HomeMy WebLinkAboutBook 19 10/07/76 - 12/12/76
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RESOLUTION NO. 3281
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO A PREDISPOSITION AGREEMENT ALEXANDER AND
WEISSMAN, PARTNERSHIP, FOR SENIOR CITIZENS HOUSING.
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WHEREAS, Messrs. Weissman and Alexander have deposited with the Agency a check
in the amount of $12,600, which is cash to hold, pending acceptnace of their Offer
to Purchase Land; and
WHEREAS, it is understood by all parties that if said buyers refuses to enter into such
Predisposition Agreement, the deposit herein shall be forfeited to the Agency; and
WHEREAS, it is also understood by all parties that this offer is made subject to funding
by the Department of Housing and Urban Development. Should funding be denied,
the deposit shall be refunded.
NOW, THEREFORE, BE IT RESOLVED that the Chairman and Secretary be authorized to
enter into a Predisposition Agreement with Alexander and Weissman, Partnership,
Senior Citizen Housing, Central City North.
Motion made to adopt Resolution No. 3281 by Obershaw and seconded by Blum. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson,
Guhin and Green. Noes: None. Abstention: None. Absent: Hinojosa.
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At this time Mr. Green informed the Board that the proposal submitted by Mr. Knorr
for appraisals, Central City South, had died for lack of a second on the Council floor.
Agency Chairman will be instructing Agency staff to refund Vanir Research's deposit
with the Agency's regrets. After discussion by the Board Members, it was decided
to make this a Board Motion. Motion made by Wilson and seconded by Obershaw to
refund deposit to Vanir Research Co. on their proposal for Central City South. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson,
Guhin and Green. Noes: None. Abstention: None. Absent: Hinojosa.
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Mr. Wilson stated that it is his desire that the record be made clear regarding the Lease
with the City on the Elks Building and refers to the meeting of October 7, 1976. He
wants the information on record, as to the appraisals, just what the building cost and
what the remaining land area was. Mr. Green agreed with Mr. Wilson's desires on
this matter and states the following information:
In the purchase of the property the Agency paid $1,219,676.94. The Agency put 15%
down, which represented $199,676.94, with a balance due of $1,020,000. The Agency
made payments of interest only. If one should take the purchase price and pro-rate
out that part that is parking from the building, you would get the dollar purchase
price of the building, $971,519.55. Purchase price of the parking, $249,157.39, equals """""
total purchase price. If you then pro-rate the down payment of the $159,741. 55, down
payment on parking will be $39,935.39, leaving balance due on the building, which is
the amount included in the lease of $811,778.00. ....J
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LEGAL DESCRIPTION
EXHIBIT "A"
PARCEL NO.1: Parcel No.1, as shown on the Map of Tract No. 2038, VICTORIA FARMS
UNIT NO.2, in the County of San Bernardino, State of California, as per plat recorded
in Book 29 of Maps, pages 51 and 52, records of said County.
EXCEPTING THEREFROM that portion conveyed to Rex V. Duncan by deed recorded in
Book 6932, page 737, Official Records, described as follows:
A strip of land, 25.00 feet wide, lying within Parcel No.1, as said parcel is
shown on the Map of Tract No. 2038, Victoria Farms Unit No.2, as per plat recorded
in Book 29, pages 51 and 52 of Maps, records of said County, the Northerly line of
said strip of said land, 25.00 feet wide being the Northerly line of saidparcell, shown
on said map as having a bearing of North 88 degrees 37' East, and a distance of
837.35 feet.
The Southerly line of said strip of land, 25.00 feet wide, shall be prolonged Easterly
so as to terminate in the Northeasterly boundary line of said Parcell, and prolonged
Westerly so as to terminate in the Northwesterly boundary line of said Parcell.
EXCEPTING THEREFROM that portion described as follows:
BEGINNING at the Southwesterly corner of said Parcel No.1, said point being also the East
line of Tippecanoe Avenue; thence North 0 degrees, 03', 00" East along said East line
of Tippecanoe 31.93 feet; thence along the Southeasterly line of the Gage Canal Right of
Way, the following courses:
North 29 degrees, 06' 00" East 83.17 feet; north 48 degrees, 25' 30" east 397.50 feet; thence
departing from said Gage Canal Right of Way south 89 degrees, 59' 30" East, parallel
with said North line of San Bernardino Avenue 274.69 feet; thence South 0 degrees,
03' 00" West, 368.43 feet to the aforesaid North aline of San Bernardino Avenue; thence
North 89 degrees 59' 30" West along said North line 612.21 feet to the point of beginning.
PARCEL NO.2: Parcel No.3, as shown on the Map of Tract No. 2038, VICTORIA FARMS
UNIT NO.2, in the County of San Bernardino, as shown in Book 29 of Maps, pages 51
and 52, records of said County.
PARCEL NO.3: Lot 6, TRACT NO. 2038, VICTORIA FARMS UNIT NO.2, in the City of
San Bernardino, County of San Bernardino, State of California, as per plat recorded
in Book 29 of Maps, pages 51 and 52, records of said County.
Mr. Obershaw inquired what LUI was and Mr. Alexander informed him that it was in
reference to the density of the area. Mr. Oberhsaw then inquired when the money for
the project could be expected and Mr. Green informed him that it could be in at any time.
Mrs. Blum questioned the Seismic Report and was informed that the Agency had already
ordered the report at a cost of $125.00.
The Agency, at this time, will merely accept the Offer to Purchase subject to a Pre-
disposition Agreement. After discussion the following Resolution was adopted:
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Mr. Obershaw inquired what LUI was and Mr. Alexander informed him that it was in
reference to the density of the area. Mr. Oberhsaw then inquired when the money for
the project could be expected and Mr. Green informed him that it could be in at any time. ~
Mrs. Blum questioned the Seismic Report and was informed that the Agency had already ,
ordered the report at a cost of $125.00.
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The Agency, at this time, will merely accept the Offer to Purchase subject to a Pre-
disposition Agreement. After discussion the following Resolution was adopted
RESOLUTION NO. 3280
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DETERMINING,
AND DECLARING THAT THE PUBLIC INTEREST, CONVENIENCE AND
NECESSITY REQUIRE THE ACQUISITION OF CERTAIN PARCELS OF REAL
PROPERTY FOR REDEVELOPMENT PURPOSES IN THE CITY OF SAN BERN-
ARDINO, STATE OF CALIFORNIA, AS AUTHORIZED BY HEALTH AND
SAFETY CODE 33391 ET AL. , ET SEQ. ,: DECLARING THE INTENTION
OF THE REDEVELOPMENT AGENCY TO ACQUIRE SAID PARCELS BY EMIN-
ENT DOMAIN PROCEEDINGS AND DIRECTING THE AGENCY'S COUNSEL
TO COMMENCE AN ACTION IN THE SAN BERNARDINO SUPERIOR COURT
OF THE STATE OF CALIFORNIA FOR SAID PURPOSES.
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA DOES HEREBY FIND AND DETERMINE AND DOES HEREBY
RESOLVE AS FOLLOWS:
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SECTION 1: The public interest, convenience and necessity of the City of San Bernardino"""""
and the inhabitants thereof require the acquisition of the three parcels of real property
described in the attached Exhibit "A", which is made a part of this resolution by refer-
ence, and which property is to be condemned for said purposes.
SECTION 2: The taking and acquiring by the Redevelopment Agency of the City of San
Bernardino, California, of said parcels of real property is deemed necessary for redev-
elopment purposes, namely, the preparation, development and redevelopment, and sale
of said parcels for industrial development and for the elimination of blight.
SECTION 3: The proposed project is planned or located in the manner that will be most
compatible with the greatest public good and the least private injury and the above-
described property is necessary for the proposed project.
SECTION 4: Counsel for the Redevelopment Agency of the City of San Bernardino, Ca.,
is hereby authorized and directed to commence an action in the Superior Court of the
State of California for the County of San Bernardino in the name and on behalf of the
Redevelopment Agency of the City of San Bernardino, Ca., against the owners and claim-
ants of the above-described property for the purpose of condemning said parcels of real
property for redevelopment purposes.
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carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson,
and Green. Noes: None. Abstention: None. Absent: Guhin and Hinojosa.
Mr. Guhin arrives at the meeting at 3: 24 p.m.
PREDISPOSITION AGREEMENT-SENIOR CITIZENS HOUSING-ALEXANDER/WEISSMAN -CCN
Mr. Green stated that the developers were willing to pay $1.50 per square foot. He
further stated that the development would cost approximately 3.5 Million Dollars. This
means approximately $110,000 per year in taxes, which would more than make up for
the write down in land costs. Mr. Green then read aloud the following letter from HUD.
Mr. Wallace Green
Chairman, Redevelopment Agency
of the City of San Bernardino
300 North "D" Street
San Bernardino, CA 92401
Dear Mr. Green:
This is in response to your letter of July 6, 1976 requesting pre-approval of a site for
Section 8 New Construction housing for senior citizens.
The site, located between Fifth and Sixth Streets and "F" and "G" Streets, has been re-
viewed by HUD Staff and is approved as a pre-approved site pursuant to Section 880.
203(e).
However, because the site is located in the vicinity of two fault zones, a geologic report
will have to be prepared to determine the feasibility of a proposed high-rise on the site.
This report is not required until we invite a preliminary proposal. The report should
be included with schematic drawings.
The site is located in an urban renewal area. Therefore, you can select a developer
under applicable urban renewal procedures pursuant to Section 880.203 (e). A devel-
oper will then be invited to submit a preliminary proposal. If you decide not to select
a developer, a Notice of Fund Availability will be sent out for developers to submit pre-
liminary proposals on this site.
While we have pre-approved the site, we are unable at this time to accept a preliminary
proposal because we have not as yet received our funding authority. Therefore, when
funding authority is available, we will notify you when to submit a preliminary prop-
osal. The assigned LUI to this project site is 6.0. If you have any questions regarding
this LUI, you are encouraged to contact Mr. Robert Shaw of this office at (213) 688-7191.
Sincerely,
/ s/ Donald G. Phillips
Chief Underwriter
Housing Production and Mortgage Credit Division
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in the past. They will provide the Agency liability insurance in the amount of $100,000/
$300,000 coverage and will provide all the necessary clean up. After discussion Motion
made by Wilson and seconded by Obershaw to allow the Easter Seal Society use of vacan~
UCB Building located on 4th Street for the use of a rummage sale from November 21, 197ij
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through December 6,1976. Motion carried by the following vote, to wit: Ayes: Blum, .-J
Obershaw, Wilson, Stephenson and Green. Noes: None. Abstention: None. Absent:
Guhin and Hinojosa.
AMEND RESOLUTION RELATIVE TO AGENCY BY-LAWS
Mr. Green stated that there has been some conversation between Agency personnel and
Agency Board Members that the Board Members would be willing to change the meeting
time of Board Meetings from 4: 00 p.m to 3: 00 p.m. Mr. Wilson stated that he would be
willing to support the change, not so much from the Board's standpoint, but for Agency
staff participation. He feels it would be much more convenient. Mr. Green concurred.
After discussion the following Resolution was adopted:
RESOLUTION NO. 3279
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AMENDING RESOLUTION NO. 2556,
ADOPTED 7-20-72, BY CHANGING THE HOUR OF THE REGULAR
MEETINGS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA
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WHEREAS, Section 2 of Article 3 of the By-Laws of the Redevelopment Agency of
the City of San Bernardino, California, provides that regular meetings of the
Agency shall be at such time and place as may be determined by resolution of
the Agency; and
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WHEREAS, Resolution No. 2556, adopted 7-20-72, provided that the members of
the Redevelopment Agency shall hold their regular meetings at 4: 00 p.m. , on the
first and third Tursdays of each month at the office of the Agency; and
WHEREAS, it is deemed appropriate and in the best interest of the Agency Board
to change the time of the Regular Meetings from 4: 00 p.m. to 3: 00 p.m. .
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California, that:
1. Until othewise provided by Resolution, the members of the Redevelopment Agency
of the City of San Bernardino shall hold regular monthly meetings at 3: 00 p.m., on
the first and third Thursdays of each month at the office of the Agency, 300 North
"D" Street, San Bernardino, California.
2. Resolution No. 2556, adopted 7-20-72, is hereby amended to reflect this change. ~
Motion made to Adopt Resolution No. 3279 by Wilson and seconded by Blum. Motion
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NOES: None
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ABSENT: James Hinojosa and Alan Guhin
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R. E. Shadwell, Jr. Secretary
(SEAL)
Motion made by Wilson and seconded by Stephenson adopting Resolution No. 3277.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Stephenson,
Wilson and Green. Noes: None. Abstention: None. Absent: Guhin and Hinojosa.
TRAVEL OF CHAIRMAN TO WILLIAMSBURG, VA-ALL AMERICAN CITY AWARD
There was already a verbal approval of Mr. Green's travel to Williamsburg, Vas., by all
Board Members. Mr. Wilson inquired if the cost of $630.00 was total cost and was in-
formed yes. After discussion the following resolution was adopted
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RESOLUTION NO. 3278
RESOLUTION AUTHORIZING TRAVEL OF REDEVELOPMENT AGENCY
CHAIRMAN TO TRAVEL TO WILLIAMSBURG, VA., AS A DELEGATE
FROM SAN BERNARDINO REGARDING THE ALL AMERICA CITY AWARD.
WHEREAS, Mr. Wallace Green, Chairman of the San Bernardino Redevelopment Agency
has been made an integral part of the team relative to the All American City Award to
be conducted at Williamsburg, Va., November 6-9-1976; and
WHEREAS, this travel has been approved and ratified by Agency Board Members
at a cost of approximately $630.00.
NOW, THEREFORE, BE IT RESOLVED that travel of Agency Chairman to Williamsburg,
Va. , be hereby authorized at a cost of approximately $630.00, November 6-9, 1976.
Motion to adopt and ratify Resolution No. 3278 made by Blum and seconded by Obershaw.
Motion carred by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Green. Noes: None. Abstention: None. Absent: Guhin and Hinojosa.
OWNER PARTICIPATION AGREEMENT-ANDRES ON BLDG.-WARNER W. HODGDON
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Mr. Hodgdon was not present so Mr. Green then proceeded to the next item on the
Agenda.
MOTION AUTHORIZING EASTER SEAL SOCIETY USE OF VACANT UCB BUILDING ON 4th
STREET FOR A RUMMAGE SALE.
Mr. Shadwell stated that the Easter Seal Society has requested Agency owned property
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WHEREAS, pursuant thereto, bids have been received, publicly opened, read and examined;
and
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WHEREAS, the bid hereinafter described is the best bid; and
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WEREAS, all steps required by law to be taken precedent to the authorization, issuance
and sale of the Notes have been duly and regularly taken as provided by law and the
Agency is fully advised in the premises.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1: That the bid of Smith Barney, Harris Upham & Co., and Associates for
the Notes, attached hereto and made a part hereof, is the best bid for the Notes. Said
bid is hereby accepted in accordance with the terms thereof, and in accordance with
and subject to Resolution No. 3262, as amended of the Agency.
Section 2: That all bids other than the one accepted in Section 1 hereof are rejected
and the Secretary is directed to return checks accompanying said rejected bids to
the respective bidders.
Section 3: That the interest rate on the Notes is hereby fixed at 5.25% per annum.
Section 4: That the Secretary is hereby authorized and directed to deliver the Notes
to the successful bidder upon payment of $1,882,500 therefor, plus accrued interest
to date of delivery.
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Section 5: That all actions and proceedings heretofore taken in the authorization,
issuance and sale of the Notes are hereby ratified and confirmed.
ADOPTED AND APPROVED THIS 26th day of October, 1976.
Wallace Green, Chairman
ATTEST:
R. E. Shadwell, Jr., Secretary
(SEAL )
I, R. E. Shadwell, Jr., Secretary of the Redevelopment Agency of the City of San
Bernardino, California, DO HEREBY CERTIFY, that the foregoing Resolution No. 3277,
was duly adopted by said Agency at a Regular Meeting of the Redevelopment Agency of
San Bernardino held the 26th day of October, 1976, by the following vote, to wit:
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AYES: Mrs. Hugo Blum; Charles Obershaw; Wayne Stephenson; Ray M. Wilson; and
Wallace Green.
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MINUTES OF THE ADJOURNED REGULAR MEETING OF THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, HELD THE 26th DAY OF OCTOBER, 1976, 300
NORTH "D" STREET, SAN BERNARDINO, CAL.
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Chairman Green called the meeting to order at 3: 06 p.m.
Roll Call showed the following:
Agency Members Present: Blum, Obershaw, Stephenson, Wilson and Green.
Agency Members Absent: Guhin and Hinojosa
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
The Minutes for the Meeting held October 7, 1976 were presented for approval.
Mrs. Blum pointed out to Mrs. Brown an error on page 7. Mrs. Brown assured
Mrs. Blum the error would be corrected. Motion made to approve the Minutes
by Obershaw and seconded by Wilson. Motion carried by the following vote, to
wit: Ayes: Blum, Obershaw, Stephenson, Wilson and Green. Noes: None.
Abstention: None. Absent: Guhin and Hinojosa.
Mr. Wilson stated that he wanted to talk about the Elks Building and Mr. Green
stated that it would be discussed later in the meeting. All Board Members concurred.
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Expenditures for the month of September, 1976 were submitted for approval. Motion
made by Stephenson and seconded by Obershaw to approve the expenditures. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Stephenson, Wilson
and Green. Noes: None. Abstention: None. Absent: Guhin and Hinojosa.
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AWARDING OF BID- PRINCIPAL TAX ALLOCATION NOTES- CENTRAL CITY NORTH
Mr. Shadwell explained that he and Mrs. Saul, Agency Director of Finance had
travelled into Los Angeles for the bid opening at the law offices of James Warren
Beebe and that two bids were received. The lowest bid was from Smith Barney,
Harris Upham & Co. , Inc. & Associates, with interest rate of 51-%, a discount of $77,500
which is something less than 4 points. The net amount is $1,922,500 to the Agency.
The other bid was at 61-%. Mr. Shadwell introduced Mr. Bill Strausz from Mr. Beebe's
office. Mr. Strausz presented the legal opinion of Mr. Beebe's office, which was
well received by the Agency Board. After discussion motion made to adopt the
following resolution:
RESOLUTION NO. 3277
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO SELLING NOTES OF SAID AGENCY.
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WHEREAS, Notice Inviting Bids on the $2,000,000 Notes of the Redevelopment
Agency of the City of San Bernardino (the "Agency") designated "Redevelopment
Agency of the City of San Bernardino, Central City North Redevelopment Project,
Tax Allocation Negotiable Promissory Notes, Issue of 1976" (the "Notes"), was given
as required by law; and
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Executive Session over at 5: 25 p.m. and meeting reconvened.
Motion to adjourn made by Obershaw and seconded by Blum. Motion carried by
the following vote, to wit: Ayes: Obershaw, Blum, Hinojosa, Wilson, Stephenson,
Guhin and Green. Noes: None. Abstention: None. Absent: None
Adjournment:
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Motion made to adopt Resolution No. 3276 made by Stephenson and seconded by Guhin.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson, Guhin, Wilson and Green. Noes: None. Abstention: None.
Absent: None.
Mr. Stephenson inquired as to the status of Vanir Research regarding the Penney
Co. Mr. Hicks, representing Vanir Research spoke from the audience. He stated
that the Agency had approached Vanir to cancel their Offer to Purchase and accept
the return of their deposit. Mr. Hicks stated that Vanir was completely shocked
by the Agency action. Further discussion brought out that this was the transaction
regarding Central City South, not the Penney Building and Mr. Hicks acknowledged
that he had erred. Mr. Hicks then stated that thus far Vanir has expended con-
siderable monies on this project and desired to proceed with Central City South.
Mr. Green then stated that he felt that there should be some explanation and proceeded
to explain to the Board that they had authorized appraisals for Central City South,
but that the City Council had tabled the matter. The Agency cannot proceed with
Central City South without appraisals, consequently we cannot deal with Vanir. The
Agency has also learned that the properties are far too expensive for the Agency to
purchase at this time. Also, the Agency would become involved in at least three
condemnation suits. Mr. Hicks stated that Vanir was not aware of these details.
Mr. Green stated that the Agency Staff should have apprised the Board of the Council
action taken in tabling the request for appraisals.
Mr. Stephenson then inquired that assuming we could get the appraisals, could we
proceed with the project and Mr. Shadwell told him yes, but we have to have the
appraisals. The Agency cannot approach any owner without an appraisal.
Mr. Stephenson then stated that the Agency have the Council review the request for the
appraisals again.
Mr. Flory stated that Mr. Stephenson could make a motion for the staff to request the
Council to reconsider their tabling of the appraisals.
Motion made by Stephenson and seconded by Wilson to have Agency staff request
Council to reconder the tabling of appraisals for Central City South. Motion carried
by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, and Guhin.
Noes: Obershaw and Green. Abstention: Blum. Absent: None. Motion passed
by four votes.
Mr. Wilson requested Mr. Hicks to send the Agency a brochure and Mr. Hicks indicated
that Vanir would be happy to do so.
Mr. Obershaw stated that he had conversation with Fredericks/Hanson Paint Co.
and they would like to relocate to Southeast Industrial Park, but needs assistance
in packaging a deal. Mr. Green assured Mr. Obershaw that Agency Staff had been
in contact with the firm.
Mr. Green calls for Executive Session at 5:12 p.m. At the same time, Mr. Green assures
Mr. Baker that no action will be taken. The session is to discuss possible legalliti-
gation.
4284
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BID
FOR THE PURCHASE OF-
$2,000.,000 l\EDEVELOPMENl' AGENCY OF THE CITY OF SAN BEfu'fABDINO--
. - CEN'I'BAL- crrY NORTH REDEVELOPMENT PROJECt ARE.\.
TAX ALLOCATION NEGOTIABLE PROMISSORY NO'tES
ISSt1E OF 1918
October 2S, 1915...
-.
~ AgIOCY of." City of San Bernardino
City of San ~. Califomia
In behalf oi a gl:iNP which we bave formed. consisting. or
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and pumwit to th.. Notice Invtt:lng Bids hereinafter mentioned. we. otIer to purch:ue ~ tni.l1ioa -
doUan ($2.000.000) principal amount. an Of none. of the Notes designated as -Redevelopment Agency
of _ City of San Benwd.Ino Central City North Redevelopment Project AZea. Tu Allocation
I '-Negottable PromisaOry Notes, Issue of 1916'". matlJring on October 1. 1980. particularly described. in..
said Nottca, bearing intetest Ilt the rate of .. %. and to pay therefor the aggregate sum 0f-
t- .',....:: _ _ _ . _ . _ .. plus interest. &ea'I1ed on such Notes to the date ~ deU~ thereof.
'ThII bid is made subject to all the tenns and conditions of the Notice Invil1ogB\ds. heretofore_.
published. all of which terms _and cOnditions are made a part hereof as fully as though - forth in.
- full in this bid.
lu speci.lled.-in the Nottce Inviting Bids. this bid is subject to acceptance not la.ter than. twenty-sUe
(26) boms after the eltpiratloa of the time Eor the receipt of bids. and the UI'Iqualliied opinion of the
Bond Counselllrm of James Warren Beebe. A Law COrPotlltion. Loa Angeles. California., approving
. the validity of the Notes, will be furni3hed us (if we are the suc:cessful bidder) at the time of dellvery
of the Notes at the e:cpense of the Agency.
There is enclosed herewith a ~.- . . . _ . cheek in the aD10unt of forty thousand dollars
($40.000). payable to the order of the Agency.
. $2.000.000. plus premium or less discount.
-.. Insert -certiAed" or '"cashier's.,
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CIty of S&a s-clIao- T1:lS
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Proof of October 7. 1976
Bowne of L.A. (213) 748-9851
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Negotiable Promissory Nott!'!; of the Redevelopment Agency of the City of San Bernardino". Each bid
must be unconditional and in accordllnce with the terms and conditions set forth herein, or permitted
herein. and must be submitted on. or in substantialllccordance with, hid forms provided by the Agency.
Bid Check: A certified or cashiers check on a responsible hank or trust company in the amount of .
forty thousand dollars ($40,000), payablt' to the order of the Agency, must accompany
each bid lIS a guaranty thnt the bidder, if successful, will accept and pay for the Notes in accordance
\vith the terms of his bid. The check accompanying any nccepted bid shall be applied to the purchase
price of the Notes. If such bid is a~ted but not performed, unless such failure of performance shall
be roused by any nct or omission of the Agency. the check accompanying any accepted bid shall then be
cashed and the proceeds retained by the Agency. The check accompanying each unaccepted bid Wl11 be
returned promptly.
Change in Tax At any time before the Notes are tendered for delivery, the successful bidder may
EXmlpt Status: disnflirm and withdraw the bid if the interest received by private holders from the
Notes of the same type and character shall be declared to be tlWlhle income under
present Federal income tax laws. either by 1l ruling of the Internal Revenue Service or by a decision of
any Federal court, or shall be declared tnxable by the terms of any Federal income tax law enacted
subsequent to the date of this notice.
Arhitrnge: On the bnsis of the facts, estimates and cin:umstances (including covenants of the Agency)
in existence on the date of issue of the Notes it is not expected that the proceeds of the
Notes will be used in a manner that will cause the Notes to be arbitrage bonds and the Agency will
furnish to the successful bidder at tho.' time of delivery of the Notes an arbitrage cel'lilicate certifying to
the foregoing. .
Legal Opinion: The unqualiIied opinion of the Bond Counsel firm of James Warren Beebe. A Law
Corpomtion. Los Angeles, California, approving the validity of the Notes, will be
furnished the successful bidder at or prior to the time of delivery of the Notes, at the expense of the
Agency. A copy of such opinion. certilied by an officer of the Agency by his facsimile signature, will
be printed on the back of each definitive Note. No charge will be made to the purchaser for such
printing Or certification.
No Litig:1tion CertiSC:ltc: At the erne of pllyment for and deliver)' of tM Notes, the Agency will fttmish
the succes.oful bidder a certi6cate that there is no litigation pending affecting
the validity of the Notes.
Official Stlltement: The AgenO}' will furnish to the successful bidder, at no charge, 400 copies of the
Offici:U Statement ror this issue for use in connectioll with any resale of the Notes.
At the time of delivery of the Notes to the JUccessful bidder, the Agency will furnish a certi6cate to the
e6ect that at the time of sale or the Notes and at all times subsequent thereto up to and including the
time of such delivery the Oflicial Statement did not contain any untrue statement of a material fact or
omi~ to state a material fact ne<:esliaty to snake the statements thcR'in. in light of the circumstances under
which they were made. not misleading.
IN'FORMATION Requests for copies of the Resolution and the Official Statement pertaining to the
AVAILABLE: Notes, or for other information concerning the Agency, should be addressed to
MUler << Schroeder Municipals, Ill;;', Financial Consultants to the Agency. 1.200 Prospect, La Jolla,
California 92037, telephone (714) 459-265l.
ClVEN by order of the Agency adopted on Septmlber 23, 1976.
RALPH Eo SHADWELL. ]R
Secretary of the Redevelopment Agency
of the City of San BemllJ'dino
7
City of San BenwdiDo-7135
EXHIBIT E
.\
I
4283
Proof of October 7, 1976
Bowne of L.A. (213) 7 -VI.g.,>> 1
l
..".j
alter rcierred to. A Bearer Note or lle'.1I'er Notes may be registered' by e:u:hallging the saine for a Fully
RegUteted Note or Fully Registered Notes. A Bearer !'lote or Bearer Notes and. a Fully Registered
Note or F~ly Registered Notes may be elCclumged for a Fully Registered Note or Fully Registered
Notes. A Fully Registered Note mny be e:tcha."1ged in whole for Bearer Notes or in part fOt' such Benrer
Notes and the balance for Fully Rl!!.'istenod Notes. Transfer of ownership of a Fully Registered Not..
or Fully Registered Notes shall be made by ..xchangillg the same for a new Fully Registered. Note or
Fully Registered Notes. All of such exchallges shall be in such manlier alld upon such reasonable terms
and c:onditions as may from time to time be determined and prescribed by the Agency; provided.
however, no sudl exchange shall be made between the 6fteenth (15th) day preceding any interest
payment date aDd such interest payment date. Such exchanges shall be free of any costs or charges
to the person. &rm. or corporation requl'Sting such exchange, except for any tax or governmental charge
that may be imposed in connection with such elCchange. Eacl1 Bef.rer Note issued pursuant to the
Resolution shall be of the denulIlinanon of flve thousand dollars (55,000). Each Fully RegiJtered
Note Iawld pursuant to the Resolution shall be of a dellominal:ion which is live thousand dollars
(~,OOO) or any whale multiple thereof.
CAlJ-^BLE OmON: nw outstanding NotllS, or any of them, may be cnlled befont maturity and
redeemed at the option of the Agency, ftoll\ any source of funds. on
April 1. 1911. or on any interest payment date therelIfter prior to maturity. If less tban all of the
Notes out$tlUlding are to be redeemed at any ooe time, tbe Notes to be redeemed shall be determined by
lot. Notes 10 called. for redemption shlAlI be redeemed at a redemption price for tlllCh redeemed !'late
equal to the principal amount thereof, plus lICCnIed utterest to the redemption date and the following
premium (percentage of prtncipal amount) if redee'lTled on the following redemption dates:
PREMIVMS AND REDE.'YIPI'tON DATES
Redemption Date Premium
April 1. 197'1 .. . . . . . . . .. . ..... ....... 1 %
~.~ 197'1.. ....... ............. 1 %
April 1. 1978 ..... . .. .. .. . .. . . .. . . 0/.6%
October I, 1978 .. . .. . . . .. .. .. .. . .. . .. .. . ~%
April 1. 1979 .. .. .. .. , .. .. . .. .. .... ..... ~%
October ~ 1979, to maturity . . . . .. .. .. .. . . . . . 0
Notiot of call and redemption shall be given as provided. in the Resolution hereinafter referred to.
