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RESOLUTION NO.
RESOLUTION BY THE MAYOR AND THE COMMON COUNCIL OF THE
CITY OF SAN BERN~INO APPROVING THE ISSUANCE BY THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, OF ITS
MEADOWBROOK-CENTRAL CITY REDEVELOPMENT PROJECT NO.1, TAX
ALLOCATION BONDS, ISSUE OF 1978, FOR ITS CORPORATE PURPOSES.
WHEREAS, the Redevelopment Agency of the City of San
Bernardino, California (the "Agency"), is a redevelopment agency
(a public body, corporate and politic) duly created, established
and authorized to transact business and exercise its powers, all
under and 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] and the powers of the
Agency include the power to issue bonds for any of its corporate
purposes and the power to issue refunding bonds for the purpose
of paying or retiring bonds previously issued by it; and
WHEREAS, the Redevelopment Plans for the redevelopment
projects known as (i) "Redevelopment Plan for Meadowbrook Project
No.1, Calif. No. R-IO", and (ii) the "Redevelopment Plan for
Central City Project No.1", were amended by the approval and
adoption by the City of Ordinance No. 3863 to merge the said
Project Areas for financial purposes, said merged Project Areas
to be collectively known and referred to as "Meadowbrook-Central
City Redevelopment Project No.1"; and
WHEREAS, to carry out the purposes of the merger, the
Agency must authorize, issue and sell approximately $28,500,000
Redevelopment Agency of the City of San Bernardino, Meadowbrook-
Central City Redevelopment Project No.1, Tax Allocation Refunding
Bonds, Issue of 1978 (the "Bonds"); to refund the previously
issued outstanding Bonds of the merged projects and for other
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1 corporate purposes of the Agency.
2 NOW, THEREFORE, THE MAYOR AND THE COMMON COUNCIL OF THE
3 CITY OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER
4 AS FOLLOWS:
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6 Section 1. Approval of Issuance of Bonds. The issuance
7 of not to exceed $28,500,000 principal amount of "Redevelopment
8 Agency of the City of San Bernardino, Meadowbrook-Central City
9. Redevelopment Project No.1, Tax Allocation Refunding Bonds,
10 Issue of 1978", for the corporate purposes of the Agency aiding
11 in the financing of the Meadowbrook-Central City Redevelopment
12 Project No. 1 by refunding previously outstanding Bonds of the
13 merged Project Areas referred to in the recitals hereof and for
14 other corporate purposes of the Agency in the merged Project Area,
15 is hereby authorized and approved.
16 Section 2. It is realized that the Resolution of
17 Issuance which has been presented to this Mayor and Common Council
18 is for information purposes only. Refinements may need to be
19 made to accommodate market conditions and the laws and regulations
20 pertaining to refunding.
21 Section 3. Included in the approved amount of Bonds
22 ($28,500,000) is an amount to repay the City for its loan to the
23 Agency of funds to expedite the financing of the Convention-
24 Exhibition Center. At the present time, more documents must be
25 executed before this part of the total authorized amount can be
26 issued and sold. Accordingly, it may be necessary to sell the
27 total approved amount in two sales. In any event, the Agency is
28 urged to proceed with the refunding of the previously issued
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outstanding Bonds of the Redevelopment Projects as was authorized
by the previously taken extensive proceedings to merge the Project
Areas for financing purposes. The maximum amount approved for the
refunding shall not exceed $26,300,000, the exact amount to be
determined by the Agency as the amount needed to refund the pre-
viously issued outstanding Bonds plus such other amounts as the
Financial Consultants will recommend to the Agency as the maximum
amount that the market will support.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San Ber-
nardino at a regular meeting thereof, held on the 6th day of
February, 1978, by the following vote, to-wit:
AYES:
Councilmen: <r'~774// / ~//7' _--7~.d~~~,
~rdo 4/~77~
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21 day of
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NAYS:
ABSENT:
The foregoing
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, 1978.
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BernardJ.no
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Approved as to form:
~..J~r1,".~9
CJ.t Attorney
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