HomeMy WebLinkAboutR06-Economic Development Agency
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DEVELOPMENT DEPARTMENT
OF TIlE CITY OF SAN BERNARDINO
ECONOMIC DEVELOPMENT AGENCY
REOUEST FOR COMMISSION/COUNCIL ACTION
FROM: KENNElH J. HENDERSON
Executive Director
SUBJECT: CENTRAL POLICE STATION
FINANCING
DATE: May II, 1994
$vnon." ofPrevloDI COnllml..lnn/Cnn"","'CnmmlttNoJ ActIonl.l:
The Mayor and Common Counci1 and ('.nmmlll'ity Development Cnmmi..'lion have taken numerous actions regarding
siting, design and financing of the new Centra1 Police Station.
R......"'mended Motlonl.\:
lM".vor and CnmmRD Council)
MOTION A: RESOLUTION OF TIlE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING TIlE ISSUANCE OF NOT TO EXCEED
$10,000,000 SAN BERNARDINO JOINT POWERS AUTIIORITY, TAX ALLOCATION BONDS,
ISSUE OF 1994 (pOLICE STATION FINANCING PROJECT) AND TIlE BORROWING BY TIlE
REDEVELOPMENT AGENCY OF TIlE CITY OF SAN BERNARDINO OF TIlE PROCEEDS
TIfEREFROM PURSUANT TO TIfAT CERTAIN LOAN AGREEMENT
MotloDl Continued to NeD Palle._
~
Administrator
~~ERSON
Executive DIreetor
Contact PenlOIl(S): Kenneth J Henderonn
Phone:
5081
Project Area(s): All
Supporting Data Attached: StaffReoort.
FUNDING REQUIREMENTS: Amount: $0000000
Budget Authority:
Ward(s):
Seven m
Source:
Commi.llon/Council Notel:
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KJH:tag:05..Q2..Q5.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 05116/1994
Agenda Item Number:
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REQUEST FOR COMMISSIO~UNCn.ACTION
Police Station Financing Project
May II, 1994
Page Number -2-
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R~mmended Motlonl.) Continued:
(rnmmunlty Develo.,pment Comma.lon)
MOTION B:
RESOLUTION OF TIIE COMMUNITY DEVELOPMENT COMMISSION OF TIIE CITY OF
SAN BERNARDINO, AUTHORIZING, ON BEHALF OF TIIE REDEVELOPMENT AGENCY
OF TIIE CITY OF SAN BERNARDINO, TIIE BORROWING OF FUNDS FROM TIIE SAN
BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED 510,000,000, AUTHORIZING TIIE FORM OF
CERTAIN LEGAL DOCUMENTS RELATED TIlERETO AND AUTHORIZNG AND
DIRECTING TIIE PREPARATION, EXECUTION AND DELIVERY OF TIIE FORMS
TIlEREOF
(JolDt P....en F1nancl.... Authorltvl
MOTION C.
RESOLUTION OF TIIE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AUTHORIZING TIIE ISSUANCE OF NOT TO EXCEED TAX AlLOCATION BONDS,
ISSUE OF 1994 (pOllCE STATION FINANCING PROJECT), APPROVING TIIE FORM OF
LEGAL DOCUMENTS, RELATED TIIERETO AND AUTHORIZING AND DIRECTING
PREPARATION, EXECUTION AND DELIVERY OF TIIE FINAL FORMS THEREOF
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KJH:1ag:OS-02-OS.cdc
COMMISSION MEETING AGENDA
MEETING DATE: 05116/1994
Agenda Item Number: t:,
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DE~LOPMENT DEPARTMRT
STAFF REPORT
Central Police Station Financinc
The City has expressed its intent to construct a police station on the site located at 700 North "0"
Street, San Bernardino, California (the "Project"). The Mayor and Common Council and
Community Development Commission have determined that it would be beneficial to the City if
the Agency assisted in the initial financing of the construction of the Project, through the
provision offunds to the City.
