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Home My WebLink About1985-041 yc::.;,..,,~. -~~!_~~CIJQ' '::'::; ')or.::, '-~?-8S;~O:06 AV; 81870.1C,195 ~ 71~8889A~3 ; = 2 , 1,020-25/0340S/cb 01/18/85 h'..?:~;OL':Jfl'iON NC~. 85-41 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS INTENTION TO ISSUE ITS MULTIFAMILY MORTGAGE REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (MEYERS RANCH PROJECT) WH!REA.S, the city of San Bernardino, Cal ifornia ("C! ty") , is a "home rule city" duly organized and existing' under and pursuant :0 a Charter adopted under the provisions of the Constitution of the State of. California; and WHEREAS, pursuant to its home rule powers. the City duly and regulat:ly enacted Ordinance No. 3815 (the "Ordinance") to finance various types of projects. as defined in the Ordinance, and to issue its sped.al revenue bonds for the purpose of paying the , of financing such projects, and has amended the same from time J timei and WHEREAS. said Ordinance No, 3815. as amended, is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of moderately priced rental units for residents of the City and to broaden the tax and revenue base of the City; and - 1 - x~~ox T~~~COD'~~ 225 '-'8-S5;'0:07 A~; 8187040195 ~ 7148889413 # 3 < WHEREAS, there has been presented to the Mayor and Common Council an Application, attached hereto as Exhibit "A" and incorporated herein by reference by Fountain Place, Ltd., a California limited partnership, which includes Coast Investor Group, a Nevada corporation, as a general partner (the "Applicant"), and its successors or assigns requesting the issuance of multifamily mortgage revenue bonds in the principal amount not to exceed $10,500,000 for the purpose of financing, on behalf of the Applicant, a certain Project, to wit: the construction and financing in one or more phases of a two hundred and thirty-nine (239) unit multifamily rental housing development which shall be constructed on two (2) contiguous parcels of property which are located on either side of Tippecanoe Avenue immediately to the north of the undercross ing of the Warm Spr ings Flood Control Channel at Tippecanoe Avenue as more fully described in the Application. The parcel of property located on the east side of Tippecanoe Avenue upon which approximately one hundred and four (104) rental units of the Project shall be constructed includes approximately six (6) acres of land. The parcel of property located on the west side of Tippecanoe Avenue upon which approximately one hundred and thirty-five (135) rental units of the Project shall be constructed includes approximately nine and five-tenths (9.5) acres of land. The Project shall consist of approximately fifty-five (55) one-bedroom, one-bath rental units and one hundred and forty-seven (141) two-bedroom, two-bath rental units. thirty-seven (37) three-bedroom, two-bath rental units, on-site vehicle parking spaces, laundry and recreational rooms, appurtenant landscapin9 and other improvements. - 2 - X~1;>0X Tt:::L'::COP I ~Q 22'5; 1_~ 8.-85; , I): 07 A~; 8187040195 -1- 7148889413 ; # 4 . NOW. THEREFORE. IT IS HEREBY RESOLVED. DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO. CALIFORNIA, AS FOLLOWS: Section 1. That the red tals set forth hereinabove are true and correct in all respects. Section 2. The City of San Bernardino. California. is a municipal corporation duly created. established and authorized to transact business and exercise its powers. all under and pursuant to the Constitution and laws of the State of California, and the City Charter of the City. and the powers of the City include the power to issue bonds for any of its corporate purposes. Section 3. Pursuant to the Charter of the City and Ordinance No. 3815. as amended. of the City, the City is le9ally authorized to issue special revenue bonds for the construction and permanent financing of the Project as more fully described in the recitals hereof. Section 4. This body constitutes the governinq body of the City and is legally authorized to provide for the issuance of such special revenue bonds by the City. section 5. The Project referred to in the recitals hereof constitutes a project which may be financed by the issuance - 3 - XEROX T~L~CODrE~ 295; '-~8-85;10:08 AV; 8187040195 -+ 7'48889d!3 ; # 5 . of such special revenue bonds by the City and located within the jurisdiction of the City. Section 6. The Council does hereby declare its intention to issue multifamily mortgage revenue