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HomeMy WebLinkAboutR01-Redevelopment Agency AGENCY.RO..u&ST FOR A-ISSION/COUNCIL AGlION From: Glenda Saul, Executive Director Subject: AWARDING BONDS - SOUTHEAST INDUSTRIAL PARK ( ".\ ." Dept: Redevelopment Agency ..,-'/ ~, Date: July 16, 1985 I"~ Synopsis of Previous Commission/Council action: Feb;Mar'85 Workshop for Council conducted by Financial Consultant, Bond Counsel, staff to discuss bond refinancings. 4-15-85 Approved motion instructing staff and consultant to proceed with the refunding of bonds for the combined Central City Redevelopment Projects and the issuance of parity bonds for the Southeast Industrial Park Redevelopment Project Area. 4-29-85 Adopted Resolution 4757 authorizing the preparation of offering documents and the publication of Notices to Sell Tax Allocation Bonds for the Central City and Southeast Industrial Park Redevelopment Projects. (CONT. ON PAGE 2) Recommended motion: (COMMUNITY DEVELOPMENT COMMISSION) RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AWARDING $2,000,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO BONDS FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS. /~&t Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 N/A Ward: Project : SEIP Date: July 18, 1985 Supporting data attached: YES No adverse Impact on City: Council Notes: l239J/EB Agenda Item No. . CI-A- OF SAN BERNARDQO - REQU.9r FOR COUNCIL AC~ON STAFF REPORT On April 15, 1985, the Community Development commission instructed staff to proceed with the refunding for the combined Centrsl City Redevelopment Project_and proceed with the issuance of parity bonds for Southeast Industrial Park Redevelopment Project. On April 29, 1985, the Community Development Commission adopted Resolution 4757 authorizing the preparation of offering documents and the preparation of Notices to Sell Tax Allocation Bonds for both the Central City and Southeast Industrial Park projects. On July 1, 1985, the Community Development commission adopted Resolutions 4774 and 4775, authorizing the issuance and sale of bonds. The City Council adopted Resolution 85-253 authorizing the issuance and sale of bonds. On July 15, 1985, the meeting was adjourned to July 18, 1985 in Monterey, California to award tax allocation bonds in the amount of $2,000,000 for Southeast Industrial Park. The bids will open at 11:00 a.m. on July 18, 1985 at Security Pacific Bank, Trust Division, in Los Angeles. In attendance at the bid opening will be: . Ca1 Hollis Katz, Hollis, Coren & Associates (Financial Analyst) . Jeff Kinsel Miller & Schroeder Municipals (Financial Consultants) . Tim Sabo Bond Counsel Immediately following the meeting, Cal Hollis will travel to Monterey, California, hand-carrying formal documents and bids to Councilmembers, Quie1, Strickler, Reilly and Estrada. The City Clerk will also be in attendance in Monterey, California. The meeting has been set at 6:30 in the lobby of the Monterey Conference Center. The meeting will immediately be adjourned to the Monterey Sheraton Hotel, in the Santa Barbara Room. The meeting in San Bernardino will be opened in the Council Chambers and adjourned to the RDA conference room where conference call and recording facilities are available. Bond Counsel and financis1 consultsnt will be in attendance along with staff in San Bernardino. It is suggested that Counci1members in both Monterey and San Bernardino meet for a briefing prior to opening the meeting. Attached to the staff report: Notice Inviting Bids Preliminary Official Statement 75-0264 l239J/EB 7-18-85 o o o o Synopsis of Previous CoaDissionlCounci1 Action: (CONTINUED FROM PG. 1) 7-1-85 Adopted Commission Resolutions 4774 and 4775 and City Resolution 85-253 authorizing the issuance and providing for the sale of bonds. 