Staffhas determined that the City will be able to contribute approximately $5,000,000 net funds
to the financing of the police station. Miller & Schroeder Financial, Inc., the prospective
Underwriter of the financing ("Miller & Schroeder"), has proposed that the Agency issue tax
allocation bonds. The bonds would be secured by tax increment revenues from the Agency's State
College Project No.4 in an amount not to exceed $10,000,000. .Miller & Schroeder has
determined that there is in excess of$I,Ooo,Ooo of tax increment revenues available for such
financing.
The Indenture of Trust, Loan Agreement and Official Statement are documents comprising well
over one-hundred pages. Because of this, these items have been placed on file in the Agency
offices and are available for public inspection.
The bond issue would be structured such that the San Bernardino Joint Powers Financing
Authority (the "JP A") would issue the bonds and enter into a loan agreement with the Agency for
repayment of the bonds.
Staff recommends that the City, Agency and Authority approve the following resolutions in order
to provide for the issuance of the bonds at this time.
~~<:a:NDERSON' Executive Director
Development Department
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COMMISSION MEETING AGENDA
MEETING DATE: 0511611994
Agenda Item Number:
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MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
May 16, 1994
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ISSUANCE OF NOT TO EXCEED $10,000,000
SAN BERNARDINO JOINT POWERS AUTHORITY, TAX
ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION
FINANCING PROJECT) AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO
THAT CERTAIN LOAN AGREEMENT
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEQ101201DOCJ62
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
EXCEED $10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY,
TAX ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION
FINANCING PROJECT) AND THE BORROWING BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS
THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT
WHEREAS, the Redevelopment Agency of the city of
San Bernardino (the "Agency") is a redevelopment agency (a public
body, corporate and politic) duly created and existing pursuant
to the community Redevelopment Law (Part 1 of Division 24,
commencing with section 33000) of the Health. and Safety Code of
the State of California (the "Community Redevelopment Law"); and
WHEREAS, the City of San Bernardino (the "City") and
the Agency have heretofore entered into a Joint Exercise of
Powers Agreement establishing the San Bernardino Joint Powers
Authority (the "Authority") for the purpose of issuing its bonds
to be used to make loans to any of its members to finance public
capital improvements; and
WHEREAS, the Agency desires to borrow money for the
purpose of assisting the city in the construction of a Police
Station (the "Police Station") and for other redevelopment
purposes; and
WHEREAS, the Authority proposes at this time to issue
its San Bernardino Joint Powers Authority, Tax Allocation Bonds,
Issue of 1994 (Police Station Financing Project) (the "Bonds")
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1 for the purpose of providing funds to make a certain loan (the
2 "Loan") to the Agency in a total principal amount not to exceed
3 $10,000,000 to assist the city in the construction of the Police
4 station and for other redevelopment purposes; and
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6 WHEREAS, the Loan will be made by the Authority to the
7 Agency pursuant to that certain Loan Agreement (the "Loan
8 Agreement"), by and among the Agency and the Authority, a form of
9 which is presently on file with the Secretary of the Agency; and
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11 WHEREAS, pursuant to the Community Redevelopment Law,
12 the Agency has the power and authority to borrow moneys for the
13 purpose of funding redevelopment activities; and
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15 WHEREAS, the Agency has previously issued its
16 $15,890,000 Tax Allocation Refunding Bonds, 1989 Series A (State
17 College Project No.4) (the "1989 Bonds"); and
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19 WHEREAS, the Agency has previously issued its
20 $6,975,000 Tax Allocation Bonds, Series 1990 D (State college
21 Project No.4) (the "1990 Bonds"); and
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23 WHEREAS, the Bonds shall be on parity with the 1989
24 Bonds and 1990 Bonds; and
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26 WHEREAS, the Mayor and Common Council have duly
27 considered such transaction and documentation and desire at this
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18 SECTION 2. Official Actions. The Mayor and Common
19 Council, the city Clerk, and any and all other officers of the
20 City are hereby authorized and directed, for and in the name and
21 on behalf of the City, to do any and all things and to take any
22 and all actions, including execution and delivery of any and all
23 assignments, certificates, requisitions, agreements, notices,
24 consents, warrants and other documents which they, or any of
25 them, may deem necessary or advisable in connection with the
26 execution and delivery of the Bonds and the borrowing by the
27 Agency of the proceeds derived therefrom pursuant to the Loan
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time to approve said transaction and documentation in the public
interests of the city.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
SECTION 1. Aooroval of the Authoritv Bonds. The
Mayor and Common Council hereby approve the issuance by the
Authority of its Bonds in a total principal amount of not to
exceed $10,000,000 for the purpose of providing funds to make a
certain loan (the "Loan") to the Agency in a total principal
amount of not to exceed $10,000,000. The Mayor and Common
Council hereby further approve the Loan to the Agency to assist
the City in the construction of the Police station and for other
redevelopment purposes pursuant to the terms of the Loan
Agreement to be entered into by the Agency.
