HomeMy WebLinkAbout1979-398 1 RESOLUTION NO. 79-3yP ~
2 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
3 OF SAN BERNARDINO DECLARING THE INTENTION OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, TO ISSUE MORTGAGE REVENUE BONDS FOR
4 THE PURCHASING OR MAKING OF INSURED MORTGAGE LOANS FOR THE
FINANCING OF CERTAIN MULTI-FAMILY RESIDENTIAL CONSTRUCTION.
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5 WHEREAS, the City is authorized to purchase or make in-
6 sured mortgage loans for financing multi-family residential
~ construction and to issue mortgage revenue bonds for the pur-
$ pose of paying the cost of such financing; and
9 WHEREAS, a severe housing problem exists for the personnel
10 at the Norton Air Force Base, which is one of the City's largest
11 employers, and it is necessary and desirable for the City to use
12 all of its powers to issue and sell its mortgage revenue bonds
13 Ito provide funds for the~purcltasng or making of insured mortgage
14 iloans for the financing of multi-family residential facilities
15 Ito provide housing for the service personnel and others connected
16 with the Base (hereinafter "Project"), which Project is more par--
17 ticularly described in Exhibit "A" attached hereto; and
18 WHEREAS, the Project is to be located within the City on
19 property which it is believed will be made available for such
20 purpose; and the City wishes to declare its intention to auth-
21 orize an issue of mortgage revenue bonds of the City for glie
22 purpose of paying the costs of financing the Project and the
~ 23 costs of issuing such mortgage revenue bonds, upon such terms
24 and conditions as may be agreed upon by the Agency, the developer
25 and the purchasers of the bonds.
26 NOW, THEREFORE, the Mayor and Common Council of the City
27 of San Bernardino do hereby resolve, determine and order as
28 follows:
1 Section 1. The City hereby declares its intention to
2 issue mortgage revenue bonds of the City under and in accor-
3 !dance with its home rule powers which it has previously ex-
4 lercised by the adoption of procedural ordinances, in amounts
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5 presently estimated to be approximately $~Sr,,,~z~~~
6 for the purpose of paying the costs of financing the Project
~ and of paying the costs of issuance of the bonds, which bond
g amount may increase in accordance with the provisions of Exhibit
9 ..A..
10 Section 2. The aforesaid principal amount of Bonds
it constitutes the aggregate face amount of obligations to be
12 sawed pursuant to the issue of Bonds at this time for the
~I acquisition of mortgages originated with respect to the Project,
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14 and the details of such Bonds shall be authorized by supplemental
15 resolution or resolutions of the City at a meeting or meetings
16 to be held for such purpose.
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1~ Section 3. The Mayor is hereby authorized and directed
18 to provide for the sale of the Bonds, and the City and its
19 staff and consultants and legal counsel to the City are hereby
20 directed to take such steps as shall be appropriate to impler-
21 ment such sale and delivery of the Bonds including working with
22 developers and others who may acquire vested rights as the result
23 of such actions.
24 Section 9. This Resolution constitutes a proper exer-
25 cise of the powers of this body and conforms to State and local
26 legal requirements relating to the issuance of residential
27 mortgage revenue bonds by a home rule City in this State.
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1 Section 5. It is intended that this Resolution shall
2 iconstitute "some other similar official action" toward
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3 jthe issuance of the bonds within the meaning of Section 1.103-B
4 i (a)(5)(iii) of the United States Treasury Regulations. It is
5 also intended that this Resolution shall constitute such
"official action" toward the issuance of the Bonds within the
7 meaning of the United Stated Treasury Regulations, the United
g States Tax Laws, and any legislation now or hereafter pending
q in Congress which may require official action in order for the
10 Bonds to be exempt from Federal Income Taxes.
it I HEREBY CERTIFY that the foregoing resolution was duly
12 adopted by the Mayor and Common Council of the City of San Ber-
13 nardino at a Meeting thereof, held on the
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14 day of 1979, by t,,~~he following vote, to=wit:
lq AYES : Councilmen ~ d~1!o ~ ~ ~ v,Q,,,
,~Y
17 NAYS: `7Z~~ei
' 16 ABSENT : l~e<.,~a~f-~~;
19 / ' ~r~`
2p City Clerk
21 The foregoing resolution is hereby approved this
22 day of ,(~~yw 1979.
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24
M o of i o Sa ernardino
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26 Approved as to Form
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28 City At orney
RE-ADOPTED WITH AMENDMENTS 11-15-79
79=a9a
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PROJECT Norton Air Force Base
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NUMBER OF HOUSING UNITS 960 - Subject to cost of construction
5 an in a ion rea bus men
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BOND AMOUNT (Subject to
7 cost of construction and
inflation readjustment) $55,000,000.00
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9
DEVELOPERS Unknown
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IS
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24 EXHIBIT "A"
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