PURPOSE OF ISSUE: nw Notes ILre to be issued by the Agency under and pursuant to the Com-
munity Red....elopment Law of the State of California (Part 1 of Division 24
of the Health and Safety Code) for the corporate PUrt)~ of the Agency aiding in the Rnancing of a
redevelopment projeet in the City of San Bernardino, California. known as the Centnll City North
Redevelopment Project Area.. and are to be i5sued pursuant to Resolution No. 32132 adopted by the
Agency on September 23.. 1976. lIS lUllended (herein sometimes referred t-o as the -Resolution.), to which
reference is mnde for further particulllt'S.
SECURITY: The Notes are payable. both principal and. iuterest. solely from Ta:c Revemles (as deDned
in the ResolnCion) and from certain other limited funds AS provided ill the Resolution.
The Notes are not obligations of the City of San Bernardino or the State of California and do not con-
~titute an indebtedness within the me-olning of any constitutional or statutory debt limimtion or
restriction.
-,
....,
:rERM'S OF SALE
Interest Rate: The rate bid mlAY not .."ceed eight percent (8%) per annum, PlIynbl. semialulually on
Aprillst and Octoher bt ill each year, and mllSt be a multiple of 1/20 of I %. The
interest on anyone Note ~hl\1I be at one rate only. All Notes must cnny the SlIme interest rate and
5
City of San ~ino- 113:5
~
EXHIBIT E
....J
,.
--
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.....,
,...
\
I
\
It.-
---...;
4281
. . ::;>~:.~:;~
, :::..":~<:,:>;-~r~i'~~~J.~~llt~_
- '. - ~ .... - ,"
..,:-.-
'.,/:t-,;,
, r
REDEVELOPtI-.lENT AGENCY OF THE CITY OF SAJ.'J BER?V..RDINO
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNA.'RDINO
,~
NOTICE Il'.'VlTING .BIDS
$2,000,000
BEDEVELOPMENT AGENCY OF '!'HE CITY OF SA.~ BElL'iARDINO
CENTRAL CITY NORm REDEVELOPl\IEl'\"T PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of two million dolliu:s
($2,000,000) principal amount of tax allocation notes of the Redevelopment Agency of the City of San
Bernardino (herein sometimes referred to as the - Agency-) will be received by the Agency at the place
and up to the time specified: . ,
TIME: October 26, 1976
11;00 o'clock A.M., P.D.S.T.
PLACE: LawOf5ces of James Wanen Beebe, A Lllw Corporation
611 West Sixth Street, Suite 1892
Los AngeleS, CallIornia 90017
OPEi'UNG OF BlDS: The bids will be received at the above time BDd place, will be opened by the
Financial Consultants and Bond Counsel and will be presented to the Agency
at its meeting to be held later that day. , ',' .
ISSUE: T~ million dollars ($2,000,000) desigilated -Redeverc1pment Agency of the City of'San
Bernardino, Central City North Redevelopment Project Area, Tax Allocation Negotiable
Promissory Notes, Issue of 1976"', consisting of four hundred (400) notes, numbered 1 to 400, each
inclusive, of the denomination of five thousand dollars ($5,000) and dated October 1,1976.
MATURITY: The Notes will mature on October 1,1980.
INTEREST: The Notes will bear interest at a rate to be fixed upon the sale thereof, b~t not to exceed'
eight percent (8%) per Mnum, payable semiannually 0Ii Aprillst and OCb:lber 1st in '
each y~ beginning on April 1, 1977.
PAYMENTS: The Notes and t:!le interest thereon and any premiums upon the redemption' thereof
prior to maturity are payable in lawful money of the United States of America and
(except for interest on Fully Registered Notes, which is payable by cheek or draft) are payable at the
Corporate Agency Division of Bank of America National Trust and Savings Association, F"1SCal Agen~
of the Agency, in Los Angeles or San Francisco, California, or, at the option of the holder, at the oSce
of MY Paying Agent of the Agency in Chicago, Illinois, or New York, New York.
REGISTRATION: ,To facilit:lte registration of the Notes, two forms of Notes have been provided: (i)
those which shall be initially issued and which are in negotiable form. pay:l.ble to
bearer, ~vith negotiable coupOl)S ("Bearer Notes"), and (ii) those which are issued to ,faeilitate registra-
tion Qnd so are issued as non-negotiable Fully Registered Notes payable to the registered owner ("Fully
Registered Notes-). The Bearer Notes are not registmble by endorsement nnd, to fac:iUb.te their
registr-oltion, they may be ~challged for Fully Registered Notes as provided in the R~olution h~in-
4
City of San BemanliDO-713S'
EXHIBIT E
- .. .....
. "
~:"':'-
" ",~~
r.I.:;;~;;}:' '
~
4280
.:.......,. .::~. ~~~; ~.'.~;. .:"..:~~~/7t:'~~?j:} '.'/i~?'?:Y"~':~::' :~'.~:-:::' ,.
-- - . . -,.":"-:..
, ,:"'~~?~r\~~{~~.!i:
..... . ..:..........
<!O't..-_.:;'~--:-::~:_~,.i ,.
"""'"
....
'.
sdcni"a: OSici:U Statevm1t Furnished. The.SecreturY and tha Financilll Comulbnt are hereby
authorized' and direc:ted to cause to be fum,ished to ~-pective bidders lL reasonable number of copies
of said Notice Invitlng Bids (including the Bid Form) and area.sonable number of copies of said Official.
Statement.
.....J
- '
SecI:foQ 1. c-r..l. Authori:mtioo.. The F"UWlcia.l COasWt:u1a :indlor Bond Counsel are hereby
authorized ilnd. di:ected to opeA the bids at the time and place specified in said Notice Inviting Bid:>
aAd to preseut the same to the Agency. The Financial Consultants and/or Bond Counsel are he~by
authorized and directed to ~e and record the receipt of all bids made pursuant to said Notice
InvitiDg Bids, to cause said bids to be examined for complianClt with said Notice Inviting Bids. to
cause computations to be made as to whicli bidder hils bid the lowest interest cost to the Agency and
to pteSCtat"sucb bids to the' AgeD,Cy as provided in said Notice Inviting Bids, along with a .report
as to the fofegoinl and any other matters deemed pertinent to the award of the Notes and the pro-
ceedi.Dgsfaxthe issuance thereof.. .
Sec:tioo. $. Jmeat!.,. Dat.. Tbis Resolution shall take effect upon adoptioQ.
. ADOPTED AND APPROVED this :.. day of ...."......"... 1916.
Chairmaa of the Redevelopal8ct Agner
of. the- City oE Sm Bernardino..
A~.
,',
"""""
Secretary of.the Redevelopment Agency .
of the CL.~ of .San Bernardino
......J
[SEAL]
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EJffiIBIT 0
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.:~~~i~~~ ~'fj;
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P<<~fufCk1ober6,19ift
. ]jmvne. ot l....A. (213) 74.'l-~1
......
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--
lin!>l" hereun, nor in nny e\'t'llt shall this Note, said intl:'~st or said prl:'miWll be payahle out of
all)' funels or properti~ other than the nmds of the Agency as Rlt forth in the Resolution hl:fein.
after n1f'utiont'cl. This Note does not constitllte an indebtedness within the meaning of any
co~stitutiollal or statutory debt limitation or re.~ction. Neither the members of the. Agency nor
My persons exel:uting this Note are liable personally on this Note h)' reason of its issUll.llce.
TIlis Note is onfO of a dul)' authorized issue of Notes of the Agent). designated -Rede\'elop-
ment Agency of the Cit)' of San Benlardino. Central City North Redevelopment Project Area,
Tn.'\: Allocation Negotiable Promissory Notes, l.s5Ue of 19i6- (herein sometimes refen-ed to as
the -Note.'-) in aggregate princ;pal amount oE two million dollars (S2.000.000). all of like
tenor (except for numbers thereon) and all of which have bet>1l issued pursuant to and in
full conformity with the Constitution and laws oE the' Statl:' oE Califonlia and paltic:ularly
the Community Rede\'eJopment Law {Part 1 of Division 24 of the Health and SaEet}' Code
of the State of Califonlia) for the corporate purposes oE the Agency aiding in the final~ng
of the redt!\'elopment pruje.ct above designllted, and are authorized by and issued pursuant to
Resolution No. . . . . . . ., adopted by the Agency on ............. . .. (sAid Rt"SOlution No. '. . . . . . .
being berein sometimes reEerred to as the -Resolution-). All oE the Notes are equally secured in
accordance with the terms of the Resolution, reference to which is hereby made for a specific
description of the secunt}' therein pro\..ded for the ~otes, for the nature, extent and mallner of
enEorcement of such security, for the covenants and af:,'l"t"t'mt>nt.~ made Eor the benefit of the Note-
holders, and for a statement oE tbe rights oE the Notebolders, and by the acceptance oE this No~
the registered owner hereof assents to all the terms, conditions and provisions of said Resolu-
tion. In the manner provided in the Resolution, the RellOlution and the rights and oblif:,'lltioDs of the
Agenc.'Y and of the Noteholders may (with certain exceptions as stated in said Resolution) be
nlodiCied or amended with the consent oE the Holders oE sixt}. percent (60~) in aggregate prin-
cip."lI amonnt of outstanding ~otes (exclusive of issuer-owned ~otes, RS that term is defiued in
the Resolution), unless the modinc:ationor anlendment is Eor the purpose oE curing ambil.>"Uities,
defel:ts, etc., in which CISI: no Nott>holder's consent is re<Juired.
The principatoE this Note and the interest hereon are secured hr an irrevocable pledget oE,
and 1U'e payal>le liDlely from, the Tn Rtl\'enues (as such tenn is defined in said Resolution) and
certain other funds, all as morepartieull\rl)' set forth in the Resolution. The Resolution is
adopted under and this Note is issued under and is to be construed in accordance \vith the
laws oE the State of Califomi:l.
The outstanding Notes, or any of them, may be called beIore maturity and redeemed, at the
option of the Agency, from any source of funds, on April 1, 1m, or on any interest payment
date tbereaft"r prior to maturity (the -redemption date-). If less tban all of the Notes oUb'tanding
are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot.
Notes <'lIlJed Eor redemption shall be redeemed at a redlmlption pric.-e lor each redeemed Note
equal to tht' principal amount thereof, plus acc:rued interest to the redemption date and the
following premium (percentage oE principal amount) if redet"med on the Eollowing redemption
dates:
PREMIUMS AND REDE.\<fPTION DATES
Redemption Date Prt'lnluln
April 1, Hm . . . . . . . . . . . . . . . .. . . . . .. . . .. 1 '7<
Oc.toher 1,1977 .................... 1 7<-
April 1, 19i8 .. .. . .. .. . .. . . . .. . .. .. % %
October 1, 1978 ..... ................ * 'ii-
April I, 1979 ...... . .. .. .. .. .. .. .. .. .. Jh ~~
Octoher 1, 1979, to maturity . . . . . . . . . . 0
Notk-e of c:all and redemption prior to IlIl1tlllit)' shall he b'i\.en as }>ro\;ded in the Resolution.
25 Cit). of San Bt-rmatdi_'T1!~Z
7/14/76 (dil') - SoO.II/llES
"...
EXHIBIT C
........
4279
4278
~
Proof of October 8, 1918
Howne of L.A. (213) i.t'J-~~\
l
....J
,
,
Heso(utlOJ,* rehtrenc. to which is hereby OIade tor a spt'(:iflc: description of the security therltin
providllCl for the Notes. for the nllture. extent and manner of enforcement of such security, for the>
covenants llnd agreements maw' for thlt benelit of the Nuteholders, and for a statement of the
rights of the Noteholders. and by the accept:mct: of this Note the> Holder hereof nud of t.'le
coupons attached hereto UHnts to all of thetemls, conditions and provisions of the ResolutioA.
In the manner provided in the Hesolution, the Resolution and the rights and oblig3tions of tht:
Agency and of the Holw,rs of the Notes and coupons may (with certain exceptions as stated in
the R_ution) be modified or amended with the consent of the Holders of sl.'(ty percent (60%)
in agsregate principe! amount of outstanding Not~ (exclusi~'e of isstlt'r..o\Vued Notes. as such
tetm u deimed in the Resolution), unless the modification or ame'ndmetlt is for the plvpoH of
c:urin, ambiguities., defects. ete.. in which '"8Se no Noteholder's COnsent is required.
The prinCipal of this Note and the interest hereon are secured by nn irre~'oc:able pledgll of.
and are payable $Olely from. the Ta;( Revenues (as such term is defilled in thlt Resolution) and
certain other funds. aU as more particularly set forth in the- Resolution. The Resolutioll is
adopted wtder and this Note is issued under and is to be constnJ.a in accordance with the Io.ws
of the State of California..
The outstanding Notes. or any of them. lIlay be called before maturity and redeemed. at the
optiou of thtt Ag.~, from any source of funds. on April 1. 1977. or Oil any interest payment date-
thereafter prior to maturity (the -redemption date-). If le:IS than all of the Notes outstamling
are to be- redeemed at anyone time. the Notes to be redeemed shall be detlttmined by lot.
Notesc:alled for redemption shall be redeemed at a redemption price for each redeenlecl
Note equal to the principal amoulit thereof. plus acc:rued interest to the redemption date lUld the.
following premiwn (percentage of principal amount) if red~ed on the followi!l:'; redemption
dates:
~
~
PRmtfiUMS AND REDEMPTION DATES
Redemption Oat..
Pr.-mium
April1.19'TT .............................. 1 0/..
Octoberl.lS77' ........................... 1 %
April 1. 1918 . .. .. .. .... . . . ... ............. ~%
October 1. 1918 ....................... "..". ~%
April!. 1979 .............."........"...... 1,2%
October 1. 19i9. to maturity ..."............ 0
Notice oE caIl and redemption prior to ml1turity shnll be given as provided in the Resolution.
This Note and the coupons attnched hereto are negotiable instrumllllts and shall be negotiable
by delivery. This Note (issued in the fonn ofa hellrer note and hereiuafter sometimes referred to
as "Bever Note-) is not registrable by endorsement. hut mllY be exehunged for 11 Fully Registered
Note as provided in the Resolution. Fully Registered Notes may bee.~chaJlged for ;\ like llggrepte
pri1lCipal amount of Bearer Notes of the =e issue. henzing all unmatured coupons. or for a Uke
aggregate princ:ipal amount of Fully Registered Notes of other authori:r.ed denominations, or in part
for Bearer Notes and the balance for Fully Registered Notes of till: s.-une is.~ue. and Benrer Notes
beRting all unml\turecI. coupons may bll' exchanged for l\ like Rggt"ltgl\te principal :unount of Full)'
Registered Notes- of authorized denominations of the same issue, nil as more fully set forth in the
Resolution; provided. however. no such exchange shall he made between the !lfteenth (15th) day
preceding any interest payment date and such intef'!!$t paymltnt date. Such exchange sball be frlte
of any costs or charges to the person. finn or corporation requesting such exchange. except for any
tax or governmental charges that mllY be imposed in connection with such e.'cc:hange.
21
City of s.... Ikom....li_ll22
1/14178 (dip) - SBQ.9/RES
~
EXHIBIT B
....J
4277
Proof of October 6, 1978
Bowne of LA.. (213) 74.'l-~;1
",.
--
EXHIBIT A
rt"O~{ 0.' KF.AIlElI Non:]
UNITED STATES OF AMERICA
STATE OF CAl.IFORNIA
COUNTY OF SAN BERNARDINO
crn OF SAN BERNARDINO
REDEVELOPMENT AGENCY OF THE Crn' OF SAN BERNARDINO
CENTHAL CITY NORTH REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE
Issue oE 1976
No. ............
$5,000
r
...,
TilE REDEVELOPMD.'T ACE."'1CY OF TIU: CITY Ot" S.-\:<; BEIL'OAIlDINO (herein sometimes t~Eerred
to a~ the -Agency-). a publie body, corporate and politic, duly orgauized and eldsting wlder the
laws of the State of Califomia, for value received, hereby promises to pay (but solely from the
rw,cb hereinafter mentioned) to the bearer or, if this Note be registered, to the registered owner
hereof, on October 1, 1980, upon }lresentntiou and surrender of this Note, the sum of FIVE
THOUSAND DOLLAnS ($5,000), with interest thereon (payable solely from said funds) from
the dute hereof at the rote of ... % per annum, interest payable semiannually on April 1st and
October 1st of _ch and every year until this Note is paid, upon prest-ntation llnd surrender
of the respective interest coupons hereto attached; provided, however, th3t if at the maturity
date of this Note funds are availahle for payment thneof, as provided in the Resolution herein-
after mentioned, this Note shall then cease to bear interest. Both principal and interest are
payable in lawful money of the United States of America at the CorporAte Agency DivisioR of Bank
of America National Tn~t and Savings Association, Fiscal Agent for the Agency, UI Los Angeles
or San Fmllcisco, CaHIomia, or, at the option of the Holder hereof, at the office of any Paying
Agent of the Agency in Chicago, Illinois, or New York, New York.
This Note, the intert'!lt hereon and any premium due upon the redemption of thi~ Not.. prio!"
to maturity are not a debt of the City of San Bemardino, tbe State of California or any of its
political subdivisions and neither said City, said State nor any of its political subdivisions is liab~
hereon, nor in any event shall this Note, said intere.'"t or said premium be payable out of any funds
or properties other than the funds of the Agency as set forth in the Resolution hereinafter
mentioned. This Note does not constitute an indebtedness \vithin the meaning of MY constitu-
tional or statutory debt limitation or restriction. Neither the members of the Agency nor any
persons executing this Note are liable penlOllally on thi., Note by reason of its issuance.
This Note is onf' of a duly authorized issue of Notes of the Agency designated -Redevelop-
ment Agent)' of the City of San Bernardino, CentmI City North Rede...eIopment Project Area, Tax
Allocation Negotiable Promissory Notes, Issue of 19i6- (herein sometimes referred to as the
-Notes-) in aggregate principal amount of two million dollan ($2,000,000), all of like tenor (except
for numbers thereon) and all of which have been is.'lIed pursuant to and in full conformity with the
Constitution and law:; of the State of CaliIomh\ and particularly the Communit}' Redevelopment
Law (Purt 1 of Divisio~\ 24 of the Health und Safety Code of the State of California) for the
corporate purposes of the Agency aiding in the llnancing of tbe redevelopment project above
d(osignatcd, and are authorized by and issued pursuant to Resolution No. ..",.", adopted by the
Agcncy ou .......... (said HesolutilJU No. ".. .... being herein sometimes referred to
11.< tbe -nt':lOlutilln-). All of the Notes ure eCjllull)' Sl.>(.wed in accordunce \vith the terms of the
20
City of San llema~122
1114/1G (djp) - SBO.D/nES
,...
EXHIBIT B
'"-
4276
~fofOdn~6.1978
Bowne of LA. (213) 7.t.~\lI!o.')L
1
I
I
-J
PREMIU~IS AND REDEMPTION OATES
Redemptiun DatIr
P....nli.....
April 1, 19i1 ........................ 1%
Oc:tober 1. 1m .................... 1 %
April 1. 1978 .......... ............ o/.l%
Oc:to~ I, 1978 .................... o/.l%
April I, 1919 . ,................ .... 'n%
Oc:tober I, 1979. to maturity ...;... . . . 0
B. CIZll for RecWm1'tion. The Agency may (and. if required by Section 15 hereof, sha.ll) by
resolution direct the c::ill and redemption prior to maturity of Notes (which Are by their tenns then
c:aUab1e for redemption) by the Fiscal Agent in such. amowlts as funds are available to redeem at
!eat twenty.ItYlt thousand dollars ($25.000) thereof and shall give notice to the Fiscal Apnt of such
redemption at: least sixty (80) days prior to the redemption date.
. C. Notiu rJf &d6rr&Jltion. Notice of redemption prior to maturity (except ns provided bdow)
s1wJl be given by publication at least once prior to the redemption date in a financial newspaper or
journal, printed in the English language and customarily published on each bUMess day, of general.
c:irculatiou in New York. New York, such publicntion to be not less than thirty (30) nor more than
sixty (60) clays before such redemption date. If any Note called for redemption is a Fully Registered
Note. notice of redemption thereof shall aho be mailed. not less thllQ thirty (30) nor more thai, sixty
(60) days prior to the redemption date, to the registered owner of each such Note, but neither
failure to mail such notice nor any defect in any notice so mailed shall affect . the suIflciency of
the proceedings for the redemption of any of the Notes. The notice of redemption shall: (i) state
the redemption date; (ii) state the redemption price; (iii) state the numbers of the Notes to be
redeemed; ptOvided. however. that whenever any call includes all of the outstalldin:.; Notes, the
numbers of the Notes need not be stat~; (iv) require that Bearer NotllS be surrendered with
all interest conpons maturing subsequent to the redemption date at the place or pl:.aces of re-
demption; (v) state, as to any Fully Re<~~tered NotllS redeemed in part only, the ngistered note
numbers and the principal portion thereof to be redeemed; and (vi) state that intel'e$t ou the
principal portion of the Notes so desi:.;nated for redemption shalt cease to aecrue from and after
such redemplion date :ami that on said ~ there shall become due and payable on each. of such
Notes the principal amount thereof to be redeemed, interest aecrued thereon to the. redemption. date
and the premium thereon. if any (such premium to be ~pecilied). U. at the time of giving notice ot
redemption, DO NotllS are outstanding e:ccept Fully Registered Notes, pllblication of such notice shall
be deemed to haYlt been waived if such notice shall have been mailed by registered or c:ertl6ed mail
to each registered owner of such N9tes at his address as it appealS 011 the registration books or at
such address as be may have &led with the Fiscal Agent for that purpose.
The actual receipt by the Holder of any Note of notice of such redemption shall not be a condition
precedent to redemption, and failure to receive such notice shall not affect the validity of the pro-
ceedings for the redemption of such Notes or the cessation of iuterest on the redemption date. Notice
of redemption of Notes shall be given by the Fiscal Agent for and on behalf of the Agency at the
expense of the Agency.
A cettiltcate by the Fiscal Agent that notice of redemption has been givert as herein provided
sbaIl be conclusive as against a1t parties, and no Noteholder whose Bearer Note or Fully Registered
Note is called for redemption may object thereto or object to the cessation of interest on the redemp-
tion date &xed by any claim or showing. that he failed to actually recttive such notice of cnU and.
redemption.
D. Redemption Fund. Prior to the publicntion as ahove required, the F"lSClI Agent shall estab-
lish, maintain and hold in trust a separate fund which is hereby created and called the "Redevelopment
~
..."J
6
City of Sun Bemardino-1122
1/14/18 (djp) -Sao.O/RES
~
EXHIBIT A
....II
4275
P,ouf of Qt:tuber 6, 1976
Bowne of L.A. (213) 7~9&5J
,..
~
--
Seetion 3. Nature of Notes. The Notes shall he llnd are special ohligll.tioll~ of the Agency and
arc set,urt'(l by l\1l irrevocal)le pledge of, and are payahle as to principal, premium, if any, and
inte~t from To\."( Heveulles and other funds as hereinafter provid~ The principal of, premium, if
any, and inte~t 0:1 the Notes lU'e not a deht of t.'le City, the State of Cll!ifomia or any of it:> po1i~
subdivisions, und neither the City. SOlid StOlte, nor Imy of its politic:aI subdh'isions is liable thereon,
nor in llllY e~'ent shall said print:ipnl, premilun, if all)', and illtel'E'St he l'l.'1yable out of Rny fnnd., or
properties other than those of the A~en(,;y as ill this Resolution set forth. The Notes do IIOt constihlte
an indl"htedllt'5S \vithin the meaning of IIny constitutional or statutory debt limitation or rt"Striction.
Neither the members of the Agt'Ilt.'Y .lIOr any pt'l'llons executing till.' Notes ...... liahle personally on the
Notes by reason of their issuant.'e.
The Note5 shllll be and are t'C}uillly secured by an irrevocable pledge of Ta.'I: Rcvlfflues and other
funds u.~ he.....inaher provided. without priority foJ' nnmber, date of snle, dilte of execution, or date
of delivery, cx,'t"pt as expressly provided her...in.
The V'ollidit)' of the Notes is not and shall not be dependent upon the completion of the Rrcle-
velopment Project or upon theperfonnance hr anyone of his ohligatilm relative to the Redevelop-
ment Project.
Nothing in this Resolution shall preclude: (i) the payment of the Notes from the proceeds of
refunding notes, refunding bonds or other suchohligations ipued pUI'$UDnt to Inw; or (Ii) the payment
of the NOteoli from any legally avuilable fuuds of the Agen,,'. Nothin, in tbis Resolutioll shilll pre\"etlt
tht'l Agent.'Y frol\llttuking advnnt.'CS of its own funds howsoever dm\"ed to allY of the uses and pU'l:lOses
mentioned in this Rewlution. .
[
If the Agent.'Y sball payor cause to he Paid: or shall have made provi.~io" to pay upon maturity
or upon redemption prior to nmturity to the Holders of the Notes, the principal of, premiulII, if nny. nnd
intert.'St to become due thereon, through setting aside trust funds or setting apart inA resen'e fund or
special tnlSt uct,ount created pursuant to this Resolution or otherwise, or through the ilTf.'VOClble
se~.ltiol\ for thnt purpose in some sinl..;ng fund or other fund or trust necount with a lisc.U ngent or
otbel\\ise, mOilers sufficient therefor, including. but not limited to. interest earned or to be earned on
FederAl S~ca.-if.cs then t.';e lien of this Resolution, including. \l.ithout limitation. the pledge of the
TM Revenues, and all other rights granted hereby, shall thereupon cease. terminate and become
void and be dischargt'(1 and sati.'I1ied, and the principal of. prenlium, if any, and interest on the Notell
shall no longer be deemed tu be outstanding and uupaid. In such event, the Fiscal Agent shall cause
an a,'COunting for such period or periods a._ shall he requested by the Agency to he prepared and 1I1ed
with the Agency, and the Fiscal Agetlt, upon the request of the Agency, shall release this Resolution
and execute and deliver to the Agent.')' all SlIc:h instllllllents as may be: desirable to evidence such
release. discharge and satisfaction, And the Fiscal Agent shall pay over or deliver to the Agency
all moneys or securities held by it PUI'lIUIlllt to this Resolution which are not required for the payment
or redemption. of Notes not theretofore surrendered for such pIlym~nt or redemption.
Section 4. Description of Notes. The Notes shull be issued in the principallUllount of two million
dollars ($2,000,000) and shall be designated REDEVELOPMENT ACENCY OF THE crTI' OF SAN
UERNAllDINO, CEI\'TRAL ClTI' NORTH REDEVELOPMENT PROJECT AREA. TA..\: ALLOCA-
TION NECOTIABLE PROMISSOHY NOTES, ISSUE OF 1976. The Nott'S may he initiall" issued in
the fonn of Rearer Notes in tbe denominntion of five thousand dollars ($5,000) each, or in the foml of
Fully R~i.qercd Notes in clenomination.. of 6,'e thousand dollal'$ ($5,1100) each or any whole multiple.
thereof. TIlt! Be-olrer Nlltes shall he dated a.~ of October I, 19i6. and shall he nunlbered from 1 to 400.
hOril incllL~iYc, TIle Notes shall ht, tt'rlll Notes mnturing 011 ~1'ober 1, 19-30.
3
City or SlUt ~7W
7/14116 (dip) - SllO.ll/IlF.s
r-
EXHIBIT A
.........
4274
RESOLUTION NO. 3276
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AMENDING AGENCY RESOLUTION NO. 3262 AND 3263.
""""
WHEREAS, the Agency has heretofore adopted Resolution No. 3262 entitled:
....J
"Resolution of the Redevelopment Agency of the City of San Bernardino Authorizing
the Issuance of $2,000,000 Principal Amount of Tax Allocation Negotiable Promissory
Notes Issue of 1976, to Aid in the Financing of a Redevelopment Project Known as the
Central City North Redevelopment Project Area"; and
WHEREAS, the Agency has heretofore adopted Resolution No. 3263 entitled:
"Resolution of the Redevelopment Agency of the City of San Bernardino Providing for
the Sale of $2,000,000 Principal Amount of Tax Allocation Negotiable Promissory Notes";
and
WHEREAS, it has become necessary and desirable to change the term of the Notes to be
issued pursuant to the above described Resolutions to four (4) years; and
WHEREAS, it has become necessary and desirable to amend the above entitled Resol-
utions Nos. 3262 and 3263.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
""""'"
Section 1. That pages three and six respectively, of Resolution No. 3262, are hereby
amended to read as shown in Exhibit A, attached hereto and by this reference incorp- .....,
orated herein.
Section 2: That pages twenty and twenty one, respectively, constituting a part of
Exhibit A to Resolution No. 3262, are hereby amended to read as shown in Exhibit
"B", attached hereto and by this reference incorporated herein.
Section 3. That page twenty five, constituting a part of Exhibit B to Resolution No.
3262, is hereby amended to read as shown in Exhibit C, attached hereto and by this
reference incorporated herein.
Section 4. That page two of Resolution No. 3263, is hereby amended to read as shown
in Exhibit D, attached hereto and by this reference incorporated herein.
Section 5. That pages four, five and seven, respectively, constituting a part of Ex-
hibit A to Resolution No. 3263 are hereby amended to read as shown in Exhibit E,
attached hereto and by this reference incorporated herein.
Section 6. That page eight, constituting a part of Exhibit B to Resolution No. 3263,
is hereby amended to read as shown in Exhibit F, attached hereto and by this referenc~
incorporated herein.!
...I
4273
"...