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1 Agreement and any related closing documents, as required, and the
2 consummation of the transaction described herein and therein.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
EXCEED $10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY, TAX
ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION FINANCING
PROJECT) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT
CERTAIN LOAN AGREEMENT
findings
and
SECTION 3. Effective Date.
The
determinations herein shall be final and conclusive. This
Resolution shall take effect upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the city of
San Bernardino at a
meeting
day of
thereof, held on the
1994, by the following vote, to wit:
Council Members
AYES:
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this
day of
, 1994.
Mayor of the City of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
City Attorney
By:
SBEOIOI20\D0C\62
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
ss
I, City Clerk of the City of
San Bernardino, DO HEREBY CERTIFY that the foregoing and attached
copy of Mayor and Common Council of the city of San Bernardino
Resolution No. is a full, true and correct copy of that
now on. file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Mayor and Common Council of the
City of San Bernardino this day of ,
1994.
City Clerk
city of San Bernardino
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COMMUNITY DEVELOPMENT COMMISSION
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
May 16, 1994
Item: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $10,000,000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION,
EXECUTION AND DELIVERY OF THE FORMS THEREOF
Action to
be Taken: Adopt Resolution.
certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEOI012OlDOCJ60
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $10,000,000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION,
EXECUTION AND DELIVERY OF THE FORMS THEREOF
WHEREAS, the City of San Bernardino (the "City") and
the Redevelopment Agency of the City of San Bernardino (the
10 "Agency") have heretofore entered into a Joint Exercise of Powers
11 Agreement establishing the San Bernardino Joint Powers Authority
12 (the "Authority") for the purpose of issuing its bonds to be used
13 to make loans to any of its members to finance public capital
o 14 improvements; and
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16 WHEREAS, the Agency desires to borrow money from the
17 Authority for the purpose of providing assistance to the City for
18 the construction of a Police station (the "Police Station")
19 within the city and for other redevelopment purposes; and
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21 WHEREAS, the Authority proposes at this time to issue
22 its not to exceed $10,000,000 San Bernardino Joint Powers
23 Authority, Tax Allocation Bonds, Issue of 1994 (Police station
24 Financing Project) (the "Bonds") to make a loan (the "Loan") to
25 the Agency in a total principal amount of not to exceed
26 $10,000,000; and
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18 WHEREAS, Miller & Schroeder Financial, Inc., as
19 prospective underwriter of the Bonds (the "Underwriter") has
20 informed the Authority that it intends to submit an offer to
21 purchase the Bonds and shall cause to be prepared a Preliminary
22 Official Statement and an Official statement relating to such
23 Bonds as may be necessary in the sale and marketing of the Bonds,
24 a form of which is presently on file with the Secretary of the
25 Authority; and
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WHEREAS, the Loan to the Agency from the Authority
shall be made pursuant to and in accordance with a certain Loan
Agreement (the "Loan Agreement"), by and among the Agency and the
Authority, a form of which has been prepared and is presently on
file with the Secretary of the Commission; and
WHEREAS, the Agency has previously issued its
$15,890,000 Tax Allocation Bonds, 1989 Series A (State College
Project No.4) (the "1989 Bonds"); and
WHEREAS, the Agency has previously issued its
$6,975,000 Tax Allocation Bonds, 1990 Series 0 (state College
Project No.4) (the "1990 Bonds"); and
WHEREAS, the Bonds shall be on parity with the 1989
Bonds and the 1990 aonds; and
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20 section 1. Determinations. The Commission hereby
21 finds and determines that the issuance of the Bonds by the
22 Authority will result in significant public benefits, consisting
23 of demonstrable savings in any and all of the following:
24 effective interest rates, bond preparation, bond underwriting or
25 bond issuance costs.
