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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
~(Q)[j2))1
REQUEST FOR COMMISSION/COUNCn. ACTION
FROM: Tom Minor
Mayor
SUBJECT:
SAN BERNARDINO INTERNATIONAL
AIRPORT AUTHORITY
DATE: September 11, 1997
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Synop"j,; of Pre vi OilS Commis!lion/Collnr.il/Cnmmittee Aetion(.liil):
Recommended Motinn(.~~
(Mayor and Common Council)
MOTION:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO APPROVING AMENDMENT NO. I TO A CERTAIN LOAN
AGREEMENT WITH THE SAN BERNARDINO INTERNATIONAL AIRPORT
AUTHORITY AND MEMBERS OF SAID AUTHORITY AND REAFFIRMING
CERTAIN OBLIGATIONS INCURRED BY THE CITY OF SAN BERNARDINO
PURSUANT TO A JOINT POWERS AGREEMENT ESTABLISHING THE SAN
''''''ARDmO"",",,,ATIONAC A~ '
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OM MINOR
Mayor
Contact Person(s): Tom Minor
Phone:
5133
Project Area(s):
N/A
Ward(s):
N/A
Supporting Data Attached: Memornndllm
FUNDING REQUIREMENTS: Amount: $ N/A
N/A
Source:
Budget Authority: None
Commission/Council Nnt~:
Res 97- ",qo
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COMMlSSION~... AGENDA.
MEETING DATIC~
Agenda Item Number: R.5-J.
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ECONONUCDEVELOPMENTAGENCY
STAFF REPORT
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San Bernardino International Airport Authority
In October 1996, the members ("Members") of the San Bernardino International Airport
Authority ("SBIAA") agreed that rather than incurring the costs of bond financing, the Members
would provide loans to the SBIAA in order to finance certain operating and capital budget
requirements for fiscal year 1996-97. Under the Loan Agreement entered on October 1, 1996
between the SBIAA and its Members (the "Loan Agreement"), the City of San Bernardino
("City") committed to loan to the SBIAA up to $2,000,000 and the County of San Bernardino
("County") committed to loan up to $1,000,000 to the SBIAA. The other three (3) city Members
committed to fund their respective amounts (not to exceed $500,000) no later than June 30,1997,
with an extension to September 29,1997. The SBIAA has drawn $643,835 from the County
Loan and $1,287,665 from the San Bernardino Loan (as defined in the Loan Agreement)
collectively totaling $1,931,500.
The funds committed by the City in 1996, were paid by the EDA on behalf of the City. In 1996,
the Commission approved a funding arrangement for the EDA under which it was required to
pay amounts advanced by the City to the SBIAA in an amount not to exceed $2,000,000. The
Agency used funds from the Wells Fargo Bank line of credit.
. The SBIAA needs additional operating funds for fiscal year 1997-98, and has requested that the
Members consider the adoption of Amendment No.1 to the Loan Agreement to allow for a draw
of the unused amounts of the original Loan. The amount to be drawn from the City will not
exceed $712,335 and from the County will not exceed $356,165 for the 1997-98 fiscal year. The
total will not exceed $3,000,000 in the aggregate for both the County Loan and the San
Bernardino Loan for fiscal years 1996-97 and 1997-98. The City has been requested by the
SBIAA to now adopt a resolution approving the payment of the remaining portion of the
$2,000,000 during fiscal year 1997-98, to allow funds to be drawn through December 15, 1997,
and to extend the repayment date to December 31, 1997. There is no further action necessary at
this time by the Commission as it duly approved the provision of the full $2,000,000 San
Bernardino Loan amount in 1996.
It
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COMMISSION MEETING AGENDA
MEETING DATE: 09/1511997
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Agenda Item Numher: }
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Economic Development Agency Staff Report
San Bernardino International Airport Authority
September 11, 1997
Page 2
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The cities of Colton, Highland and Lorna Linda have committed in the Loan Agreement to
advance their loan amount in the aggregate of $1 ,500,000 which will have the effect of paying
down the County Loan in the amount of $500,000 and the City Loan in the amount of
$1,000,000. The Loan Agreement provides that the City and County shall be repaid no later than
September 29,1997. The Amendment No.1 to the Loan Agreement would extend this date to
December 31, 1997, and extend the date by which the other Members must either fund their
respective portions of the Loan or terminate their membership and participation in the SBIAA to
December 31, 1997.
