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HomeMy WebLinkAbout1985-087 '. 1.020-28/0356S/cb 2/1/85 RESOLUTION NO. 85-87 RESOLUTION OF '!'HE MAYOR AND COMMON COUNCIL OF '!'HE CITY OF SAN BERNARDINO. CALIFORNIA. DECLARING ITS INTENTION TO ISSUE ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS; DIRECTING THE PREPARATION OF CERTAIN DOCUMENTS; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH (KCKC BUILDING PROJECT) WHEREAS. the City of San Bernardino. California ("City"). is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the - _State of California; and WHEREAS. pursuant to its home rule powers. the City duly and regularly enacted Ordinance No. 3815 (the "Ordinance") to finance various types of projects. as defined in the Ordinance. and to issue its special revenue bonds for the purpose of paying t~e cost of financing such projects. and has amended the same from time to time; and WHEREAS. said Ordinance No. 3815. as amended. is intended to finance the development of industry and commerce and to thereby broaden the employment opportunities and to increase the availability of office facilities for residents of the City and to broaden the tax and revenue base of the City; and IL ~. :>_ WHEREAS. there has been presented to the Mayor and Common Council an Application. attached hereto as Exhibit "A" and incorporated herein by reference by Jerome P. Maltz. an individual (the "Applicant"). requesting the issuance of industrial development revenue bonds in the principal amount not to exceed $4.000.000 for the purpose of financing. on behalf of the Applicant. a certain Project. to wit: the construction and financing of an approximately 30.000 square foot office building with possible limited retail uses on a previously purchased site located on the north side of 4th Street between "G" Street and "H" Street in the Ci ty of ::'San Bernardino. The Project shall consist of the office building. on-site vehicle parking spaces as required by the City. appurtenant landscaping and other improvements. NOW. THEREFORE. IT IS HEREBY RESOLVED. DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO. CALIFORNIA. AS FOLLOWS: Section 1. That the recitals set forth hereinabove are true and correct in all respects. Section 2. The City of San Bernardino. California. is a municipal corporation duly created. established and authorized to transact business and exercise its powers. all under and pursuant to the Constitution and laws of the State of California. arid the City Charter of the City. and the powers of the City include the power to issue bonds for any of its corporate purposes. - 2 - Section 3. Pursuant to the Charter of the Ci ty and Ordinance No. 3815, as amended, of the City, the City is legally authorized to issue special revenue bonds for the construction and permanent financing of the Project as more fully described in the recitals hereof. Section 4. This body constitutes the governing body of the City and is legally authorized to provide for the issuance of such special revenue bonds by the City. Section 5. The Project referred to in the recitals hereof constitutes a project which may be financed by the issuance of such special revenue bonds by the City and located wi thin the jurisdiction of the City. Section 6. The Council does hereby declare its intention to issue industrial development revenue bonds of the City for the acquisition of land and the construction, equipping and permanent financing of the Project under and in accordance with the Ordinance, in amounts sufficient to pay the costs of financing the Project and of paying the costs of issuance for the industrial development revenue bonds and for the establishment of the necessary reserve funds to provide for the financing of said Project. Said Project is presently identified as the KCKC Building. - 3 - Section 7. The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing bonds of the City in such amounts as will be adequate to implement the City financing of the Project. Section 8. The bonds shall be payable from the revenues described in said Ordinance No. 3815, as amended. Section 9. The bonds shall be and are special obligations of the City, and, subject to the right of the City to -apply moneys as provided in the applicable laws, are secured by such revenues as are specified in the proceedings for the issuance of such bonds and funds and accounts to be held by the trustee or fiscal agent, and are payable as to principal, redemption price, if any, and interest from the revenues of the City as therein described. The bonds are not a debt of the City, the State of California or any of its political subdivisions, and neither the City, the State, nor any of its political subdivisions is liable thereon, nor in any event shall the bonds be payable out of the funds or propert ies other than all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the persons serving as the Mayor and Common Council nor any persons executing the bonds shall -"be liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance thereof, - 4 - Section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations, shall be authorized by indenture, resolution or resolutions of the City at a meeting or meetings to be held for such purpose. The City Staff, Timothy J. Sabo, a Professional Corporation, as Bond Counsel to the City, Underwriters, the Applicant and the agents and representatives of same are hereby authorized and directed to prepare or cause to be prepared the necessary legal documents, including the Project Agreement, Resolution of Issuance, and such other documents as may be necessary to effect said Project and the issuance of industrial - -development revenue bonds therefor and to present same to said Mayor and Common Council. The Mayor of the City is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds, and the City Staff, consultants, legal counsel to the City and Bond Counsel as referenced above are hereby directed to take such steps as shall be appropriate to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 11. The issuance of industrial development revenue bonds may be authorized by appropriate resolution or resolutions of the City at a meeting or meetings to be held for such purpose, subject to the execution of appropriate agreements by the Applicant and the City as required by the Ordinance and the industrial development bond financing program of the City; provided, further, that this Resolution shall be subject to and conditioned - " - upon the Applicant complying with the industrial development bond financing program of the City. Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds wi thin the meaning of the United States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from Federal income taxation. Section 13. At the closing of the financing there shall be paid to the City the fee set forth in Resolution No. 81-108 of the Mayor and Common Council, adopted March 13, 1981, as amended by Resolution No. 81-410, of the Mayor and Common Council, adopted September 24, 1981. Section 14. adoption. This Resolution shall take effect upon - 6 - I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at an adjourned regular meeting thereof. held on the 7th day of March . 1985. by the following vote. to wit: AYES: Council Members Castaneda, Hernandez, Marks, Ouiel, Frazier, Strickler NAYS: ABSENT : None None Abstain: Councilman Reilly ~//#4!a.d Ci ty Clerk The foregoing resolution is hereby approved this /3& day of March . 1985. Approved as to form: <~~~ 6ty A torney - 7 -