Community
Development Conmlission of
the City of San Bernardino
By:
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SB::!003:3515.2
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
EDlJCA TIONAL REVENUE AUGMENTATION FUND LOAN FROM
COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS
(Fiscal Year 2002-2003)
THIS EDUCATIONAL REVENUE AUGMENT A TION FUND LOAN FROM
COMMlTNITY LOW AND MODERATE INCOME HOUSING FUNDS ("ERAF Loan Plan")
is dated as of March I, 2003 and evidences the obligation of the Agency to repay funds borrowed
by the Agency from the Low and Moderate Income Housing Funds of the Agency to pay a
portion of the Agency's fiscal year 2002-2003 deposit into the County of San Bernardino
Educational Revenue Augmentation Fund, as mandated by Health and Safety Code Section
33681.7 (Stats 2002: Chapter 1127). This ERAF Loan Plan has been approved by the Agency
in view of facts set forth in the following recital paragraphs:
RECITALS
WHEREAS, the legislature of the State of California enacted urgency legislation adding
Health and Safety Code Sections 33681.7 and 33681.8 and requiring the Agency to remit certain
community redevelopment funds of the Agency to the San Bernardino County Auditor for
deposit into the Educational Revenue Augmentation Fund created pursuant to Revenue and
Taxation Code Section 97.03 (the "ERAF");
WHEREAS, under Health and Safety Code Section 33681.7(a) the Director of Finance of
the State of California has calculated .the amount of money that the Agency is required to remit
to the San Bernardino County Auditor for deposit into the ERAF on or before May 15,2003;
WHEREAS, the Agency received a letter, dated October I, 2002, from the Department of
Finance of the State of California stating that the Agency is required to remit the total sum of Six
Hundred Twenty-Two Thousand Six Hundred Dollars ($622,600) (the "Agency FY 2002-03
ERAF Obligation") to the County of San Bernardino Auditor for deposit into the ERAF;
WHEREAS, the Agency has found and determined that there are insufficient funds of the
Agency to meet the Agency FY 2002-03 ERAF Obligation, without borrowing funds from the
Low and Moderate Income Housing Funds of the Agency for each of the redevelopment project
areas of the Agency (collectively. the "Low-Mod Funds");
WHEREAS, Health and Safety Code Section 33681.7(b) authorizes the Agency to
borrow up to fifty percent (50%) of the Agency FY 2002-03 ERAF Obligation from the Low-
Mod Funds in order to make the State-mandated payment as required by Stats 2002: Chapter
1127; Health and Safety Code Section 33681.7;
WHEREAS, the Agency has further found and determined that although borrowing funds
from the Low-Mod Funds will not expand or preserve the community's supply of affordable
housing or otherwise promote the goal of providing affordable housing in the community, the
4'203 1 :30 Jmm
SB~(J(l3:35152
loan of Low-Mod Funds to pay a portion of the Agency FY 2002-03 ERAF Obligation will not
impair any executed existing contracts ofthc Low-Mod Funds;
NOW, THEREFORE, THE AGENCY HEREBY APPROVES THE E~i\F LOA]\;
PLAN FOR FUNDS BORROWED FROM THE AGENCY'S LOW AJ\D MODERATE
INCOME HOUSING FUNDS AS SET FORTH HEREIN Al'i'D DIRECTS THE EXECUTIVE
DIRECTOR OF THE AGENCY TO REMIT TO THE AUDITOR OF THE COUNTY OF SAN
BERNARDINO THE SUM OF S31 1,300 FROM THE AGENCY'S LOW-MOD FLl\'DS FOR
DEPOSIT INTO THE EDUCATIONAL REVENUE AUGMENTATION FUl'i'D FOR FISCAL
YEAR 2002-2003:
Section I. The purpose of this ERAF Loan Plan is to evidence an indebtedness of the
Agency in the original principal amount of Three Hundred Eleven Thousand Three Hundred
Dollars ($3 I 1.300) as incurred by each of the redevelopment project areas of the Agency to the
Low-Mod Funds, as evidenced by the ten (10) promissory notes identified below. Such
indebtedness is incurred by the Agency to satisfy the State-mandated redevelopment
indebtedness of the Agency to transfer certain tax increment, or other available funds of the
Agency, to the County of San Bernardino Auditor for deposit into the E~ for Fiscal Year
2002-03 pursuant to Stats 2002: Chapter I 127 (Health and Safety Code Section 3368 1.7).