Based upon the foregoing, staff recommends adoption of the form resolution.
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ToM MINOR
Mayor
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COMMISSION MEETING AGENDA
MEETING DATE: 09/15/1997
Agenda Item Number: f7-?-
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AMENDMENT NO. 1
TO
LOAN AGREEMENT
THIS AMENDMENT NO. 1 TO LOAN AGREEMENT is made and
entered into as of September __, 1997, by and among the
SAN BERNARDINO INTERNATIONAL AIRPORT AUTHORITY, a joint powers
authority organized and existing under the laws of the State of
California (the "Authority"), the COUNTY OF SAN BERNARDINO (the
"County"), the CITY OF "SAN BERNARDINO ("San Bernardino"), the CITY
OF HIGHLAND ("Highland"), the CITY OF COLTON ("Colton") and the
CITY OF LOMA LINDA ("Lorna Linda"). The County, San Bernardino,
Highland, Colton and Lorna Linda are all public bodies, corporate
and politic, duly existing under the laws of the State of
California, and shall be collectively referred to herein as the
"Lenders".
WIT N E SSE T H :
WHEREAS, the Authority has entered into a certain Loan
Agreement with the County, San Bernardino, Highland, Colton and
Lorna Linda dated as of October 1, 1996, for the establishment of
the County Loan and the San Bernardino Loan and setting forth the
obligations of all parties to said Loan Agreement with respect to
the funding of loans and the repayment thereof; and
WHEREAS, funds pursuant to the County Loan have been disbursed
in a principal amount equal to $643,835 with respect to the 1996-97
fiscal year and funds pursuant to the San Bernardino Loan have been
disbursed in a principal amount equal to $1,287,665 with respect to
the 1996-97 fiscal year; and
WHEREAS, it is desirable for the parties to the Loan Agreement
to modify certain of the terms and provisions thereof to allow for
the disbursement of an amount equal to the remaining funds from the
County Loan and the San Bernardino Loan during the 1997-98 fiscal
year and to provide for the extension of the date by which the
Highland Loan, the Colton Loan and the Lorna Linda Loan shall be
funded; and
WHEREAS, in order to establish and declare the amendments and
modifications to the Loan Agreement with respect to the terms and
conditions upon which the Loans (as said term is defined in the
Loan Agreement) are to be made, the Authority and the Lenders
desire to enter into this Amendment No.1; and
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WHEREAS, it is thp. intent of the parties that the County and
San Bernardino shall authorize draws to be made during the 1997-98
fiscal year for the County Loan in a principal amount not to exceed
the previously undisbursed principal of the $1,000,000 commitment
from the County and the San Bernardino Loan in a principal amount
not to exceed the previously undisbursed principal of the
$2,000,000 commitment from San Bernardino through and including
December 15, 1997, and unless the then outstanding principal and
interest amounts of such loans are repaid in full on or before
December 15, 1997, Highland, Colton and Lorna Linda shall be
required to fund their respective loans on or before December 31,
1997, or shall be automatically terminated from the membership of
the Authority and have no further obligations with respect to the
financial participation in the Authority; and
WHEREAS, the County, San Bernardino, Highland, Colton and Lorna
Linda have taken, or shall take, all requisite official action by
their respective legislative bodies to make the commitments to fund
loans during the 1997-98 fiscal year or to terminate their
membership and participation in the Authority the legal obligations
of such members pursuant to applicable California law; and
WHEREAS, all acts and proceedings required by law necessary to
make this Amendment No. 1 to the Loan Agreement, when executed by
the Authority and the Lenders, the valid, binding and legal
obligation of the Authority and each of the Lenders, and to
constitute this Amendment No. 1 to the Loan Agreement as a valid
and binding agreement for the uses and purposes herein set forth in
accordance with its terms, have been done and taken, and the
execution and deli very of this Amendment No. 1 to the Loan
Agreement have been in all respects duly authorized by the
respective parties.
NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the parties hereto do hereby
agree as follows:
Section 1.01. Definitions. All capitalized terms as used in
this Amendment No. 1 which are not otherwise defined herein shall
have the respective meanings as defined in the Loan Agreement.