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WHEREAS, the Agency is authorized pursuant to section
33601 of the Health and safety Code of the State of California to
borrow moneys for redevelopment purposes; and
WHEREAS, the Commission has determined to approve the
borrowing by the Agency of a certain amount representing proceeds
of the sale of the Bonds under the Loan Agreement for the purpose
of assisting the city in the construction of the Police station
and for other redevelopment purposes; and
WHEREAS, the Commission has duly considered such
transaction and wishes at this time to approve said transaction
in the public interests of the Agency.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
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1 section 2. Authorization of Loan: Approval of Loan
2 Aareement. The Commission hereby authorizes and approves the
3 Loan to be made to the Agency by the Authority in the total
4 principal amount of not to exceed $10,000,000 pursuant to and in
5 accordance with the terms of the Loan Agreement for the purpose
6 of assisting the city in the construction of the Police station
7 and for other redevelopment purposes. The Commission hereby
8 acknowledges that the loan shall be on parity with the loans made
9 pursuant to the issuance of the 1989 Bonds and 1990 Bonds. The
10 Commission hereby approves the form of the Loan Agreement as
11 presently on file with the Secretary of the Commission, together
12 with any changes therein or additions thereto as may be approved
13 by the Chairman and as necessary to incorporate the principal
14 amount, interest rate, maturity and prepayment dates and such
15 other terms and conditions when such terms and conditions have
16 been ascertained. The Commission hereby further authorizes and
17 directs that the form of the Loan Agreement be converted into the
18 final form of the Loan Agreement. The Chairman, Vice-Chairman or
19 such other members of the Commission are hereby authorized and
20 directed to execute and deliver, and the Secretary or Assistant
21 Secretary is hereby authorized and directed to attest to and
22 affix the seal of the Commission to, the final form of the Loan
23 Agreement when the same has been prepared for and in the name of
24 and on behalf of the Agency and such execution and delivery shall
25 be deemed to be conclusive evidence of the approval thereof. The
26 commission hereby authorizes the delivery and performance of the
27 Loan Agreement.
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section 3. Official Actions. The Chairman, Vice-
Chairman and other members of the commission, the Secretary,
Assistant Secretary, counsel to the Commission, the Executive
Director of the Agency, Agency Counsel and any and all other
members and officers of the Commission and the Agency are hereby
authorized and directed, for and in the name and on behalf of the
Agency, to do any and all things and to take any and all actions,
including execution and delivery of any and all assignments,
certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents which
they, or any of them, may deem necessary or advisable in
connection with the execution and delivery of the Loan Agreement
and the consummation of the transaction described therein.
The Commission hereby acknowledges that, in connection
with the authorization of the issuance of the Bonds by the
Authority pursuant to the Indenture', a form of which is presently
on file with the Secretary of the Authority, the Underwriter has
submitted the proposed bond transaction to certain municipal bond
insurance companies for consideration in connection with the
issuance of municipal bond insurance policies insuring payment of
the principal of and interest on the Bonds and to certain
municipal bond rating agencies for consideration in connection
with the rating of the Bonds.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $10,000,000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO
AND AUTHO~IZING AND DIRECTING THE PREPARATION, EXECUTION AND
DELIVERY OF THE FORMS THEREOF
Section 4.