CONTRACT WITH C M ENGINEERING-OFF SITE IMPROVEMENTS-SEIP
'--
Mr. Shadwell explained to the Board that we have received a proposal from C M
Engineering for professional engineering services for off site improvements for
Bobby McGee's Conglomeration, Southeast Industrial Park. This amount falls within
the 5 year tax increment of $150,000 which was approved in the Owner Participation
Agreement by the Agency Board and the City Council. After discussion the following
resolution was adopted:
RESOLUTION NO. 3275
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO CONTRACT WITH C M ENGINEERING ASSOCIATES
FOR PROFESSIONAL ENGINEERING SERVICES RELATIVE TO THE
DEVELOPMENT OF A RESTAURANT KNOWN AS BOBBY MC GEE'S
CONGLOMERATION.
WHEREAS, it is the desire of the Agency to engage a firm to perform professional engineerin~
services in connection with construction of off-site improvements for Tract No.
9418 on the north side of Hospitality Lane in the City of San Bernardino; and
[
WHEREAS, C M Engineering is prepared to offer their services, which includes
preparation of all plans necessary, contract documents, cost estimates, obtaining
approvals from the City of San Bernardino, coordinate work of utilities within
the public rights of way, provide consultation services during construction, all
field work; and
WHEREAS, their time of completion will be 40 days after authorization to proceed;
and
WHEREAS, all work not to exceed the amount of $8,600.00.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California enter into Contract with C M Engineering Associates
for Professional Engineering Services relative to the development of Bobby Mc Gee's
Conglomeration at a cost not to exceed $8,600.00.
Motion made to adopt Resolution No. 3275 by Obershaw and seconded by Blum. Motion
carried by the following vote, to wit: Ayes; Blum, Obershaw, Hinojosa, Stephenson,
Guhin, Wilson and Green. Noes: None. Abstention: None. Absent: None.
r--
I
"'"-
RESOLUTION AMENDING AGENCY RESOLUTION NO. 3262 and 3263 PROVIDING FOR
4 YEAR TAX ALLOCATION PROMISSORY NOTES INSTEAD OF 3 YEAR NOTES.
Mr. Obershaw inquired why this Resolution was necessary. Mr. Shadwell explained
that the Agency's financial consultant had been here the day before 00-6-76) and
stated that the market had changed remarkably within the last two weeks. If we go
with 4 year notes, it appears that we will be able to get a much better interest rate. After
discussion the following resolution was adopted:
4272
Allen Street, shall be assigned the responsibility for the preservation and protection
of both persons and properties located within the subject project area.
-,
Motion made to adopt Resolution No. 3273 by Stephenson and seconded by Obershaw.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson, Guhin and Green. Noes: Wilson. Abstention: None. Absent: None.
~
CONTRACT FOR DEMOLITION OF CHRISTIAN INDUSTRIAL LEAGUE BUILDING.
This contract will be paid for from the City's Community Development Funds. Mrs.
Blum inquired where the building is located and is informed on the West side of the
freeway on Third Street. After discussion the following resolution is adopted:
RESOLUTION NO. 3274
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AWARDING DEMOLITION CONTRACT TO WARREN
DUNCAN FOR AN AMOUNT NOT TO EXCEED $2,430 AT PROPERTY LO-
CATED AT 1049 WEST THIRD STREET, CHRISTIAN INDUSTRIAL LEAGUE.
WHEREAS, it is the desire of the Mayor and Common Council of the City of San Bern-
ardino that the structure known as the Christrian Industrial League located at 1049
West Third Street be demolished; and
-,
WHEREAS, this Agency advertised for bids for the demolition of said structure; and
....J
WHEREAS, 5 bids were received; and
WHEREAS, the bid submitted by Warren Duncan in the amount of $2,430 was the
lowest and best bid submitted for said demolition; and
WHEREAS, it is deemed in the best interest of the Agency to accept the bid submitted
by Warren Duncan.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino that the Chairman and Secretary be authorized to enter into Demol-
ition Contract with Warren Duncan for the demolition of the property located at
1049 West Third Street for an amount not to exceed $2,430.00.
BE IT FURTHER RESOLVED that City Community Development Funds will be used to
reimburse the Agency for said cost of demolition.
Motion made to adopt Resolution No. 3274 made by Blum and seconded by Guhin.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson, Guhin, Wilson and Green. Noes: None. Abstention: None. Absent: ~
None.
...J
4271
hearing thereon, approved the adoption of Ordinance No. 3572 approving and adopting
a redevelopment plan for the Central City South Project; and
r
"-
WHEREAS, on the 17th day of February, 1976, the Mayor and Common Council, after
public hearing thereon, approved the adoption of Ordinance No. 3553 approving and
adopting a redevelopment plan for the Central City West Project; and
WHEREAS, on the 21st day of June, 1976, the Mayor and Common Council, after public
hearing thereon, approved the adoption of Ordinance No. 3583 approving and adopt-
ing a redevelopment plan for the Southeast Industrial Park Project; and
WHEREAS, the City by Resolution No. 11666, adopted February 4, 1974, authorized the
expenditure from tax allocation proceedings from obligations issued by the Agency for
the installation and construction of public improvements, purchase of property for
sale to public or private entities, within and without of designated project boundaries
of Redevelopment Projects Calif R-79, Calif. R-lO, Central City North and Overall
Central City Area, and found, determined and declared, that such improvements
and/or purchases for sale are mutually beneficial to the aformentioned project areas
and requested the Agency to proceed in accordance with said resolution; and
[
WHEREAS, the Agency, by Resolution No. 2854, adopted April 18 ,1974, in accordance
with Resolution No. 11666 of the City of San Bernardino, authorized the expenditure
of funds by the Agency to pay all or part of the value of land for and the cost of the in-
stallation and construction of any building, facility, structure, or other improvement which
is publicly owned either within or without of a redevelopment project area and is made with
the full realization that such buildings, facilities, structures or other improvements are
of mutual benefit to Projects Calif. R-79, Calif. R-IO, Central City North and Overall Cen-
tral City; and
WHEREAS, Section 33445 of the California Health and Safety Code provides that a Redevel-
opment Agency, at the request of and with the consent of a legislative body, may pay all or
part of the value of the land for and the cost of the installation and construction of any
building, facility, structure, or other improvement which is publicly owned either within
or without a project area upon determination that such buildings, facilities, structures,
or other improvements are of benefit to the project area; and
NOW, THEREFORE BE IT RESOLVED THAT: 1. The Redevelopment Agency of the
City of San Bernardino hereby finds and determines that the expenditure of funds
by the Agency to pay all or part of the value of land for and the cost of the installation
and construction of any building, facility, structure, or other improvement which is
publicly owned either within or without the Central City North Redevelopment Project
Area is made with the full realization that such buildings, facilities, structures, or
other improvements are of mutual benefit to the Central City North Redevelopment
Project Area.
[
2. The location and construction of a more adequate San Bernardino Central Fire
Station, to be of service and offering public safety both within and without the boundary
of the Central City North Project Area and shall be of specific and direct benefit, to
wit: As a headquarters and administrative center for the purposes of personnel
administration for additional fire stations throughout the city, the location for and central
dispatching of fire suppression equipment and is deemed to be of public mutual benefit.
Such central fire suppression station, proposed to be generally located at Third and
4270
quarters component of a system which compliments and supports nine additional fire
suppression stations, located throughout the city, through the process and procedures
of training, fire prevention and investigative efforts to protect both persons and prop-
erties within the parameters and service areas of the entire city.
~
This subject facility will offer recognizable and significant benefits through being the WtIIII
primary respondent to the overall Central Business District and the many governmental
administrative and service complexes within its assigned and defined suppression area,
being the centralized administrative and personnel component, accommodating the offi-
cial City of San Bernardino Fire Commission meetings held in behalf of and effecting
deliberations and policy decisions for the Central Fire Station and the nine additional
fire suppression stations which perform in the interest of, and benefit to, the Central
City North project area and shall be assigned as primary respondent through the assign-
ment of responsibility for the preservation and protection of both persons and properties
located within the subject project area.
When additional projects and improvements, for mutual benefit, are defined as to a
location without the project area, the Agency will reconsider and hereby reserves
the right to so do and determine specific projects and make specific findings concern-
ing benefits to the Central City North project area.
After the above was read aloud, the following resolution was adopted:
RESOLUTION NO. 3273
""""'!l
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, CONSENTING AND AUTHORIZING
THE EXPENDITURE FROM TAX ALLOCATION PROCEEDS FROM OBLIG-
ATIONS ISSUED BY THE AGENCY FOR THE INSTALLATION AND CON-
STRUCTION OF PUBLIC IMPROVEMENTS, PURCHASE OF PROPERTY
FOR SALE TO PUBLIC OR PRIVATE ENTITIES AND/OR THE CONTRIB-
UTION THEREFORE, BOTH WITHIN AND WITHOUT DESIGNATED PROJECT
BOUNDARIES OF REDEVELOPMENT PROJECTS, CENTRAL CITY EAST,
CENTRAL CITY SOUTH, CENTRAL CITY WEST, SOUTHEAST INDUSTRIAL
PARK AND FINDING, DETERMINING AND DECLARING THAT SAID IMPROVE-
MENTS AND/OR PURCHASES FOR SALE ARE MUTUALLY BENEFICIAL TO
THE CENTRAL CITY NORTH PROJECT AND OTHER REDEVELOPMENT
PROJECT AREAS WITHIN THE CITY.
.....,
WHEREAS, on June 23,1952, the Mayor and Common Council, by Resolution No. 2361,
did create the Redevelopment Agency of the City of San Bernardino, California; and
WHEREAS, on the 6th day of August, 1973, the Mayor and Common Council, after public
hearing thereon, approved the adoption of Ordinance No. 3366, approving and adopting
a redevelopment plan for the Central City North Project; and
WHEREAS, on the 3rd day of May, 1976, the Mayor and Common) ~uncil, after public
hearing thereon, approved the adoption of Ordinance No. 3571 approving and adopting
a redevelopment plan for the Central City East Project; and
~
WtIIII
WHEREAS, on the 3rd day of May, 1976, the Mayor and Common Council, after public
"..
........
[
[
4269
300 North IIDII St
San Bernardino, CA 92401
Be advised that Mrs. Jean Maxwell, President of Site Synergy is actively engaged in
finding suitable sites for Bobby McGee's USA, INC under an arrangement under which
her company is seeking location for us in California, Oregon and Washington. Mrs.
Maxwell has already assembled 3 real estate packages for us and two others are pres-
ently being considered.
Alan M. May, Bob by McGees USA, INC
Mr. Obershaw asked if Mrs. Maxwell was supposed to be present at the meeting and
was advised that she was to have attended. After discussion a motion was made to refer
item to Agency Counsel. Motion made by Obershaw and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Stephenson,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: None.
AUTHORIZE AGENCY TO EXPEND, IF NECESSARY, FUNDS FROM CENTRAL CITY NORTH
TAX ALLOCATION PROCEEDS FOR USE IN OTHER PROJECT AREAS THAT ARE OF
MUTU AL BENEFIT TO CENTRAL CITY NORTH.
Mr . Shadwell explained that when we issue our Notes for Central City North that the
monies will be used for North, but that it will also be used in support of East, wherein
the fire station may be located and in support of West for public areas. Any dollars that go
into West will be a loan only, that upon payment of same, the funds will go back to
North. Mr. Wilson expressed his concern over the expending of the funds and Mr.
Shadwell explained that this Resolution does not bind the Agency, merely makes us
more flexible, and that it will be of mutual benefit to North. Mrs. Blum then
expressed her concern as to why monies bonded for North should go for other areas
and is given the same assurance as Mr. Wilson. Mr. Shadwell stressed the fact that
all monies will be paid back to North, however, the Agency does not know how long
it will take to pay North back. Mr. Obershaw stated that the Board, has in the past,
approved the use of dollars from one project to help another. Mr. Stephenson then
inquired if this Resolution would be helpful in selling the bonds in other areas. Mr.
Shadwell stated that it would not help us, nor would it hinder us in our bond sales.
Mr. Green told the Board Members that this Resolution is necessary. After further
discussion the resolution is adopted. At this time, Mr. Shadwell reads aloud the
following:
WITNESS TESTIMONY AFFIDAVIT
CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA MUTUAL BENEFITS
In support of the adoption of this mutual benefit resolution, the following testimony
and findings are herewith offered for the record.
That the location and construction of a more adequate SAN BERNARDINO CENTRAL
FIRE STATION, generally proposed for Third and Allen Streets. is of mutual benefit
both within and without the Central City North project area through service as a head-
4268
assured that this was already Agency planning.
ADOPT RESOLUTION AUTHORIZING AGENCY DIRECTOR OF OPERATIONS TO ATTEND
CONCENTRATED COURSE IN CONSTRUCTION CONTRACTS.
'""""'I
Mr. Green explained to the Board that he and Mr. Shadwell heartily endorsed this -.Ill
course for Mr. "Jay" Jones inasmuch as he had daily contact with contractors, etc. Mr.
Wilson inquired as to the cost and was informed approximately $1 ,000. , more or less.
After discussion, the following resolution was adopted:
RESOLUTION NO. 3272
RESOLUTION OF THE REDEVELOPMENT AGENCY AUTHORIZING THE TRAVEL
OF ONE STAFF MEMBER, F. "JAY" JONES, TO TRAVEL TO WASHINGTON D.C.
TO ATTEND A CONCENTRATED COURSE IN CONSTRUCTION CONTRACTS AT THE
SHERATON NATIONAL HOTEL DURING THE PERIOD, OCTOBER 25,-29,1976.
WHEREAS, the Agency strongly recommends that Mr. Jones attend this course to
increase his job knowledge; and
WHEREAS, said course will make him more knowledgeable in the field of contracts
and construction, and in turn, will make him a more valuable employee of this Agency;
and
WHEREAS, said costs, including Registration Fee, Air Travel and authorized expenses ..-ol!l
for hotel and meals should be approximately $1,000.00; and
WHEREAS, it is the opinion of Agency executives that this is an excellent course and th~
the material to be presented is of the highest level of instruction by the organization.
NOW ,THEREFORE , BE IT RESOLVED that Staff Member, F. "Jay" Jones be authorized
to travel to Washington D. C. to attend a Concentrated Course in Construction Con-
tracts at the Sheraton National Hotel given by Federal Publications, Inc. and Pepperdine
University School of Law from October 25 through 29, 1976. and his travel expenses are
hereby approved in accordance with Resolution No. 3184; total estimated cost is approxi-
mately $1,000.00.
Motion made to adopt Resolution No. 3272 by Guhin and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Stephenson,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: None.
APPROVE A MOTION TO REFER A REQUEST FOR FINDER'S FEE - BOBBY MC GEE'S-SEIP
Mr. Obershaw asked who Jean E. Maxwell is and is informed that she has put together
several of Bobby McGee's Conglomeration packages, that she approached Russ Hatle
and is thus entitled to a Finder's Fee.
~
Mr. Green then read aloud the following Telegram received by the Agency, October
7,1976.
J
.",.,
Ralph Shadwell/Redevelopment Agency/City of San Bernardino
,.
t
'of
~
.......
[
r-
~
L
4267
thought it satisfactory. Mr. wilson questioned Ralph Shadwell about the $811.778.00
payment. Discussion followed. This item will be on the Council Agenda Tuesday,
October 12th. Mr. Flory suggested that an Amendment to Para 12 of the Lease be added
stressing if the amount is not paid in a lump sun, the balance shall bear interest from
the time of the exercise of the option. Interest shall be in the sum of 7% until the
balance is paid. After discussion the following resolution was adopted:
RESOLUTION NO. 3271
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE CHAIRMAN
AND SECRETARY TO EXECUTE A LEASE AGREEMENT WITH THE
CITY OF SAN BERNARDINO, FOR THE CITY'S LEASE OF THE ELK'S
BUILDING, 466 WEST FOURTH STREET, CENTRAL CITY NORTH
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
is the owner of land located at 466 West Fourth Street, more commonly known as
the Elks Building, within the Central City North Project Area; and
WHEREAS, the City of San Bernardino intends to apply for a grant from the United
States Economic Development Administration for funds for the rehabilitation of said
Elks Building into a central police station, pursuant to the provisions of the United
States Public Works Employment Act of 1976; and
WHEREAS, a Lease, with option to purchase, must be presented with the City's
Application for Grant to show evidence of the City's interest in the premises; and
WHEREAS, in the event said Grant is not approved, said Lease shall be terminated;
in the event the Grant is approved, the City will have the option to purchase the
premises; and
WHEREAS, the Redevelopment Agency Board has determined that the execution of this
Lease Agreement is in the best interest of the Agency, the City and the Community.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California, that the Chairman and Secretary are hereby authorized
to execute a Lease Agreement with the City of San Bernardino, for the City's lease
of the Elks Building, 466 West Fourth Street, Central City North, with an option to
purchase said premises.
Motion made to adopt Resolution No. 3271 by Stephenson and seconded by Blum.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson, Wilson, Guhin and Green. Noes: None. Abstention: None: Absent:
None.
At this point, W. R. Leonard interjected his opinions from the audience and questioned
the Agency's directives regarding it's obligations toward the best planning etc. Dis-
cussion also followed regarding parking. Mr. Shadwell informed Mr. Leonard that his
questions pertained to the parking district and should be stated at the Paking District
Meeting which would be held Tuesday, October 12th at 3: 00 p.m. Mr. Wilson stated
that he felt that Agency Staff Members should be in attendance at the meeting and was
4266
require the highest cost of merchandise. Mr. Green stated that the Staff must be
assured that we can still obtain the $500.00 credit. After discussion the following
resolution was adopted:
RESOLUTION NO. 3270
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO CHANGE ORDER NO. 1 WITH TOT ALP LAN , INC.
FOR THE PURCHASE OF TWO FREESTANDING BOOKCASES, PRO-
VIDING THE AGENCY RECEIVES A $500.00 CREDIT, FOR AN AMOUNT
NOT TO EXCEED $1,084.70.
WHEREAS, The Agency received two requests to reconsider previous board action
whereby this item died for lack of a second; and
WHEREAS, it is the determination of the Agency Board that if the Agency can receive
the credit of $500.00 representing the deletion of a table and 4 chairs that the
purchase of two freestanding bookcases for the library be approved.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California that the Chairman and Secretary be authorized to
enter into Change Order No. 1 with Tota1p1an, Inc. for an amount not to exceed
$1,084.70.
BE IT FURTHER RESOLVED that the authorization of this Change Order depends solely ~
upon the Agency receiving a credit in the amount of $500.00.
......"
At this time, before the vote, Mr. Wilson inquired of Mrs. Grice if this will be the
last of the change orders and is informed no. Mrs. Grice states that she knows of
one more change order that will come before the board. There is no alarm system
for the security system, however, this should be the last change order.
Joe Baker, representative of the Sun Telegram inquired what will happen if there is
no $500.00 credit received and is informed that there will be no change order.
Motion made by Stephenson and seconded by Obershaw to adopt Resolution No. 3270.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson, Wilson, Guhin and Green. Noes: None. Abstention: None. Absent:
None.
At this time Mr. Green again refers to Item No. 8 of the Agenda.
AUTHORIZATION OF THE CHAIRMAN AND SECRETARY TO ENTER INTO LONG TERM
LEASE WITH CITY OF SAN BERNARDINO REGARDING THE BUILDING LOCATED ON 4th
STREET KNOWN AS THE ELKS CLUB.
........
Mr. Morse Topper of the City Administator's Office explained to the Board Members the
facets of the new Public Works Bill. The City wants to apply for a 100% Grant, and
time is of the essence, thus the City wants the Agency to grant a long term lease.
Mr. Green stated that Mr. Flory and Mr. Shadwell had examined the Lease and
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MINUTES OF THE REGULAR MEETING OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, HELD
THE 7TH DAY OF OCTOBER, 1976,300 NORTH "D" STREET, SAN
BERNARDINO, CALIFORNIA.
Chairman Green called the meeting to order at 4: 10 p.m.
Roll Call showed the following:
Agency Members Present: , Obershaw, Hinojosa, Stephenson, Wilson and Green.
Agency Members Absent: Guhin.
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
The Minutes for the Adjourned Regular Meeting held September 23rd, 1976 were submitted
for approval. Motion made by Blum and seconded by Obershaw to approve the Minutes.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Stephenson and Green. Noes: None. Abstention: Wilson. Absent: Guhin.
Mr. Green stated that at this time he would like to proceed with Agenda Item No.8, but
is informed that we do not have necessary documentation ready as yet.
[
Mr. Green then stated that we will proceed to Item No. 4 of the Agenda with all Board
Members concurring.
CHANGE ORDER TO TOT ALPLAN, INC. - PUBLIC ENTERPRISE CENTER
Mr. Green explained that this item had been previously denied by the board.
However, we have been requested by a Board Member and representatives of the Lib-
rary Board to review the matter.
Mr. Obershaw stated that he had visited the Public Enterprise Building and was
very impressed by the quality of the building. He also commented on cabinets that
were installed and wondered if the Agency Staff could check into the matter of whether
the cabinet maker used as a sub by Sunray could also be used to make the additional
bookshelves in lieu of Golden Oak, thus saving the Agency some money.
Mr. Guhin arrives at 4: 16 p.m.
Mr. Stephenson stated that the library representatives feel the need for the additional
shelving and that the Agency should go for the credit presented at the September 23rd
meeting of $500.00 and approve the Change Order for $1,084.70.
[
Mr. Green inquired of Mr. Greeley, a library representative, if the library could pay
for the shelves and was informed no. Mrs. Grice, at this time, explained Operation
Second Chance's opinions as to why they would prefer to go with Totalplan. Also
Totalplan has a one year guarantee.
Mrs. Blum explained that at the 23rd meeting, the Board was not basically opposed to
the additional shelves ,only the high cost of Golden Oak, and that the structure did not
....,
........
DUE TO LACK OF QUORUM, THE BOARD MEETING OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO HELD AT 4: 00 p.m. OCTOBER 21, 1976
WAS ADJOURNED TO 3: 00 p.m.. OCTOBER) 1976.
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R. E. Shadwell, Jr.
Executive Director
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Mr. Green then explained the Agency's position regarding the parking. Mr. Wilson
inquired what the Agency's position was legally and Mr. Flory informed him that there
was no problem. Mrs. Blum reaffirmed her belief that the Agency is legally intact
regarding this transaction and was informed yes.
Mr. Obershaw inquired as to the Agency's losses and how long will it take tax increment
to pay it back. He is informed that on public facilities, there is no tax increment. The
Elks have made a moral commitment to relocate their facility in a redevelopment project
area. Mr. Obershaw asked for a "ball park figure", however, he is informed that at
this time, the Agency can give no such figure with any accuracy.
Mrs. Blum stated that she appreciates the fact that this information has been brought
out.
Mr. Wilson stated that he would like the foregoing information spread upon the Minutes.
Motion made to adjourn by Blum and seconded by Obershaw. Motion carried by the fol-
lowing vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson, Guhin and Green.
Noes: None. Abstention: None. Absent: Hinojosa.
Adjourned at 3: 55 p.m.
}
4K.~:. Director
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4296
MINUTES OF THE REGULAR MEETING OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA
HELD THE 4th DAY OF NOVEMBER, 1976, 300 NORTH "D" ST.,
SAN BERNARDINO, CA.
Chairman Green called the meeting to order at 3: 15 p . m .
Roll Call showing the following:
Agency Members Present: Obershaw, Hinojosa, Guhin and Green.
Agency Members Absent: Blum, Wilson and Stephenson
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency Counsel
and Barbara Brown, Executive Secretary.
RESOLUTION AMENDING AGENCY BY -LAWS
Mr. Green requested that this item be postponed until more Board Members could be
present. All agreed.
FISCAL AGENT-CENTRAL CITY NORTH
Mr. Shadwell explained that this item had already been before the Board and approved on
September 23, 1976. This Resolution is authorization requested by Bond Legal Counsel
of Agreement already approved. After discussion the following Resolution was adopted:
RESOLUTION NO. 3282
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO APPROVING AN AGREEMENT FOR FISCAL
AGENT SERVICES.
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency")
intends to issue its $2,000,000 Redevelopment Agency of the City of San Bernardino,
Central City North Redevelopment Project Area, Tax Allocation Negotiable Promissory
Notes, Issue of 1976; and
WHEREAS, the Agency requires the services of a Fiscal Agent in connection with said
issue of Notes.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Agency hereby agrees to employ Bank of America National Trust and Sav-
ings Association as Fiscal Agent for the Agency substantially in accordance with the terms
of the Fiscal Agent Agreement, attached hereto and incorporated herein by reference.
Adopted: November 4, 1976
4297
FISCAL AGENT AGREE~~NT
THIS AGREEMENT, made and entered into as of the
day of
, 1976, by and between the
...
Redevelopment Agency of the City of San Bernardino (herein-
after referred to as the "Agency") and Bank of ~~erica
National Trust and Savings Association (hereinafter, referred
to as the "Bank").
WIT N E SSE T H
WHEREAS, the Agency proposes to issue Notes as
follows: $2,000,000 Redevel~prnent Agency of the City of
San Bernardino, Central City North Redevelopment Project Area
Tax Allocation Negotiable Promissory Notes, Issue of 1976;
and
WHEREAS, the Bank has been designated as Fiscal
Agent for said Notes; and
WHEREAS, the Bank will compensate any Paying
Agents out of the fees paid to it by the Agency; and
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WHEREAS, it is mutually desirable that an Agree- ~
ment be entered into by the parties hereto to provide for
the Fiscal Agent's services;
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4298
NOW, THEREFORE, the parties hereto in considera-
tion of the mutual covenants herein contained agree as
follows:
1. The Bank shall perform such duties as are
imposed on it as Fiscal Agent pursuant to the Agency's
Resolution No. 3262, as amended.
2. The Bank shall cause all Notes of the Agency
and any coupons appertaining to such Notes issued pursuant
to said Resolution No. 326?, as amended, to be paid in
accordance with their terms upon the presentation of the
same for payment or for collection upon maturity to the Bank
or to any Paying Agents, and the Agency shall cause to be made
available to the Bank on or before any interest payment date
all funds necessary in order to so pay such Notes and
coupons, provided that this paragraph shall in no instance
require the Agency to make available any funds other than
those designated therefor in said Resolution No. 3262, as
amended.
3. The Bank shall surrender monthly to the
Agency all cancelled Notes and interest coupons held by the
Bank hereunder.'
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4300
4. The Agency shall pay the Bank fees for its
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services in accordance with the following schedule:
.....,
A. The opening fee for the acceptance
of the account including the review
of the Resolution and supporting docu-
ments, registration and delivery of
the Notes, and the setting up of all
required records: Minimum fee $750
Initial fee is:
$750.00
B. The annual administration fee for
performing all the duties assigned
to or imposed upon the Fiscal Agent
in the Resolution, for investing
funds, and receiving and allocating
the revenues:
$500.00 for the first $1,000,000
principal amount or any part
thereof;
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$250.00 per million on the next
$4,000,000 principal amount
outstanding;
......
$150.00 per million on the next
$20,000,000 principal amount
outstanding.
The annual administration fee is
based on the principal amount of
Notes outstanding at the beginning
of each billing year.
The initial fee, computed as shown
above, is $750.00.
c. The fee for the destruction or
cremation of Notes and coupons is
included in the annual administra-
tion fee, if requested.
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D.
The fees to any Paying Agents
will be paid out of the fees in
accordance with the number of
notes and coupons paid by each
of them.
E. The fee for retirement of Notes
prior to scheduled maturity:
per Call
each Purchase
$100.00
$ 25.00
F. Safekeeping charges include:
Storage of coupons held for
fully registered Notes:
Storage of sheets of coupons
from fully registered Notes,
to be determined by denomination
of Notes;
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The fee is 02t per $1,000 Note
value per year.
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G.
Investment of Funds:
Each transaction $8.00
Each purchase, sale or redemption
of a security shall be considered
as a transaction.
H. The fee for the execution of documents
to evidence release and closing of all
accounts is $675.00.
I. The cost of normal out-of-pocket
expenses such as stationery, postage
and insurance, telephone and telegraph
charges, etc., is in addition to the
annual administration fee.
J.
Should a default occur requiring
special action to be taken by the
Fiscal Agent, a reasonable fee will
be charged depending upon the amount
and nature of the services involved.
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4302
5. *Fees for Paying Agent are in accordance with ~
the following:
'*-tIll
A. The fee for paying Notes of any
denomination and semiannual coupons
thereon:
for each Note
for each coupon
$2.00
$ .17
B. The fee for Note registration services:
for each registration $2.00
(Large issues where many Notes are
or many be registered:
Fully Registered Notes:
Minimum fee $150.00 (per year)
Registration as to Principal Only:
Minimum fee $100.00 (per year))
.,
c.
The fee for paYment on interest on
registered Notes:
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for each check
$0.42
D. The fee for payment of Notes prior
to maturity by partial call:
for each Note
$2.00
6. The foregoing schedule is subject to negoti-
ation should conditions warrant.
7. The Bank shall render a semiannual statement as of
April 1st and October 1st of each year for the amount of zees
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*Includes out-of-pocket expenses.
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due the Bank pursuant to this Agreement. Upon receipt of
such statement, the Agency shall pay the Bank the amount
of such statement within thirty days.
8. The Bank shall render a semiannual statement
as of the month ending January and July each year of the
cash and/or investments held by it as such Fiscal Agent.
REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO
By
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BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
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4304
Motion made to adopt Resolution No.
carried by the following vote to wit:
None. Abstention: None. Absent:
3282 by Obershaw and seconded by Guhin. Motion
Ayes: Obershaw, Hinojosa, Guhin and Green. Noes:
Blum, Wilson and Stephenson.