Section 1.02. Amendments to Loan Agreement. The Loan
Agreement shall be amended only to the extent and in the manner as
herein provided. Unless a particular provision of the Loan
Agreement is specifically amended pursuant to this Amendment No.1,
each and every term, condition and provision of the Loan Agreement
shall remain in full force and effect as therein or as herein
provided.
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(a) Section 2.06d. of the Loan Agreement shall read as
follows: "Disbursement of loan proceeds under (i) the
County Loan have been disbursed in a principal amount
equal to $643,835 for the 1996-97 fiscal year, and (ii)
the San Bernardino Loan have been disbursed in a
principal amount equal to $1,287,665 for the 1996-97
fiscal year. An additional $356,165 of potential
disbursements under the County Loan for the 1997-98
fiscal have been authorized by the County and an
additional $712,335 of potential disbursements under the
San Bernardino Loan have been authorized for the 1997-98
fiscal year. All principal amounts of the disbursement
of loan proceeds to be made under this Section 2.06 with
respect to the 1997-98 fiscal year shall be disbursed by
the County and San Bernardino to the Authority on or
before December 15, 1997, and all principal as may have
been disbursed, together with all accrued interest
thereon, shall be paid in full by the Authority in a
single payment which shall be due and payable on or
before December 31, 1997."
(b) Section 2.07a. of the Loan Agreement, last sentence,
change "June 30, 1997" to "December 15, 1997"
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(c) Add a new Section 2.07d. to read as follows: "Highland,
Colton and Lorna Linda have by the adoption of Amendment
No. 1 to this Loan Agreement by resolution of the
respective city councils authorized the incurring of the
funding obligation for the Highland Loan by Highland, the
Colton Loan by Colton and the Lorna Linda Loan by Lorna
Linda during the 1997-98 fiscal year and within the time
periods required under Amendment No. 1 to this Loan
Agreement."
(d) Section 3.01 of the Loan Agreement, first sentence,
change "June 30, 1997" to "December 15, 1997"
(e) Section 3.01 of the Loan Agreement, second sentence,
change "September 29, 1997" to "December 31, 1997"
(f) Section 4.13 of the Loan Agreement, first sentence,
delete the phrase ", except as may result from Section
2.06.e"
(g)
Section 4.13 of the Loan Agreement,
change "June 30, 1997" to "December 31,
"July 1, 1997" to "January 1, 1998"
second sentence,
1997" and change
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Section 1.03 . Counterparts. This Amendment No.1 to the Loan
Agreement may be executed in one or more counterparts, each of
which shall constitute an original.
Section 1.04 Inconsistencies. In the event of any
inconsistencies between the provisions of this Amendment No. 1 and
the original version of the Loan Agreement, it is the desire of the
parties hereto that this Amendment No. 1 shall control and all such
inconsistencies shall be resolved so as to implement the intent as
expressed in this Amendment No.1.
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SBIA\0001\DOC\247
10\10\96 l:OOtjs
LOAN AGREEMENT
THIS LOAN AGREEMENT is made and entered into as of
October 1 , 1996, by and among the SAN BERNARDINO
INTERNATIONAL AIRPORT AUTHORITY, a joint powers authority organized
and existing under the laws of the State of California (the
"Authority"), THE COUNTY OF SAN BERNARDINO (the "County"), THE CITY
OF SAN BERNARDINO ("San Bernardino"), THE CITY OF HIGHLAND
("Highland"), THE CITY OF COLTON ("Colton") and THE CITY OF LOMA
LINDA ("Lorna Linda"). The County, San Bernardino, Highland, Co1.ton
and Lorna Linda are all public bodies, corporate and politic, duly
existing under the laws of the State of California, and shall be
collectively referred to herein as the "Lenders".