Effective Date. This Resolution shall
take effect from and after the date of its passage and adoption.
I HEREBY CERTIFY that the foreqoing Resolution was duly
adopted by the community Development Commission of the City of
San Bernardino at a
meeting
thereof, held on the
day of
1994, by the following vote, to wit:
Commission Members:
AYES
HAYS.
ABSTAIN
ABSENT
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
Secretary
The foregoing
day of
resolution is
, 1994.
hereby
approved this
Tom Minor, Chairman
Community Development Commission
of the city of San Bernardino
Approved as to form and legal content:
By:
Agency Counsel
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the city of San Bernardino this day of
, 1994.
Secretary of the
Community Development
Commission of the
city of San Bernardino
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Item:
Action to
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SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY
AGENDA
May 16, 1994
RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $10,000,000 SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY TAX ALLOCATION BONDS,
ISSUE OF 1994 (POLICE STATION FINANCING PROJECT),
APPROVING THE FORM OF LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING
PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF
Adopt Resolution.
certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
SBEO/01201DOCJ61
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RESOLUTION NO.
RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $10,000,000 SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY TAX ALLOCATION BONDS,
ISSUE OF 1994 (POLICE STATION FINANCING PROJECT),
APPROVING THE FORM OF LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING
PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF
WHEREAS, the city of San Bernardino (the "city") and
the Redevelopment Agency of the city of San Bernardino (the
"Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the San Bernardino Joint Powers Financing
Authority (the "Authority") for the purpose of issuing its bonds
to be used to make loans to any of its members to finance public
capital improvements; and
WHEREAS, the Agency desires to borrow money for the
purpose of assisting the City in the construction of a Police
station (the "Police station") and for other redevelopment
purposes; and
WHEREAS, the Authority proposes at this time to issue
its San Bernardino Joint Powers Financing Authority Tax
Allocation Bonds, Issue of 1994 (Police station Financing
Project) (the "BondS") pursuant to the Marks-Roos Local Bond
Pooling Act of 1985, codified at Section 6584, et sea., of the
California Government Code (the "Marks-Roos Act"), and pursuant
to a certain Indenture of Trust (the "Indenture") by and between
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the Authority and Bank of America National Trust and Savings
Association, as trustee (the "Trustee"), a form of which is
presently on file with the Secretary of the Authority; and
WHEREAS, the proceeds of the Bonds will be loaned to
the Agency pursuant to and in accordance with a certain Loan
Agreement (the "Loan Agreement"), by and between the Authority,
the Agency and the Trustee, a form of which is presently on file
with the Secretary of the Authority; and
WHEREAS, the Authority proposes to secure the Bonds
with a pledge of revenues and an assignment of its rights under
the Loan Agreement as further provided in the Loan Agreement; and
WHEREAS, the Agency has previously issued its
$15,890,000 Tax Allocation Refunding Bonds, 1989 Series A (State
College Project No.4) (the "1989 Bonds"); and
WHEREAS, the Agency has previously issued its
$6,975,000 Tax Allocation Bonds, 1990 Series D (state College
Project No.4) (the "1990 Bonds"); and
WHEREAS, the Bonds shall be on parity with the 1989
Bonds and the 1990 Bonds; and
WHEREAS, Miller & Schroeder Financial, Inc., as
prospective underwriter of the Bonds (the "Underwriter") has
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informed the Authority that it intends to submit an offer to
purchase the Bonds and shall cause to be prepared a Preliminary
Official statement and an Official statement relating to such
Bonds, as may be necessary in the sale and marketing of the
Bonds"a form of which is presently on file with the Secretary of
the Authority; and
WHEREAS, the Board has duly considered such transaction
and desires at this time to approve said transaction in the
public interests of the Authority.
NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
section 1. Findinas and Determinations. Pursuant to
the Marks-Roos Act, the Board hereby finds and determines that
the issuance of the Bonds will result in savings in effective
interest rates, bond preparation, bond underwriting andlor bond
issuance costs and thereby will result in significant public
. benefits to its members within the contemplation of Section 6586
of the Marks-Roos Act.