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TRAVEL OF ONE STAFF PERSON TO CHICAGO FOR EQUAL EMPLOYMENT OPPORTUNITY
COURSE.
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Mr. Shadwell explained that this was another course put on by Federal Publications
and that it would be valuable to the Agency because of our new projects forthcoming.
Mr. Obershaw stated that he felt that the City should pay for this and not the Agency.
Mr. Obershaw further stated that he did not feel that the Agency had the funds to pay
for this type of schooling. Mr. Green stated that he doubted that the City would pay
for the course and that he personally had requested that Mr. Shadwell attend the course.
Mr. Guhin stated that just because the City is lax and doesn't feel the necessity of sending
personnel to the school, that the Agency should not be lax also. Mr. Obershaw disagreed
and made a motion to deny travel to Chicago for schooling. Motion seconded by Hinojosa.
Motion failed to carry by the following vote, to wit: Ayes: Guhin and Green. Noes:
Obershaw and Hinojosa. Abstention: None. Absent: Blum, Wilson and Stephenson.
Mr. Guhin then made a motion to approve the travel and motion died for lack of second.
AUTHORIZATION FOR SALE OF LAND LOCATED ON 4th STREET, CENTRAL CITY NORTH
Mr. Green reads aloud the following letter:
October 13, 1976
-.
Redevelopment Agency
City of San Bernardino
300 North D Street
San Bernardino, CA 92401
....;
Attention: John A. Martin, Real Estate Manager
Gen tlemen:
This will refer to the letter of October 8, 1975 (it should have been 1976) from Mr. Martin
addressed to this writer, declining my offer of a certain amount to purchase the so-called
Amfac building land.
The letter refers to an appraisal by Don Morrison. I, speaking for my sons, do not wish to be
governed by that appraisal. It is outdated, for one thing, and was made in the light of a
program by the Agency to buy the land and buildikng and other properties in the downtown
area. I have not seen the appraisal and I do not know how much of the total valuation was
placed on the land.
As I told Mr. Martin on the telephone, my sons would be willing to purchase the land for J
fa;" market value. as determined by a disinterested. qualified appraiser. The land waul< I..... e
clear, level, compacted, free of foundations and other objects which would prevent its im .
provements in the future (in other words, the building and all parts of it on the property
would have been demolished and removed). The appraisal would be made by anyone of the
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4305
following: Ed Hill, Al Knorr or Ray O'Bier. I am sure anyone of these gentlemen could
reach a conclusion without doing more than opening their existing files for comparable
information, and by considering the area at this time.
The Lonergan proposal would be to purchase the property for cash at the valuation arrived
at by the independent appraiser, through an escrow with expenses divided in the usual
fashion, the Agency to supply the customary policy of title insurance. Appraisal cost
would be divided equally between the Agency and my sons.
May I hear from You.
Yours very truly,
/s/ John B. Lonergan
JBL/vm
Mr. Obershaw inquired how much the Agency owed on the property. Mr. Shadwell
indicated the property in question on a map and stated that there are actually two pieces
of property under one note and the properties cannot be divided. Mr. Green stated that
the Agency did obtain the appraisal from Mr. Knorr. Said appraisal in the amount of
$40,000. Mr. Obershaw stated that he feels Mr. Lonergan should pay for the property
and knock down the building at his own cost. Mr. Green stated that he does not feel
the Agency can sell the property with the building located thereon. Mr. Green feels
the Agency will have to demolish the structure. Mr. Obershaw then stated that he feels
the Agency needs to save the money and let the property go back to the note holder. Mr.
Shadwell stated that part of the property is to be purchased by the Parking District and
the Agency will be reimbursed for that piece of property. Mr. Shadwell further stated
that the Agency has a letter from City of San Bernardino Building and Safety Department
instructing the Agency to either rehabilitate the building or demolish it.
Motion made by Obershaw and seconded by Hinojosa to deny the sale of land. At this
point Mr. Guhin inquired how much money it would cost to demolish the building and is
informed approximately $15,000.00. Mr. Shadwell stated that the Agency will have to
payoff the whole note, as just part of it cannot be paid off. Motion failed to pass by the
following vote, to wit: Ayes: Obershaw and Hinojosa. Noes: Guhin and Green.
Abstention: None. Absent: Blum, Wilson and Stephenson.
RESOLUTION AUTHORIZING CONTRACT AMENDMENT TO C M ENGINEERING, CC WEST
Mr. Jones explained to the Board that this Amendment is necessary to conform to current
site plans currently being prepared by the architect. C M already had a contract for the
off site improvements and this amendment will not exceed the amount of $2,900.00. After
discussion, the following Resolution is adopted:
4306
RESOLUTION NO. 3283
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SEC-
RETARY TO ENTER INTO CONTRACT AMENDMENT No.2 WITH
C M ENGINEERING, CENTRAL CITY WEST FOR AN AMOUNT NOT
TO EXCEED $2,990.00.
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WHEREAS, it ihas become necessary to revise previously prepared Street Improve-
ment Plans to conform to current site plans prepared by Michael J. Murphy, Architect
for the Mt. Vernon Project; and
WHEREAS, in addition, the plans must be revised to move a catch basin located on Mt.
Vernon Avenue for a driveway; and
WHEREAS, C M has a current contract to prepare the off site improvements for said
project; and
WHEREAS, this Contract Amendment will only include items which were not included
in the original contract; and
WHEREAS, amount of said Amendment is not to exceed $2,990.00.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino that the Chairman and Secretary be authorized to enter into Contract
Amendment No.2 with C M Engineering for Central City West for an amount not to
exceed $2,990.00.
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Motion made to adopt Resolution No. 3283 by Oberhsaw and seconded by Guhin. Motion
carried by the following vote, to wit: A yes: Obershaw, Hinoj osa, Guhin and Green.
Noes: None. Abstention: None. Absent: Blum, Wilson and Stephenson.
REQUEST FOR TEMPORARY HOLIDAY USE OF AGENCY OWNED PROPERTY-CC SOUTH
Mr. Shadwell explained that we have a letter from Central City Mall Developers and
Operators for use of Agency owned property generall located between Second Street
and Rialto, "F" and "G" Streets for temporary holiday parking at no expense to the Agency.
The Agency would be held harmless against any loss and would be properly indemnified.
The matter has already been approved by the Mayor and Council. Motion made to approve
use of property by Obershaw and seconded by Guhin. Motion carried by the following vote,
to wit: Ayes: Obershaw, Hinojosa, Guhin and Green. Noes: None. Abstention: None.
Absen t: Blum, Wilson and Stephenson.
AWARD OF ENGINEERING SERVICES CONTRACT TO INLAND ASSOCIATES, CC WEST
Mr. Jones informed the Board that this contract was necessary to conform with the
Architect's plans. The agency requested three proposals, receiving only two with ..
Inland Associates being the lowest in the amount of $11,500. C M Engineering submitted I
the other proposal in the amount of $12,520. Mr. Jones stated that the Agency had not .J
done business with this firm before, but that he had checked out their references and
they appear to be highly qualified. They are licensed to do the type of work necessary
and no work will commence until the Agency has the necessary bonding documents.
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4307
Mr. Obershaw inquired if the LDC had gotten any loans as yet and was informed no. They
will receive no loans until all plans are ready. After discussion the following Resolution
was adopted:
RESOLUTION NO. 3284
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA AUTHORIZING THE CHAIRMAN
AND SECRETARY TO ENTER INTO CONTRACT WITH INLAND
ASSOCIATES FOR ON SITE IMPROVEMENTS, CENTRAL CITY WEST
FOR AN AMOUNT NOT TO EXCEED $11,500.00.
WHEREAS, it is now necessary to perform on site engineering services for Central
City West; and
WHEREAS, these on site improvements will be in the area located on the north side of
5th Street between Mt. Vernon and Garner Avenue and between 5th Street and Spruce
Street; and
WHEREAS, the Agency requested 3 proposals for said work, however, only 2 proposals
were received; and
WHEREAS, the other proposal submitted was in the amount of $12,500; and
WHEREAS, it is in the best interest of the Agency to accept the proposal from Inland
Associates in the amount of $11,500.00.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino authorizing the Chairman and Secretary to enter into into Contract with
Inland Associates for On Site Improvements, Central City West for an amount not to
exceed $11,500.00.
Motion made to adopt Resolution No. 3284 by Obershaw and seconded by Hinojosa. Motion
carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Guhin and Green. Noes:
None. Abstention: None. Absent: Blum, Wilson and Stephenson.
RESOLUTION ENDORSING AGENCY REQUEST FOR COMMUNITY DEVELOPMENT FUNDS
Mr. Norris Gregory explained to the Board that this request for an amount of funding up to
$750,000 is appropriate since the Agency obviously needs funding at this time. Also,
the Agency has contributed over One Million Dollars in Hold Harmless Agreements for the
benefit of the City of San Bernardino. The amount of $750,000 has been set because it is
just about one half earned by the Agency at this time. This request will have to be passed by
the Mayor and Council. The Agency feels that this is time to apply for funding. This
Agency's former Chairman, at the time of initiation of the Community Development Block
Grant Program, opted to withhold a formal request for an allocation of funds, from the
City's CD funds because at that time the Agency was not in such dire need of funding,
and could operate without CD Funds. After discussion following Resolution adopted:
4308
RESOLUTION NO. 3285
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF -,
SAN BERNARDINO, CA., DECLARING A NEED AND AN INTENT TO
PROPOSE AN ENTITLEMENT AND ALLOCATION OF COMMUNITY DEVEL-
OPMENT BLOCK GRANT FUNDS TO THE REDEVELOPMENT AGENCY .....;
OF THE CITY OF SAN BERNARDINO TO FURTHER ACCOMPLISH THE
PLANNING AND REPLANNING, DEVELOPMENT AND REDEVELOPMENT DE-
SIGN AND CLEARANCE OR ANY COMBINATION OF SAME OF REAL
PROPERTY AND IMPROVEMENTS WHICH ARE NECESSARY, IN THE
INTEREST OF THE GENERAL WELFARE, AND, IN SUPPORT OF AGENCY
ACTIVITIES TO REVITALIZE THE COMMUNITY THROUGH AN APPROPRIATE
BALANCE OF PUBLIC AND PRIVATE CAPITAL INVESTMENT FOR THE PURPOSE
OF GENERATING ECONOMIC AND EMPLOYMENT GROWTH FOR THE CITY
OF SAN BERNARDINO.
WHEREAS, the City of San Bernardino has entered into a Grant Agreement with the United
States Department of Housing and Urban Development, providing for financial assistance
to the City pursuant to Title I of the Housing and Community Development Act of 1974 (Pub-
lic Law 93-383); and
WHEREAS, Sections 33020-33071 of the California Health and Safety Code, Community
Development Law, declares that the intent of the legislation is to provide for the planning
and replanning, development, redesign, clearance or any combination of same real prop-
erty and improvements which are necessary in the interest of the general welfare, in-
cluding any facilities incidental or appurtenant thereto; and
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WHEREAS, said Community Redevelopment Law further declares that one of the pur-
poses of redevelopment is to expand employment opportunities for the jobless, under-
employed, and low income persons, and to provide an environment for the social, econ-
omic and psychological growth and well being of all citizens; and
WHEREAS, the Redevelopment Agency of the City of San Bernardino does hereby determine
it appropriate and proper to propose a Reciprocal Assistance Agreement with the City of
San Bernardino through said City's Department of Community Development for an alloca-
tion of Community Development Block Grant funds to be used for certain administrative
operational and development expenses in connection with, and in support of, the stated
objectives and plans identified with the Agency's legislative authority and the accomplish-
ment of improvements within the established redevelopment project areas within the City
of San Bernardino.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino, California, that the Chairman and Secretary are hereby encouraged and
authorized to propose and pursue an allocation of Community Development Block Grant
funds, for the aforestated purposes, through the Department of Community Development
of the City of San Bernardino. The present and subsequent allocation of funds to be re-
quested shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000) per annual .,
funding period. i
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Motion made to Adopt Resoltuion No. 3285 by Obershaw and seconded by Hinojosa. Motion
carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Guhin and Green. Noes:
None. Abstention: None. Absent: Blum, Wilson and Stephenson.
Mr. Gregory then addressed himself to the press and stated that the Agency does in deed
feel justified in their request and that the request will have to go before the Community
Development Advisory Committee and again before the Mayor and Common Council. Also,
all requirements must be met.
Mr. Baker inquired why the Agency waited until now and Mr. Green read aloud to him
the following paragraph of the Memorandum presented with the above mentioned Resol-
u tion:
ANALYSIS: At the time of initiation of the Community Development Block Grant Program,
the then Chairman of the Agency Board, opted to withhold a formal request for an alloca-
tion of funds, from the City's Community Development Block Grant funds, which could have
supported and defrayed specific costs and expenses associated with the Agency's oper-
ation and activities. Expanded commitments and programs being undertaken by the Agen-
cy would be assured of accomplishment, should the allocation of ample and necessary
funds be allocated to the Agency. Discussion follows between Joe Baker and Mr. Green.
Mr. Green then inquired if the Board would mind continuing No.1 of the Agenda which
was the Resolution Amending the Agency By Laws until the next Board Meeting. Motion
made by Guhin and seconded by Obershaw to continue said matter until November 18th,
1976. Motion carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum, Wilson and Stephenson.
Motion to adjourn made by Obershaw and seconded by Guhin at 4: 00 p.m. Motion carried
by the following vote, to wit: Ayes: Obershaw, Hinojosa, Guhin and Green. Noes: None.
(jjJ;;:;;;;?~lum. Wilson and Stephenson.
R. E. Shadwell, Jr.
Executive Director
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MINUTES OF THE REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA HELD THE 18th DAY OF
NOVEMBER, 1976, 300 NORTH "D" STREET, SAN BERNARDINO, CA.
Chairman Green called the meeting to order at 3: 03 p.m.
Roll Call showed the following:
Agency Members Present: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green.
Agency Members Absent: Stephenson.
Also Present: Ralph Shadwell, Jr. , Executive Director, Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
The Minutes of October 26, 1976 were submitted for approval. Motion made by Blum
and seconded by Wilson to approve said Minutes. Motion carried by the following
vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green. Noes:
None. Abstention: None. Absent: Stephenson.
The Minutes of November 4, 1976 were submitted for approval. Motion made by
Obershaw and seconded by Guhin to approve said Minutes. Motion carried by the
following vote, to wit: Ayes: Obershaw, Hinojosa, Wilson, Guhin and Green. Noes:
None. Abstention: Blum. Absent: Stephenson.
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Expenditures for the month of October were submitted for approval. Motion to approve
said Expenditures made by Guhin and seconded by Wilson. Motion carried by the
following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green.
Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION AMENDING BY LAWS RELATIVE TO AGENCY BOARD VOTING PROCEDURES.
Mr. Green stated that he would like the Board to consider this change in the By Laws
and asked Mr. Flory for further clarification. Mr. Flory stated that he had no
recommendation and that it would be strictly a board policy consideration. Mrs.
Blum stated she feels that the Board would welcome the change to the By Laws. Mr.
Wilson stated that he favors the change also. Mrs. Blum then inquired if Mr. Flory
would explain just a little more detailed the changes and Mr. Flory did so. After
discussion the following Resolution was adopted:
RESOLUTION NO. 3286
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, AMENDING THE AGENCY IS
BY-LAWS RELATING TO THE NECESSARY NUMBER OF VOTES TO
TAKE ACTION
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NOW, THEREFORE, the Board of Directors of the Redevelopment Agency of the
City of San Bernardino, California, does hereby resolve as follows:
4311
Article III, Section 4 of the By-Laws of the Redevelopment Agency of the City of
San Bernardino, California, is hereby amended to read as follows:
~
IISection 4. Quorum. The powers of the Agency shall be vested in
the members thereof in office from time to time. Four members shall
constitute a quorum for the purpose of conducting its business and
exercising its powers and all other purposes, but a smaller number
may adjourn from time to time until a quorum is obtained. Action
may be taken by the Agency upon a vote of a majority of the members
present. II
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Motion made to adopt Resolution No. 3286 by Guhin and seconded by Obershaw.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION AMENDING BYLAWS.
Mr. Flory stated that he feels the Agency's By Laws should conform to the Regular
Code, and that he recommends this change in the By Laws. The Code would supersede
the Agency's By-Laws. After discussion the following Resolution was adopted
RESOLUTION NO. 3287
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AMENDING THE AGENCY1S
BY-LAWS RELATING TO ITS MEETINGS SO AS TO COMPLY WITH
THE PROVISIONS OF THE CALIFORNIA GOVERNMENT CODE, AND
AMENDING SAID BY - LAWS
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NOW, THEREFORE, the Board of Directors of the Redevelopment Agency of the
City of San Bernardino, California, does hereby resolve as follows:
Section 1: Article III, Section 3 of the By-Laws of the Redevelopment Agency of the
City of San Bernardino, California, is hereby amended to read as follows:
II Section 3 (a). Special Meetings. The method and manner of the calling
of Special Meetings shall be governed by the provisions of California Govern-
ment Code Section 54956. II
Section 2: Article III of the By-Laws of the Redevelopment Agency of the City of
San Bernardino, California, is hereby amended by adding thereto Sections 3(b)
and 3(c) reading respectively as follows:
IISection 3(b). Adjournment. The method and manner of adjournment
of any regular or adjourned regular meeting, special or adjourned
special meeting, shall be governed by the provisions of California
Government Code Section 54955. II
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IISection 3(c). Continuance of Hearings. The method and manner of the
continuance of hearings being held or noticed or ordered to be held by
the Board of Directors shall be governed by the provisions of California
Government Code Section 54955.1. II
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4312
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Motion made by Wilson and seconded by Blum to adopt Resolution No. 3287. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
OFF SITE IMPROVEMENTS - SAFECO - CENTRAL CITY NORTH - J. D. DIFFENBAUGH, INC.
Mr. Green explained to the Board Members that the Agency is responsible to Safeco
to perform certain work. The Agency had previously advertised for bids for this
work and had received no bids. At that time, Agency personnel contacted contractors
to submit proposals to do said off site improvements. Two bids were received with
J. D. Diffenbaugh submitting the low bid in the amount of $12,865.00. After discussion
the following Resolution was adopted:
RESOLUTION NO. 3288
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY TO
ENTER INTO CONTRACT WITH J . D. DIFFENBAUGH, INC. FOR OFF-
SITE IMPROVEMENTS ( SAFECO ) IN AN AMOUNT NOT TO EXCEED
$12,865.00.
[
WHEREAS, The Agency advertised in the Sun Telegram September 4,5, 11 and 12,
1976 for proposals for off-site improvements for work to be done at Safeco Title
Insurance Co; and
WHEREAS, no proposals were received for said work; and
WHEREAS, the Agency solicited three proposals from contractors for said work; and
WHEREAS, only two proposals were submitted for said work; and
WHEREAS, said low bid was submitted by J. D. Diffenbaugh Co. in the amount of
$12,865.00; and
WHEREAS, it is deemed in the best interest of the Agency to accept said proposal.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California that the Chairman and Secretary be hereby authorized
to enter into Contract with J. D. Diffenbaugh, Inc. for off site improvements for
work at Safeco Title Insurance Co. at a cost not to exceed the sum of $11,865.00.
Motion made by Obershaw and seconded by Wilson to adopt Resolution No. 3287.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
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At this time, Joe Baker, Sun Telegram represenative, inquired as to the legal status
of the Agency accepting the bid from J . D. Diffenbaugh inasmuch as former Chairman,
W. W. Hodgdon is now owner of said firm. Mr. Baker is assured that there are no
legal problems.
4313
CHANGE ORDERS-SUNRAY CONSTRUCTION CO.-PUBLIC ENTERPRISE CENTER
Mr. Jones of the Agency Staff explained to the Board that before Operation Second .,
Chance can accept the full responsibility of the Public Enterprise Center structure, I
there are certain costs that will be necessary for the Agency to incur before acceptance'
Said costs will amount to not more than $4,623.00. Mr. Wilson asked Mrs. Grice, .....
in attendance at the meeting, if this would relieve the Agency of further obligation
and Mrs. Grice stated that it was her opinion that these costs, once taken care of,
would relieve the Agency of further obligation. After discussion the following Resol-
ution was adopted:
RESOLUTION NO. 3289
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY TO
ENTER INTO CHANGE ORDER NO. 16 WITH SUNRAY CONSTRUCTION
CO. IN AN AMOUNT NOT TO EXCEED $4,623.00.
WHEREAS, it has come to the attention of this Agency that additional costs will
be necessary in order to complete the construction of the Public Enterprise
Center; and
WHEREAS, said costs are as follows:
1. Bug T. V. Camera requested will require running extra wire and conduit to install ....
~
a tamper loop to set off the alarm system, should anyone try to remove the cameras. .~
Cost: $1,094.80. --'
2. Intrusion Alarm 4, Separate System would provide a separate alarm for the lobbby,
library, east wing and west wing.
Cost: $2,826,70.
3. Bug HV AC Units on Roof is the same type of alarm as for TV Cameras, however it
is deemed in the best interest of the structure to install same.
Cost: $701. 50.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California that the Chairman and Secretary be hereby authorized
to enter into Change Order No. 16 with Sunray Construction Co. at a cost not to
exceed $4,623.00.
Motion made to adopt Resolution No. 3289 by Wilson and seconded by Obershaw.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
TIME EXTENSION-SUNRAY CONSTRUCTION CO.-PUBLIC ENTERPRISE CENTER
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Mr. Green explained to the Board that through no fault of Sunray Construction Co. ,
certain delays had been incurred by said company and that they requested a time
extension until November 20, 1976. Mr. Green further stated that he felt the request
was fair and equitable. After discussion the following Resolution was adopted:
4314
RESOLUTION NO. 3290
[
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY TO ENTER
INTO CHANGE ORDER NO. 17 WITH SUNRAY CONSTRUCTION CO. EXTENDING
DATE OF COMPLETION TILL NOVEMBER 20, 1976.
WHEREAS, the contractor has requested a time extension for 128 days; and
WHEREAS, this brings the completion date to November 20, 1976; and
WHEREAS, this request has been due to various problems, i.e. change in work and
additional services required to be performed by the contractor; and
WHEREAS, some delays were caused by problems with the exterior fence, a delay in
obtaining audio visual equipment and exhaust fans and door changes to the electrical
room, plus other changes in work to be performed causing an increase in construction
cost; and
WHEREAS, it is the opinion of the Architect, Gruen Associates, Inc. , that said time
extension is warranted.
[
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California that the Chairman and Secretary be hereby authorized
to enter into Change Order No. 17 allowing an extension of time to Sunray Construction
Co. to November 20, 1976.
Motion made to adopt Resolution No. 3290 by Wilson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
An additional request for costs from Sunray Construction Co. in the amount of $1,159. 79
was denied by the Board. Motion to deny made by Obershaw and seconded by Guhin.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION AMENDING CITY-AGENCY CENTRAL CITY MALL SECURITY AGREEMENT.
Mr. Green stated that he would like this matter tabled until the next Board Meeting.
All Board Members concurred. Motion made to table said item by Obershaw and
seconded by Blum. Motion carried by the following vote, to wit: Blum, Obershaw,
Hinojosa, Wilson, Guhin and Green. Noes: None. Abstention: None. Absent:
Stephenson.
DEMOLITION OF BUILDING-CENTRAL CITY NORTH
[
Mr. Green explained to the Board Members that the demolition of this building, more
commonly known as the Amfac Building, may be paid for out of Community Develop-
ment Funds, at no cost to the Agency. The Agency will have to relocate the tenant
and give him the formal notification of 90 days. Mrs. Blum stated that the cost to
4315
rehabilitate the building is very high and favors the demolition of said structure.
Mr. Obershaw stated that he feels he can form a limited partnership to buy the
building and that he would have been willing to be a part of said partnership, but
had been informed that it would be a direct conflict of interest. Mr. Wilson stated"'"
that he feels the building should be demolished. After discussion the following Res- !
olution was adopted: ......;
RESOLUTION NO. 3291
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA AUTHORIZING THE AGENCY TO
ADVERTISE FOR DEMOLITION OF THE AMFAC BUILDING, WITH
DEMOLITION COSTS TO BE PAID FOR OUT OF COMMUNITY DEVELOP-
MENT FUNDS, UNLESS AN OFFER TO PURCHASE SAID STRUCTURE
SUPERSEDES THE AWARDING OF SAID DEMOLITION BID.
WHEREAS, the Agency Board Members at their regular meeting held November
18, 1976 deemed it in the best interest of the Agency to demolish the Amfac Building
with Community Development Funds; and
WHEREAS, unless an Offer to Purchase said structure supersedes the awarding of
the bid, said structure will be demolished at the lowest cost submitted.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the Cityof
San Bernardino, California that the Agency be authorized to advertise for demolition
bids for demolition of the Amfac Building at a cost payable by Community Develop-
ment Funds.
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BE IT FURTHER RESOLVED that should a Notice to Purchase said building supersede
the awarding of bids, the authorization to demolish said building be rescinded at
said time.
Motion to adopt Resolution No. 3291 made by Wilson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
ATTENDANCE AT COURSE OF INSTRUCTION EEO- CHICAGO, ILLINOIS
Mr. Green explained to the Board that he had put this item back on the Agenda despite
the objections of Mr. Shadwell and the obvious feelings of Board Member Obershaw
regarding said trip to Chicago. Mr. Obershaw stated that he felt the Agency's image
was very bad in the public eye and that sending staff personnel on trips like the
course in Chicago was in bad taste, when in fact, the Agency cannot meet
some of their legal obligations. Mrs. Blum then stated that while it was true that the
Agency did have a bad image in the past, she felt that all the Board Members
and Staff had done their best to rebuild this image and that the Agency was doing a
II good job II. She feels this course would be very good for the Agency. After dis- .,
cussion the following Resolution was adopted:
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4316
RESOLUTION NO. 3292
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RESOLUTION AUTHORIZING ONE STAFF PERSON TO ATTEND EQUAL
OPPORTUNITY COURSE OF INSTRUCTION IN EQUAL EMPLOYMENT
OPPORTUNITY TO BE HELD IN CHICAGO, ILL., FROM DECEMBER 6,
7, and 8,1976, AT A COST OF APPROXIMATELY $900.00.
WHEREAS, the requirements of public agencies regarding Equal Employment
Opportunity and Affirmative Action Programs are becoming more important daily; and
WHEREAS, this can be noted by the recent actions taken by the City of San Bernardino
and the County of San Bernardino in authorizing full time positions within their
organizations of Affirmative Action Officers; and
WHEREAS, this is an intensive concentrated 3 day course covering various aspects
of discrimination, equal employment, affirmative action and administrative require-
ments involved therein; and
WHEREAS, the total cost would not be in excess of $900.00.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino , the authorization of one staff person to attend Equal Opportunity Course
of Instruction in Chicago, Ill., from December 6th through December 8th, 1976, at
a cost of approximately $900.00.
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Motion to adopt Resolution No. 3292 made by Wilson and seconded by Blum. Motion
carried by the following vote, to wit: Ayes: Blum, Hinojosa, Wilson, Guhin and
Green. Noes: Obershaw, Abstention: None. Absent: Stephenson.
Discussion reverts back to the Change Orders approved by the Board earlier during
the meeting. Because of a time element involved Mr. Green states that he will be
responsible for ratification of the Change Orders, prior to Council approval. Motion
made to stand by previous board action made by Wilson and seconded by Obershaw.
Motion carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: Blum. Abstention: None. Absent: Stephenson.
At this time Mrs. Frances Grice presents the Board with a check in the amount of
$177 , 251. 73, thus making a total of $400,705.73 reimbursed to the Agency by Operation
Second Chance, Inc.
Mr .Obershaw inquired of Mr. Flory if he was working on a Conflict of Interest Resol-
ution for Agency Board Members and was informed by Mr. Flory that he was.
He is waiting temporarily to see how the City will handle their problems with committees
and/or commissions.
[
Mrs. Blum asked about the progress of the hotel and was informed by Mr . Shadwell
that there had been no recent progress.
Mr. Obershaw inquired about the Finder's Fee Resolution. He was informed that
the way the Resolution now reads. practically anyone can come in with a request
4317
for a Finder's Fee. The Agency is now in the process of amending said Resolution
and that this item will almost certainly be on the Agenda for the Board Meeting of
December 2nd, 1976, together with the amended Tax Increment Resolution.
Motion to adjourn meeting made by Obershaw and seconded by Blum at 4: 08 p.m.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. s: None. Abstention: None. Absent: Stephenson.
R. E. Shadwell, Jr.
Executive Director
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MINUTES OF THE REGULAR MEETING OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
HELD THE 2nd DAY OF DECEMBER, 1976, 300 NORTH "D" ST.,
SAN BERNARDINO, CA.
.......
Chairman Green called the meeting to order at 3: 06p.m.
Roll Call showed the following:
Agency Members Present: Obershaw, Hinojosa, Wilson and Green.
Agency Members Absent: Blum, Stephenson and Guhin.
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
The Minutes of November 18, 1976 were submitted for approval. Minutes approved by
Wilson and seconded by Obershaw.
At this time, Mr. Obershaw stated that Mrs. Blum had called him and asked that certain
remarks she made were not reflected in the Minutes. Mr. Wilson stated
that he thought the Minutes were correct as submitted. Motion carried for approval of
the Minutes as follows: Ayes: Obershaw, Hinojosa, Wilson and Green. Noes: None.
Abstention: None. Absent: Blum, Stephenson and Guhin.
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Mr. Green stated that Mr. Warner Hodgdon was present in the audience and was listed
on the Agenda. Mr. Green extended Mr. Hodgdon the courtesy of presenting his An-
dreson Building Proposal before commencing with the procedure of the Agenda. Mr.
Hodgdon declined the offer with his thanks.
