HomeMy WebLinkAbout1987-051
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RESOLUTION NO. 87-51
2 RESOLUTION OF THE CITY OF SAN BERNARDINO DIRECTING THE
DISTRIBUTION OF INDUSTRIAL REVENUE RESERVE AND DEVELOPMENT FUNDS
3 BETWEEN THE SMALL BUSINESS REVOLVING LOAN PROGRAM OF THE CITY'S
COMMUNITY DEVELOPMENT DEPARTMENT AND INITIAL FUNDING FOR SAN
4 BERNARDINO ECONOMIC DEVELOPMENT COUNCIL'S MARKETING PROGRAM.
5
BE IT RESOLVED BY THE MAYOR AND COMMON 'COUNCIL OF THE CITY OF
6 SAN BERNARDINO AS FOLLOWS:
7 SECTION 1. Recitals.
8 A. City has in the past used its Industrial Revenue Reserve
9 and Development Fund for providing financing for various
10 activities of the San Bernardino Economic Development Council.
11 B. City and San Bernardino Economic Development Council,
12 hereinafter "EDC," have determined that portions of EDC's former
13 'activities should be assumed by City, and delegated to its
14 community Development Department, and that EDC should engage
15 primarily in marketing efforts in the future.
16 C. City has already sold, or enabled another public entity
17 to sell in cooperation with City, certain revenue bonds for which
18 fees will be payable into City's Industrial Revenue Reserve and
19, Development Fund, hereinafter referred to as "Fund," as follows:
20
1. Highland Hills, $245,000 due to Fund upon break of
21 escrow;
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2. Perris Hills, $73,063 due to Fund upon break of
23 escrow;
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3. Shadow Hills, $108,500 due to Fund upon break of
25 escrow; and
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4. Sisters of Charity of the Incarnate Word, $311,050
27 due upon closing of bond sale, expected before the end of
28 February, 1987.
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1 D. Of these funds, only $311,050 is expected to be available
2 in the immediately foreseeable future, with the remaining $426,563
3 expected to be available within the next twenty-four months, in
4 all 1 ikel ihood.
5 E. City desires to commit one-half of the available funds
6 and the other anticipated funds which may become available in the
7 Fund, when and as they become available, to provide funding for
8 the EDC's marketing program, and to commit the remaining one-half
9 of such funds to City's Community Development Department for its
10 small Business Revolving Loan Program, heretofore adopted and
11 approved by the Mayor.
12 SECTION 2. Implementation.
13 A. City's Director of Finance is hereby authorized and
14 directed to set aside one-half of the available money in the Fund,
15 when and as such monies are available, for EDC, and one half of
16 such available monies for City's Small Business Revolving Loan
17 Program, to be disbursed from time to time in accordance with
18 authorizations from the Mayor and Common Councilor in accordance
19 with a budget approved therefor by the Mayor and Common Council.
20 All those monies described in Section 1 above shall be included
21 within this distribution, including monies from future bond
22 sales, when and as such funds are available, subject to the
23 following limitations:
24 1. No funds shall be committed or obligated by either
25 city's Community Development Department or EDC until such funds
26 are actually available.
27 2. All interest which is earned upon such funds shall
28 be divided equally between EDC and City's Small Business Revolving
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1 Loan Program; once funds have actually been allocated to either
2 such account, interest earnings from monies in EDC's account will
3 be credited to EDC, and interest earnings from monies in the Small
4 Business Revolving Loan Program shall be credited to that program.
5 C. Any monies received by the Fund from sources other than
6 those specifically identified in Section 1 hereof shall be subject
7 to this distribution unless otherwise directed by specific action
8 of the Mayor and Common Council.
9 D. Monies paid or payable to EDC under these provisions
10 shall be the sole monies payable to EDC from the City, unless
11 otherwise directed by the Mayor and Common Council.
12 I HEREBY CERTIFY that the foregoing resolution was duly
13 adopted by the Mayor and Common Council of the City of San
14 Bernardino at a
rAgll1Flr
meeting thereof, held on
15 the 16th day of
16 to wit:
February
, 1987, by the following vote,
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24 of
25
AYES:
Council Members
Estrada, Reilly, Frazier,
Strickler
NAYS:
Council Member Hernandez
ABSENT:
Council Member Quiel
The foregoing resolution
~~
/' C~ty Clerk
is hereby approved this /7c.i..- day
~!A~~e~~e .cly<l~~?et!~ino
February
, 1987.
26 Approved as to form:
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City Attorney ,
2/12/87
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