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HomeMy WebLinkAbout1987-106 SBE00085-7/2285S/jln 03/27/87 RESOLUTION NO. 87-106 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 $13,125,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY' S PREVIOUSLY I SSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1983 WHEREAS, the City of San Bernardino, California (the "City") is a municipal corporation and a charter city, 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 provisions 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 r WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as the "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No. 3583 of the City, which became effective on July 24, 1976, 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. 4774, and on October 11, 1983, the Agency issued $11,000,000 "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983" (the "1983 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 $13,125,000 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 1983 Bonds; and WHEREAS, Section 147(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 issuance of the Bonds by the Agency as permitted by the Law and the - 2 - 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 Common 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 Common Counci I, Counci 1 Chambers, City Hall, 300 North "0" 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. " - 3 - 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 substantially in the form attached hereto as Exhibit "A" and incorporated herein by reference and made a part hereof. I HEREBY CERTIFY tha t adopted by the Mayor and San Bernardino at an adjourned held on the 30th day of the following vote, to wit: the foregoing Common Counc i 1 regular March 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 ~/?~~4b c~ty Clerk day of The for~. g~ng ~ resolution is , 1987. hereby approved this J/l1 ~~/<<~ LMayor 0 the Ci ty of ./ San Bernardino Approved as to form: - 4 - EXHIBIT A NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON 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 $13,125,000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1983 NOTICE IS HEREBY GIVEN th~t 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 "0" 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 $11,000,000 Redevelopment Agency of the Ci ty of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983 (the "Prior Bonds"). The Prior Bonds were issued pursuant to Resolution No. 4537, adopted on October 11, 1983, to assist in the financing of the Southeast Industrial Park 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 $13,125,000, 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 $13,125,000 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 benefi ts and the issuance by the Agency of its tax allocation refunding bonds in an estimated principal amount of approximately $13,125,000 in furtherance of the Project may attend A-I such hearing at the time and on the date as above set forth and/or file their written comments thereto. NOTICE GIVEN as of this 31st day of March, 1987. /s/ Shawna Clark City Clerk of the City of San Bernardino, California To be published ln The Sun. /2285S A-2