RESOLUTION APPROVING PREDISPOSITION AGREEMENT WITH ALEXANDER/WEISSMAN
SENIOR CITIZEN HOUSING-CENTRAL CITY NORTH.
Mr. Wilson inquired when will construction commence. Mr. Green stated that the
Disposition Agreement will stipulate the date of construction commencement.
Mr. Guhin arrives at 3: 15 p.m.
After further discussion the following Resolution was adopted:
RESOLUTION NO. 3293
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA AUTHORIZING THE CHAIRMAN
AND SECRETARY TO ENTER INTO PREDISPOSITION AGREEMENT
WITH ALEXANDER/WEISSMAN FOR SENIOR CITIZEN HOUSING,
CENTRAL CITY NORTH.
[
WHEREAS, the Agency has been involved for a number of months in negotiations
with Alexander/Weissman to develop a Senior Citizen Housing Complex in the
Central City North Redevelopment Project Area; and
WHEREAS, the Agency has previously adopted a Resolution authorizing the prep-
aration of said Agreement; and
WHEREAS, the Agency has accepted a deposit from Alexander/W .
elSsman for the pur-
4319
chase of the property in the amount of $12,600.00.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California that the Chairman and Secretary be hereby authorized
to enter into Predisposition Agreement with Alexander/Weissman for Senior Citi-
zen Housing, Central City North.
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Motion made to adopt Resolution No. 3293 by Wilson and seconded by Obershaw. Motion
carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Wilson, Guhin and
Green. Noes: None. Abstention: None. Absent: Blum and Stephenson.
RESOLUTION APPROVING THE CITY -COUNTY - AGENCY EXCHANGE AGREEMENT.
Mr. Wilson inquired if this Exchange Agreement had been approved by both the City
Council and the Board of Supervisors and was informed that it had been. Mr. Wilson
then stated that it would be his pleasure to move for adoption of the resolution. After
discussion, the following Resolution was adopted:
RESOLUTION NO. 3294
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA. , AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO EXCHANGE AGREEMENT BETWEEN THE CITY OF SAN
BERNARDINO, THE COUNTY OF SAN BERNARDINO AND THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO.
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WHEREAS, this Agreement is to provide the County of San Bernardino with a four
block area bounded by Third Street to Fifth Street and Arrowhead Avenue to
Sierra Way for the purpose of developing the County" super block" consisting
of county administrative and judicial facilities; and
WHEREAS, the primary purpose of said exchange is to retain the county facilities
in the central business district; and
WHEREAS, said exchange is vital to the central business district and downtown core
of San Bernardino; and
WHEREAS, said Exchange Agreement has been approved by the City and County of
San Bernardino.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino that the Chairman and Secretary be authorized to enter into Exchange
Agreement between the City of San Bernardino, the County of San Bernardino and
the Redevelopment Agency of the City of San Bernardino.
Motion made by Wilson and seconded by Guhin adopting Resolution No. 3294. Motion J......'.
carried by the following vote, to wit: A yes: Obershaw, Hinojosa, Wilson, Guhin and ..
Green. Noes. None. Abstention: None. Absent: Blum and Stephenson.
4320
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RESOLUTION AUTHORIZING THE ISSUANCE OF TWO MILLION DOLLARS OF PROMISSORY
NOTES-SEIP.
Mr. Green explained to the Board that this is the time to go out to bid for bonding because
of the financial market. After discussion the following Resolution was adopted:
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RESOLUTION NO. .... 3295
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AUTHORIZING THE ISSUANCE OF $2,000,000 PRINCIPAL AMOUNT OF TAX ALLOCATION
NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976, TO AID IN THE FINANCING OF A
REDEVELOPMENT PROJECT KNOWN AS -qIE SOUTHEAST INDUSTRIAL PARK REDE-
VELOP~ PROJECT AREA.
Recitals .. . . . . . . _ . . . . .. ............ .....................
Resolving Clause . .................... ..................................
Section 1. DeBnitions . ........................_............................
Section 2. Amount, Issuance and Purpose of Notes .. ................ ..................
Section 3. Nature of Notes ... _ _ . .. ........................................... ....
Section 4. Description of Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 5. Interest ..... .. .. .. . .. . .. .. .. .. .. . .. .. .. .. .. . .. .. .. . .. .. . .. .. .. .. . .. .. .
Section 6. Place of Payment.. ........ .. . .. .. .. . .. . .. .. .. .. .. .. .. .. . .. .. .. .. .. ..
Section 7. Forms of Notes; Temporary Notes '. .. . . . . . . . . . . . . . . . . . . .
Section 8. Execution of Notes ............ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 9. Types of Notes, Registration and Exchange . .. ..... . . .
Section 10. Note Register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 11. Redemption of Notes Prior to MatUrity .... .. ..... .........................
A. Tenns of Redemption . . . . . .. ....... ..... .......................
B. Call for Redemption .................................................
C. Notice of Redemption ...0...................... ~. . . . . . . . . . . . . . . . . . . . . .
D. Redemption Fund ....................................................
E. Partial Redemption of Fully Registered Notes . . . . .. . . . . . . . . . . . . . .. ..
F. Effect of Redemption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 12. Funds . .. '" ................................ .... . . . . . . . . . .. . . . . . . . . . . . . .
Section 13. Sale of Notes; Disposition of Note Proceeds;
Redevelopment Fund .~~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ................
Section 14. Tax Revenues ... . . . . . . . . . . . . . . . . . . . . . . . . .. ................
Section 15. Special Fund '" .. ......................................................
Section 16. Deposit and Investment of Moneys in Funds .. .... . ...................
Section 17. Issuance of Parity Notes and Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 18. Covenants of the Agency ................................ .. . . . . .. .. . . . . . . . . .
1. Complete Redevelopment Project; Amendment to
Redevelopment Plan .......................... ......................
2. Use of Proceeds of Notes; Management and
Operation of Properties ............................ . . . . . . . . . . . . . . . . . . .
3. No Priority .................................. ......................
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4. Punctual Payment.""7".........................................
5. Payment of T~es and Other Charges ...... ... . . . .
6. Books and Accounts; Financial Statements . . . . . . . . . . . . . . . . . . .
7. Enrlnent Domain FToceeds ............................................
8. [ijsposition of PToperty .....~............................... ........
9. Protection of Security and Rights of Notebolders;
No Arbitrage . ......................................................
Section 19. Taxation of Leased Pro~ ............. ........ ............... ....."......
Section 20. Fiscal Agent and Paying Agents.. . . . . . . . . . . . . ._. . . .. . . . . . . . . . ., . . . . " . . . . . . . .
Section 21. Lost, Stolen. I>estroyed or Mutilated Notes ... ... . .. . . . . . . . . . . . . . . . . . . . .
Section 22. Cancellation of Notes ., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 23. Amendments...............................................................
A. Calling Noteholders' Meeting ............... .........................
B. Notice of Meeting ...................................................
C. Voting Qualifications ................................................
D. Issuer-Owned Notes . ...:............................................
E. Quorum and Procedure .................... ..................."......
F. Vote Required .................................... . . . . . . . . . . . . . . . . . . .
Section 24. Proceedings Constitute Contract .. . . . . . . . . . . . . . . . . . . . . . . . .. .................
.Section 25. Severability ....... ....... ............ ...... . .........................
Section 26. Effective Date .............. ..............................................
~bit A (Fonn of Bearer Note) .................................... ......
Exhibit B (Form of Fully Registered Note) .. .. .. ... . . . . . . . . . . . . . . . . . . . . .
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Motion made to adopt Resolution No. 3295 by Wilson and seconded by Obershaw. Motion
carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Wilson, Guhin and
Green. Noes: None. Abstention: None. Absent: Blum and Stephenson.
RESOLUTION AUTHORIZING THE SALE OF TWO MILLION DOLLARS OF PROMISSORY
NOTES -SEIP.
No discussion necessary to adopt the following Resolution:
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4326
RESOLUTION NO. 3296
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RESOr.,unON OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AUTHORIZING THE ISSUANCE OF $2,000,000 PRINCIPAL AMOUNT OF TAX ALLOCATION
NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1916, TO AID IN THE FINANCING OF A
REDEVELOPMENT PROJECf KNOWN AS nIE SOUTHEAST INDUSTRIAL PARK REDE-
VELOPMENT PROJECf AREA.
WHEREAS, the Redevelopment Agency of the City of San Bernardino ( the "Agency'") is a redevel.
opment 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 330(0) of the Health and Safety Code of the
State of California} and the powers of the Agency includes the power to issue notes for any of its
corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as
the .Southeast Industrial Park Redevelopment Project Area'" has been. adopted and approved and all
requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have
been duly complied with; and
WHEREAS, the issuance of notes at this time is necessary to enable the Agency to accomplish the
purposes of the Redevelopment Plan.
"",- Now, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO DoES HEREBY
RESoLVE, DETERMINE AND DanEK AS FOLLOWS:
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Section 1. De6nitioos. As used in this Resolution, the foUowing tenns shall have the following
meanings unless the context otherwise requires:
(a) "City'" means the City of San Bemardino. California. .
(b) "'Federal Securities'" means United States Treasury Notes, bonds. bills, or certificates of
indebtedness, or obligations for which the faith and credit of the United States are pledged for
the payment ofprindpal and interest; bonds, consolidated bonds,. collateral trust debentures,
consolidated debentures, or other obligations issued by. federal land banks or federal intermediate
credit ban1cs established under the Federal Farm Loan Act, as amended, and Farm Credit Act
of 1911, debentures and consolidated debentures issued by the Central Bank for Cooperatives
and banlcs for cooperatives establisbed under the Farm Credit Act of 1933, as amended, and the
Farm Credit Act of 1971, bonds or debentures of the Federal Home Loan Bank Board establisbed
under the Federal Home Loan Bank Act, bonds of any federal home loan bank established
under said act and stoclcs, bonds, debentures, participations and other obligations of or issued
by the Federal National Mortgage Association, the Student Loan Marketing Association, the Gov-
ernment National Mortgage Association and the Federal Home Loan Mortgage Corporation;
and bonds, notes or other obligations issued by the Federal Financing Bank, the United States
Postal Service, or issued or assumed by the International Bank for Reconstruction and Develop-
ment, the Tennessee Valley Authority, the Inter-American Development Bank, the Government
Development Bank for Puerto Rico, or the Asian Development Bank.
(c) "Fiscal Agent" means the trustee appointed by the Agency pursuant to Section 20 hereof,
its successors and assigns. and any other corporation or association which may at any time be
substituted in its place, as provided in this Resolutio~
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(d) "'Fiscal Year. means the year period beginning on July 1st and ending on the next
following June 30th. ~ .
( e) -Independent Financial Consultant" and "Independent Engineer" mean any financial
consultant or any engineer or firm of such consultants or engineers. respectively, appointed by
the Agency, and who, or each of whom, has a favorable reputation in the field in which his
opinion or certificate will be given. and:
(1) is in fact independent and not under domination of the Agency;
(2) does not have any substantial interest, direct or indirect, with the Agency; and
(3) is not connected with the Agency as an otlicer or employee of the Agency, but who
may be regularly retained to make reports to the Agency.
(f) "'Law" means the Community Redevelopment LaW of the State of California, as cited
in the recitals hereof. .
(g) *Notes" means the two million dollars ($2,000,000) principal amount of tax allocation
negotiable promissory notes authorized by this Resolution.
(h) "'Noteholder" or "'Holder of Notes", or any similar term, means any person who shall
be: (i) the holder of any outstanding Note payable to bearer, or (ii) the registered owner or
his duly authorized attorney, trustee, representative, or assigns of any outstanding Note which
shal1 at the time be registered so as to be payable other than to bearer. For the purpose of
Noteholders' voting rights or consents, Notes owned by or held for the account of the Agency
or the City, directly' or indirectly, shall not be coun~
(i) "'Parity Notes" means any additional tax allocation notes (including, without limitation,
bonds, notes, interim certificates, debentures or other obligations). issued by the Agency as per-
mitted by Section 11 of this Resolution.
(n "'Paying Agent" means any paying agent provided by the Agency pursuant to this
Resolution.
(k) -Redevelopment Plan. means the -Redevelopment Plan for the Southeast Industrial Park
Redevelopment Project Area. approved and adopted by the City by Ordinance No. 3583, and
includes any amendment thereof heretofore or hereafter made pursuant to law.
(1) -Redevelopment Project'" means the Southeast Industrial Park Redevelopment Project Area.
(m) '"Redevelopment Project Area- means the project area described and defined in the
Redevelopment Plan.
(n) -rax Revenues'" means-that portion of taxes levied upon taxable property in the
Redevelopment Project Area and received by the Agency on or after July 23, 1976, which is
allocated to and paid into a special fund (as in this Resolution created) of the Agency pursuant
to Article 6 of Chapter 6 of the Law and Section -16 of Article XVI of the Constitution of the
State of California, all as more particularly set forth hereafter in this Resolution.
(0) -rreasurer'" means the otlicer who is then perfonning the functions of Treasurer of the
Agency.
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Section 2. Amount, Issuance and Purpose of Notes. Under and pursuant to the Law and under
and pursuant to this Resolution, Notes of the Agency in the principal amount of two million doUars
($2,000,000) sball be issued by the Agency for the corporate purposes of the Agency aiding in the 1
Bnancing of the Redevelopment Project. and for other purposes related thereto as hereinafter provided, . ....
and such issue of Notes is hereby created. ..
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Section 3. Nature of Notes. The Notes shall be and are special obligations of the Agency and
are secured by an irrevocable pled~ :...of. and are payable as to principal. premium. if any. and
interest from. Tax Revenues and.other funds as hereinafter provided. The principal of. premium. if
any; and interest on the Notes are ~ot a debt of the City, the State of California or any of its political
subdivisions, and neither the CitY, said State. nor any of its political subdivisions is liable thereon,
nor in any event shall said principal, premium. if any, and interest be payable out of any funds or
properties other than those of the Agency as in this. Resolution set forth. The Notes do not constitute
an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
Neither the members of the Agency nor any persons executing the Notes are liable personally on the
Notes by reason of their issuance.
The Notes shall be and are equally secured by an irrevocable pledge of Tax Revenues and other
funds as hereinafter provided, without priority for number, date of sale, date of execution. or date
of delivery, except as expressly provided herein.
The validity of the Notes is not and shall not be dependent upon the completion of the Rede-
velopment Project or upon the perfonnance by anyone of his obligation relative to the Redevelop-
ment Project.
Nothing in tliis Resolution shall preclude: (i) the payment of the Notes from the proceeds of
refunding notes, refunding bonds or other such obligations issued pursuant to law; or (ii) the payment
of the Notes from any legally available funds of the Agency. Nothing in this Resolution shall prevent
the Agency from making advances of its own funds howsoever derived to any of the uses and purposes
mentioned in this Resolution.
U the Agency shall payor causa to be paid, or shall have made provision to pay upon maturity
or upon redemption prior to maturity, to the Holders of the Notes, the principal of. premium. if any, and
interest to become due thereon, through setting aside trust funds or setting apart in a reserve fund or
special trust account created pursuant to this Resolution or otherwise, or through the mevocable
segregation for that purpose in some sinking fund or other fund or tru$t account with a fiscal agent or
otherwise, moneys sufBcient therefor. including, but not limited to, interest earned or to be earned on
Federal Securities, then the lien of this Resolution, including, without limitation, the pledge of the
Tax Revenues, and all other rights granted hereby, shall thereupon cease, terminate and become
void and be discharged and satisfied, and the principal of, premium. if any, and interest on the Notes
~all no longer be deemed to be outstanding and unpaid. In such event, the Fiscal Agent shall cause
an accounting for such period or periods as shall be requested by the Agency to be prepared and filed
with the Agency. and the Fiscal Agent, upon the request of the Agency, shall release this Resolution
. and execute and deliver to the Ageney-all such instruments as may be desirable to evidence such
release, discharge and satisfaction, and the Fiscal Agent shall pay over or deliver to the Agency
all moneys or secUrities held by it pursuant to this Resolution which are not required for the payment
or redemption of Notes not theretofore surrendered for such payment or redemption.
Section 4. Description of Notes. The Notes shall be issued in the principal amount of two million
dollars ($2,000,000) and shall be designated REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX
ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976. The Notes may be initially
issued in the form of Bearer Notes in the denomination of five thousand dollars ($5,000) each, or in the
form of Fully Registered .Notes in denominations of five thousand dollars ($5,000) each or any whole
multiple thereof. The Bearer Notes shall be dated as of December 1. 1976, and shall be numbered from
1 to 400, both inclusive. The Notes shall be term Notes maturing on December 1, 1979.
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4329
Section 5. Interest. The Notes shall bear interest at a rate to be hereafter &xed by resolution of
the Agency, but not to exceed eight'];lle!,cent (8%) per annum, payable semiannually on June 1st and
December 1st of each year. Each Note shall bear interest until the principal sum thereof has been
paid; provided. however, that if funds are available for the payment thereof in full accordance with
the terms of this Resolution, such~Note shall then cease to bear interest. Interest coupons attached
to the Bearer Notes shall be numbered in consecutive numerical order from 1 upwards in the order
of their respective maturities.
The Fully Registered Notes shall be numbered by the Fiscal Agent as the Fiscal Agent shall
detennine and shall be dated as of the date of authentication thereof, except that Fully Registered
Notes issued upon exchanges and transfers of Fully Registered Notes and upon exchanges of Bearer
Notes for Fully Registered Notes shall be dated so that no gain or loss of interest shall result from
such exchange or transfer. Each Fully Registered Note shall Qpr interest from the interest payment
date next preceding the date thereof unless it is dated prior to the first interest payment date, in
which event it shall bear interest from the date of the Bearer Notes. Interest on Fully Registered Notes
shall be paid by the Fiscal Agent (from the appropriate funds) by check or draft mailed to the registered
owner at his address as it appears on the register kept by the Fiscal Agent at the close of business
on the fifteenth (15th) day preceding the interest payment date.
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Section 6. Place of Payment. The -Notes, the interest thereon and any premiums upon the
redemption thereof prior to maturity shall be payable in lawful money of the United States of America
and (except for interest on Fully Registered Notes, which is payable by check or draft as stated above)
shall be payable at the Corporate Agency Di.vision of the Bank of America National Trust and Savings
Association, Fiscal Agent of the Agency, in Los Angeles or San Francisco, California, or, at the option
of the Holder, at the office of any Paying Agent of the Agency in Chicago, Illinois, or New York,
New York, or such other office of any other Paying Agent that the Agency may, from time to time,
designate.
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Section 7. Forms of Notes; Temporary Notes. Tbe Bearer Notes and the interest coupons apper-
taining~ereto shall be negotiable and shall be substantially in the form attached hereto as Exhibit A
and by this -reference incorporated herein, and the Fully Registered Notes shall be substantially in the
form attached hereto as Exhibit B and by this reference incorporated herein. Such forms are hereby
approved and adopted as the forms of such Notes, and of the coupons and redemption, exchange,
registration and assignment provisions pertaining thereto, with necessary or appropriate variations,
-" omissions and insertions as permitted or required by this Resolution.
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Any Notes issued pursuant to this..B.esolution may be initially issued in temporary form exchange-
able for definitive Notes when the same are ready for delivery. The temporary Notes may be printed,
lithographed or typewritten, shall be of such denominations as may be determined by the Agency, shall
be without coupons and may contain such reference to any of the provisions of this Resolution as may
be appropriate. Every temporary Note shall be executed by the Agency and be issued by the Fiscal
Agent upon the same conditions and in substantially the same form and manner as the definitiv~ Fully
_ Registered Notes. If the Agency issues temporary Notes. it will execute and furnish definitive Notes
without delay, and, thereupon, the temporary Notes may be surrendered for cancellation at the
Bank of America National Trust and Savings Association, Fiscal Agent for the Agency, in Los Angeles,
California, and the Fiscal Agent shall deliver in exchange for such temporary Notes an equal aggregate
principal amount of definitive Bearer Notes or definitive Fully Registered Notes without coupons, or in
part ~finitive Bearer Notes and the balance in definitive Fully Registered Notes, of authorized ....
denominations of this same issue. Until so exchanged. the temporary Notes shall be entitled to the!:
same benefits under this Resolution as definitive Notes of this same issue delivered hereunder. '
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Section 8. Execution of Notes. The Notes shall be signed on behalf of the Agency by facsimile
signature of its Chainnan and by manuaI.:..signature of its Secretary, and the seal of the Agency shall be
impressed, imprinted or reproduced thereon. The interest coupons on the Notes shall be signed by
facsimile signature of the Secretary... The foregoing officers are hereby authorized and directed to sign
the Notes and coupons in accordanCe with this Section. If any Agency member or officer whose manual
or facsimile signature appears on the Notes or coupons ceases to be such member or officer before
delivery of the Notes, such signature is as effective as if such officer had remained in office.
Section 9. Types of Notes, Registration and Exchange. Two fonus of Notes are provided for herein:
(i) those which shall be initially issued and which are in negotiable form, payable to bearer with
negotiable coupons (herein sometimes referred to as -Bearer Notes"), and (ii) those which are issued to
facilitate registration and so are issued as non-negotiable Fully_Registered Notes payable to the reg-
istered owner (herein sometimes referred to as "'Fully Registered Notes"). The Bearer Notes are not
registrable by endorsement, but may be exchanged for Fully Registered Notes as provided herein. A
Bearer Note or Bearer Notes may be registered by exchanging the same for a Fully Registered Note or
Fully Registered Notes. A Bearer Note or Bearer Notes and a Fully Registered Note or Fully Regis-
tered Notes may be exchanged for a Fully Registered Note or Funy Registered Notes. A Fully Regis-
tered Note may be exchanged in whole for a Bearer Note or Bearer Notes or in part for such Bearer
Note or Bearer Notes and the balance for a Fully Registered Note or Fully Registered Notes. Transfer
of ownership of a Fully Registered Note or Fully Registered Notes shall be made by exchanging the
same for a new Fully Registered Note or Fully Registered Notes. All of such exchanges sball be made
in such manner and upon such reasonable tenus and conditions as may from time to time be deter-
mined and prescribed by the Agency; provided, however, that no such exchange shall be made between
the fifteenth (15th) day preceding any interest payment date and such interest payment date. Such
exchanges shall be free of any costs or charges to the person, firm or corporation requesting such
exchange, except for any tax or governmental charge that may be imposed in connection therewith.
Each Bearer Note issued pursuant to this Resolution shall be of the denomination of five thousand
dollars ($5,000). Each Fully Registered Note issued pursuant to this Resolution shall be of a denom-
ination which is five thousand dollars ($5,000) or a whole multiple thereof, shall be of the same
issue, and may be of one or more interest rates.
Section 10. Note R~er. The F"1ScaI Agent shall keep or cause to be kept, at its principal office
in Los Angeles, California, sufficient books for the registration and transfer of the Notes, which
shall at all times be open to inspection by the Agency; and, upon presentation for such purpose, the
Fiscal Agent shall, under such reasonable regulations as it may prescribe, register or transfer or
cause to be registered or transferred, 9!.l-said register, the Notes as hereinbefore provided.
Section 11. Redemption of Notes Prior to Maturity.
A. Tem&8 of Redemption. The outstanding Notes, or any of them, may be called before maturity
and redeemed, at the option of the Agency, from any source of funds, on June 1, 1977, or on any
interest payment date thereafter prior to maturity. If less than all of the Notes outstanding are to be
redeemed at anyone time, the Notes to be redeemed shaIl be determined by lot. The interest
payment date on which Notes are to be presented for _ redemption is herein sometimes referred to as
the "redemption date".
Notes called for redemption shall be redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof, plus accrued interest to the redemption date and the following
premium (percentage of principal amount) if redeemed on the following redemption dates:
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4331
PREMIU~S AND REDEMPTION DATES
Redemptiim Date Premium
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June 1;1977 . . . . . . . . . . . . . . . . . . . . . .. . . 1 %
December I, 1977 . . . . . . . .. .. .. . .. . . . . 1 %
June I, 1978 . . . . . . . . . . . . . . . . . . . . . . . . . ~%
December I, 1978 ................... ~%
June I, 1979 . . . . . . . . . . .... .. . . .. .. .. . . . 0
B. Call for Redemption. The Agency may (and, if required by Section 15 hereof, shall) by
resolution direct the call and redemption prior to maturity of Notes (which are by their terms then
callable for redemption) by the Fiscal Agent in such amounts as funds are available to redeem at
least twenty-five thousand dollars ($25,000) thereof and shall give notice to the Fiscal Agent of such
redemption at least sixty (60) days prior to the redemption date.
C. Notice of Redemption. Notice of redemption prior to maturity (except as provided below)
shall be given by publication at least once prior to the redemption date in a financial newspaper or
journal, printed in the English language, of national circulation and customarily published on each
business day, such publication to be not less than thirty (30) nor more than sixty (60) days before such
redemption date.. If any Note called for redemption is a Fully Registered Note, notice of redemption
thereof shall also be .mailed, not less than thirty (30) nor more than sixty (60) days prior to the
redemption date, to the registered owner of each such Note, but neither failure to mail such notice nor
any defect in any notice so mailed shall affect the sufBciency of the proceedings for the redemption of
any of the Notes. The notice of redemption shall: (i) state the redemption date; (ii) state the redemp-
tion price equal to the principal amount of the . Notes to be redeemed, interest accrued thereon to the
redemption date, and the premium thereon, if any (such premium to be specified); (iii) state the
numbers of the Notes to be redeemed; provided, however, that whenever any call includes all of the
outstanding Notes, the numbers of the Notes need not be stated; (iv) require that Bearer Notes be
surrendered with all interest coupons maturing subsequent to the redemption date at the place or places
of redemption; (v) state, as to any Fully Registered Notes redeemed in part only, the registered note
numbers and the principal portion thereof to be redeemed; and (vi) state that interest on the
principal portion of the Notes so designated for redemption shall cease to accrue from and after
such redemption date. If, at the time Of giving notice of redemption, no Notes are outstanding except
Fully Registered Notes, publication of such. notice shall be deemed to have been waived if such notice
shall have been mailed by registered or certified mail to each registered owner of such Notes at his
address as it appears on the registration books or at such address as he may have filed with the Fiscal
Agent for that purpose.
The actual receipt by the Holder of any Note of notice of such redemption shall not be a condition
precedent to redemption, and failure to receive such notice shall not affect the validity of the pro-
ceedings for the redemption of such Notes or the cessation of interest on the redemption date. Notice
of redemption of Notes shall be given by the Fiscal Agent for and on behalf of the Agency at the
expense of the Agency.
A certificate by the Fiscal Agent that notice of redemption bas been given as herein provided
shall be condusive as against all parties, and no Noteholder whose Bearer Note or Fully Registered
Note is called for redemption may object thereto or object to the cessation of interest on the redemp-
tion date fixed by any claim or showing that he failed to actually receive such notice of call and
redemption.
D. Redemption Fund. Prior to the publication as above required, the Fiscal Agent shall estab-
lish, maintain and hold in trust a separate fund which is hereby created and called the "Redevelopment
Agency of the City of San Bernardino. Southeast Industrial Park Redevelopment Project Area, Tax Al-
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location Negotiable Promissory Notes, Issue of 1976, Redemption Fund" (herein sometimes referred to
as the "'Redemption Fund"); and therershall be set aside in the Redemption Fund moneys for the pur-
pose and suBicient to redeem. at the premiums, if any, payable as provided in this Resolution, the Notes
designated in such notice of redem.ption. Said moneys shall be set aside in said Fund solely for that
purpose and shall be applied on or after the redemption date to the payment of principal and premium,
if any, of the Notes to be redeemed upon presentation and surrender of such Notes and, except as to
Fully Registered Notes, all interest coupons maturing after the redemption date. Any interest coupon
due 01) or prior to the redemption date shall be paid from the applicable Account in the Special Fund
upon presentation and surrender thereof. Any interest" due on or prior to the redemption date upon
Fully Registered Notes shall be paid from the applicable Account in the Special Fund. Each Bearer
Note presented must have attached thereto or presented therewith all interest coupons maturing after
the redemption date.
E. Parlialltedemption ofFuUy Registe1'ed Notes. Upon sUrrender of any Fully Registered Note
redeemed in part only, the Agency shall execute and the Fiscal Agent shall authenticate and deliver
to the registered owner thereof, at the expense of the Agency, a new Note or Notes of authorized
denominations equal in aggregate principal amount to" the unredeemed portion of the Fully
Registered Note surrendered and of the same interest rate, which new Note or Notes may be,
at the option of the registered owner, either a Bearer Note or Bearer Notes with.alI unmatured coupons
appertaining thereto or a Fully Registered Note or Fully Registered Notes, or in part a Bearer Note
or Bearer Notes and the balance a Fully Registered Note or Fully Registered Notes. The registered
OWDer of any Fully Registered Note may, in lieu of surrendering such Note for a new Note, endorse
on the reverse of such Fully Registered Note a notation of such partial redemption, in such form as
may be satisfactory to the Agency and" the Fiscal Agent and under such conditions as the Fiscal
Agent may approve; Such partial redemption shall be valid upon payment of the amount thereby
required to be paid to such registered owner, and the Agency and the Fiscal Agent shall be released
and discharged from all liability to the extent of such payment, irrespective of whether such endorse-
ment shaI1 or shall not have been made upon the reverse of such Fully Registered Note by such
registered owner and irrespective of any error or omission in such endorsement.