Section 2. Issuance of the Bonds: ADDroval of Form of
Indenture: Authorization for the PreDaration of Final Forms
Thereof. The Board hereby authorizes the issuance of the Bonds
under and pursuant to the Marks-Roos Act and the Indenture in the
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principal amount of not to exceed $10,000,000 and the preparation
of certain financing documents related thereto which are
necessary to carry out the issuance of the Bonds and the loan of
proceeds therefrom to the Agency. The Board hereby approves the
form of Indenture as presently on file with the Secretary of the
Authority with such chanqes thereto as may be approved by the
Chairman of the Authority and as necessary to incorporate the
principal amount, interest rate, maturity and redemption dates
and such other terms and conditions with respect to the Bonds
when such terms and conditions have been ascertained. The Board
hereby further authorizes and directs that the form of Indenture
presently on file with the Secretary be converted into the final
form of Indenture, authorizing the issuance of the Bonds together
with such changes or modifications as deemed necessary or
desirable by the Chairman of the Authority upon the
recommendation of Bond Counselor as requested by any municipal
bond rating agency or municipal bond insurance company. The
Chairman, Vice-Chairman or such other authorized officer of the
Authority is hereby authorized and directed to execute and
deliver, and the Secretary or Assistant Secretary is hereby
authorized and directed to attest to, the final form of Indenture
when the same has been prepared for and in the name of the
Authority, and such execution and delivery shall be deemed to be
conclusive evidence of the approval thereof. The Board hereby
authorizes the delivery and performance of the Indenture.
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section 3. Approval of Final Form of Loan Aareement.
The Board hereby approves the form of Loan Agreement presently on
file with the Secretary together with any changes therein or
additions thereto as may be approved by the Chairman and as
necessary to incorporate the principal amount, interest rate,
maturity, prepayment dates and such other terms and conditions
when such terms and conditions have been ascertained. The Board
hereby further authorizes and directs that the form of Loan
Agreement presently on file with the Secretary be converted into
the final form of Loan Agreement, together with such changes or
modifications as deemed necessary or desirable by the Chairman of
the Authority upon the recommendation of Bond Counselor as may
be requested by any municipal bond rating agency or municipal
bond insurance company. The Chairman, Vice-Chairman or such
other authorized officer of the Authority is hereby authorized
and directed to execute and deliver, and the Secretary or
Assistant Secretary is hereby authorized and directed to attest
to, the final form of the Loan Agreement when the same has been
prepared and such execution and delivery shall be deemed to be
conclusive evidence of the approval thereof. The Board hereby
authorizes the delivery and performance of the Loan Agreement.
section 4. Sale of the Bonds. The Board hereby
approves the sale of the Bonds by negotiated purchase with the
Underwriter, pursuant to that certain Bond Purchase Agreement to
be prepared and as shall be provided by the Underwriter prior to
the time of purchase of the Bonds (the "Purchase Agreement"), and
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1 the sale of the Bonds pursuant to the Purchase Agreement is
2 hereby approved. The Board hereby authorizes and directs the
3 Underwriter to cause the preparation of the final Purchase
4 Agreement, and the Chairman, the Vice-Chairman or such other
5 authorized officer of the Authority is hereby authorized and
6 directed to evidence the Authority's acceptance of the offer made
7 by the Purchase Agreement by executing and delivering the
8 Purchase Agreement in said form as on file with such changes
9 therein as the officer or the officers executing the same may
10 approve, such approval to be conclusively evidenced by the
11 execution and delivery thereof.
