HomeMy WebLinkAbout1981-048
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RESOLUTION NO. p/- -?"J>
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO APPROVING AN UNDERWRITER FOR THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR A CERTAIN PROJECT;
AND REPEALING RESOLUTION NO. 81-18.
WHEREAS, pursuant to Resolution Nos. 80-100 and 80-125, the Mayor and
Common Council approved the issuance of Industrial Development Revenue bonds
for the purposes of financing a commercial office building to be located at the
corner of 6th and "D" Streets in the City of San Bernardino, including the land
necessary therefor and for the providing of parking spaces for the use and
convenience of the tenants and visitors of said bulJding; and
WHEREAS, the application has selected Birr-Wilson & Co. as underwriter for
said bonds.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER
AS FOLLOWS:
Section 1. That Birr-Wilson & Co. is hereby approved as the underwriter for
the issuance of the Industrial Development Revenue Bonds referred to in the
recitals hereof, which will be in the principal amount of approximately Eight
Million Two Hundred Fifty Thousand Dollars ($8,250,000).
Section 2. That Resolution No. 81-18, adopted by the Mayor and Common
Council of the City of San Bernardino on January 12, 1981, is hereby repealed.
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I HERE8Y CERTIFY that the foregoing resolution was duly adopted by the
Mayor and Common Council of the City of San Bernardino at tZ,
/t'~A) meeting thereof, held on the ~JI day of .... ..iLnJ
1'81, by the following vote, to-wit:
Ayes: Councilmen ~~IJ~{ 9JL~? yldJ'"
~j,"r ,rei~A<..{ ~/~ / Ad;;dd~J
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Nays:
Absent:
~?/md"aAb
City Clerk
The foregoing resolution is hereby approved this
3^<t
day of
_-) ..Jr-
, 1981.
Approved as to form:
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January 30, 1981
City of San Bernardino
ledeve10plllent Alency
300 North "D" Street
San Bernardino, Ca.
lef: Six story high riu,
6th & "D" Street
San Bernardino, Ca.
Attention: Mr. Ralph Shadwell
Gentl_en:
After conaldarable eou1 aearching witb OUr iDtarta laIIder
we have decided to replace Cibralco Inc. with the firm of
Birr-Wilson & Co. ( See enclosed letter from Crocker to Cibra1co.)
Although both firms are reputsb1e and offer similar services,
Crocker Bank prefers Birr-Wi1aon because of their forty years of
experience, their aizeable lines of credit with Bank of America
and that they are a San Francisco based firm within two blocks
of Crockerl home offices.
I don't ue this creating any prob1_s, in fact it should
strengthen our position. I would appreciate you making
necessary legal changes at your earliest convenience
, INC.
cc: Mayor, All Councilman
J. Warren Beebe (IDA Bo
Rick Koon ( Crocker Nati
Birr-Wilaon & Co., Inc.
Phil Stain, Attorney
Pirat Fed. S & L of SBDNO
Incloaure
ASHTON DI\IEI.OI'MENT, IN(., P.o. lox 600, 17632 Irvine 1ouIev1ld, TlIIIIn, C111fom1a 92680
(714) 138-0505 TELEX 615574
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CONSTRUCTION FINANCE DEPARTMENT
JlIO NORTH D STREET VANIR TOWER, SUITE 805, SAN BERNARDINO, CALIFORNIA 82401
RICHARD S. KOON
WICE __NT AND MANAGE~
January 26" 1981
Mr. Bill Jackson
'Cibra1co, Inc.
1321 Seventh Street
Santa Monica, CA 90401
Re: Ashton Development Corp.
Dear Mr. Jackson:
Your bond purchase agreement and the letter from Security Pacific
Bank outlining your available lines of credit were forwarded to
our bank portfolio department in San Francisco several we~ks ago.
Both departments agree at this time that your proposal does not
constitute a firm take-out commitment and that your bank's offer
of financial lines is far too conditional for a transaction of
this magnitude. TIlerefore, 1 have instructed Ashton Development
Corporation to continue to seek other sources of long-term
financing.
I appreciate the time and effort you put into this presentation
and regret that we are not able to ~ur-fervices.
d;?t;CI
Richard Koon
Vice President
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