bonds of the City for the acquisition of land and the construction, equipping and permanent financing of the Project under and in accordance with the Ordinance, in amounts sufficient to pay the costs of financing the Project in one or more series of financinqs and of paying the costs of issuance for the multifamily mortqage revenue bonds and for the establ ishment of the necessary reserve funds to provide for the financing of said Project. Said Project is presently identified as the Me,yers Ranch Project. Section 7, The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing' bonds of the City in such amounts as will be adequate to implement the City financing of the Project. Section 8. The bonds shall be payable from the revenues described in said Ordinance No. 3815, as amended. Section 9. The bonds shall be and are special obligations of the City, and, subject to the right of the City to apply moneys as provided in the applicable laws, are secured by such revenues as are specified in the proceedings for the issuance of such bonds and funds and accounts to be held by the trustee or - 40 - X~~QX TELECQP'E~ 29~ 1-18-85;10:09 AV; 8:87040195 ~ 7148889413 # 6 .. '. fiscal agent, and are payable as to principal, redemption price, if any, and interest from the revenues of the City as therein descr ibed , The bonds are not a debt of the City, the State of California or any of its political subdivisions, and neither the City, the State, nor any of its political subdivisions is liable thereon, nor in any event shall the bonds be payable out of the funds or properties other than all or any part of the revenues, mort9age loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the persons serving as the Mayor and Common Council nor any persons executin9 the bonds shall be liable personally on the bonds or sUbject to any personal liability or accountability by reason of the issuance thereof. Section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations. shall be authorized by indenture. resolution or resolutions of the City at a meeting or meetings to be held for such purpose. The City Staff. Timothy J. Sabo, a Professional Corporation. as Bond Counsel to the City, Underwriters, the Applicant and the agents and representatives of same are hereby authorized and directed to prepare or cause to be prepared the necessary legal documents, including the Project Agreement. Resolution of Issuance, and such other documents as may be necessary to effect said Project and the issuance of industrial development revenue bondS therefor and to present same to said Mayor and Common Council. The Mayor of the City is hereby authorized and - 5 - XEROX TELECOP'E~ 29S 1-18-85;10:09 AM; 8187040~95 ~ 71488894i3 # 7 , " . directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds, and the City Staff, consultants, legal counsel to the City and Bond Counsel as referenced above are hereby directed to take such steps as shall be appropriate to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 11. The issuance of multifamily mortgage revenue bonds may be authorized by appropriate resolution or resolutions of the City at a meeting or meetings to be held for such purpose, subject to the execution of appropriate agreements by the Applicant and the City as required by the Ordinance and the industrial development bond financing program of the City, Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds wi thin the meaning of the United States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the united States which may require official action in order for the bonds to be exempt from Federal income taxation, Section 13. At the closing of the financing there shall be paid to the City the fee set forth in Resolution No. 81-108 of the Mayor and Common Council, adopted March 13, 1981, as amended by Resolution No. 81-410, of the Mayor and Common Council, adopted September 24, 1981. - 6 ~ Xr::Q0X T'r::f_~COP I ~q 295 1-18-85; '0:10 AM; 8187040195 ~ 7148889413 # 8 " . Section 14. This Resolution shall take effeot upon adoption. I HEREBY CERTIry that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a rp.Ql]l~r meeting thereof. held on the , 1985, by the following vote. to wit: 21st day of Januarv AYES: Council Members Castaneoa. Reilly. Marks. Quiel. Frazier. Strickler NAYS: None ASS!NT: Council Member Hernandez ~4?d/~A/ Ci~y Clerk The foregoing resolution is hereby approved this cX6~ day of January , 1985. Approved as to form: ~ ;}. c~~n~y ~ - 7 -