HomeMy WebLinkAbout2007-449
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RESOLUTION NO, 2007-449
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE BENEFIT
OF CALIFORNIA HOUSING FOUNDATION ON BEHALF OF THE
INLAND REGIONAL CENTER
WHEREAS, the California Housing Foundation ("CHF"), a non-profit public benefit
8 corporation (the "Corporation") founded in 1998, has requested that the California Statewide
9 Communities Development Authority (the "Authority") participate in the issuance of revenue
10 bonds in an aggregate principal amount not to exceed $90,000,000 (the "Bonds") for the purpose
11 of, among other things, financing the acquisition of property, the construction of, and equipping of
12 a new office facility (the "Facility") on Waterman Avenue to be leased to the Inland Regional
13 Center ("IRC"); and
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WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
15 "Code"), the issuance of the Bonds by the Authority must be approved by the City of San
16 Bernardino ("City") because the Facilities are located within the territorial limits of the City; and
17 WHEREAS, the Mayor and Common Council of the City of San Bernardino (the
18 "Council") is the elected legislative body of the City and is an applicable elected representative
19 required to approve the issuance of the Bonds under Section 147(f) of the Code; and
20 WHEREAS, the Authority has requested that the Council approve the issuance of the
21 Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the
22 Code and the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers
23 Agreement, dated as of June I, 1988 (the "Agreement"), among certain local agencies, including
24 the City; and
25 WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following notice,
26 duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve
27 the issuance of the Bonds by the Authority solely for the purpose of satisfYing the requirement of
28 said Section 147(f) of the Code.
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P:\Agendas\Resolutions\Resolulions\2007\1 ].05-07 TEFRA Hearing -Inland Regional Center MCC Reso_OOc
1 NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY
2 THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS
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4 Section 1. The Council hereby approves the issuance of the Bonds by the Authority for
5 the purposes of financing the acquisition, construction, improvement and equipping of the
6 Facility. It is the purpose and intent of the Council that this Resolution constitute approval of the
7 issuance of the Bonds by the Authority solely for the purposes of (a) Section 147(f) of the Code
8 by the applicable elected representative of the governmental unit having jurisdiction over the area
9 in which the Facilities are located, in accordance with said Section 147(f), and (b) Section 9 of the
10 Agreement. The Council recognizes that both CHF and IRC have been advised by other parties
11 independent of the City as to the structure, terms and provisions of the Bonds and the economic
12 viability of proceeding with the issuance of the Bonds. The City assumes no liability or
13 responsibility of any nature whatsoever with respect to the Bonds and any aspects thereof as to
14 compliance with all applicable federal tax and securities laws when the Bonds are issued.
15 Section 2. The Mayor of the City, and/or his designees are hereby authorized and
16 directed, jointly and severally, to do any and all things and to execute and deliver any and all
17 documents that they deem necessary or advisable in order to carry out, give effect to and comply
18 with the terms and intent of this Resolution and the financing transaction approved hereby.
19 Section 3. This Resolution shall take effect upon its adoption and execution in the manner
20 as required by the City Charter.
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P:\Agendas\Resolutions\Resolutions\2007l11-05-07 TEFRA Hearing - Inland Regional Center MCC Reso_OOc
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE BENEFIT
OF CALIFORNIA HOUSING FOUNDATION ON BEHALF OF THE
INLAND REGIONAL CENTER
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
Common Council ofthe City of San Bernardino at a joint regular
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meeting thereof,
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The foregoing Resolution is hereby approved this r day of November ,2007.
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Approved as to Form:
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By:
27 James F. Penman, City Attorney
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