12
13 section 5. Official statement. The Board hereby
14 approves the form of the Preliminary Official statement presently
15 on file with the Secretary. The Board further authorizes the
16 preparation and distribution of a Preliminary Official statement
17 as shall be necessary or required in connection with the sale of
18 the Bonds to prospective purchasers thereof. The Board hereby
19 authorizes and directs that the Preliminary Official Statement be
20 converted to a final Official statement together with such
21 changes or modifications as deemed desirable or necessary in the
22 sale and marketing of the Bonds and as approved by the Chairman,
23 upon the recommendation of Bond Counsel and the Underwriter. The
24 Board hereby authorizes distribution of the Preliminary Official
25 statement and the final Official statement by the Underwriter
26 when the same have been prepared. The Chairman is hereby
27 authorized and directed to execute the final form of said
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1 Official statement in the name and on behalf of the Authority and
2 to deliver the same to the Underwriter upon execution thereof,
3 together with the changes or modifications approved by the
4 Chairman. Execution of said final Official statement shall be
5 conclusive evidence of approval thereof, including any such
6 changes and additions.
7
8 Section 6. Official Action. The Chairman, the
9 Secretary, the Authority Counsel and any and all other officers
10 of the Authority are hereby authorized and directed, for and in
11 the name and on behalf of the Authority, to do any and all things
12 and take any and all actions, including execution and delivery of
13 any and all assignments, certificates, requisitions, agreements,
14 notices, consents, instruments of conveyance, warrants and other
15 documents, which they, or any of them, may deem necessary or
16 advisable in order to consummate the lawful issuance and sale of
17 the Bonds as described herein, including, but not limited to, the
18 submission of any and all documents to any municipal bond rating
19 agency and any municipal bond insurance companies and the
20 distribution of the Preliminary Official Statement to any
21 prospective purchasers when the same shall become available for
22 distribution. Whenever in this Resolution any officer of the
23 Authority is authorized to execute or countersign any document or
24 take any action, such execution, countersigning or action may be
25 taken on behalf of such officer by any person designated by such
26 officer to act on his or her behalf in the case such officer
27 shall be absent or unavailable. The Board hereby appoints its
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Chairman as agent of the Authority for purposes of executing any
and all documents and instruments which any officer of the
Authority is authorized to execute hereunder.
The Board hereby acknowledges that, in connection with
the authorization of the issuance of the Bonds hereunder and
under the Indenture, a form of which is presently on file with
the Secretary of the Authority, the Underwriter has submitted the
proposed bond transaction to certain municipal bond insurance
companies for consideration in connection with the issuance of
municipal bond insurance policies insuring payment of the
principal of and interest on the Bonds and to certain municipal
bond rating agencies for consideration in connection with the
rating of the Bonds.
The Board hereby authorizes the payment of all costs of
issuance in connection with the issuance of the Bonds including
all legal fees of Bond Counsel, special tax counsel, bond
printing, Trustee fees, and any rating agency fees and bond
insurance premiums. Bills for all such items shall be submitted
to and approved by the Executive Director of the Agency.
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RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,000,000
SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY TAX ALLOCATION
BONDS, ISSUE OF 1994 (POLICE STATION FINANCING PROJECT),
APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF
THE FINAL FORMS THEREOF
section 7 . Effective Date: Subi ect to Aaencv ADDroval.
This Resolution shall take effect from and after its Passage and
adoption. This Resolution shall be subject in all respects to
the approval by the Agency of the execution and delivery of the
Loan Agreement and to the issuance of the Bonds by the Authority.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the San Bernardino Joint Powers Financing Authority at
a special meeting thereof, held on the ____ day of
1994, by the following vote, to wit:
AYES:
Members
NAYS:
ABSENT:
secretary
The foregoing
day of
resolution is hereby
, 1994.
approved this
Tom Minor, Chairman
San Bernardino Joint Powers
Financing Authority
Approved as to form and legal content:
By:
Authority Counsel
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
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I, Secretary of the
San Bernardino Joint Powers Financinq Authority, DO HEREBY
CERTIFY that the foreqoinq and attached copy of San Bernardino
Joint Powers Financinq Authority Resolution No. is a
full, true and correct copy of that now on file in this office.
IN WITNESS WHEREOF,
affixed the official seal of
Financinq Authority this
I have hereunto set my hand and
the San Bernardino Joint Powers
day of , 1994.
secretary
c'