Section 2. The Agency hereby declares its intention to borrow the sum of Three
Hundred Eleven Thousand Three Hundred Dollars ($3 I 1,300) from the Low-Mod Funds (the
"E~i\F Loan Plan Amount") to remit to the County of San Bernardino Auditor for deposit into
the ERAF in partial satisfaction of the Agency FY 2002-03 E~ Obligation under Health and
Safety Code Section 3368 1.7 for fiscal year 2002-2003, as authorized by Health and Safety Code
Section 33681.7(b).
Section 3. The ERAF Loan Plan Amount shall be allocated among the Low-Mod
Housing Funds of each redevelopment project area of the Agency as follows:
State College Redevelopment Project
Central City North Redevelopment Project
Central City West Redevelopment Project
Southeast Industrial Park Redevelopment Project
Northwest Redevelopment Project
Tri City Redevelopment Project
Uptown Redevelopment Project
South Valle Redevelopment Project
Central City Redevelopment Projects
(Merged Projects)
Mt Vernon Corridor Redevelopment Project
40th Street Redevelopment Project
Total E~ Loan Plan Amount for FY 2002-03:
$98,667
19,410
275
64,755
27,224
32,105
8,177
11,970
42,289
6,428
...Q
$311,300
Section 4. The E~ Loan Plan Amount shall be evidenced by the ten (10)
promissory notes attached to this E~ Loan Plan as Exhibits "A" through "J", inclusive. The
~
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SS::00335152
Chairperson of the Community Development Commission of the City of San Bemardino is
hereby authorized and directed to execute each of the ten (l0) promissory notes. as attached in
the original principal amounts as set forth for each such redevelopment project area in Section 3
of this ERAF Loan Plan. The date of each such promissory note shall be May 9. 2003. The
principal amount and interest under each such promissory note shall be payable by each
redevelopment project area in accordance with the temlS set forth in each promissory note.
Section 5. Repayments of the ERAF Loan Plan Amount, plus interest thereon. shall
be made under each promissory note to the applicable Low-Mod Fund by each redevelopment
project area in each fiscal year commencing on June 30, 2004 and on each following June 30,
thereafter to and including tenth (lOth) armiversary of each promissory note from "Excess
Revenues". as this term is defined in the next sentence. "Excess Revenues" means those excess
tax increment revenues (as defined in the redevelopment plan for the applicable redevelopment
project area) available and paid to the Agency, if any, in an applicable fiscal year between July I,
2003 and May I, 2013, after the Agency has made provision from such fiscal year tax increment
revenues to pay all of the following for each such redevelopment project area: (i) all debt service
on any outstanding bonds, notes, loans, money advanced to, other contractual obligations or
other forms of indebtedness of the Agency as evidenced by each of the promissory notes for each
particular redevelopment project area; (ii) the administrative and operational costs of the Agency
incurred in the implementation of the redevelopment plan and the undertaking of Agency
redevelopment activities within the particular redevelopment project area; and (iii) the amount to
be deposited into the Low-Mod Fund for the particular redevelopment project area for such then
current fiscal year. No other source of funds of the Agency is pledged or made available
thereafter for the repayment of any amount of the ERAF Loan Plan Amount when due under any
of the promissory notes.
Section 6. All sums applied towards repayment of the Low-Mod Fund Loan Amount
together with interest thereon, as evidenced by each of the promissory notes, are an indebtedness
of the redevelopment project area to which such promissory note relates, payable from Excess
Revenues and shall constitute an indebtedness of the Agency with respect to each of the
applicable redevelopment projects, until paid in full, pursuant to Health and Safety Code Section
33681.7(e).
