HomeMy WebLinkAbout2009-328
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RESOLUTION NO. 2009-328
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO DESIGNATING THE CITY OF SAN BERNARDINO
AS A RECOVERY ZONE FOR PURPOSES OF SECTIONS 1400U-l, 1400U-2
AND 1400U-3 OF THE INTERNAL REVENUE CODE OF 1986
WHEREAS, the City of San Bernardino, California (the "City") is a municipal corporation
7 and charter city, duly organized and existing pursuant to the provisions of the constitution of the
8 State of California; and
9 WHEREAS, Congress passed the American Recovery and Reinvestment Act of 2009 (the
10 "Act") which amends the Internal Revenue Code of 1986, as amended (the "Code") to authorize a
11 city to designate a "recovery zone" for the purpose of issuing Recovery Zone Economic
12 Development Bonds under Section 1400U-2 of the Code, and Recovery Zone Facility Bonds under
13 Section 1400U-3 of the Code; and
14 WHEREAS, pursuant to Section 1400U-1(b) of the Code, the term "recovery zone" means
15 (i) any area designated by the City as having significant poverty, unemployment, rate of home
16 foreclosures, or general distress, (ii) any area designated by the City as economically distressed by
17 reason of the closure or realignment of a military installation pursuant to the Defense Base Closure
18 and Realignment Act of 1990, and (iii) any area for which a designation as an empowerment zone or
19 a renewal community is in effect; and
20 WHEREAS, the City desires to designate the geographical area of the City a "recovery
21 zone" and at this time.
22 NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED
23 BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS
24 FOLLOWS:
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Section 1.
The Recitals contained hereinabove are true and correct and are incorporated
26 herein by this reference.
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Section 2.
The Mayor and Common Council of the City of San Bernardino ("Council")
28 hereby finds and determines that significant unemployment, poverty, rate of home foreclosures and
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2009-328
1 general distress exist throughout the City as a consequence of the recent housing market collapse, the
2 impact of the national recession and financial crisis and the current fiscal crisis experienced by the
3 State of California and local communities.
4 Section 3. For purposes of Sections 1400U-l, 1400U-2 and 1400U-3 of the Code, the
5 Council hereby designates the entire geographic region of the City as a recovery zone. The recovery
6 zone shall be identified as the "City of San Bernardino Recovery Zone."
7 Section 4. The Council, the City Clerk and any and all other officers of the City are
8 hereby authorized and directed, on behalf of the City, to do any and all things and to take any and all
9 actions, including execution and delivery of assignments, certificates, requisitions, agreements,
10 notices, consents, instruments of conveyance, warrants, and other documents which any of such
11 officers may deem necessary or advisable in connection with this Resolution and the consummation
12 of the transactions described herein.
13 Section 5. This Resolution shall take effect upon its adoption and execution in the manner
14 as required by the City Charter.
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, .,.
2009-328
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO DESIGNATING THE CITY OF SAN BERNARDINO
AS A RECOVERY ZONE FOR PURPOSES OF SECTIONS 1400U-l, 1400U-2
AND 1400U-3 OF THE INTERNAL REVENUE CODE OF 1986
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
5 Common Council of the City of San Bernardino at a joint regular
meeting thereof,
6 held on the 21st day of September , 2009, by the following vote to wit:
7 Council Members: Ayes Nays Abstain Absent
8 ESTRADA X
9 BAXTER X
BRINKER X
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SHORETT X
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KELLEY X
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JOHNSON X
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MC CAMMACK ~
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16 Racl1et G. Clark, City Clerk
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18 The foregoing Resolution is hereby approved this ~day of September
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, 2009.
23 Approved as to Form:
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By:
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