7-15-85 Meeting adjourned to Monterey California with conference call hook-up to San Bernardino City Hall. c o o o 2.l66-l0/0804S/jvz 07/12/85 RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AWARDING $2,000, croo PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO BONDS FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS WHEREAS, at the time and place fixed for the opening of bids for the $2,000.000 principa 1 amount of Bonds of the Redevelopment Agency of the City of San Bernardino (the "Agency"), designated $2,000,000 Red~velopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds, Issue of 1985 (the "Bonds"), the bid as hereinafter described was publicly opened, examined and read, and bids such together wi th the net thereof has been entered in the minutes; and WHEREAS, <-12__) bid(s) has (have) been received by the Agency at the time and place as set forth in the Notice Inviting Bids, and said bid(s) as received by the Agency is (are) attached hereto as Exhibit "A" and is (are) incorporated herein by reference and made a part hereof; and WHEREAS. the bid of the bidder hereinafter named is the ~ ~ bid made by a responsible bidder for the Bonds in full compliance with the Notice Inviting Bids as previously distributed to prospective bidders for the Bonds. - 1 - o o o o NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. That the bid of '?Jnu// ~/A/ @-'j? ~rY~ associates offering $ J. 9'~ 6rtj plus accrued interest to the date , , of delivery for said Bonds and bearing interest payable commencing on March 1, 1986, and semiannually on each March 1 and September 1 thereafter until the various serial and term maturity dates on the Bonds in the principal amount of $2,000.000 at the rates of interest per annum as set forth in said bid and at an initial discount of , cA..tJd?73 per cent (4.9&7)), is hereby approved and accepted by the Commission on behalf of the Agency. The bid of ~J~~~~k f1~ and associates is the iJ-UJj bid for the Bonds yielding thef ~ / lowest net interest cost to the Commission on behalf of the Agency. Said bid is hereby accepted and the Bonds are hereby awarded to said bidder in accordance with the terms of the proposal, and any irregularity or informality in said bid is hereby waived by the Agency in accordance with said Notice Inviting Bids. Section 2. That purchase price on the Bonds is hereby fixed at the price as stated in Section 1 hereof and the interest rates are hereby fixed at the rates as set forth in the bid of the successful bidder. - 2 - , c o o o , Section 3. That the Chairman of the Agency, Agency Treasurer, appropriate Agency Staff or such other Agency official or officer as is appropriate under the circumstances, is hereby directed to deliver the Bonds to the successful bidder upon payment therefor together with accrued interest to the date of delivery. Section 4. The Official Statement with respect to the Bonds as distributed to prospective bidders and as presented to the Agency is hereby approved together with the Notice Inviting Bids and the Bid Form, all as on file with the Secretary of the Agency. The Chairman and Secretary of the Agency, or such other Agency officer or official as appropriate, are hereby authorized and directed to execute the Official Statement where and as indicated. and the Secretary of the Agency is hereby authorized and directed to deliver copies of the Official Statement to the Purchaser in such reasonable quantities as requested by the Purchaser. Section 5. The Chairman, the Secretary, the appropriate Agency Staff or such other person who may act in their place. are hereby authorized and directed to execute and deliver any and all of the closing documents and certificates in connection with the issuance, sale and delivery of the Bonds, including, but not limited to, the Resolution of Issuance with Security Pacific National Bank, as Fiscal Agent, the Fiscal Agent Agreement and the Bonds to the Purchaser. The Fiscal Agent shall pay the costs of issuance with the proceeds of the Bonds as invoices representing such costs of - 3 - I () o o o . issuance are presented to the Agency Staff for payment. and such costs of issuance are hereby approved for payment by the Agency through the Fiscal Agent in accordance with bills or invoices presented to and approved by the Staff of the Agency. Section 6. The Agency hereby specifically authorizes and directs the Agency Chairman and Agency Counsel, with the approval of Bond Counsel, to make any and all necess:;:; and to ~~NO. requi red changes, modifications or amendments and Resolution No. of the Agency as may be reasonably requested by any municipal bond insurer or any"nationallY recognized municipal bond rating agency proposing to insure or issue a rating on the Bonds, or any other such changes, modifications .or amendments as deemed necessary by the Chairman of the Agency, Agency Counsel and Bond Counsel. Section 7. This Resolution shall take effect upon adoption. ADOPTED: Approved as to Legal Form and Adequacy: By Counsel to the Commission - 4 -