Section 7. The Executive Director of the Agency is hereby authorized and directed to
cause the sum of Three Hundred Eleven Thousand Three Hundred Dollars ($3 1 l,300) to be
transferred from the Low-Mod Funds of the Agency in the amounts specified in Section 3 of this
ERAF Loan Plan to the San Bemardino County Auditor for deposit to the ERAF on or before
May 9, 2003.
Section 8. The Executive Director of the Agency is further authorized and directed to
identify the indebtedness as hereby created, in the Statements of Indebtedness for each of the
redevelopment project areas of the Agency in the original principal amounts as set forth in
Section 3.
,
,
.V2:03 1:30 Jmm
SB20033515_2
follows:
IN WITNESS WHEREOF, the Agency executes this ERAF Loan Plan, as
(SEAL)
ATTEST:
Agency Secretary
4.'2:03 1 :30 Jmm
SB2003:35152
AGENCY
Redevelopment Agency of the City of San
Bernardino
By:
Judith Valles
Chairperson of the Community Development
Commission, its governing board
4
Exhibit "A"
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAf Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLlGA TlON OF THE AGENCY PAY ABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
$19,410
Date of this Note: May 9,2003
Variable Rate oflnterest:
LAIF Rate of Interest on Funds Invested for One (l) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Central City North
Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby
promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall
designate, the principal amount of the Note at the times specified herein, together with interest
thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with
Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low
and Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- ~, dated April ~, 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION I. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAf Loan Plan.
1
SB2003:11888 I
SECTION 2. Interest on the outstanding principal balance of this Note. together
with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July 1. commencing on July I, 2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g: July I) for so long as any sum is payable under this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the
Agency from the Central City North Redevelopment Project, or other legally available funds of
the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by
the Agency on or before May 9,2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1. 2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB2003118881
California.
SB~003:1 1888.1
Executed this _day of
at San Bernardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BER.NARDINO
By:
3
Exhibit IIEIl
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGA TION OF THE AGENCY PAY ABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF A!\'Y OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
5275
Date of this Note: May 9,2003
Variable Rate ofInterest:
LA IF Rate of Interest on Funds Invested for One (1) I' ear
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Central City West
Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby
promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall
designate, the principal amount of the Note at the times specified herein, together with interest
thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with
Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low
and Moderate Income Housing Funds, dated as of March 1,2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _' dated April _, 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
SB2003:11R891
SECTION 2. Interest on the outstanding principal balance of this Note, together
with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of Califomia on local agency funds invested for one (I) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July I, commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this Note.
SECTION 3. Payments ofprincipaJ and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this tem1 is defined in the ERAF Loan Plan, of the
Agency from the Central City West Redevelopment Project, or other legally available funds of
the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by
the Agency on or before May 9, 2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB2003.118891
California.
SA~003: 11889_1
Executed this _day of
at San Bernardino,
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
Exhibit "ell
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM
THE SOURCE OF AGENCY FUl'mS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERt'\!ARDINO, IS PLEDGED
HEREillmER
Initial Principal Amount
S64,755
Date of this Note: May 9,2003
Variable Rate oflnterest:
LAIF Rate of Interest on Funds Invested for One (I) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Tcrm of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Southeast Industrial Park
Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby
promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall
designate, the principal amount of the Note at the times specified herein, together with interest
thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with
Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low
and Moderate Income Housing Funds, dated as of March 1,2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _, dated April _, 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
582003.] ] 890 ]
SECTION 2. Interest on the outstanding principal balance of this "'ote. together
w'ith any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of
interest until paid in full The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of Califomia on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each Julv I. commencing on July I, 2003 to bc equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July 1) for so long as any sum is payable under this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the
Agency from the Southeast Industrial Park Redevelopment Project, or other legally available
funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing
Fund by the Agency on or before May 9,2013.
SECTIO>J 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bemardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
intcrest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB.:~00311R90,]
California.