WIT N E SSE T H:
WHEREAS, the Authority is a j9int powers authority, duly
established and authorized to transact business and exercise powers
under and pursuant to a Joint Exercise of Powers Agreement, as
amended (the "Joint Powers Agreement") by and among the County,
San Bernardino, Highland, Colton, Lorna Linda and the City of
Redlands ("Redlands"); and
WHEREAS, Redlands has voluntarily withdrawn as a member
of the Authority; and
WHEREAS, the Authority was established for the purposes
of acquiring, operating, repairing, maintaining and administrating
the aviation portions of the former Norton Jl.ir Force Base, now
known as the San Bernardino International Airport (the "Airport");
and
WHEREAS, the Authority has the powers set forth in the
Joint Powers Agreement and as provided in the Joint Powers Act,
Chapter 5, Division 7, Title 2 of the Government Code of the State
of California; and
WHEREAS, the Authority desires to borrow money for the
purpose of paying certain operating costs and other expenses of the
Authority; and
WHEREAS, the Lenders individually possess the legal
ability and authority to loan funds to the Authority for the
purposes specified a~ove (the "Loans") and desire to do 50; and
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WHEREAS, in order to establish and declare the terms and
conditions upon which the Loans are to be made, the Authority and
the Lenders desire to enter into this Loan Agreement; and
WHEREAS, all acts and proceedings required by law
necessary to make this Loan Agreement, when executed by the
Authority and the Lenders, the valid, binding and legal obligation
of the Authority and each of the Lenders, and to constitute this
Loan Agreement as a valid and binding agreement for the uses and
purposes herein set forth in accordance with its terms, have been
done and taken, and the execution and delivery of this Loan
Agreement have been in all respects duly authorized by the
respective parties.
NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein contained, the parties hereto do hereby
agree as follows:
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ARTICLE I
Definitions
Section 1.01. Definitions. Unless the context clearly
otherwise requires or unless otherwise defined herein, the
capitalized terms in this Loan Agreement shall have the respective
meanings as defined in this Section 1.01, for all purposes of this
Loan Agreement.
"Certificate of the Authority" means a certificate in
writing signed by the President, Vice President, Airport Director,
Treasurer or Secretary of the Authority or by any other officer of
the Authority duly authorized by the Authority in writing for that
purpose.
"LAIF" means the Local Agency Investment Fund.
"Loan Agreement" means this Loan Agreement by and among
the Authority and the Lenders, as originally entered into or as
amended or supplemented pursuant to the provisions heFeof.
"Request of the Authority" means a request in writing
signed by the President, Vice-President, Airport Director,
Treasurer or Secretary of the Authority or by any other officer of
the Authority duly authorized by the Authority for that purpose.
Section 1.02. Rnles of Constrnction. All references
herein to "Articles," "sections" and other subdivisions are to the
corresponding Articles, Sections or subdivisions of this Loan
Agreement, and the words "herein," "hereof," "hereunder" and other
words of similar import refer to this Loan Agreement as a whole and
not to any particular Article, Section or subdivision hereof.
ARTICLE II
Agreements to Extend Loans
Section 2.01. Count v Loan. The County hereby agrees
to loan the Authority (the "County Loan") a sum not to exceed One
Million Dollars ($1,000,000). The County Loan will be made on the
terms set forth in Section 2.06 hereof.
Section 2.02. San Bernardino Loan. San Bernardino
hereby agrees to loan the Authority (the "San Bernardino Loan") a
sum not to exceed Two Million Dollars ($2,000,000). The San
Bernardino Loan will be made on the terms set forth in Section 2.06
hereof.
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Section 2.03. Hiahland Loan. Highland hereby agrees
to loan the Authority a sum not to exceed Five Hundred Thousand
Dollars ($500,000), which loan (the "Highland Loan") will be made
on the terms set forth in Section 2.07 hereof.
Section 2.04. Colton Loan. Colton hereby agrees to
loan the Authority a sum not to exceed Five Hundred Thousand
Dollars ($500,000), which loan (the "Colton Loan") will be made on
the terms set forth in Section 2.07 hereof.