F. Effect of Redemption. Notice of Redemption having been duly given as aforesaid, and moneys
for payment of the principal of, premium, if any, and interest payable upon redemption of the
Notes being set aside in the Redemption Fund and the Special Fund, the Notes, or parts thereof, as the
case may be, so called for redemption shall, on the redemption date, become due and payable at the
redemption price specified in such notice, interest on the Notes, or parts thereof, as the case may be,
so called for redemption shall cease to accrue, the.coupons for interest thereon maturing subsequent to
the redemption date shall be void, and such Notes, or parts "thereof, as the case may be, shall cease to
be entitled to any lien. benefit or security under this Resolution, and the Holders of the Notes shall
have no rights in respect thereof except to receive payment of the redemption price thereof, and,
in the case of partial redemption of Fully Registered Notes. to also receive a new Note or Notes for
the unredeemed balance as aforesaid.
All unpaid interest installments repreSented by coupons which shall have matured on or prior
to the date of redemption designated in such notice shall continue to be payable to the respective
Holders thereof, but without interest thereon. .
All Notes, or parts thereof, as the case may be. redeemed pursuant to the provisions of this
Section and the appurtenant coupons, if any, shall be cancelled upon surrender thereof and delivered
to, or upon the order of, the Agency.
Section l2. Funds. There is hereby created with the Treasurer a special trust fund called the
-Redevelopment Agency of the City of San Bernardino, Southeast Industrial Parle Redevelopment
Project Area, Tax Allocation Negotiable Promissory Notes, Issue of 1976, Redevelopment Fund-
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(herein sometimes referred to as the "Redevelopment Fund"). There is hereby created with the Fiscal
Agent a special trust fund called the "Redevelopment Agency of the City of San Bernardino, Southeast
Industrial Park Redevelopment Project-Area, Tax Allocation Negotiable Promissory Notes, Issue of
1916, Special Fund" (herein sometimes referred to as the "Special Fund").
There is hereby established in the Special Fund special trust accounts called the Note Interest
Payment Account and the Note Interest Reserve Account.
So long as any of the Notes herein authorized, or any interest thereon, remain unpaid, the moneys
in the foregoing Funds and Accounts shall be used for no purpose other than those required or per-
mitted by this Resolution, any resolution providing for the issuance of Parity Notes and the Law.
Section 13. Sale of Notes; Disposition of Note Proceeds; Redevelopment Fund. The Agency
may provide by resolution for the sale of the Notes in the .manner provided by the Law.
The proceeds from the sale of the Notes shall be placed in "the Redevelopment Fund, except that:
(i) accrued interest and premium, if any, paid by the purchasers of the Notes, shall be placed into the
Note Interest Payment Account; and (ii) a sum equal to three (3) years interest from the date of
Notes shall be placed into the Note Interest Reserve Account. Any portion of the Note Interest
Reserve Account which, at any time, is in excess of the amount required to pay interest to maturity on
the outstanding Notes may be transferred, at the option of the Agency, to the Redevelopment Fund or
to the Redemption Fund.
The moneys set aside and placed in the Redevelopment Fund shall remain therein until from time
to time expended solely for the purpose of financing a portion of the cost of the Redevelopment
Project and other costs related thereto, and also included in such costs:
(a) The payment, in any year during wl;tich the Agency owns pro~rty in the Redevelopment
Project Area, to any city, county, city and county, district or other public corporation which
would have levied a taX upon such property had' it not been exempt, an amount of money in lieu
of taxes, as authorized by Section 33401 of the Law;
(b) The cost of any lawful purpose in connection with the Redevelopment Project, including,
without limitation, Section 33445 of the Law; and
(c) The necessary expenses in connection with the issuance and sale of the Notes and fees
of the Fiscal Agent and Paying Agents.
If any sum remains in the Redevelopment Fund after the full accomplishment of the objects
and purposes for which the Notes were issued, said sum shall be transferred to the Note Interest
Payment Account of the Special Fund.
Section 14. Tax Revenues. A3 provided in the Redevelopment Plan pursuant to Article 6 of
Chapter 6 of the Law and Section 16 oTArticle XVI o~ the Constitution of the State of California, taxes
levied upon taxable property in the Redevelopment Project Area each year by or for the benefit
of the State of California, any city, county, city and county, district, or other public corporation
(herein sometimes called ..taXing agencies") after the effective date of the Ordinance approving
the Redevelopment Plan (being Ordinance No. 3583 of the City of San Bernardino, which Ordinance
became effective on July 23, 1976) shall be divided as follows:
(a) That portion of the taxes which would be produced by the rate upon which the tax is
levied each year by or. for each of the taxing agencies upon the total sum of the assessed value
of the taxable property in the Redevelopment Project Area, as shown upon the assessment roll
used in connection with the taxation of such property by such taxing agency last equalized prior
to July 23, 1916 (being the effective date of the Ordinance above referred to), shall be allocated
to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or
for the taxing agencies on all other property are paid; and
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(b) That portion of said levied taxes each year in excess of such auiount shall be allocated
to and when collected shall be paid into the Note Interest Payment Account of the Special Fund
of the Agency.-"
The foregoing provisions of this Section are a portion of the provisions of said Article 6 as applied
to the Notes and shall be interpreted in accordance with said Article 6, and the further provisions and
definitions contained in said Article 6 are hereby incorporated herein by reference and shall apply.
The Tax Revenues (except that portion whiCh the Agency may use pursuant to Section 15
hereof for any purpose authorized in said Article 6) are hereby allocated and pledged in their entirety
to the payment of the principal of, premium, if any, and interest on the Notes (including all Parity
Notes, if any) as in this Resolution provided, and until al:J of the Notes (including all Parity Notes
if any), and all interest thereon, have been paid (or until moneys for that purpose have been
irrevocably set aside) the Tax Revenues (subject to the exception set forth above) shall be applied
. . 'solely to the payment of the Notes (including all Parity NoteS', if any) and the interest thereon as
. in this Resolution provided. Such allocation and pledge is for the exclusive benefit of the Holders of
the Notes and shall be irrevocable.
Section 15. Special Fund. All Tax Revenues shall be deposited in the Note Interest Payment
Account of the Special Fund.
At the maturity of any Notes and Parity Notes, if any, and after all interest then due on the
Notes and Parity Notes then outstanding has been paid or provided for, moneys in the Note Interest
Payment Account shall be applied to the payment of the principal of any of such Notes and Parity Notes.
The Fiscal Agent, on May 1st and November 1st of each year, commencing May 1, 1977, shall
ascertain the balance in the Note Interest Payment Account and that portion of said balance which is in
excess of the amount required to pay interest to maturity on the then outstanding Notes and Parity
Notes, if any, (i) may be used and applied by, and at the option of, the Agency to purchase outstanding
Notes and Parity Notes in the maimer hereinafter provided, and any remainder of said moneys so
available to purchase Notes and Parity Notes but which is not used to purchase Notes and Parity Notes
may (and, if sufficient to redeem at least twenty-Bve thousand dollars ($25,000) principal amount of
outstanding Notes and Parity Notes, shall) be used and applied by the Fiscal Agent, if any of the
Notes and Parity Notes are then callable, to call and' redeem the largest principal amount of
outstanding Notes and Parity Notes which can be called (including the payment of the applicable
premium thereon) with the moneys available therefor; or (ii) may, at the option of the Agency, be
transferred to the Redevelopment Fund. Any such call and redemption shall be made in accordance
with the provisions of Section 11 hereof by transferring the above described available moneys to the
Redemption Fund.
Purchases of outstanding Notes may be made by the Fiscal Agent at public: or private sale as,
when and at such prices as the Fiscir Agent may in its discretion detennine, but only at prices
(including brokerage or other expenses) not more than principal plus accrued interest plus the
premium applicable at the next following call date according to the schedules applicable thereto,
and any accrued interest payable upon the purchase of Notes may be paid from the amounts
reserved in the Note Interest Payment Account for the payment of interest on the next following interest
payment date. Any Notes so purchased, together with all unpaid interest coupons appertaining thereto,
shall be cancelled by the Fiscal Agent forthwith and surrendered to the Agency and shall not be
reissued.
The previous provisions of this Section for the determination on May 1st and November 1st of
each year of the amount of moneys in the Note Interest Payment Account available for purchase or
redemption of Notes and Parity Notes, if any, or transfer to the Redevelopment Fund shall not prevent
the Fiscal Agent from purchasing Notes and Parity Notes, if any, or making such transfers with moneys
in the Special Fund in the manner hereinbefore provided at any other time or times during any year,
but any such purchases or transfers (except for accrued ~terest) shall be made only with the portion
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4335
-of the balance in said Account which is in excess of the 'amount required to pay interest to maturity on
the then outstanding Notes and Pat:jty Notes, if any.
Section 16. Deposit and' Inv~stment of Moneys in Funds. Subject to the provisions of Covenant
9 of Section 18 bereof~ all moneYs held by the Agency in the Redevelopment Fund and by the
Fiscal Agent in the Special Fund, except such moneys which are at the time invested, shall be held
in time or demand deposits in any bank or trust ,company authorized to accept deposits of public
funds (including the banking department of the Fiscal Agent) and shall be secured by such obligations
and to the extent as shall be required by law for public deposits.
Moneys in the Redevelopment Fund may from time to time be invested by the Agency, and
moneys in the Special Fund may, and upon written request of the Agency shall, be invested by the
F"lScal Agent as provided by the Law, subject to the following restrictions:
-
(a) Moneys in the Redevelopment Fund shall be invested only in obligations which will
by their terms mature not later than the date the Agency estimates the moneys represented by
the particular investment will be needed for withdrawal from such Fund.
(b) Moneys in the Special Fund shall be invested only in obligations which will by their
terms mature on such dates as to insure that before each interest payment date there will be in
such Fund, from matured obligations and other moneys already in such Fund, cash equal to the
interest and principal payable on such date.
]
Obligations purchased as an investment of moneys in either of said Funds shall be deemed at all
times to be a part of such Fund and the interest accruing thereon and any gain realized from such
investment shall be credited to such Fund and any loss resulting from any such authorized investment
shall be charged to such Fund wi~out liability to the Agency or the members and officers thereof
or to the Fiscal Agent. The. Agency or the Fiscal Agent, as the case may be, shall sell at the best price
obtainable or present for redemption any obligation so purchased whenever it shall be necessary to do
so in order to provide moneys to meet any payment or transfer from such Fund as required by this
Resolution. For the purpose of determining at any given time the balance in any such Fund, any
such investment constituting a. part of such Fund shall be valued !it the then estimated or appraised
market value of such investment.
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Section 17. Issuance of Parity Notes and Bonds.
A. If at any time the Agency determines that it will not have sufficient moneys available from
the Sale of the Notes and other sources to pay the costs of the Redevelopment Project, the Agency
may provide for the issuance of and sell Parity Notes in such principal amount as it estimates will be
needed for such purpose. The issuanan.nd sale of any Parity Notes shall be subject to the following
conditions precedent:
(I) The Agency shall be in compliance with all covenants set forth in this Resolution.
(2) The Parity Notes shall be on such'tenns and conditions as may be set forth in a supple-
mental resolution, which supplemental resolution shall provide for the deposit of a portion of
the Parity Note proceeds in the Note Interest Payment Account in an amount sufficient to pay
interest on the Parity Notes to maturity.
(3) The issuance of such Parity Notes shall have been recommended by an opinion of an
Independent Financial Consultant.
B. The Agency shall use its best efforts to sell its tax allocation bonds in such time prior to the ..,
maturity date of the Notes so as to -pay the Notes at maturity. I
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C. Should the Agency's efforts to seU such bonds be unsuccessful, a new issue of tax allocation
negotiable promissory notes shall bet issued and sold to retire the Notes.
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D. Nothing in this Resolution shall preclude: (i) the payment of the Notes from the proceeds
of refunding notes, refunding bonds or other such obligations issued pursuant to law; or (ii) the pay-
ment of the Notes from any legally available funds of the AgenC)l. Nothing in this Resolution
shall prevent the Agency from making advances of its own funds howsoever derived to any of the
uses and purposes mentioned in this Resolution.. ..
Section 18. Covenants of the Agency. As long as the Notes are outstanding and unpaid, the
Agency shall (through its proper members, officers, agents or employees) faithfully perform and abide
by all of the covenants. undertakings and provisions contained in this Resolution or in any Note
issued hereunder, including the following Covenants and agreements for the benefit of the Note-
holders which are necessary, convenient and desirable to sedire the Notes and will tend to make
them more marketable; provided, however, that said Covenants do not require the Agency to expend
any funds other than the Tax Revenues:
Covenant 1. Complete Redevelopment Project; Amendment to Redevelopment Plan. The Agency
covenants and agrees that it shall diligently carry out and continue to completion, with all practicable
dispatch, the Redevelopment Project in accordance with its duty so to do under and in accordance
with the Law and the Redevelopment Plan and in a sound and economical manner. The Redevelop-
ment Plan may be further amended, but no such further amendment shall be made which would
substantially impair the security of the Notes or the rights of the Noteholders, as shown by a certificate
or opinion of an Independent Financial Consultant. .
Covenant 2. Use of Proceeds of Notes; Management and Operation of Properties. The Agency
. covenants and agrees that the proceeds of the sale of the Notes shall be deposited and used as pro-
vided in this Resolution and that the Agency shall manage and operate all properties owned by it
and comprising any part of the Redevelopment Project in a sound and businesslike manner.
Covenant 3. No Priority. The Agency Covenants and agrees that it shall not issue any obliga-
tions payable, principal or interest, from the TaX Revenues which have, or purport to have, any lien
upon the Tax Revenues prior or superior to the lien of the Notes herein authorized and the interest
coupons appertaining thereto. Except as permitted in Section 17 hereof, the Agency shall not issue
any obligations payable, principal or interest, from the Tax Revenues which have, or purport to have,
any lien upon the Tax Revenues on a parity with the Notes herein authorized and the interest coupons
appertaining thereto; provided, however, that nothing in this Resolution shall prevent the Agency (i)
from issuing and selling pursuant to law refunding notes, refunding bonds or other such obligations
payable from and having any lawful lien upon the Tax Revenues, if such refun(ijng notes, refunding
bonds or other such obligations are issued and are suflicient for the purpose of refunding all of the Notes
authorized by this Resolution and then outstanding, or (ii) from issuing and selling notes, bonds or
other. obligations which have, or purport to have, any lien upon the Tax Revenues which in each
year is subordinate to the N,otes herein authorized and the interest coupons appertaining thereto, or
(iii) from issuing and selling notes, bonds or other obligations which are payable in whole or in part
from sources other than the Tax Revenues.
Covenant 4. .Punctual Payment. The Agency covenants and agrees that it shall duly and punc-
tually payor cause to be paid the principal of and interest on each of the Notes issued hereunder
on the date, at the place and in the manner provided in said Notes and the interest coupons appertain-
ing thereto.
Covenant 5. Payment 01 Taxes and Other Charges. The Agency covenants and agrees that it
shall from time to time pay and discharge, or cause to be paid -and discharged, all payments in lieu
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of taxes, service charges, assessments or other governmental charges which may lawfully be imposed
upon the Agency or any of the pro~es then owned by it in the Redevelopment Project Area, or
upon the revenues and income therefmm. and shall pay all lawful claims for labor, material and
supplies which if unpaid might become a lien or charge upon any of said properties, revenues or
income or which might impair the "Security of the Notes or the use of Tax Revenues or other legally
available funds to pay the Principal of and interest thereon, all to the end that the priority and
security of the Notes shall be preserved; provided that nothing in this Covenant shall require the
Agency to make any such payment so long as the Agency in good faith shall contest the validity
thereof.
Covenant 6. Books and Accounts; Financial Statements. The Agency covenants and agrees
that it shall at all times keep, or cause to be kept, proper and current books and accounts (separate
&om all. other records and accounts) in which complete and accurate entries shall be made of all
transactions relating to the Redevelopment Project and the Tax ""Revenues and other funds relating to
the Redevelopment Project, and shall prepare within one hundred twenty (120) days after the close
of each Fiscal Year a complete financial statement or statements for such year in reasonable detail
covering such Redevelopment Project, Tax Revenues and other funds, certified by a certified public
accountant or firm of certified public accountants selected by the Agency, and shall furnish a copy
of such statement or statements to the original purchaser of the Notes or to any Notebolder upon
written request.
Covenant 7. Eminent Domain Proceeds. The Agency covenants and agrees that, if all or any
part of the Redevelopment Project Area should be taken from it by eminent domain proceedings or
other proceedings authorized by law for any public or other use under which the property will be
tax exempt, the net proceeds realized by the Agency therefrom shall be deposited in the Note Interest
Payment Account of the Special Fund and used and applied for the purpose of paying principal of
and interest on the Notes as in this Resolution provided.
Covenant 8. Disposition of Property. The Agency covenants and agrees that it shall not dispose
of property in the Redevelopment Project Area (except property shown in the Redevelopment Plan
in effect on the date this Resolution is adopted as planned for public use, or property to be used for
public streets, public off-street parking, sewage facilities, parks, easements or rights of way for public
utilities, or other similar uses) to public bodies or other pe~ons or entities whose property is tax
exempt, if, in the opinion of an Independent Financial Consultant, as a result of such disposition, the
security of the Notes or the rights of Noteholders would be substantially impaired.
Covenant 9. Protection of Security and Rights of Noteholders; No Arbitrage. The Agency covenants
and agrees to preserve and protect the..~ty of the Notes and the rights of the Noteholders and to
defend their rights under all claims and demands of all persons. The Agency covenants and agrees to
contest by court action or otherwise any assertion by the United States of America or any department or
agency thereof that the interest received by the Noteholders is taxable under federal income tax laws.
The Agency covenants and -agrees to take no action which, in the opinion of counsel, would result in the
interest received by the Noteholders becoming taxable under federal income tax laws. Any opinion of
such counsel may be based upon, insofar as it relates to factual matters, information which is in the
possession of the Agency as shown by a certificate or opinion of, or representation by, an officer or
officers of the Agency, unless such counsel knows, or in the exercise of reasonable care should have
known, that the certificate or opinion or representation with respect to the matters upon which his
opinion may be based, as aforesaid, is erroneous. As used herein, .opinion of counsel- means a written
opinion of an attorney or 6rm of attorneys of favorable reputation in the field of municipal bond law.
The Agency hereby covenants to the purchasers of the Notes that it will make no use of the proceeds of
the Notes at any time during the term thereof which, if such use had been reasonably expected at the
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date the Notes are issued, would have caused such Notes to be "arbitrage bonds" within the meaning
of Section l03(d) of the United St~s. Internal Revenue Code of 1954. as amended, and applicable
regulations adopted thereunder by the- Internal Revenue Service, and the Agency hereby assumes
the obligation to comply witl1 such Section 103 ( d) and such regulations throughout the term of the
Notes. ....
Section 19. Taxation of Leased Property. Whenever any property in the Redevelopment Project
Area has been redeveloped and thereafter is leased by the Agency to any person or persons (other than
a public agency) or whenever the Agency leases real property in the Redevelopment Project Area to
any person or persons (other than a public agency) for redevelopment, the property shall be assessed
and taxed in the same manner as privately owned property, as required by Section 33673 of the Law,
and the lease or contract shall provide: (i) that the lessee shall pay taxes upon the assessed value of the
entire property and not merely upon the assessed value of his ~ its leasehold interest, and (ii) that if
for any reason the taxes levied upon such property in any year during the term of the lease are less than
the taxes which would have been levied if the entire property had been assessed and taxed in the
same manner as privately owned property, the lessee shall pay such difference to the Agency within
thirty (30) days after the taxes for such year become payable to the taxing agencies and in no event
later than the delinquency date of such taxes established by law. All such payments shall be treated
as Tax Revenues and when received by the Agency shall be deposited in the Note Interest Payment
Account.
Section 20. Fiscal Agent .and Paying Agents. The Agency hereby appoints the Bank of America
National Trust and Savings Association as Fiscal Agent and trustee to act as the agent and depositary of
the Agency for the purpose of receiving Tax Revenues and other funds as provided in this Resolution,
to hold, allocate, use and apply such Tax Revenues and other funds as provided in this Resolution. and
to perf~rm such other duties and powers of the Fiscal Agent as are prescribed in this Resolution.
The Agency may remove the Fiscal Agent initially appointed or any successor thereto and in such
case shall forthwith appoint a successor thereto, but any successor shall. be a bank or trust company
doing business and having an office in Los Angeles, California, and having a combined capital and
surplus of at least fifty million dollars ($50,000,000). The Fiscal Agent so appointed, or any successor
Fiscal Agent, may at any time resign as suCh by writing Bled with the Agency, in which event the
Agency shall forthwith appoint a successor Fiscal Agent and the resignation shall become effective
upon such appointment. In the event that the Fiscal Agent or any successor becomes incapable of
acting as such, the Agency shall forthwith appoint a successor Fiscal Agent Any bank or trust company
into which the Fiscal Agent may be merged or with which it may be consolidated shall become the
Fiscal Agent without action of the Agency. A Fiscal Agent may become the owner of any of the
Notes authorized by this Resolution 01:.iJlY of the coupons appertaining thereto with the same rights
it would have had if it were not the Fiscal Agent
The Fiscal Agent shall have no duty or obligation whatsoever to enforce the collection of or to
exercise diligence in the enforcement of the coIIection of funds assigned to it hereunder, or as to the
correctness of any amounts received, but its. liability shall be limited to the proper accounting for such
funds as it shall actually receive.
The recitals of fact and all promises, covenants and agreements herein and in the Notes shall be
taken as statements, promises, covenants and agreements of the Agency, and the Fiscal Agent assumes
no responsibility for the correctness of the same, malees no representations as to the validity or
sufficiency of this Resolution or of the Notes or coupons, and shall incur no. responsibility in respect
thereof other than in connection with the duties or obligations herein or in the Notes assigned to or
imposed upon the Fiscal Agent. The Fiscal Agent shall not be liable in connection with the per-
formance of its duties hereunder, except for its own negligence or default.
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The Agency shall,-during the life of the Notes. provide for Paying Agents, at least one in Chicago,
Illinois, and at least one in New York;-New York, at the office of which the Notes and coupons are pay-
able at the option of the Holder... "-
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Section 21. Lost, Stolen, DeStroyed or Mutilated Notes. In the event that any Note or any
interest coupon appertaining thereto is lost, stolen, destroyed or mutilated, the Agency shall cause
to be issued a new Note or coupon, similar to the.original. to replace the same in such manner and
upon such reasonable terms and conditions (including the payment of costs and the posting of a
surety bond if the Agency deems such surety bond necessary) as may from time to time be deter-
mined and prescribed by resolution. The Agency may authorize such new Note or coupon or coupons
to be signed and authenticated in such manner as it determines in such resolution.
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Section 22. Cancellation of Notes. All Notes and coupons ~endered to the Fiscal Agent or any
Paying Agent for payment shall upon payment therefor be cancelled immediately and forthwith trans-
mitted to the Treasurer. All of the cancelled Notes and interest coupons shall remain in the custody of
the Treasurer until destroyed pursuant to authorization by the Agency.
Section 23. Amendments. This resolution, and the rights and obligations of the Agency and of the
Holders of the Notes and coupOns issued hereunder, may be modified or amended at any time by supple-
mental resolution adopted by the Agency: (i) without the consent of Noteholders, if such modification
or amendment is for the purpose of curing any ambiguities, defects or inconsistent provisions in this
Resolution or to insert such provisions clarifying matters or questions arising under this Resolution as
are necessary and desirable to accomplish the same, provided that such modiJications or amendments do
not adversely affect the rights of the Noteholders, and/or (ii) with the consent of Noteholders holding
sixty percent (60%) in aggregate principal amount of the outstanding Notes (exclusive of Notes, if any,
owned by the Agency or the City) and obtained as h~reinafter set forth; provided, however, that no
such modiJication or amendment shall, wi~out the expresS consent of the Holder or registered owner
of the Note affected, reduce the principal amount of any Note, reduce the interest rate payable thereon,
extend its maturity or the times for paying interest thereon or change the monetary medium in which
principal and interest are payable, or reduce the percentage of consent required for amendment or
modmcation. '
Any act done pursUant to a modification or amendment so consented to shall be binding upon
the Holders of all of the Notes and interest coupons, whether such coupons be attached to Notes or
detached therefrom, and shall not be deemed an infringement of any of the provisions of this Resolution
or of the Law, whatever the character of such act may be, and may be done and performed as fully
and freely as if expressly permitted by the terms of this Resolution,and, after such consent relating
to such speci1ied matters has been giI~. no Noteholder or holder of any interest coupon, whether
attached to a Note or detached therefrom, shall have any right or interest to object to such action
or in any manner to question the propriety thereof or to enjoin or restrain the Agency or any officer
thereof from taking any action pursuant thereto.
A. Colling N oteholders" Meeting. H the Agency shall desire to obtain any such consent, it shan
duly adopt a resolution calling a meeting of Noteholders for the purpose of considering the action
the consent to which is desired.
B. Notice of Meeting. Notice specifying the purpose, place, date and hour of such meeting
shall be published once in a financial newspaper or journal of national circulation published in New
York, New York, such publication to be not less than sixty (60) days nor more than ninety (90)
days prior to the date fixed for the meeting. Such notice shall set forth the nature of the proposed
action consent to which is desired. If any of the Notes shall be so registered as to be payable otherwise
than to bearer, the Agency shall. on or before the publication of such notice, cause to be mailed a
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'I'here is submitted herewith a memorandum (which shall not constitute a part of this bid) stating
the total net interest cost in dollars on the Notes during the life of the issue under this bid, and the
average net interest rate determined"1hereby.
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Respectfully submitted,
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Account Manager
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Address
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MEMORANDUM OF INTEREST COST
The total net interest cost on the Notes during the life of the issue under the above bid is
$ . . and the average net interest rate determined thereby is
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EXHIBIT B
BID
FOR THE PURCHASE OF
$2,000,000 REDEVELOPMENT AGENCY OF THE CITY OF SAJ."l BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES
ISSUE OF 1916
4360
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December 21. 1976
r
Redevelopment Agency of the City of San Eernardino
City of San Bernardino, California
In behalf of a group which we have formed, consisting of
................................................................................................................................................................................ ..
................................................. Co................................................................................................................................
.................................................................................................................................................................................... ..
.............................. .'. .................................................. .",.............................................................................................
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .'.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .' .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .... ...... .......
............................. ....... .........................................................................
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. . . . . . . . . . . . ... ... . . . . . . . . . . . . 0-. . . " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . : . . . t . .
. .. . .. .. . . . .. .. . .. .. . . .. .. . .. .. . .. .. . . . .. . . .," . .. .. . .. .. .. .. .. .. .. . .. . . . . .. .. .. . . .. . . . . .. .. . . .. . .. .. . . . . . .. .. .. .. .. .. .. .. .. . .. . .. . . ... ..
and pursuant to the Notice Invititlg Bids hereinafter mentioned, we offer to purchase two million
dollars ($2,000,000) principal amount, all or none, of the Notes designated as "'Redevelopment Agency
of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation
Negotiable Promissory Notes, Issue of 197Er. maturing on December 1. 1979, particularly described in
said Notice, bearing interest at. the rate of . %, and to pay therefor the aggregate sum of
$. . '.' . . . . . . . . . . · plus interest accrued on such Notes to the date of delivery thereof.
--
This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore
published, all of which terms and conditions are made a part hereof as fully as though set forth in
full in this bid.
As speci&ed in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six
(26) hours after the expiration of the' time for the receipt of bids, and the unqualified opinion of the
Bond Counsel B.rm of James \Varren Beebe, A Law Corporation, Los Angeles, California, approving
the validity of the Notes, will be furnished us (if we are the successful bidder) at the time of delivery
of the Notes at the expense of the Agency.
There is enclosed herewith a.. .... . .. check in the amount of forty thousand dollars
($40,000), payable to the order of the Agency.
r · $2,000,000, plus premium or less discount.
,~
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4359
Negotiable Promissory Notes of the Redevelopment Agency of the City of San Bernardino.. Each bid
must be unconditional and in accord.axJce with the terms and conditions set forth herein, or permitted
herein, and must be submitted on, or insubstantial accordance with, bid forms provided by the Agency.
Bid Check: A certified or cashie~'.s' check on a responsible bank or trust company in the amount of
forty thousand doUars ($40,000), payable to the order of the Agency, must accompany
each bid as a guaranty that the bidder, if successful, will accept and pay for the Notes in accordance
with the terms of his bid. The check accompanying. any accepted bid shall be applied to the purchase
price of the Notes. If such bid is accepted but not performed, unless such failure of performance shall
be caused by any act or omission of the Agency, the check accompanying any acCepted bid shall then be
cashed and the proceeds retained by the Agency. The check accompanying each unaccepted bid will be
returned promptly.
Change in Tax At any time before the Notes are tendered ~ delivery, the successful bidder may
Exempt Status: disafBrm and withdraw the bid if the interest received by private holders horn the
Notes of the same type and character shall be declared to be taxable income under
present federal income tax laws, either by a roling. of the Internal Revenue Service or by a decision of
any federal court, or shall be declared taxable by the terms of any federal income tax law enacted
subsequent to the date of this notice.
Arbitrage: On the basis of th~ facts, estimates and circumstances (including covenants of the Agency)
in existence on the date of issue of the Notes, it is not expected that the proceeds of the
Notes will be used in a manner that will cause the Notes to be arbitrage bonds, and the Agency will
furnish to the successful bidder at the time of delivery of the Notes an arbitrage certificate certifying to
the foregoing.
Legal Opinion: The unqualifled opinion of the Bond Counsel Drm of James Warren Beebe, A Law
Corporation, Los Angeles, California, approving the validity of the Notes, will be
furnished the successful bidder at or prior to the time of delivery of the' Notes a.t the expense of the
Agency. A copy of such opinion, certified by an officer of the Agency by his facsimile signature, will
.be printed on the back of each definitive Note. No charge will be made to the purchaser for such
printing or certi.&cation.
No LJtigation Certificate: At the time of paymen,t for and delivery of the Notes, the Agency will furnish .
the successful bidder acerti.6cate that there is no litigation pending affecting
the validity of the Notes.
