Loading...
HomeMy WebLinkAbout1989-332 " SBE00097-23/3071S/sf 08/16/89 0535 RESOLUTION NO. 89-332 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AUTHORIZING THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN THE AMOUNT OF NOT TO EXCEED $40,000,000, AUTHORIZING AND DIRECTING EXECUTION OF RELATED LOAN AGREEMENT, AMENDED AND RESTATED LOAN SERVICING AGREEMENT, ESCROW AGREEMENT AND CLOSING DOCUMENTS, AS REQUIRED (TAXABLE COLLATERALIZED MORTGAGE BONDS, 1989 SERIES A) WHEREAS, the City of San Bernardino ("City") and the Redevelopment Agency of the City of San Bernardino ("Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the San Bernardino Joint Powers Authority (" Authori ty") for the purpose of issuing its bonds to be used to make loans to any of its members to finance public capital improvements or refinance certain indebtedness of such members; and WHEREAS, the Authority proposes at this time to issue its Taxable Collateralized Mortgage Bonds, Series 1989-A, in an aggregate principal amount not to exceed $40,000,000 ("Bonds") for the purpose of providing funds to make a loan ("Loan") to the City in the principal amount of not to exceed $40,000,000 to refinance the acquisition of certain mortgage loans for residential real property owned by persons of low and moderate income in the City, pursuant to the agreement entitled "Loan Agreement Relating to San Bernardino Joint Powers Financing Authority Taxable Collateralized -1- Mortgage Bonds (1989 Series A)", dated as ("Loan Agreement") by and among the Agency, City; and of September 1, 1989 the Authority and the WHEREAS, the City has previously issued its $41,280,000 Single Family Residential Mortgage Revenue Bonds, 1980 Series A ("City Bonds"), to finance the acquisition of certain mortgage loans for residential real property owned by persons of low and moderate income in the City; and WHEREAS, the City is authorized pursuant to the Local Housing Finance Act, codified at Section 52000, .e..t.~., to of the California Health and Safety Code ("Housing Finance Act"), to incur indebtedness for the purpose of refunding, in whole or in part at any time, bonds theretofore issued under the Housing Finance Act; and WHEREAS, the Mayor and Common Council, on behalf of the City, have determined to borrow amounts under the Loan Agreement for the purpose of paying principal of, premium, if any, and interest on the City Bonds, as the same shall become due and payable and at maturity and redemption thereof; and WHEREAS, the Mayor and Common Council have duly considered such transactions and wish at this time to approve said transactions in the public interests of the City; -2- NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Determinations. The Mayor and Common Council hereby find and determine that the issuance of the Bonds by the Authority results in significant public benefits, consisting of demonstrable savings in effective interest rates, bond preparation, bond underwriting and/or bond issuance costs. Section 2. Authorization of Loan: Aporoval of Loan Aareement. The Mayor and Common Council hereby authorize and approve the Loan to be made to the City by the Authori ty in the principal amount of not to exceed $40,000,000 pursuant to and in accordance with the terms of the Loan Agreement for the purpose of refinancing the City Bonds. The Mayor and Common Counci 1 hereby approve the Loan Agreement in substantially the form on file with the City Clerk, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The Mayor is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest and affix the seal of the City to, the final form of the Loan Agreement for and in the name and on behalf of the City. The proceeds of the Loan shall be applied by the City for the purposes and in the amounts as set forth in the Loan Agreement. The Mayor and Common Council hereby authorize the delivery and performance of the Loan Agreement. -3- . Section 3. Aoorova 1 of Lease Aareement. The Mayor and Common Council hereby approve the Amended and Restated Loan Servicing Agreement in substantially the form on file with the City Clerk, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The Mayor is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest and affix the seal of the City to, the final form of the Amended and Restated Loan Servicing Agreement for and in the name of and on behalf of the City. The Mayor and Common Council hereby authorize the delivery and performance of the Amended and Restated Loan Servicing Agreement. Section 4. Aooroval of Escrow Aareement. The Mayor and Common Council hereby approve the Escrow Agreement dated as of September 1, 1989, by and among the City, the Agency and Security Pacific National Bank, as Escrow Agent ("Escrow Agent"), in substantially the form on file with the City Clerk, together with any additions thereto or changes therein deemed necessary or advisable by the Mayor, whose execution thereof shall be conclusive evidence of such approval. The Mayor is hereby authorized and directed to execute, and the City Clerk is hereby authorized and directed to attest and affix the seal of the City to, the final form of the Escrow Agreement for and in the name of and on behalf of the City. The Mayor and Common Council hereby authorize the delivery and performance of the Escrow Agreement. -4- . Section 5. Official Actions. The Mayor and Common Council, the City Clerk, and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and to take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents which they, or any of them, may deem necessary or advisable in connection with the execution and delivery of the Loan Agreement, the Amended and Restated Loan Servicing Agreement and the Escrow Agreeent and the consummation of the transactions described herein and therein. section 6. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. -5- . . . I HEREBY CERTIFY that the foregoing adopted by the Mayor and Common Counci 1 San Bernardino at a Reeular held on the Zlst day of Au~ust the following vote, to wit: resolution of the meeting AYES: Counc i 1 Membe r s Rpi 11 y, Fl or"", Mands el y, Minor. Pnpp.-1.nr11.::1m) Mi 11 PT NAYS: I\Tnno ABSENT: 'RJ=:.t'T.::In.::l ~4'~p~/ cf"ty Clerk day of Tqe ~e!;!,oing resolution is hereby approved this ~ ' 1989. Approved as to form and legal content: By:~;(Jr, ) C~ty Att ey - , was duly City of thereof, 1989, by /J/-- . STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) ss CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk in and for San Bernardino, DO HEREBY CERTIFY that the foregoing copy of San Bernardino City Resolution No. true and correct copy of that now on file in this office. the and is City of attached a full, IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Bernardino this day of , 1989. City Clerk