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HomeMy WebLinkAbout1987-105 SBE00086-5/2284S/kl 3/27/87 RESOLUTION NO.87-105 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, SETTING A PUBLIC HEARING IN CONNECTION WITH THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $7,400,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, ISSUE OF 1982 WHEREAS, the City of San Bernardino, California (the "Ci ty" ) is a municipa 1 co rpor ation and a cha rter ci ty, duly organized and existing under and pursuant to the Consti tution and the laws of the State of California and under the Charter of the City; and WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency") is a public body, corporate and politic, duly established and authorized to transact business and exercise its powers under and pursuant to the provis ions of the Communi ty Redevelopment Law {Part 1 of Division 24 {commencing with Section 33000} Health and Safety Code of the State of California} {the "Law"} and the powers of the Agency include the power to issue bonds and refunding bonds for any of its corporate purposes; and WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the "Central City North Redevelopment Project Area" has been adopted and approved by Ordinance No. 3366 of the City, which became effective on September 10, 1973, and all - 1 - requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have been duly complied with; and WHEREAS, under and pursuant to Resolution No. 4412, and on December 29, 1982, the Agency issued $6,300,000 "Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Project Area, Tax Allocation Bonds, Issue of 1982" (the "1982 Bonds"); and WHEREAS, the Agency has expressed its intention to issue certain tax allocation refunding bonds (the "Bonds") in an aggregate principal amount approximately equal to $7,400,000 pursuant to the applicable provisions of the Government Code of the State of California (the "Refunding Bond Law") in order to obtain better financing terms and to lower the borrowing costs for the Agency for the purpose of refunding the 1982 Bonds; and WHEREAS, Section l47(f) of the Internal Revenue Code of 1986 (the "Code") requires that the issuance of such refunding bonds, including such bonds issued for the purpose of advance refunding certain previously issued tax allocation bonds, shall be approved by the applicable governmental representative after a duly held and noticed public hearing; and WHEREAS, the City has been requested by the Agency to hold a public hearing pursuant to said Section 147 of the Code for the - 2 - issuance of the Bonds by the Agency as permitted by the Law and the Refunding Bond Law for the purpose of refunding the 1983 Bonds; and WHEREAS, it is appropriate at this time for the Ci ty to take certain action regarding the request of the Agency. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Pursuant to the requirements of Section 147(f) of the Code, the Mayor and Cornmon Council hereby set the public hearing to be held in accordance with said Code on Monday, April 20, 1987, at the hour of 9: 00 A.M., in the regular meeting place of the Mayor and Cornmon Counci I, Counci 1 Chambers, City Hall, 300 North "D" Street, San Bernardino, California, and the same are hereby appointed and fixed as the time and place when and where the public hearing will be held for the purpose of considering the public benefits and public purposes to be furthered by the financing or financings contemplated by the action of the City pursuant to this Resolution for the issuance of the Bonds. Section 2. The City Clerk is hereby authorized and directed to cause notice of said public hearing to be published by at least two (2) insertions, one of which was at least fourteen (14) days prior to the date of said hearing, in The Sun, a newspaper of general circulation within the City. Said notice shall be - 3 - substantially in the form attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof. I HEREBY CERTIFY that the foregoing adopted by the Mayor and Common Counci 1 San Bernardino at a n adjourned regular held on the 30th day of March the following vote, to wit: resolution of the meeting was duly Ci ty of thereof, 19 87, by AYES: Council Members Estrada, Reilly, Flores, Maudsley, Quiel, Frazier, . Strickler NAYS: None ABSENT: None ~ff/Za/&:/k/J~ City Clerk day of The fore~ resolU~i~~8~~ hereby approved this .1 t::Sfll Approved as to form: $& ~~~2-- }4xlCitY Attorney ~ /' (. - 4 - EXHIBIT A NOTICE OF PUBLIC HEARING BY THE CITY COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, FOR THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF APPROXIMATELY $7,400,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS, ISSUE OF 1982 NOTICE IS HEREBY GIVEN that a public hearing shall be conducted by the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), on Monday, April 20, 1987, at the hour of 9 :00 A.M., in the Council Chambers, City Hall, 300 North "D" Street, San Bernardino, California 92418, for the purpose as hereinafter set forth. The purpose of said public hearing to be held in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), is to consider the issuance by the Redevelopment Agency of the Ci ty of San Bernardino (the "Agency") of certain tax allocation refunding bonds for the purpose of financing a "redevelopment activity" within the meaning of Section 33678 of the Health and Safety Code of the State of California by means of advance refunding the $6,300,000 Redevelopment Agency of the City of San Bernardino, Central City North Redevelopment Project Area, Tax Allocation Bonds, Issue of 1982 (the "Prior Bonds"). The Prior Bonds were issued pursuant to Resolution No. 4412, adopted on November 15, 1982, to assist in the financing of the Central Ci ty North Redevelopment Project Area (the "Project"). The Agency intends to issue its tax allocation refunding bonds pursuant to the Community Redevelopment Law (Health and Safety Code Section 33000, et ~.) (the "Law") and the Government Code Section 53580, et~. (the "Refunding Bond Law"), in the aggregate principal amount currently estimated to be approximately $7,400,000, the proceeds of which will be used to advance refund the Prior Bonds and to pay certain costs of issuance including certain financing, legal and miscellaneous expenses and contingencies. The Agency intends to issue its refunding bonds pursuant to the Law and the Refunding Bond Law in an amount presently estimated to be approximately $7,400,000 for the advance refunding of the Prior Bonds without any liability being incurred by the City of San Bernardino, California, or the Agency in connection with the issuance of said refunding bonds of the Agency. All persons interested in the subject matter and the public purposes and public benefits and the issuance by the Agency of its tax allocation refunding bonds in an estimated principal amount of approximately $7,400,000 in furtherance of the proj ect may attend A-I such hearing at the time and on the date as above set forth and/or file their written comments thereto. day of March , 1987. NOTICE GIVEN as of this 31st /s/ Shauna Clark City Clerk of the City of San Bernardino, California To be published In The Sun. /2284S A-2