OfIiclal Statement: The Agency will furnish to the successful bidder, at no charge, 400 copies of the
OfIicial Statement for this issue for use in connection with any resale of the Notes.
At the time of delivery of the Notes to the successful bidder, the Agency will furnish a certi.6cate to the
dect that at the time of sale of the NQttt and at all times subsequent thereto up to and including the
time of such delivery the OfIicial Statement did not contain any untroe statement of a material fact or
omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made>> not misleading.
LWORMATION Requests for copies of the Resolution and the Official Statement pertaining to the
AVAILABLE: Notes, or for other information concerning the Agency, should be addressed to
Miller & Schroeder Municipals, In~ Financial Consultants to the Agency, 1200 Prospect, La Jolla,
California 92037. Telephone (714) 459-2661.
GIVEN by order of the Agency adopted on . . . . . . . . ., 1978~
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Secretary of the Redevelopment Agency
of the City oE San Bernardino
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4358
each coupon period shall be represented by one interest coupon. Bids providing for additional or
supplemental coupons will be rejecte4..
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Award: The Notes shall be sold for Cash only. All bids must be for not less than allot the Notes
hereby offered for sale ana each bid shall state that the bidder offers accrued interest to the
date of delivery, the purchase price, which shall not be less than ninety-five per cent (95%) of the prin-
cipal, and the interest rate, not to exceed that speciBed herein, at which the bidder offers to buy the
Notes. Each bidder shall state in his bid the totai net interest cost in dollars and the average net
interest rate determined thereby, which shall be considered informative only and not a part of the bid.
Highest Bidder: The Notes will be awarded to the highest responsible bidder or bidders considering
the interest rate specified and the premium or discount offered, if any. The highest
bid will be determined by deducting the amount of the premLum bid (if any) fro~ or adding the
amount of the discount (if any) to, the total amount of interest which the Agency would be required
to pay from the date of the Notes to the maturity date thereof at the coupon rate specified in the bid,
and the award will be made on the basis of the lowest net interest cost to the Agency. The purchaser
must pay accrued interest hom the date of the Notes to the date of delivery computed on a 380-day
year basis. The cost of printing the Notes will be bome by the Agency.
Right of Rejection: The Agency reserves the right, in its discretion, to reject any and all bids and,
to the extent not prohibited by law, to waive any irregularity or informality
in any bid.
Prompt Award: The Agency will take action awarding the Notes or rejecting all bids not later than
twenty-six (26) hours after the time l.1erein prescribed for the receipt of bids; pro-
vided that the award may be made after the expiration of the specified time if the bidder shall not have
given to the Agency notice in writing of the withdrawal of such bid. _
CUSIP: CUSIP identification numbers may be imprinted on the Notes, but such numbers shall not
constitute a part of the contract evidenced by the Notes and no liability shall hereafter attach
to the Agency or any of the officers or agents thereof because of or on account of said number. Any
error or omission with respect to said number shall not constitute cause for refusal by the successful
bidder to accept delivery of and pay for the Notes.
Delivery and Payment: Delivery of the Notes will be made to the successful bidder at JefFries Bank.
note Company, 1330 West Pico Boulevard, Los Angeles, California, or at such
other place as may be agreed upon by the successful bidder and the officer of the Agency making
delivery. Payment for the No~es must"'be' made in funds immediately available to the Agency in Los
Angeles, California.
Prompt DeUvery;
Cancellation for
Late Delivery:
The Notes will be deUvered to. the successful bidder on or about December 29,
1976, and such prompt deUvery time is of the essence of the contract to be made
hereunder for the sale of the Notes. The Agency, at its sole option, shall have the
right to delay the delivery of the Notes beyond said date; provided, however, that
the successful bidder shall have the right, at' his option, to cancel the contract of purchase if the Agency
shall fail to execute the Notes and tender them for delivery within si.~ (60) days from the date herein
fixed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the
check accompanying his bid.
Form of Bid: Each bid, together with the bid check, must be in a sealed envelope, addressed to the
. Agency, with the envelope and bid clearly marked "Bid for $2,000,000 Tax Allocation
6
4357
Note or Bearer Notes may be registered by exchanging the same for a Fully Registered Note or Fully
Registered Notes. A Bearer Note or:-iearer Notes and a Fully Registered Note or Fully Registered
Notes may be exchanged for a Fully R~tered Note or Fully Registered Notes. A Fully Registered
Note may be exchanged in whole for Bearer Notes or in part for such Bearer Notes and the balance for
Fully Registered Notes. Transfer of ownership of a Fully Registered Note or Fully Registered Notes
shall be made by exchanging the same for a new Fully Registered Note or Fully Registered Notes.
All of such exchanges shall be in such manner and upon such reasonable terms and conditions as
may &om time to time be detennined and prescribed by the Agency; provided. however, that no
such exchange shall be made between the fifteenth (15th) day preceding any interest payment
date and such interest payment date. Such exchanges shall be free of any costs or charges to the
person. firm, or corporation requesting such exchange, except for any tax or governmental charge
that may be imposed in connection therewith. Each Bearer Note issued pursuant to the Resolution
shall be of the denomination of Jive thousand dollars {$5,OOOb Each Fully Registered Note issued
pursuant to the Resolution shall be of a denomination which is Bve thousand dollars ($5,OOO) or
any whole multiple thereof.
CALLABLE OPTION: The outstanding Notes, or any of them, may be called before maturity and
redeemed. at the option of the Agency, from any source of funds, on
June 1, 1977, or on any interest payment date thereafter prior to maturity. If less than ail of the
Notes outstanding are to be redeemed at anyone time, the Notes to be redeemed shall be detennined by
lot. Notes so called for redemption shall he redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof, plus accrued interest to the redemption date and the following
premium (percentage of principal amount) if redeemed on the following redemption dates:
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PREMIUMS AND REDEMPTION DATES
Redemption Date Premium
June I, 1977 .............................. 1 % ___
December 1, 1977 .. . . . . . . . . . . . . . . . . . . . . . . . . 1 %
June 1. 1978 ......... . . . . . . . . . . . . . . .. ..... J,2% .....ttI
December!, 1978 . . . . . . . .. . . .. ............ J,2%
June 1, 1979 . . . . . . . . . . . . . . . '. . . . . . . . . .. .... ()
Notice of call and. redemption shall be given as provided in the Resolution hereinafter referred to.
PURPOSE OF ISSUE: The Notes are to be issued by the Agency under and pursuant to the Com-
munity Redevelopment Law of the State of California (Part 1 of Division 24
of the Health and Safety Code) for the corporate purposes of the Agency aiding in the Jinancing of a
redevelopment project in the City of S8.P_Bernardino, California, known as the Southeast Industrial Park
Redevelopment Project Area, and are to be issued pursuant to Resolution No. ...... adopted by the
Agency on ... . . . . . . ., 1976 (herein sometimes referred to as the "Resolution-), to which reference is
made for further particulars.
SECURITY: The Notes are payable, both principal and interest, solely from Tax Revenues (as de6ned
in the Resolution) and from certain other limited funds as provided in the Resolution.
The Notes are not obligations of the City oE San Bernardino or the State of California and do not con-
stitute an indebtedness \vithin the meaning of any constitutional or statutory debt limitation or
restriction.
TERMS OF SALE
Interest Rate: The rate bid may not exceed eight percent (8%) per annum, payable semiannually on
June 1st and December 1st in each year, and must be a multiple of 1/20 of 1%. The
interest on anyone Note shan be at one rate only. All Notes must carry the same interest rate and
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EXHIBIT A
REDEVELOPMENT M;ENCY OF THE CITY OF SAN BERNARDINO
COUNTY OF SAJ.'i BEfu'llARDL."lO
CITY OF SAN BERNARDINO
....
NOTICE INVITING BIDS
n,OOO,OOO
BEDEVELOPl\tfENT AGENCY OF THE CITY OF SAN BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976
NOTICE IS HEREBY GIVEN that sealed proposals fo~the purchase of two million dollars
($2.000.000) principal amount of tax allocation notes of the Redevelopment Agency of the City of San
Bernardino (herein sometimes referred to as the "Agency.) will be received by the Agency at the place
and up to the time speciBed:
TIME:
PLACE:
December 21, 1976
11:00 o'clock A.M.. P.S.T.
Law Offices of James Warren Beebe, A Law Corporation
611 West Sixth Street. Suite 1892
Los Angeles. CallEomia 90017
OPENL.'iG OF BIDS: The bids will be received at the above time and place, will be opened by the
Financial Consultants and Bond Counsel and will be presented to the Agency
at its meeting to be held later that day.
ISSUE: T~o mi1li~ dollars ($2.000,000), designated "Redevelopment Agency of the City of San
Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Negoti-
able Promissory Notes. Issue of 1976'" (the "Notes"), consisting of four hundred (400) notes, numbered
1 to 400, each inclusive, of the denomination of Bve thousand dollars ($5,000) and dated December 1,
1976.
MATURITY: The Notes will mature on December 1,1979.
INTEREST: The Notes will bear interest at a rate to be B.<<ed upon the sale thereof, but not to exceed
eight percent (8%) per annum, payable semiannually on June 1st and December 1st in
each year beginning on June 1, 1977. ..-
PAYMENTS: The Notes, the interest thereon and any premiums upon the redemption thereof
prior to maturity are payable in lawful money of the United States of America and
(except lor interest on Fully Registered Notes, which is payable by check or draft) are payable at the
Corporate Agency Division of Bank of America National Trust and Savings Association. Fiscal Agent
of the Agency, in Los Angeles or San Francisco, California. or, at the option of the holder, at the office
of any Paying Agent of the Agency in Chicago, Illinois, or N ew York, N ew York.
REGISTRATION: Two forms of Notes have been provided: (i) those which shall be initially issued
and which are in negotiable form, payable to bearer, with negotiable coupons
("Bearer Notes"), and (ii) those which are issued to facilitate registration and so are issued as non-
negotiable fully registered notes payable to the registered owner ("Fully Registered Notes"). The
Bearer Notes are not registrable by endorsement and, to facilitate their registration, they may be
exchanged for Fully Registered Notes as provided in the Resolution hereinafter referred to. A Bearer
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4355
STATE OF CALIFORJ.'lIA }
COUNTY OF SAN BERNARDINO-r SSe
CITY OF SAJ.'l BERNARDINO . .
SECRETARYS CERTIFICATE
RE ADOPTION OF RESOLUTION
1, . . . . . . . . . . . . . . . . . . . .. , SeCretary of the Redevelopment Agency of the City of San Bernardino,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said Agency at a regular
meeting of said Agency beld on the . . . . day of . . ; . . . . .. , 1976, and that tbe same was passed and
adopted by the following vote, to wit:
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AYES:
Members:
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NOES:
Members:
ABSENT:
Members:
Secretary of the Redevelopment Agency
of the City of San Bernardino
[SEAL]
STATE OF CALIFORNIA }
COUNTY OF SAN BERNARDINO SSe
CITY OF SAN BERNARDINO
SECRET ARY'S CERTIFICATE
OF AUTHENTICATION
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I, . . . . . . . .. . . . . . . . . . . .. , Secretary of the Redevelopment Agency of the City of San Bernardino,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No.
. . . . of said Agency and that said Resolution was adopted at. the time and by the vote stated on the
above certificate and has not been amended or repealed.
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Secretary of the Redevelopment Agency
of the City of San Bernardino
[SEAL]
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4354
Section 6. Official Statement Furnished. The Secretary and the Financial Consultant are hereby
authorized and directed to cause to b.;furnished to prospective bidders a reasonable number of copies
of said Notice Inviting Bids (including the Bid Form) and a reasonable number of copies of said Official
Statement. -
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Section 7. General Authorization. The Financial Consultants and/or Bond Counsel are hereby
authorized and directed to open the bids at the time and place specified in said Notice Inviting Bids
and to present the same to the Agency. The Financial Consultants and/or Bond Counsel are hereby
authorized and directed to receive' and record the receipt of all bids made pursuant to said Notice
Inviting Bids, to cause said bids to be examined for compliance with said Notice Inviting Bids, to
cause computations to be made as to which bidder has bid the lowest interest cost to the Agency and
to present such bids to the Agency, as provided in said Notice Inviting Bids, along with a report as to
the foregoing and any other matters deemed pertinent to the award of the Notes and the proceedings
for the issuance thereof. -
Section 8. Effective Date. This Resolution shall take effect upon adoption.
ADOPTED AJ.'lD APPROVED this . " day of . . . . . . . . . . . .. , 1976.
Chairman of the Redevelopment Agency
of the City of San Bernardino
ATTEST:
Secretary of the Redevelopment Agency
of the City of San B~J:1lardino
[SEAL}
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RESOLUTION NO. .... 3296
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
PROVIDING FOR THE SALE OF $~OOO,OOO PRINCIPAL AMOUNT OF TAX ALLOCATION
NEGOTIABLE PROMISSORY NOTES.
"'""'"
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WHEREAS, the Redevelopment Agency of the City of San Bernardino (herein sometimes ....J
referred to as 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
330(0) of the Health and Safety Code of the State of California} and the powers of the Agency
include the power to issue notes for any of its corporate purposes; and
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WHEREAS, the Agency has heretofore adopted its Resolution entitled: "Resolution of the
Redevelopment Agency of the City of San Bernardino Authorizing the Issuance of $2,000,000
Principal Amount of Tax Allocation Negotiable Promissory Notes, Issue of 1976, to Aid in the
F;n.",clng of a Redevelopment Project Known as the Southeast Industrial Park Redevelopment Project
Area" (hereinafter referred to as the '"Resolution of Issuance"); and
WHEREAS, the Agency deems it necessary to sell at this time the $2,000,000 Notes as author-
ized by the Resolution of Issuance.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BER-
NARDINO DOES HEREBY RESOLVE, DETEIl1\HNE AND ORDER AS FQLLOWS:
Section 1. Sale Authorized. The sale of two million dollars ($2,000,000) principal amount
REDEVELOPMENT AGENCY OF THE CITY OF. SAN BERNARDL'lO, SOUTHEAST IN- "'"""'l
DUSTRIAL PARK REDEVELOPMENT PROJECf AREA, TA.."{ ALLOCATION NEGOTIABLE
PROMISSORY NOTES, ISSUE OF 1976 (herein sometimes referred to as the '"Notes") in accordance ...JIll
with law is hereby authorized. .
Section 2. Notice Inviting Bids. The invitation for bids for the purchase of the Notes is hereby
authorized, such invitation to be substantially in accordance with the Notice Inviting Bids attached
hereto as Exhibit A and by this reference incorporated herein. Said Notice Inviting Bids. and the Bid
Form, including the memorandum of interest cost, attached hereto as Exhibit B and by this reference
incorporated herein, are h~reby approved.
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Section 3. Publication of Notice Inviting Bids. The Secretary of the Agency (herein sometimes
referred to as the "Secretary") shall cause to be published in the San Bernardino Sun-Telegram, a news-
papet published and of general circulation in the City of San Bernardino, California, by at least one (1)
insertion at least Bve (5) days prior to the day Bxed for the receipt of bids, the Notice Inviting Bids.
Section 4. Terms and Conditions of Sale. The terms and conditions of the offering and the sale
of the Notes shall be as specified in said Notice Inviting Bids.
Section 5. Official Statement Approved. The Agency hereby approves, to be furnished to
prospective bidders for the Notes and to the successful bidder, an Official Statement, substantially in
the form attached hereto as Exhibit C and by this reference incorporated herein, including any
amendments or changes made by the Executive Director of the Agency and the Financial Consultants, ,.....,
with the approval of Bond Counsel.
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4352
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LFORM 01" ENDORSEMENT ON FtTLLy REGISTERED NOTES]
This Fully Registered Notelbsued in fully registered fonn without coupons) is issued in
lieu of or in exchange for Bearer Nate (s) of this issue of the denomination of five thousand doUars
($5,000), each not contemporaneously outstanding, aggregating the face value hereof; and Bearer
Notes of this same issue and of the denomination of five thousand doUars ($5,000) shall be issued
in exchange for this Note in the manner, with the effect and under the terms and conditions
stated on the face of the Note and in the Resolution referred to therein.
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[FORM OP ASSICNMEm" OF Ft1LLY REGISTERED NOTES]
For value received ................................ hereby sells, assigns and transfers
unto .................... . . . . . . . . . . . . . . . . . . . . . . . . . .. me within-mentioned Note and hereby
irrevocably constitutes and appoints ......................................................
. . . . . . . . . . . . . . . . . . . . . . . . . .. , attorney, to transfer the same on the books of the Fiscal Agent
with full power of substitution in the premises.
Dated: ....................
"...
NOTE: The signature to this Assignment must correspond with the name as written on the face
of the within Note in every particular, without alteration or enlargement or any change
whatsoever. .
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4351
This Note is issued in fully registered fonn (herein somemnes referred to as a ""Fully Regis-
tered Note") and is non-negotiable. This Note may be exchanged for a like aggregate principal
amount of Bearer Notes of the sam~ issue, bearing all unmatured coupons, or for a like aggregate
principal amount of Fully' Registered Notes of other authorized denominations, ot in part for
Bearer Notes and the balance ror Fully Registered Notes of the same issue, and Bearer Notes bear-
ing all unmatured coupons may be exchanged for a like aggregate principal amount of Fully Reg-
istered Notes of authorized denominations of the same issue, all as more fully set forth in the
Resolution. This Note is transferable by the rePstered owner hereof, in person or by his attorney
duly authorized in writing. at the principal office of the Fiscal Agent in Los Angeles, California,
but only in the manner, subject to the limitations and upon payment of the charges provided in
the Resolution, upon surrender and cancellation of this Note. Upon such transfer. a new Fully
Registered Note of authorized denomination or denominations for the same aggregate principal
amount of the same issue will be issued to the transferee in exchange therefor. No exchange or
transfer shall be made between the fifteenth (15th) day preceding any interest payment date and
such interest payment date.
The Agency, the Fiscal Agent and any Paying Agent may treat the registered owner hereof
as the owner for all purposes, and the Agency, the Fiscal Agent and any Paying Agent shall not
be affected by any notice to the contrary.
This Note shall not be entitled to any bene6t under the Resolution, or become valid or
obligatory for any purpose, until the certi6cate of authentication hereon endorsed shall have been
signed by the Fiscal Agent.
It is hereby recited, cetti6ed and declared that any and all conditions, things and acts required
to exist, to happen and to be perfonned precedent to and in the issuance of this Note exist, have
happened and have been perfonned in due time, fonn and manner as required by the Constitution
and laws of the State of California.
IN Wl'INESS WHEREOF, the Redevelopment Agency of the City of San Bernardino has caused
this Note to be signed on its behalf by facsimile signature of its Chainnan and by manual signature
of its S~taryand the seal of the. Agency to be imprinted hereon. all as of the .,., day of
, , , " .' . ...,. _, 19,..
Chairman of the Redevelopment Agency
of the City of San Bernardino
[SEAL]
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Secretary of the Redevelopment Agency
of the City of San Bernardino
[FORM OF Cl::R'unCATE OF AlJ'THENTICATION ON Fl1LLY REGISTERED NOTES]
This is one of the Fully Registered Notes described in the within-mentioned Resolution.
... . .., .. . . . .. . .. .... . .... . . . . . . . " Fiscal Agent
By
Authorized Officer
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4350
liable hereon. nor in any eventsball this Note, said interest or said premium be payable out of
any funds or properties other than ~e funds of the Agency as set forth in the Resolution herein-
after mentioned. This Note dci~-not constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor
any persons executing this Note are liable personally on this Note by reason of its issuance.
This Note is one of a duly'authorized issue of Notes of the Agency designated -Redevelop-
ment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Negotiable Promissory Notes, Issue of 1976'" (herein sometimes referred to as
the "Notes") in aggregate principal amount of two million dollars ($2.000,000), all of like
tenor (except for numbers thereon) and all of which have been issued pursuant to and in
full conformity with the Constitution and laws of the State of California and particularly
the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code
of the State of California) for the corporate purposes ot the Agency aiding in the financing
of the redevelopment project above designated, and are authorized by and issued pursuant to
Resolution No. . . .. . . ., adopted by the Agency on . ... .......... (said Resolution No. . . . . . . .
being herein sometimes referred to as the -Resolution"). All of the Notes are equally secured in
accordance with the tenns of the Resolution, reference to which is hereby made for a specific
description of the security therein provided for the Notes, for the nature, extent and manner of
enforcement of such security, for the covenants and agreements made for the benefit of the Note-
holders, and for a statement of the rights of the Noteholders, and by the acceptance of this Note
the registered owner hereof assents to all the terms, conditions and provisions of said Resolu-
tion. In the manner provided in the Resolution, the Resolution and the rights and obligations of the
Agency and of the Noteholders may (with certain exceptions as stated in said Resolution) be
modified or amended with the consent of the Holders of sixty percent (60%) in aggregate prin-
cipal amount of outstanding Notes (exclusive of issuer-owned Notes, as that term is defined in
the Resolution), unless the modification or amendment is for .the purpose of curing ambiguities,
defects, etc., in which case no Noteholder's consent is required.
The principal of this Note and the interest hereon are secured by an irrevocable pledge of,
and are payable solely from, the Tax Revenues (as such term is defined in said Resolution) and
certain other funds, all as- more partieularly set forth in the Resolution. The Resolution is
adopted Under and this Note is issued under and is to be construed in accordance with the
laws of the State of California. ..
The outstanding Notes, or any of them, may be called before maturity and redeemed, at the
option of the Agency, from any source of funds, on June 1, 1977, or on any interest payment
date thereafter prior to maturity (the -redemption date"). If less than all of the Notes outstanding
are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot.
Notes called for redemption sliaIl be redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof, plus accrued interest to the redemption date and the
following premium (percentage of principal amount) if redeemed on the following redemption
dates:
PREMIUMS AND REDEMPTION DATES
Redemption Date Premium
June 1, 1977 . . . .. .. .. . . . . . .. . .. . . . 1 %
December 1, 1977 . . . . . . . . . . . . . . . . . 1 %
June 1, 1978 ..... . . .. . . . . . .. .. . . . . 1h%
December 1, 1978 . .. .. .. .. . . . . .. . . 1h%
June I, 1979 . .. . .. . .. .. .. .. .. . . . . . 0
Notice of call and redemption prior to maturity shall be given as provided in the Resolution.
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4349
EXHIBIT B
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[FO!lM OF FULLY BECISTERED NOTE]
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.~UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN BElU'IARDINO
CITY OF SAN BERNARDINO
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE
ISSUE OF 1976
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Fully Registered Note
No.R....... .
THE REDEVELOPMENT ACENCY OF THE Crrr OF SAN BERNA!\DL"lO (herein sometimes referred
to as the -Agency.). a public body, corporate and politic, duly organized and existing under the
laws of the State of California. for value received. hereby promises to pay (but solely from the
funds hereinafter mentioned) to ...................... or registered assigns (herein some.
times referred to as the -registered owner.), subject to the right of prior redemption hereinafter
mentioned. the principal sum of ..............................,.............. .. Dollars
($. . . . . . . ., ). beiDg Notes maturing as follows:
Maturity Date
Amount
Interest Rate
........
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and to pay such registered owner by check or draft mailed thereto at his address as it appears
on the register.kept by the Fiscal Agent at the close of business on the fifteenth (15th) day- --"-
preceding the interest payment date. interest on such principal sum from the interest payment
date next preceding the date bel'eOf (unless the date hereof is prior to June 1. 1977, in
which event from December 1. 1976) until the principal hereof shall have been paid or provided
for in accordance with the Resolution hereinafter referred to. at the rate or rates above
indicated. payable semiannually on June 1st and December 1st in each year. Both principal and
interest and any premium upon the redemption prior to maturity of all or part hereof are
payable in lawful money of the United States of America and (except for interest which is
payable by check or draft as stated above) are payable at the Corporate Agency Division of
Bank of America National Trust and Savings Association. Fiscal Agent for the Agency, in Los
Angeles or San Francisco. California. or. at the option of the Holder hereof, at the office of any
Paying Agent of the Agency in Chicago. Illinois, or New York. New York.
This Note, the interest hereon and any premium due upon the redemption of this Note prior
to maturity are not a debt of the City of San Bernardino, the State of California nor any of its ~
political subdivisions and neither said City. said State nor any of its political subdivisions is ~
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L COUPON FORM]
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- .,-- On the first day of
the REDEVELOPMENT AGENCY OF THE ClTY OF SAN BERNARDINO will pay to bearer,
at the Corporate Agency Division ~ of the Bank of America National Trost and
Savings Association, Fiscal Agent for the Agency, in Los Angeles or San Francisco,
California. or, at the option of the Holder hereof, at the office of any Paying Agent
of the Agency in Chicago, minois, or New York, New York, solely from the funds
mentioned in the Note to which this coupon is attached, the sum shown hereon in
lawful money of the United States of America, being the interest then due on its
SoUTHEAST lNDUSTRLU. PARI: REDEVELOPMENT PRoJECt' AREA, TAX A.u.oc.\noN
NECO'nABLE PRoMISSORY NOTE, ISSVE OF 1976.
\0...-.
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dated Oecember 1, 1976.
Secretary of the Redevelopment Agency
of the City of San Bernardino
[REVEBSE OF COUPON]
4348
. . . . . . . . . . .,
19. .
Coupon No. . . . .
$.. .............
No. ...... ...
If the Note to which this coupon is attached is redeemable and is duly called for redemption on a
date prior to the maturity date of this coupon, this coupon will be void.
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It is hereby recited, certified and declared that any and all conditions, things and acts
required to exist. to happen and tarbe performed precedent to and in the issuance of this Note exist.
have happened and have been pelformed in due time, form and manner as required by the ~
Constitution and laws of the State of California.
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IN WITNESS WHEREOF, the Redevelopment Agency of the City of San Bernardino has caused
this Note to be signed .on its behalf by facsimile. signature of its Chairman and by manual signature
of its Secretary, and the seal of the Agency to be imprinted hereon, and the interest coupons hereto
attached to be signed by facsimile signature of its Secretary and this Note to be dated as of the
Brst day of December, 1978.
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[SEAL]
Chairman of the Redevelopment Agency
of the City of San Bernardino
Secretary of the Redevelopment Agency
of the City of San Bernardino
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4346
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Resolution, reference to which is hereby made for a speci.6c description of the security therein
provided for the Notes, for the nature, extent and manner of enforcement of such security, for the
covenants and agreements made for the benent of the Noteholders, and for a statement of the
rights of the Noteholders, and by the acceptance of this Note the Holder hereof and of the
coupons attached hereto assents to all of the tenns, conditions and provisions of the Resolution.
In the manner provided in the Resolution, the Resolution and the rights and obligations of the
Agency and of the Holders of the Notes and ~upons may (with certain exceptions as stated in
the Resolution) be modified or amended with .the consent of the Holders of sixty percent (60%)
in aggregate principal amount of .outstanding Notes (e:'tdusive of issuer-owned Notes, as such
term as defined in the Resolution), unless the modification or amendment is for the purpose of
curing ambiguities, defects, etc., in which case no Noteholder's consent is required.
The principal of this Note and the interest hereon are secured by an irrevocable pledge of,
and are payable solely from"the Tax: Revenues (as such ~rm is defined in the Resolution) and
certain other funds, all as more particularly set forth in the Resolution. The Resolution is
adopted under and this Note is issued under and is to be construed in accordance with the laws
of the State of California.
The outstanding Notes, or any of them, may be called before maturity and redeemed, at the
option of the Agency, from any source of funds, on June 1, 1977, or on any interest payment date
thereafter prior to maturity (the "redemption date"). If less than all of the Notes outstanding
are to be redeemed at anyone time, the Notes to be redeemed shall be determined by lot.
Notes called for redemption shall be redeemed at a redemption price for each redeemed
Note equal to the principal amount thereof, plus accrued interest to the redemption date and the
following premium (percentage of principal amount) if redeemed on the following redemption
dates:
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PREMIUMS AND REDEMPTION DATES
Redemption Date
Premium
"...
June 1, 1m ....... ',' . . . . . . . . . . . . . . . . . . . . .
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December 1, 1977 ..................;..... ':-,
June 1, 1978 .... . . . . . . . . . , . . . . . . . . . . . . . . . . .
I>ecember 1, 1978 .......... ...............
June I, 1979 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Notice of call and redemption prior to maturity shall be given as provided in the Resolution.
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This Note and the coupons attached hereto are negotiable instruments and shall be negotiable
by delivery. This Note (issued in the fonn of a bearer note and hereinafter sometimes referred to
as "'Bearer Note") is not registrable by endorsement, but may be exchanged for a Fully Registered
Note as provided in the Resolution. Fully Registered Notes may be exchanged for a like aggregate
principal amount of Bearer Notes of the same issue, bearing all unmatured coupons, or for a like
aggregate principal amount of Fully Registered Notes of other authorized denominations, or in part
for Bearer Notes and the balance for Fully Registered Notes of the same issue, and Bearer Notes
bearing all unmatured coupons may be exchanged for a like aggregate principal amount of Fully
Registered Notes of authorized denominations of the same issue, all as more fully set forth in the
Resolution; provided, however, that no such exchange shall be made between the fifteenth (15th)
day preceding any interest payment date and such interest payment date. Such exchange shall be
free of any costs or charges to the person, ann or corporation requesting such exchange, except
for any tax: or governmental charges that may be imposed in connection therewith.
1 %
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"2%
"2%
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4345
EXHIBIT A
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'"1]NITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE
ISSUE OF 1976
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No. ............
