HomeMy WebLinkAbout1986-356
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RESOLUTION NO. 86-356
RESOLUTION OF THE CITY OF SAN BERNARDINO AMENDING POLICY
GUIDELINES ON PUBLIC AND NEGOTIATED BOND SALE PROCEDURES FOR THE
CITY OF SAN BERNARDINO AND THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, ADDING PARAGRAPH J TO ARTICLE IV TO ESTABLISH
PROCEDURES APPLICABLE TO SELECTION OF TRUSTEE.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. Those certain policy guidelines on public and
negotiated bond sale procedures for the City of San Bernardino
and the Redevelopment Agency of the City of San Bernardino,
heretofore adopted on July 15, 1985, by Resolution No. 85-260 of
the City of San Bernardino and by Resolution No. 4777 of the
Community Development Commission of the City of San Bernardino
are hereby amended by adding thereto a Paragraph J to Article IV
thereof, which shall read as follows:
"J. Selection of Trustee. The trustee shall be recommended
by bond counsel and the financial consultant with selection to be
approved by the Mayor and Common Councilor the Community
Development Commission of the City of San Bernardino.
The
trustee shall be a trustee headquartered in the State of
California, and authorized to do business as a trustee within the
State of California, provided, however, that upon recommendation
of bond counsel and the financial consultant, an out-of-state
trustee may be appointed under the following circumstances:
1. Where none of the banks, major trust companies or
other trustees who normally serve as trustees for the City of San
Bernardino and the Agency on their various bond issues are
available or willing to perform the services needed on a
particular bond issue at a reasonable cost, the financial
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consultant and bond counsel may recommend to the Mayor and Common
Councilor to the Community Development Commission that an out-
of-state trustee would be appropriate under all the
circumstances. An out-of-state trustee shall not be recommended
unless the high quality trustees usually utilized by the City and
Agency are not available, and no other suitable in state trustee
is reasonably available to provide the service.
2. The out-of-state trustee, if approved, must agree
to designate the Secretary of State of the State of California as
the trustee's agent for service of process within the State of
California.
3. The out-of-state trustee must agree, if selected,
that any litigation between City or Agency and the trustee will
be handled in the Municipal Cort or Superior Court for the County
of San Bernardino, State of California, and that the trustee
agrees that the state courts of the State of California shall
have jurisdiction over all controversies between the issuer and
the trustee, and the trustee must specifically waive any right to
have the cause transferred to the federal courts.
4. The trustee must agree to any and all other
conditions imposed by the Mayor and Common Councilor the
Community Development Commission, in any particular instance.-
SECTION 2. In all other respects, the policy guidelines on
public and negotiated bond sale procedures for the City of San
Bernardino and the Redevelopment Agency of the City of San
Bernardino are hereby ratified, and shall remain in full force
and effect, as amended hereby.
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
Bernardino at an adiourned reqular
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meeting thereof, held on
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the
day of
, 1986, by the
9th
Seotember
following vote, to wit:
AYES:
Council Members EAtrndn
RAilly, Hp.rn~nnp7.
Marks. Ouiel. Strickler
NAYS:
None
ABSENT:
Council Member Frazier
~/~?'74/~M
./ City Clerk
The foregoing resolution is hereby approved this /oc"-- day
, 1986.
of
September
17 Approved as to form:
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20 City Attorney
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