HomeMy WebLinkAbout1989-429
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SBE00097D-139/3211S/lw
10/12/89
RESOLUTION NO.
89-429
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ISSUANCE OF CERTAIN COLLATERALIZED MORTGAGE
BONDS, SER I ES 1989 - B OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
WHEREAS,
the
Redevelopment
Agency
of
the
City
of
San Bernardino (the "Agency") a redevelopment agency (a public body,
corporate and politic) duly created and existing pursuant to the
Communi ty Redevelopment Law (pa rt 1 of Di vis ion 24, commenc i ng wi th
Section 33000) of the Health and Safety Code of the State of
California (the "Community Redevelopment Law"),
has previously
issued its $34,034,735 Taxable Collateralized Mortgage Bonds, Series
1989-A ("Series 1989-A Bonds") to finance, among other things, the
acquisition of the right, title and interest of the City of
San Bernardino, California (the "City"), in and to those certain
mortgage loans facilitated by and acquired with the proceeds of the
City Bonds (as defined in the Original Indenture hereinafter
described); and
WHEREAS, the Agency has heretofore executed and delivered
to Security Pacific National Bank, as the Trustee, that certain
Trust Indenture dated as of September 1,
1989 (the "Original
Indenture"), pursuant to which the Agency issued the Series 1989-A
Bonds for the purpose of refunding certain outstanding revenue bonds
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of the Agency in advance of their respective maturities and for the
purpose
of
obtaining
certain
assigned
interests
in
certain
mortgages, mortgage notes and mortgage loans; and
WHEREAS, pursuant to the Communi ty Redeve lopment Law, the
Agency has the power and authority to issue bonds for the purpose of
financing certain public improvements in its redevelopment project
areas within the City of San Bernardino, California; and
WHEREAS, pursuant to the Communi ty Redevelopment Law, the
Agency now desires to issue bonds and to repay the principal of and
interest on such bonds from amounts available from a certain Trust
Estate (as defined in the Original Indenture); and
WHEREAS, Section 2.12 of the Original Indenture authorizes
the lssuance of additional bonds (the "Additional Bonds") by the
Agency from time to time in accordance with the provisions thereof
and secured by the Trust Estate (as defined in the Original
Indenture); and
WHEREAS, the Agency proposes at this time to issue its
Collateralized Mortgage Bonds,
Series
1989-B,
in an aggregate
principal amount approximately equal to $3,080,000 (the "Bonds")
pursuant to the Community Redevelopment Law and pursuant to a
certain First Supplemental Trust Indenture dated as of October 1,
1989 (the "First Supplemental Indenture"), by and between the Agency
and Security Pacific National Bank, as trustee (the "Trustee"); and
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WHEREAS, such Bonds of the Agency constitute an issue of
Additional Bonds as defined In and pursuant to Section 2.12 of the
Original Indenture; and
WHEREAS, the Agency has now determined to enter into an
Authori ty Purchase Agreement wi th the San Bernardino Joint Powers
Financing Authority (the "Authority") for the sale of the Agency's
Bonds, and to use the proceeds received from the sale thereof to
finance certain public improvements; and
WHEREAS, the payment of the principal of and interest on
the Bonds will be insured pursuant to the terms of a municipal bond
insurance policy (the "Policy") to be issued by AMBAC Indemnity
Corporation,
a
Wisconsin-domiciled
stock
insurance
company
(" AMBAC" ); and
WHEREAS, the Mayor and Common Council have duly considered
such transactions and documentation and wish at this time to approve
said transactions and documentation In the public interests of the
City;
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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Section 1.
Approval of the Agency Bonds.
The Mayor and
Common Counci I hereby approve the issuance by the Agency of the
Redevelopment Agency of the City of San Bernardino, Collateralized
Mortgage Bonds, Series 1989-B, in an aggregate principal amount
approximately equal to $3,080,000 for the purpose of financing
public capital improvement projects and certain other costs related
thereto within or benefitting the redevelopment project areas of the
Agency.
Section 2.
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, warrants and other documents which they, or any of them,
may deem necessary or advisable in connection with the execution and
delivery of the Bonds
and any related closing documents,
as
required, and the consummation of the transactions described herein
and therein.
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Section 3.
Effective Date.
.... ...
This Resolution shall take
effect from and after the date of its passage and adoption.
I HEREBY
adopted by the
San Bernardino at
held on the 18th
the following vote,
AYES:
NAYS:
ABSENT:
CERTIFY that the foregoing
Mayo r and Common Counc i 1
an adiourned regular
day 0 f October
to wit:
resolution
of the
meeting
Council Members
was duly
Ci ty 0 f
thereof,
19 89 , by
Estrada, Reilly, Flores, Maudsley,
Minor, Pope-Ludlam, Miller
None
None
~AfP~
ci1:y Clerk
day of
The foregoing
October
resolution is
, 1989.
Approved as to form and legal content:
BY~
City Att ney
3211S
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