Section 2.05. Lorna Linda Loan. Lorna
agrees to loan the Authority a sum not to exceed
Thousand Dollars ($500,000), which loan (the "Lorna
will be made on the terms set forth in Section 2.07
Linda hereby
Fi ve Hundred
Linda Loan")
hereof. :
Section 2.06. Tp.rms Aoolicable to Count v and San
Bernardino Loans. The terms on which the County Loan and the San
Bernardino Loan will be made are as follows:
a. The Authority may draw upon the County Loan and
the San Bernardino Loan from. time to time in such principal amounts
as requested in a Request of the Authority, so long as the total
principal drawn under,. the County Loan does not exceed $1,000,000,
and the total principal drawn under the San Bernardino Loan does
not exceed $2,000,000, providing that, at each time the Authority
seeks to draw upon said loans, the Authority has available to it
cash on hand (exclusive of the Highland, Colton and Lorna Linda
Loans) in an amount equal to or less than One Hundred Thousand
Dollars ($100,000).
b. Any draws under this Section 2.06 will be made
by way of a Request of the Authority specifying the amount of the
draw requested, and shall be accompanied by a Certificate of the
Authority certifying that the Authority, as of the date of the
Certificate, has available to it funds in an amount equal to or
less than $100,000. The Authority shall not make more than two (2)
draws under this Section 2.06 in any calendar month. Each Request
of the Authority under this Section 2.06 shall be made concurrently
to the County and San Bernardino, and shall request one-third of
the sums specified in said Request of the Authority from the County
and two-thirds from San Bernardino. The County and San Bernardino
will each have three (3) business days after the receipt by it of
a Request of the Authority seeking each draw, together with the
required Certificate of the Authority, within which to pay to the
Authority the amount of the draw requested from it.
c. The principal amount of said loans will bear
simple annual interest at the rate of two (2) points over the LAIF
rate in effect at the time each principal amount is received by the
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Authority, with said rate being adjusted from time to time as the
LAIF rate changes, so as to always be two (2) points over the LAIF
rate, with interest accruing on all unpaid principal from the date
said principal is received by the Authority until all of said
principal is paid in full.
d. All of the principal of the loans made under this
Section 2.06, together with all accrued interest thereon, shall be
paid in full in a single payment due on or before June 30, 1997.
Section 2.07.
Lorna Linda Loans. The
Loan and Loma Linda Loan
Term~ Aoolicable to Hiahland. Colton and
terms on which the Highland Loan, Colton
will be made are as follows:
a. Said loans will be made only upon service on
Highland, Colton and Lorna Linda of a Request of the Authority,
specifying the total amount of the loan requested by the Authority
(the UTotal Loan Request"). The Authority may serve more than one
Request of the Authority but the total principal amount sought from
Highland, Colton and Lorna Linda, from all of the Requests of the
Authority may not exceed the sum of One Million. Five Hundred
Thousand Dollars ($1,500,000). Any Request of the Authority under
this Section 2.07 must be made to Highland, Colton and Lorna Linda
concurrently, and must request from each city one-third of the
total principal amount indicated in said Request of the Authority.
No Request of the Authority under this Section 2.07 may be served
prior to June 30, 1997.
b. Any principal advanced by Highland, Colton and
Lorna Linda under the provisions of this Section 2.07 will bear
simple annual interest at the rate of two (2) points over the LAIF
rate in effect on the date which said principal is received by the
Authority, with said rate being adjusted from time to time as the
LAIF rate changes so as to always be two (2) points over the LAIF
rate, with interest accruing on all unpaid principal from the date
on which any portion of the principal under this Section 2.07 is
received by the Authority until all of said principal has been paid
in full.
c. The Authority shall repay the principal and
interest of the loans made under this Section 2.07 when and to the
extent financially possible from the available revenues and other
funding sources of the Authority.
Section 2.08. Subordination of TVDA Loans. The
Authority represents that it will consider the Loans made by the
Lenders under the provisions of this Loan Agreement to be superior
to the various loans previously extended to it by the Inland Valley
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Development Agency (the "IVDA")
agreements, as amended, and that it
to be subordinate to the Loans made
pursuant to written loan
will consider said IVDA loans
hereunder.
ARTICLE III
Default Provisions
Section 3.01. Default As to Hiahland Loan. Colton Loan
or Loma Linda Loan. In the event that Highland, Colton or Loma
Linda fail or refuse to make the loans provided for in this Loan
Agreement as and when called for herein on June 30, 1997, then the
city or cities so failing shall be in default of this Loan
Agreement, providing only that the defaulting city or cities first
receive written notice, given in accordance with Section 4.09
hereof, specifying the nature of the default. If a default is
established under the provisions of this Section 3.01, the
defaulting city or cities shall have until September 29, 1997, to
cure any such default by the payment of the required amounts or to
be immediately terminated as of such date from membership and
participation in the Authority and otherwise as provided in Section
11 of the Joint Powers Agreement, as applicable. Any such
defaulting city or cities shall not be liable hereunder to remit to
the Authority the full principal amount of their respective loans
pursuant to this Loan Agreement as of the effective date of the
termination of the defaulting city or cities from the membership
and participation in the Authority.
