HomeMy WebLinkAboutR03-Redevelopment Agency
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AD/DIf:'(.~ST FOR ca-1SSION/COUNClL AC(1C*
t From: Glenda Saul, Executive Director
Subject: BOND ISSUE - REFUNDING OF CENTRAL
CITY NORTH AND 1982 BOND ISSUE
Ot: Redevelopment Agency
Date: April 13, 1987
Synopsis of Previous Commission/Council ection:
11/15/82 - RESOLUTION 4413 AUTHORIZING THE ISSUANCE OF $6,300,000 CENTRAL CITY NORTH
TAX ALLOCATION BONDS.
3/23/87 - ADJOURNED TO 3/30/87 TO DISCUSS FINANCING - CENTRAL CITY NORTH AND
SOUTHEAST INDUSTRIAL PARK.
3/30/87 - RESOLUTION 87-105 AUTHORIZED SETTING PUBLIC HEARING TO CONSIDER REFUNDING
OF CCN, 1982 ISSUE.
3/30/87 - RESOLUTION 5001 AUTHORIZED PREPARATION OF DOCUMENTS FOR REFUNDING - CCN
1982.
Recommended motion:
(MAYOR. AND COMMON COUNCIL)
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MOVE TO OPEN PUBLIC HEARING/CLOSED PUBLIC HEARING.
(MAYOR. AND COMMON COUNCIL)
A. MOVE TO ADOPT RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO OF ITS $7,400,000 REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION
REFUNDING BONDS, ISSUE OF 1987, AND MAKING CERTAIN FINDINGS AND DETERMINATIONS IN
CONNECTION THEREWITH.
(CONTINUED ON P" 2? ~J
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Signatu re
Glenda Saul
Phone: 383-5081
Contact person:
Supporting data attached:
Yes
Ward: 1"..
FUNDING REQUIREMENTS:
Amount: $
$7,400,000
Project: CCN
Date: April 20, 1987
No adverse Impact on City:
Council Notes:
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Agenda Item Noo -
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Prom:
Glenda Saul, Executive Director
BOND ISSUE - REFUNDING OF CENTRAL CITY
NORrB AND 1982 ISSUE
RECOMMENDED MOTION (Continued from Page 1)
(COMMUNITY DEVELOPMENT COMMISSION)
B. MOVE TO ADOPT RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE ISSUANCE OF NOT-To-EXCEED $7,400,000
PRINCIPAL AMOUNT OF TAX ALLOCATION BONDS OF SAID AGENCY TO REFUND BONDS
PREVIOUSLY ISSUED TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT
PROJECT KNOWN AS THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA.
(COMMUNITY DEVELOPMENT COMMISSION)
C. MOVE TO ADOPT RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO APPROVING FURTHER. AMENDMENTS TO THE RESOLUTION
AUTHORIZING THE ISSUANCE OF $7,400,000 PRINCIPAL AMOUNT OF ITS TAX
ALLOCATION REFUNDING BONDS TO REFUND THE OUTSTANDING REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CENTRAL CITY NORrB REDEVELOPMENT PROJECT
AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1982, AND APPROVING THE
EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH.
OlOOH/sL/RMM
4/20187
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MB<<:r..a..ST FOR a-s.../COUNCL A~
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STAFF REPORT
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Staff is recommending the adoption of the attached resolutions which will enable the
refunding of the Central City North 1982 Bond Issue of $6,300,000.
BACKGROUND
On March 30, 1987, the Council and Commission met in a workshop setting to discuss
various financing of the Agency. The Council authorized setting a public hearing to
consider the refunding of the Central City North 1982 bonds in the amount of
$6,300,000.
Due to the lower interest rates that are now achievable, the financial consultant has
estimated that a $725,000 total debt service savings could be achived by refunidng the
issue.
The resolutions before you accomplish the following official actions:
a. Approve the issuance by the Agency of $7,400,000 in bonds to refund the 1982 Issue.
b. Authorize the issuance.
c. Approve and authorize the t!][ecution of the following documents and provide for
amendments thereto prior to execution, upon approval of Bond Counsel and Agency
Counsel:
Fiscal Agent Agreement between the Agency and Security Pacific National Bank.
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Escrow Agreement between the Agency and Security Pacific as the Fiscal Agency
and the Escrow Bank.
. Bond Purchase Agreement between the Agency and Miller and Schroeder
Municipals wherein Miller and Schroeder promises to buy the bonds.
Preliminary Official Statement prepared by the Underwriter and the Bond
Counsel.
Closing of this issue is anticipated for the end of April 1987.
OlOOB/SL/RKK
4/20187