SB2003:11890 1
Executed this _day of
at San Bernardino,
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
Exhibit "D"
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGA nON OF THE AGENCY PAYABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
$27,224
Date of this Note: May 9,2003
Variable Rate oflnterest:
LA IF Rate of Interest on Funds Invested for One (1) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Northwest Redevelopment
Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay
to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the
principal amount of the Note at the times specified herein, together with interest thereon in
accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of
that certain Educational Revenue Augmentation Fund Loan From Community Low and
Moderate Income Housing Funds, dated as of March 1, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _, dated April _' 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
582003:]] 8921
SECTION 2. Interest on the outstanding principal balance of this Note. together
with any accrued and unpaid interest thereon. shall accrue from its date. at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of California on local agency funds invested for one (I) year (the "LAIF Rate of
Interes!") in effect on the date of this Note. and thereafter such interest rate shall be adjusted on
each July I. commencing on July 1.2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this l\'ote.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30. 2004,
solely from "Excess Revenues", if any. as this term is defined in the ERAF Loan Plan, of the
Agency from the Northwest Redevelopment Project, or other legally available funds of the
Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the
Agency on or before May 9, 2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other fornls of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
582003: 1 ] SQ2 ]
California.
SB200;i I J fl92_]
Executed this _day of
at San Bernardino.
REDEVELOPMENT AGENCY Of THE CITY Of
SAN BER.c'\!ARDINO
By:
3
Exhibit "E"
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECLA..L LIMITED
OBLIGATION OF THE AGENCY PAY ABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
532, I 05
Date of this Note: May 9,2003
Variable Rate ofInterest:
LAIF Rate of Interest on Funds Invested for One (1) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Tri-City Redevelopment
Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay
to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the
principal amount of the Note at the times specified herein, together with interest thereon in
accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of
that certain Educational Revenue Augmentation Fund Loan From Community Low and
Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _' dated April _' 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION I. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized teo11S used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
S82003\1893_1
SECTION 2. Intcrcst on the outstanding principal balance of this Note, together
with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
cach July I, commencing on July L 2003 to be equal to the LA IF Rate of Interest on each such
interest rate adjustment date (eg: July 1) for so long as any sum is payable under this Note.
SECTION 3. Payments ofprineipal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the
Agency from the Tri-City Redevelopment Project, or othcr legally available funds of the
Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the
Agency on or before May 9, 2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
thc taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
L 2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior writtcn notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB~003:1 lR93.1
Califomia.
SB2003.] 1893.1
Executed this ~day of
at San Bemardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
Exhibit "F"
REDEVELOPME1"T AGENCY OF THE CITY OF SAN BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
$8,177
Date of this Note: May 9,2003
Variable Rate of Interest:
LAIF Rate of Interest on Funds Invested for One (I) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY :t\'OTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Uptown Redevelopment
Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay
to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the
principal amount of the Note at the times specified herein, together with interest thereon in
accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of
that certain Educational Revenue Augmentation Fund Loan From Community Low and
Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _' dated April _, 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTiON 1. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference, Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
SB2U03]] 8<;14.1
SECTION 2. Interest on the outstanding principal balance of this Note, together
with any accrued and unpaid interest thereon, shall accrue from its date, at a \'ariable rate of
interest until paid in fulL The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of Califomia on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July I, commencing on July I, 2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July 1) for so long as any sum is payable under this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004.
solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the
Agency from the Uptown Redevelopment Project, or other legally available funds of the Agency.
It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency
on or before May 9,2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bemardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SD~n0311 894.1
California.