Section 3.02. Default As to Countv Loan or San
Bernardino Loan. In the event that the County or San Bernardino
has advanced principal amounts totaling less than $500,000 in the
case of the County or $1,000,000 in the case of San Bernardino, on
or before June 30, 1997, then the County or San Bernardino, as
applicable, shall be in default of this Loan Agreement, providing
only that it first receive written notice, given in accordance with
Section 4.09 hereof, specifying the nature of the default. If a
default is established under the provisions of this Section 3.02,
the defaulting party shall have until September 29, 1997, to cure
any such default by the payment of the required amounts or to be
immediately terminated as of such date from the membership and
participation in the Authority and otherwise as provided in Section
11 of the Joint Powers Agreement, as applicable. The defaulting
party shall not be liable hereunder to remit to the Authority any
principal amounts as of the effective date of the termination of
the defaulting party from the membership and participation in the
Authority. The County or San Bernardino will not be considered in
default of this Loan Agreement for any refusal or failure to extend
loan draws if it has previously extended such draws in a principal
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amount of not less than $500,000 in the case of the County, or
$1,000,000 in the case of San Bernardino.
ARTICLE IV
Miscellaneous provisions
Section 4.01. Ootional Pr~navment. The Authority has
the right to prepay any portion of the various loans made under the
prov~s~ons of this Loan Agreement without penalty at any time and
from time to time on a proportionate basis to the Lenders in
proportion to the principal amount of the advances then outstanding
with respect to each Lender. Any payments made by the Autho~ity
shall be credited first to unpaid interest in proportion to the
interest then owed to each Lender, and then to unpaid principal in
proportion to the principal then owed to each Lender.
Section 4.02. Books and Accounts: Financial Statement.
The Authority will keep, or cause to be kept, proper books of
record and accounts, in which complete and correct entries shall be
made of all transactions relating to the loans made under this Loan
Agreement. Such books of record and accounts shall at all times
during business hours be subject, upon prior written request, to
the reasonable inspection of the Lenders or their representatives
authorized in writing.
Section 4.03. Fllrth~r Assurances. The Authority and the
Lenders, and each of them, will adopt, make, execute and deliver
any and all such further resolutions, instruments and assurances as
may be reasonably necessary or proper to carry out the intention or
to facilitate the performance of this Loan Agreement.
Section 4.04. Benefits Limited to Parties. Nothing in
this Loan Agreement, expressed or implied, is intended to give to
any person other than the Authority and the Lenders, any right,
remedy or claim under or by reason of this Loan Agreement.
Section 4.05. No Aareement.
this Loan Agreement may assign or transfer
created by this Loan Agreement without the
of all of the other parties.
None of the parties to
any right or obligation
express written consent
Section 4.06. Arn~ndment.
amended by the parties hereto but
approval of all parties hereto,
governing body of each party.
This
only in
and the
Loan Agreement may be
writing and with the
authorization of the
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Section 4.07. Waiver of Personal Liabilitv. No member,
officer, agent or employee of the Authority or the Lenders shall be
individually or personally liable for the payment of the principal
of or interest provided for in this Loan Agreement, but nothing
herein contained shall relieve any such member, officer, agent or
employee from the performance of any official duty provided by law.
Section 4.08. Payment on Business Davs. Whenever in
this Loan Agreement any amount is required to be paid on a day
which is not a business day, such payment shall be required to be
made on the business day immediately following such day.
Section 4.09. NotiC'Oes. All written notices to be
given under this Loan Agreement shall be given by first class mail
or personal delivery to the party entitled thereto at its address
set forth below, or at such address as the party may provide to the
other party in writing from time to time. Notice shall be effective
48 hours after deposit in the United States mail, postage prepaid
or, or in the case of personal delivery to any person, upon actual
receipt at the address set forth below:
If to the Authority:
San Bernardino International
Airport Authority
294 S. Leland Norton Way
San Bernardino, CA 92408
Attn: Airport Director
If to the County:
County of San Bernardino
385 North Arrowhead Avenue
San Bernardino, CA 92415
Attn: County Administrative Officer
If to the City of
San Bernardino:
City of San Bernardino
300 North "D" Street, sixth Floor
San Bernardino, CA 92418
Attn: City Administrator
If to the
City of Colton:
City of Colton
650 North La Cadena Drive
Colton, CA 92324
Attn: City Manager
If to the
City of Highland:
City of Highland
26985 Base Line
Highland, Ca 92346
Attn: City Manager
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If to the
city of Loma Linda:
City of Loma Linda
25541 Barton Road
Loma Linda, CA 92354
Attn: City Manager
Section 4.10. Partial Invaliditv. If any Section,
paragraph, sentence, clause or phrase of this Loan Agreement shall
for any reason be held illegal, invalid or unenforceable, such
holding shall not affect the validity of the remaining portions of
this Loan Agreement.
Section 4.11. Governina Law. This Loan Agreement
shall be construed and governed in accordance with the laws of the
State of California.
Section 4.12.
be executed in one or
constitute an original.
Connteroarts. This Loan Agreement may
more counterparts, each of which shall
Section 4.13. Parity of Loans. Each loan made by the
Lenders under this Loan Agreement shall be deemed to have equal
dignity ana priority with the other loans made hereunder, and no
Loan, plus interest thereon, made by any Lender shall have any
priority or superior payment position over any other Loan made by
the other Lenders pursuant to this Loan Agreement, except as may
result from Section 2.06.e. In the event the Loans required by the
provisions of this Loan Agreement to be repaid on or before June
30, 1997, are not so paid, and the additional Loans pursuant to the
provisions of Section 2.07 are required to be made to the
Authority, then commencing on July 1, 1997, and thereafter the
provisions of Section 11 of the Joint Powers Agreement shall
determine the principal amounts required to be loaned by the
Lenders to the Authority for the continued funding of the
operations and capital requirements of the Authority.
- 9 -
,""
.
IN WITNESS WHEREOF, the San Bernardino International
Airport Authority, the County of San Bernardino, the City of San
Bernardino, the City of Highland, the City of Colton and the City
of Loma Linda have caused this Loan Agreement to be signed by their
respective officers, all as of the day and year first above
written.
SAN BERNARDINO INTERNATIONAL
AIRPORT AUTHORITY
~~~l.;r~
ATTEST:
By: '--f0..~d . (!.$-
Assistant Secretary to the Board
.
APPROVED AS TO FORM:
BY:<""~~
Autho i Counsel
TIMOTHY J. SABO
.
- 10 -
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.
.
.
,.
ATTEST:
By: _____
----
-----
By:
FORM:
~
nsel
COUNTY OF SAN BERNARDINO
By: ~cc..~ ~~J'.P'1 <--;
Name: Marsha Turoci
T1 tle: Chairman, Board of Supervisors
County of San Bernardino
DATE: October 1, 1996
Agreement No. 96-924
By
- 11 -
.
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e
ATTEST:
By: .~ C-.L,A
Ci Clerk
APPROVED AS TO FORM:
_~h)
': Ci t torney
CITY OF SAN BERNARDINO
-;- ~-Y0--1dljh~
1-rlllVl. /I\tNOrl.
fYIPND II-
By:
Name:
Title:
- 12 -
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.
e
.
"
"
By:
Name: M
T1 tle: Mayor
ATTEST: .
By: Ab '-' " L Of. Cht~
City Clerk
Debbie L. Anderson
APPROVED AS TO FORM:
By:
:
- 13 -
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CITY OF COLTON
By:
Name:
Title: 1"h4
ATTEST:
By: -/J~it.t.-4 -~(~t~&I, ~
t'City Clerk zr-- (
By:
- 14 -
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~ ~
,
..
ATTEST:
By: Y2../L,) ~A1/A-tJ '{!-..,J..
. Ci ty Cler
CITY OF Ld~
~~JQ~ J:~
T~tle: ~ ____
"'-^' IT V
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