SB~003:11R94,1
Executed this ~ day of
at San Bernardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
Exhibit "G"
REDEVELOPMENT AGENCY OF THE CITY OF SAJ\ BERNARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGA TION OF THE AGENCY PAYABLE SOLELY FROM
THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
511,970
Date of this Note: May 9,2003
Variable Rate oflnterest:
LAIF Rate of Interest on Funds Invested for One (1) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the South Valle Redevelopment
Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay
to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the
principal amount of the Note at the times specified herein, together with interest thereon in
accordance with the terms hereof The J\ote is hereby tendered in accordance with Section 4 of
that certain Educational Revenue Augmentation Fund Loan From Community Low and
Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- _' dated April _' 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION I. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
1
SB200:.:118Q5,1
SECTION 2. Interest on the outstanding principal balance of this Note. together
with any accrued and unpaid interest thereon. shall accrue from its date. at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Trcasurcr of California on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July L commencing on July L 2003 to be equal to the LA IF Rate of Interest on each such
interest rate adjustment date (e.g.: July I) for so long as any sum is payable undcr this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any. as this term is defined in the ERAF Loan Plan, of the
Agency from the South Valle Redevelopment Project, or other legally available funds of the
Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the
Agency on or before May 9, 2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9. 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB~003: 11 8951
California.
SB2003:11895.1
Executed this ~day of
at San Bernardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By
3
Exhibit "HI!
REDEVELOPMEl\:T AGENCY OF THE CITY OF SAN BERl\ARDINO
AGENCY
PROMISSORY NOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL LIMITED
OBLIGATION OF THE AGENCY PAY ABLE SOLELY FROM
THE SOURCE OF AGENCY FlJ},'DS DESCRIBED HEREIN
AND NEITHER THE FAITH NOR CREDIT NOR TAXING
POWER OF ANY OTHER LOCAL AGENCY, INCLUDING
THE CITY OF SAN BERNARDINO, IS PLEDGED
HEREUNDER
Initial Principal Amount
$42,289
Date of this Note: May 9,2003
Variable Rate of Interest:
LA IF Rate of Interest on Funds Invested for One (I) I' ear
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the Central City Redevelopment
Projects - Merged Projects - (the "Low-Mod Housing Fund"). For value received, the Agency
hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the
Agency shall designate, the principal amount of the Note at the times specified herein, together
with interest thereon in accordance with the terms hereof. The Note is hereby tcndered in
accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From
Community Low and Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF
Loan Plan"), as approved by Agency Resolution No. R- _, dated April _, 2003 with respect to
the facts set forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION I. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
hereby incorporated into this Note by this reference. Capitalized terms used herein and not
otherwise dcfined shall have the meaning assigned to them in the ERAF Loan Plan.
1
S82003: 118961
SECTION 2 Interest on the outstanding principal balance of this Note. together
with any accrued and unpaid interest thereon, shall accrue from its date. at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of California on local agency funds invested for one (I) year (the "LA IF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July 1, commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the
Agency from the Central City Redevelopment Projects - Merged Projects, or other legally
available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod
Housing Fund by the Agency on or before May 9,2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
2
SB::'OU3118l)()1
California.
582003 ] ] 896 ]
Executed this _day of
at San Bernardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
California.
SB2003:11899_1
Executed this _day of
at San Bernardino.
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
Exhibit "J"
REDEVELOP:VIENT AGENCY OF THE CITY OF SAN BERc'\JARDINO
AGENCY
PROMISSORY KOTE
(Agency FY 2002-03 ERAF Obligation)
THIS PROMISSORY NOTE IS A SPECIAL
LIMITED OBLIGATION OF THE AGENCY
PAYABLE SOLELY FROM THE SOURCE OF
AGENCY FUNDS DESCRlBED HEREIN AND
NEITHER THE FAITH NOR CREDIT NOR
T AXING POWER OF ANY OTHER LOCAL
AGENCY, INCLUDING THE CITY OF SAN
BERNARDINO, IS PLEDGED HEREUNDER
Initial Principal Amount
598,667
Date of this Note: May 9,2003
Variable Rate ofInterest:
LAIF Rate of Interest on Funds Invested for One (1) Year
on Date of Note, and Thereafter Such Interest Rate In
Effect on Each Succeeding July I During Term of this Note
THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and
evidences an indebtedness of the Redevelopment Agency of the City of San Bemardino (the
"Agency") to the Low- and Moderate-Income Housing Fund of the State College Redevelopment
Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay
to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the
principal amount of the Note at the times specified herein, together with interest thereon in
accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of
that certain Educational Revenue Augmentation Fund Loan From Community Low and
Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as
approved by Agency Resolution No. R- ~, dated April ~, 2003 with respect to the facts set
forth in such ERAF Loan Plan:
THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE
WITH THE FOLLOWING TERMS:
SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing
Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in
connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the
Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are
1
SB200311 R09_1
hereby incorporated into this Note by this reference Capitalized tenns used herem and not
otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan.
SECTION 2. Interest on the outstanding principal balance of this Note, together
with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of
interest until paid in full. The variable rate of interest shall be initially established at a rate per
annum equal to the rate of interest offered by the Local Agency Investment Fund of the State
Treasurer of Califomia on local agency funds invested for one (1) year (the "LAIF Rate of
Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on
each July I. commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such
interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this Note.
SECTION 3. Payments of principal and interest under the Note shall be made by
the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004,
solely from "Excess Revenues", if any, as this tenn is defined in the ERAF Loan Plan, of the
Agency from the State College Redevelopment Project, or other legally available funds of the
Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the
Agency on or before May 9,2013.
SECTION 4. The Agency hereby pledges to make payments hereunder from
Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note
shall at all times be subordinate to any and all other outstanding, or as hereafter may be
outstanding, bonds, notes or other fonns of indebtedness of the Agency payable by the Agency
in whole or in part from tax increment revenue or other legally available funds of the Agency
and shall not constitute a prior lien on such revenues or other legally available funds of the
Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an
indebtedness of the Agency as the same is intended for purposes of the filing of a statement of
indebtedness with the County of San Bemardino pursuant to Health and Safety Code Section
33675. This Note is a special and limited obligation of the Agency and the sole source of funds
as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither
the taxing power of the Agency or any other agency is pledged to repay the principal or accrued
interest hereunder.
SECTION 5. This Note shall mature as of May 9, 2013, unless prepaid in full
before such date. The outstanding principal balance of this Note, together with all accrued and
unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 9,
2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May
1,2013.
SECTION 6. The Agency may prepay the principal amount of the Note and
accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to
the Agency.
SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or
assign its right to receive the payment of principal and payments of accrued interest under the
2
582003.] 1809)
Note unless the Agency has first granted written appro\'al to the Low-Mod Housing Fund for
such a proposed assignment in its sole and absolute discretion.
Executed this _day of at San Bernardino.
California.
582003.1 1809]
REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
By:
3
** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT **
RESOLUTION AGENDA ITEM TRACKING FORM
Meeting Date (Date Adopted): "'-t - 2\-0?, Item # Ie':::, '" Resolution #
Vote: Ayes \- '1 Nays -E:r Abstain -Gr
Change to motion to amend original documents:
CDe IZfAl6 - , \
I
Absent ~
Reso. # On Attachments:./ Contract term: -
Note on Resolution of Attachment stored separately: ~
Direct City Clerk to (circle I): PUBLISH, POST, RECORD W/COUNTY By:
Null/Void After: -
Date Sent to Mayor: -4- 2 3-""{) 3
Date of Mayor's Signature: 4- ?~~O:>
Date ofClerkJCDC Signature: .t\,?-'I -03>
Reso. Log Updated:
Seal Impressed:
,,/
..../'
60 Day Reminder Letter e Oth day:
90 Day Reminder Letter Sent on 45th day:
See Attached:
See Attached:
See Attached:
Date Returned: -
Request for Council Action & Staff Report Attached:
Updated Prior Resolutions (Other Than Below):
Updated CITY Personnel Folders (6413, 6429, 6433, 10584, 10585, 12634):
Updated CDC Personnel Folders (5557):
Updated Traffic Folders (3985, 8234, 655, 92-389):
Yes ,./ No
Yes No~
Yes No~
Yes NO~
Yes No_
Copies Distributed to:
City Attorney
Parks & Rec.
Code Compliance Dev. Services
Police Public Services Water
EDA
v
Finance ".
MIS
Others:
Notes:
BEFORE FILING, REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE
YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE (Contract Term, etc.)
Ready to File: _
Date:
Revised 01/12/01