$5,000
THE !U:DEVELOPMENT ACENCr OF 'DIE CITY OF SAN BERNARDINO (herein sometimes referred
to as the -Agency.), a public body, corporate and politic, duly organized and existing under the
laws of the State of California, for value received, hereby promises to pay (but solely from the
funds hereinafter mentioned) to the bearer or, if this Note be registered, to the registered owner
hereof, on December I, 1979, upon presentation ~d surrender of this Note, the sum of FIVE
THOUSAND DOLLARS ($5,OOO}, with interest thereon (payable solely from said funds) from
the date hereof at the rate of .... % per annum, interest payable semiannually on June 1st and
December 1st of each and every year until this Note is paid, upon presentation and surrender
of the respective interest coupons hereto attached; provided, however, that if at the maturity
date of this Note funds are available for payment thereof, as provided in the Resolution herein-
after mentioned, this Note shall then cease to bear interest. Both principal and interest and any
premium upon the redemption hereof prior to maturity are payable in lawful money of the
United States of America at the Corporate Agency Division of Bank of America National Trust
and Savings Association, Fiscal Agent for the Agency, in Los Angeles or San Francisco, California,
or, at the option of the Holder hereof, at the office of any Paying Agent of the Agency in Chicago,
DIinois, or New York, New York.
This Note, the interest hereon and any.premium due upon the redemption of this Note prior
to maturity are not a debt of the City of San Bernardino, the State of California or any of its
political subdivisions and neither said City, said State nor any of its political subdivisions is liable
hereon, nor in any event shall this Note, said interest or said premium be payable out of any funds
or properties other than the funds of the Agency as set forth in the Resolution hereinafter
mentioned. This Note does not constitute an indebtedness within the meaning of any constitu-
tional or statutory debt limitatiooor restriction. Neither the members of the Agency nor any
persons executing this Note are liable personally on this Note by reason of its issuance.
This Note is one of a duly authorized issue of Notes of the Agency designated ""Redevelop-
ment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Negotiable Promissory Notes, Issue of 1976"" (herein sometimes referred to as the
'"Notes.) in aggregate principal amount of two million dollars ($2,000,000), all of like tenor (except
for numbers thereon) and all of which have been issued pursuant to and in full conformity with the
Constitution and laws of the State of California and particularly the Community Redevelopment
Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) for the
corporate purposes of the Agency aiding in the financing of the redevelopment project above
designated, and are authorized by and issued pursuant to Resolution No. ..... ,adopted by the
Agency on . . .. . . . . . . . . . . .. (said Resolution No. ........ being herein sometimes referred to
as the ~esolution"). All of the Notes are equally secured in accordance with the terms of the
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STATE OF CALIFORNlA
Cot1NTY OF SAN BER.'IlARDINO
CITY OF SAN BERNABDINO
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SECRETARY'S CERTIFICATE
OF AUTHENTICATION
r. .............. ......... '.-:. . Secretary of the Redevelopment Agency of the City of San
-- Bernardino, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
Resolution No. . . " . of said Agency and that, said Resolution was adopted at the time and by the
vote stated on the above certificate, and has not been amended or repealed.
Secretary of the Redevelopment Agency of the
- City of San Bernardino
[SEAL]
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4343
STATE OF CAuroRNlA }
CoUNTY OF SAN BERNARDINO
CITT OF SAN BER.'\lARDINO .. SIt.~
SECRETARY"S CERTIFICATE
RE AOOmON OF RESOLUTION
......,
I, .... . . . . . . . . . . .. ..... .~.. . Secretary of the Redevelopment Agency of the City of San
Bernardino. DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said Agency ...J
at a ............ meeting of said Agency held on the .... day of ........... 1976, and that the
same was passed and adopted by the following vote. to wit:
AYES:
Members:
NOES:
Members:
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ABSENT:
Members:
Secretary of the Redevelopment Agency of the
City of San Bernardino
[SEAL]
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Section 26. Effective Date. This Resolution shall take effect upon adoption.
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ADoPTED AND APPROVED the ..... . day of . . . . . . . . . . . .. 1976.
A1'TEST:
Secretary of the RedevelopmentAgency of the
City of San Bernardino
[SEAL]
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Chainnan of the Redevelopment Agency of the
City of San Bernardino
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4341
meeting shall be conclusive evidence and the only competent evidence of matters stated in such
certificate relating to proceedings tab~ at such meeting.
Section 24. Proceedings Constitute Contract. The provisions of this Resolution, of the resolutions
providing for the sale of the NoteS and awarding the Notes and B.ung the interest rate thereon, and
of any other resolution supplementing or amending this Resolution, shall constitute a contract between
the Agency and the Noteholders and the provisiOnS thereof shall be enforceable by any Noteholder
for the equal benefit and protection of all Noteholders similarly situated by mandamus, accounting,
mandatory injunction or any other suit, action or proceeding at law or in equity that is now or may
hereafter be authorized under the laws of the State of California in any court of competent jurisdiction.
Said contract is made under and is to be construed in accordance with the laws of the State of California.
No remedy conferred hereby upon any Noteholder is intended to be exclusive of any other remedy,
but each such remedy is cumulative and in addition to every otlrer remedy and may be exercised with-
out exhausting and without regard to any other remedy conferred by the Law or any other law of
the State of California. No waiver of any default or breach of duty or contract by any Noteholder
shall alfect any subsequent default or breach of duty or contract or shall. impair any rights or remedies
on said subsequent default or breach. No delay or omission of any Noteholder to exercise any right
or power accruing upon any default shall impair any such right or power or shall be construed as a
waiver of any such default or acquiescence therein. Every substantive right and every remedy
conferred upon the Noteholders may be enforced and exercised asoften as may be deemed expedient.
In case any suit. action or proceeding to enforce any right or exercise any remedy shall be brought
or taken, and should said suit, action or proceeding be abandoned or be determined adversely to
the Noteholders, then, and in every such case, the Agency and the Noteholders shall be restored
to their former positions, rights and remedies as if such suit, action or proceeding had not been brought
or taken.
After th~ issuance and delivery of the Notes, this Resolution and supplementary resolutions hereto ..,
shall be irrepealable, but shall be subject to modification or amendment to the extent and in the ~
manner provided in this Resolution, but to no greater extent and in no other manner. ..,..j
CUSIP identification numbers may be ~printed on the Notes, but such numbers shall not
constitute a part of the contract evidenced by the Notes and no liability shall hereafter attach to the
Agency or any of the officers or agents thereof because of or on account of said numbers. Any error
or omission with 'respect to said numbers shall not constitute cause for refusal by the successful
bidder to accept delivery of and pay for the Notes.
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Section 25. Severability. If any covenant, agreement or proVlSlon, or any portion thereof,
contained in this Resolution, or the amilication thereof to any person or circumstances, is held to be
unconstitutional, invalid or unenforceable, the remainder of this Resolution and the application of any
such covenant. agreement or provision, or portion thereof. to other persons or circumstances shall be
deemed severable and shall not be affected, and this Resolution and the Notes issued pursuant hereto
shall remain valid and the Noteholders shall retain all valid rights and benefits accorded to them
under this Resolution and the Constitution and laws of the State of California. If the provisions relating
to the appointment and duties of a Fiscal Agent are held to be unconstitutional, invalid or unenforce-
able, said duties shall be performed by the Treasurer. -
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similar notice. postage prepaid, to the respective registered owners thereof at their addresses appearing .
on the Note registry books in the po~ssion of the Fiscal Agent. The place, date and hour of holding
such meeting and the date or dates of publishing and mailing such notice shall be determined by the
Agency in Its discretion.
The actual receipt by any Noteholder of notice of any such meeting shall not be a condition
precedent to the holding of such meeting. and failure to receive such notice shall not affect the validity
of the proceedings thereat. A certificate by the Secretary of the Agency, approved by resolution of
the Agency, that the meeting has been called and that notice thereof has been given as herein
provided shall be conclusive as against all parties, and it shall not be open to any Noteholder to
show that he failed to receive actual notice of such meeting.
C. Voting Qualifications. Noteholders may, prior to such meeting. deliver their Notes to the
Fiscal Agent and shall thereupon be entitled to receive an4lppropriate receipt for the Notes so
deposited calling for the redelivery of such Notes at any time after the meeting. The Fiscal Agent shall
prepare and deliver to the chairman of the meeting a list of the names and addresses of the registered
owners of Notes, with a statement of the maturities and serial numbers of the Notes held and deposited
by each of such Noteholders, and no Noteholders shall be entitled to vote at such meeting unless
their names appear upon such list or unless they shall present their Notes at the meeting or a
certificate of deposit thereof, satisfactory to the Agency, executed by a bank or trust company. No
NotehoIder shall be permitted to vote with respect to a larger aggregate principal amount of Notes
than is set against such Noteholder's name on such list, unless be shall produce the Note or Notes
upon which he desires to vote or a certificate of deposit thereof as above provided.
D. lssuer-Owned Notes. The Agency covenants that it shall present at the meeting a certificate.
signed and verified by one member thereof and by the Treasurer. stating the maturities and serial
numbers of all Notes owned by. or beld for account of. the Agency or the City. directly or indirectly.
No person shall be permitted at the m'eeting to vote or consent with respect to any Note appearing upon
such certificate, or any Note which it shall be established at or prior to the meeting is owned by the
Agency or the City. directly or indirectly. and no such Note (in this Resolution sometimes referred to
as -issuer-owned Note") shall be counted in determining whether a quorum is present at the meeting.
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E. Quorum and Procedure. A representation of at least sixty percent (60%) in aggregate
principal amount of ~e Notes then outstanding (exclusive of issuer-ow'ned Notes. if any) shall be
necessary to constitute a quorum at any meeting of Noteholders. but less than a quorum may adjourn
the meeting from time to time and the meeting may be held as so adjourned without further notice.
whether such adjournment shall 'have been had by a quorum or 'by less than a quorum. The Agency
shall, by an instrument in writing. appoint a temporary chairman of the meeting, and the meeting
shall be organized by the election OlA permanent chairman and secretary. At any meeting, eacb
Noteholder shall be entitled to one vote for every five thousand dollars ($5,000) principal amount
of Notes with respect to which he shall be entitled to vote as aforesaid, and such vote may be
given in person or by proxy duly appointed by an instrument in writing presented at the meeting. The
Agency. by its duly authorized representative. may attend any meeting of the Noteholders, but shall
not be required to do so.
F. Vote Required. At any such meeting held as aforesaid, there shall be submitted for the
consideration and action of the Noteholders a statement of the proposed action consent to which is
desired, and, if such action shall be consented to and approved by Noteholders holding at least si'tty
percent (60%) in aggregate principal amount of the Notes then outstanding (exclusive of issuer-owned
Notes). the chairman and secretary of the meeting shall so certify in writing to the Agency and such
certificate shall constitute complete evidence of consent of Noteholders under the provisions of
this Resolution. A certificate signed and verined by the chairman and the secretary of any such
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4362
Mrs. Blum arrives at 3: 20 p.m.
Motion made to adopt Resolution No. 3296 by Guhin and seconded by Obershaw. Motion
carried by the following vote, to wit:' Ayes: Obershaw, Hinojosa, Wilson, Guhin and
Green. Noes: None. Abstention: Blum. Absent: Stephenson.
RESOLUTION AMENDING CITY-AGENCY CENTRAL CITY MALL SECURITY AGREEMENT
Mr. Green explained to the Board that this Amendment was necessary in order to relate
to what is actually happening within the terms of the Mall Agreement. Mr. Wilson in-
quired if the problem of the Supervisor for the Mall had been resolved and Mr. Green
informed him yes. The present Supervisor may be leaving, and the concern of the
Chief of Police has been successfully resolved. After discussion the following
resolution was adopted:
J:--j /) I!_.-/-l' c(, eX
33~7'
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO CONTRACT AMENDMENT WITH THE CITY OF SAN
BERNARDINO, CITY/AGENCY AGREEMENT-MALL SECURITY.
RESOLUTION NO. 3297
WHEREAS, it has become necessary to amend the first Paragraph in Item No.
3, entitled Personnel, of said Agreement; and
WHEREAS, it is in the best interest of all parties to amend said Agreement to
establish a wider selection from which to hire qualified police persons in a
Supervisor capacity to provide continuity to the Mall Security Program; and
WHEREAS, in no other way will said Agreement be amended.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino that the Chairman and Secretary be hereby authorized to enter
into Contract Amendment No.1 with the City of San Bernardino amending City/
Agency Mall Security Agreement dated October 28,1974.
BE IT FURTHER RESOLVED that in no other way will said Agreement be amended.
Motion made to adopt Resolution No. 3297 made by Wilson and seconded by Obershaw
by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin and
Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION AWARDING DEMOLITION CONTRACT TO DAKENO, INC. FOR AN AMOUNT
OF $8,900.00. - SEIP.
Mr. Green explained to the Board that some demolition work would be necessary in
SEIP in order to clear the land before development can begin. After discussion
the following Resolution was adopted:
4363
RESOLUTION NO. 3298
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA AUTHORIZING THE CHAIRMAN AND
SECRET ARY TO ENTER INTO DEMOLITION CONTRACT WITH DAKENO,
INC. -SOUTHEAST INDUSTRIAL PARK FOR AN AMOUNT NOT TO EXCEED
$8,900.00.
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WHEREAS, the Agency advertised for bid for demolition work in Southeast
Industrial Park in the local newspaper, the Sun Telegram; and
WHEREAS, Five (5) contractors secured specifications for said demolition
work; and
WHEREAS, only two (2) contractors submitted bids for said demolition work;
and
WHEREAS, said bids were as follows:
E & G Engineering
Dakeno, Inc.
$12, 765 . 00
$ 8,900.00
WHEREAS, it is in the best interest of the Agency to accept the bid of Dakeno, Inc.
to perform the demolition work in Southeast Industrial Park.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino that the Chairman and Secretary be authorized to enter into
Contract with Dakeno, Inc. for demolition work in Southeast Industrial Park
for an amount not to exceed $8,900.00.
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Motion made to adopt Resolution No. 3298 by Obershaw and seconded by Blum.
At this time Mr. Wilson inquired why there was only two bids received. Mr. Jones of
the Agency's staff explained to Mr. Wilson that the staff had no answer to the question.
We advertised in the local newspaper and five contractors picked up the plans and speci-
fications, however, only two contractors bid on the job.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTIONS AUTHORIZING SAVINGS ACCOUNTS WITH BANK OF CALIFORNIA FOR
STATE COLLEGE PROJECT AREA, CENTRAL CITY NORTH PROJECT AREA AND THE
SOUTHEAST INDUSTRIAL PARK PROJECT AREA.
Mr. Shadwell explained that we need savings accounts for the different project areas and
thus need board approval. After discussion the following Resolutions were adopted:
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4364
RESOLUTION NO. 3299
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA. EST ABLISHING SAVINGS ACCOUNT WITH
THE BANK OF CALIFORNIA TO BE DESIGNATED STATE COLLEGE
PROJECT SAVINGS ACCOUNT.
WHEREAS, the Agency is receiving bond proceeds for the State College Project Area;
and
WHEREAS, it is deemed advisable to open a savings account for these proceeds;
which will be used primarily for investment purposes.
NOW, THEREFORE, BElT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, Ca., that the Chairman and Secretary are hereby authorized to
open a savings account on behalf of the Agency with the Bank of California, to be
designated State College Project Savings Account.
Motion made by Obershaw and seconded by Guhin adopting Resolution No. 3299. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin
and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION NO. 3300
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA. EST ABLISHING SAVINGS ACCOUNT WITH
THE BANK OF CALIFORNIA TO BE DESIGNATED CENTRAL CITY
NORTH SAVINGS ACCOUNT.
WHEREAS, the Agency is receiving bond proceeds for the Central City North Project
Area; and
WHEREAS, it is deemed advisable to open a savings account for these proceeds, which
will be used primarily for investment purposes.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, Ca., that the Chairman and Secretary are hereby authorized on
behalf of the Agency to open a savings .ac:count with the Bank of California to be
designated Central City North Savings Account.
Motion made by Blum and seconded by Wilson adopting Resolution No. 3300. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin
and Green. Noes: None. Abstention: None. Absent: Stephenson.
4365
RESOLUTION NO. 3301
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA., EST ABLISHING SAVINGS ACCOUNT WITH
THE BANK OF CALIFORNIA TO BE DESIGNATED SOUTHEAST INDUSTRIAL
PARK SAVINGS ACCOUNT.
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WHEREAS, the Agency will be receiving bond proceeds for the Southeast Industrial
Park Redevelopment Project Area; and
WHEREAS, it is deemed advisable to open a savings account for these proceeds, which
will be used primarily for investment purposes.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino, Ca., that the Chairman and Secretary are hereby authorized on behalf
of the Agency to open a savings account with the Bank of California, to be designated
Southeast Industrial Park Savings Account.
Motion made by Obershaw and seconded by Guhin to adopt Resolution No. 3301. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin
and Green. Noes: None. Abstention: None. Absent: Stephenson.
AUTHORIZATION TO NEGOTIATE SETTLEMENT OF CONDEMNATION ACTION RELATING
TO CERTAN REAL PROPERTY LOCATED IN SOUTHEAST INDUSTRIAL PARK.
Mr. Green stated that the Agency want~ th~ staff to negotiate a se:t1ement not to ",,:ceed J..
the counter offer amount. Mr. WIlson InquIred what WIll happen If we don't negotIate. .
Mr. Flory informed him that the Agency would then be forced to go to court and the
time element involved in condemnation proceedings would be disastrous for the project.
After discussion the following motion was authorized.
Authorize the staff to negotiate for settlement of that certain condemnation action affecting
certain real property in the Southeast Industrial Park, Redevelopment Agency vs.
San Bernardino Industrial Park, Inc., and Corona Quarries, at a price not to exceed
$15,000 per acre for Parcel No. 281-102-01 (Corona Quarries); $13,625 per acre for
Parcel No. 281-101-01 (San Bernardino Industrial Park) and $11,000 per acre for
Parcel No. 280-251-27 (San Bernardino Industrial Park) and to report back to the
Redevelopment Agency Board, the results of the negotiations for approval or disap-
proval at the December 16, 1976 Board Meeting.
Motion made by Wilson and seconded by Blum. Motion carried by the following vote, to
wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green. Noes: None.
Abstention: None. Absent: Stephenson.
RESOLUTION RECEIVING OFFER TO PURCHASE AND ESTABLISH PUBLIC HEARING-
HUNTLEY PROPERTIES-SEIP .
Mr. Green explained to the Board that Huntley Properties are confident they have de-
velopers for the land and that he would like for the Board to receive their Offer to
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Purchase and set a Public Hearing for December 16, 1976. This will enable Agency
staff to review the Offer and enter into a Disposition Agreement. Conversation stip-
ulated that approximately 52.3 acres were involved. Mr. Warner Hodgdon spoke out
from the audience questioning the purchase price. Mr. Green informed Mr. Hodgdon
that the purchase price would be negotiated. Agency has not committed itself in anyway
as yet, regarding Huntley's proposal. Mrs. Blum then stated that is why the Board
is giving the staff time to negotiate. Mr. Green stated that the names of the developers
have not been disclosed as yet, excepting for the mattress factory. The new develop-
ments will employ 800 persons.
Mr. Hodgdon again spoke from the audience and complimented the Agency on their pro-
gress in Southeast Industrial Park and at this time offered to buy the land on the north
side of San Bernardino Avenue. He will pay cash and develop the area, bringing in
his Offer to Purchase the following date for consideration at the December 16th Board
Meeting under the same terms and conditions as set forth in Huntley's Offer to Purchase.
Mr. Flory spoke with regard to Mr. Hodgdon's offer, stating that a Public Hearing will
have to be set for Mr. Hodgdon's offer which will comprise approximately 36.29 acres
of land. Public Hearing and Mr. Hodgdon's Offer set for December 16, 1976
Before the Board can accept Mr. Hodgdon's offer, they must, first act upon receiving
Huntley Properties Offer to Purchase and set a Public Hearing. After discussion,
the following Resolution was adopted:
RESOLUTION NO. 3302
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DETERMINING THAT HUNTLEY
PROPERTIES IS QUALIFIED TO REDEVELOP PROPERTY LOCATED
WITHIN THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT
PROJECT AREA BORDERED BY VICTORIA AVENUE, SAN BERNARDINO
AVENUE, TIPPECANOE, AND RICHARDSON, AND AUTHORIZING
THE PUBLICATION OF THE NOTICE OF PUBLIC HEARING.
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
desires to dispose of certain parcels of land within the Southeast Industrial Park
Redevelopment Project Area to qualified developers; and
WHEREAS, the Agency has received an offer to purchase all of the land bordered
by Victoria Avenue, San Bernardino Avenue, Tippecanoe, and Richardson, from
Hun tley Properties; and
WHEREAS, the Agency has evaluated the proposal received and has determined
that a Public Hearing should be scheduled for the sale of this land.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby receive the Offer to Purchase submitted
by Huntley Properties for all that land bordered by Victoria Avenue, San Bernardino
Avenue, Tippecanoe, and Richardson, and does hereby determine that the pro-
posed developer is qualified to develop said parcels of land.
4367
BE IT FURTHER RESOLVED that the Secretary is hereby authorized to publish the
Notice of Public Hearing to be held December 16, 1976, for the sale of said land to
Huntley Properties.
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Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa,
Wilson, Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
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The Board then subsequently adopted the following Resolution:
RESOLUTION NO. 3303
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO, CA., DETERMINING THAT
WARNER W. HODGDON IS QUALIFIED TO REDEVELOP
PROPERTY LOCATED WITHIN THE PROJECT AREA, AND
AUTHORIZING THE PUBLICATION OF THE NOTICE OF
PUBLIC HEARING.
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
desires to dispose of certain parcels of land within the Southeast Industrial Park
Redevelopment Project Area to qualified developers; and
WHEREAS, the Agency, at its Board Meeting of December 2, 1976, received a
verbal offer to purchase approximately 32.79 acres of land within Southeast
Industrial Park, known as Parcel 280-251-27, with agreement that a written letter
confirming said verbal agreement would be forthcoming; and
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WHEREAS, the Agency has evaluated the verbal proposal received and has deter-
minted that a Public Hearing should be scheduled for the sale of this land.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby receive the verbal Offer to Purchase sub-
mitted by Warner W. Hodgdon for Parcel 280-251-27, Southeast Industrial Park,
and does hereby determine that the proposed developer is qualified to develop said
parcel of land.
BE IT FURTHER RESOLVED that the Secretary is hereby authorized to publish the
Notice of Public Hearing to be held December 16, 1976, for the sale of said land to
Warner W. Hodgdon.
Motion to Adopt Resolution No. 3303 made by Obershaw and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION RECEIVING OFFER TO PURCHASE AND ESTABLISH PUBLIC HEARING
L . D . C . -CENTRAL CITY WEST.
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Mr. Green read aloud the following letter from L. D . C .
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Redevelopment Agency of the
City of San Bernardino
300 No. "D" Street
San Bernardino, CA 92418
Re: Offer to Purchase
Redevelopment Agency Property
Northeast Corner of Mt. Vernon
and 5th Streets
Central City West
Dear Honorable Board:
The undersigned Local Development Corporation, hereinafter referred to as the L. D . C .
a non-profit corporation formed by the local businesmen under the California State Law,
does hereby offer to purchase from the Redevelopment Agency all of the property owned
by the Redevelopment Agency, which is delineated in red on the attached Minor Sub-
division Plot Plan, marked Exhibit "A", which is attached hereto, the legal description
of which will be furnished at at a later date excepting therefrom that property which
will be acquired by the City of San Bernardino for public parking and public areas
as shown on Parcel18(sic. , Mr. Green Stated aloud that this should be Parcel 8) the
following terms and conditons:
A. Purchase Price. The purchase price shall be $2.45 per sq. ft. Enclosed herewith
is a check in the amount of $1,000.00 as a deposit toward the total purchase price.
B. Method of Payment: The purchase and development is contingent upon the approval
of an (sic) Small Business Administration loan for development of the herein
referred to properties. Upon funding of said Small Business Administration loan for
each specific site payment to the Redevelopment Agency for said site shall be made
forthwith.
C. Time for Development: The LDC agrees that it will commence construction on sites
1,2,3 & 4 within 90 days after receipt of that portion of the Small Business Administration
loan. Development of the entire project shall commence with (sic) 180 days from date
of con tract.
In the event the LDC fails to commence construction within said 90 day period, or within
any extension granted by the Agency in its discretion, it agrees that it will resell said
property to the Redevelopment Agency for the price that the LDC paid to the Agency for
said land or portions thereof:
Dated this 2nd day of December, 1976.
LOCAL DEVELOPMENT CORPORATION,
s/s Lowell Trask, President
After the reading of the letter, the following Resolution was adopted:
4369
RESOLUTION NO. 3304
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DETERMINING THAT THE SAN
BERNARDINO LOCAL DEVELOPMENT COMPANY (LDC) IS
QUALIFIED TO REDEVELOP CENTRAL CITY WEST AND AUTHORIZING
THE PUBLICATION OF THE NOTICE OF PUBLIC HEARING
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WHEREAS, the Redevelopment Agency entered into an Exclusive Right to Negotiate
for the development of the Central City West Redevelopment Project Area with the
San Bernardino Local Development Company (LDC), dated August 30, 1976; and
WHEREAS, said Exclusive Right to Negotiate for the development of Central City
West expired November 30, 1976; and
WHEREAS, the Agency has received an offer from said LDC to purchase all of the
property owned by the Redevelopment Agency within Central City West, other than
that property which will be acquired by the City of San Bernardino for public parking
and public areas; and
WHEREAS, the Agency has evaluated the proposal received and has determined
that a Public Hearing should be scheduled for the sale of this land.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby receive the Offer to Purchase submitted by
the LDC for the development of Central City West, and does hereby determine that
the proposed developer is qualified to develop said parcels of land.
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BE IT FURTHER RESOLVED that the Secretary is hereby authorized to publish the
Notice of Public Hearing to be held December 16, 1976, for the sale of this land to
the LDC.
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Motion made by Wilson to adopt Resolution No. 3304 and seconded by Hinojosa. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
RESOLUTION RECEIVING OFFER TO PURCHASE AND ESTABLISH PUBLIC HEARING
CRESTA LINDA HOUSING VENTURES-CENTRAL CITY EAST.
Mr. Green read aloud the following letter from San Gorgonio Land Company.
December 1, 1976
Redevelopment Agency
City of San Bernardino
300 North "D" Street
San Bernardino, California 92401
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Gentlemen:
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On behalf of Cresta-Linda Housing Ventures, a joint venture consisting of
La Cresta Service Corporation and Lorna Linda Housing Systems, the following purchase
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and development proposal is submitted for your consideration 0
Real Estate Description: Property owned by the Redevelopment
Agency between 5th to 6th Streets and Mt. View Avenue to Sierra Way, and
further described as Assessor Parcels 135-092-02, 03, 20, 21, 22, 30, 31, 40 and 420
(Map attached) 0
Purchase Price: $270,000000 payable in cash through a 90 day escrow.
Buyer and seller will enter into a pre-disposition agreement wherein
seller will agree to make certain improvements, to wit, curbs, sidewalks, utility
connections, site preparation and cement slab pads at a total obligation to seller
not to exceed the five year tax increment that accrues from the property following full
improvement 0
The seller shall be obligated to provide the zoning required by the City of
San Bernardino for a high density multi -family apartment complex within 60 days or
buyer may cancel this agreement 0
Enclosed with this offer is a check in the amount of $13,500000 being 5% of the
purchase price 0 It is understood and agreed that in the event that the pre-disposition
agreement and the disposition and development agreement are not executed by all parties
on or before December 31, 1976, then in that event the above deposit is to be returned
and this proposal cancelled unless the parties agree to the contrary in writing 0 With
the consummation of this proposal, it is understood that the Redevelopment Agency will
pay to San Gorgonio Land Company a finder's fee in the amount and under the terms
of its adopted policy 0
Yours very sincerely,
/s/ W.Eo Leonard
WEL/dw
enclosure
Mr. Obershaw stated that he would not agree to the type of improvements for the de-
velopment. Mr 0 Green stated that he desired for the Board to merely receive the Offer
and authorize staff personnel to negotiate the conditions 0 Amended request for improve-
ments will come back before the board at the December 16th meeting 0 Under these terms,
the following Resolution was adopted:
4371
RESOLUTION NO. 3305
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DETERMINING THAT CRESTA-LINDA
HOUSING VENTURES, IS QUALIFIED TO REDEVELOP PROPERTY
OWNED BY THE REDEVELOPMENT AGENCY DESCRIBED AS ASSESSORS
PARCELS 135-092-02, 03, 20, 21, 22, 30, 31, 40, 41 & 42, AND AUTHOR-
IZING THE PUBLICATION OF THE NOTICE OF PUBLIC HEARING
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WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
desires to dispose of certain parcels of land within the Central City East Redevel-
opment Project Area to qualified developers; and
WHEREAS, the Agency has received an offer to purchase assessors parcels
135-092-02, 03, 20, 21, 22, 30, 31, 40, 41 & 42, located between 5th and 6th
Streets and Mt. View Avenue and Sierra Way, from Cresta-Linda Housing Ventures,
a joint venture consisting of La Cresta Service Corporation and Loma Linda Housing
Systems; and
WHEREAS, the Agency has evaluated the proposal received and has determined
that a Public Hearing should be scheduled for the sale of this land.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby receive the Offer to Purchase Assessors
Parcels 135-092-02, 03, 20, 21, 22, 30, 31, 40, 41 & 42, from Cresta-Linda Housing
Ventures, and does hereby determine that the proposed developer is qualified to .....
develop said parcels of land.
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BE IT FURTHER RESOLVED that the Secretary is hereby authorized to publish the
Notice of Public Hearing to be held December 16, 1976, for the sale of this land to
Cresta-Linda Housing Ventures.
Motion made to Adopt Resolution No. 3305 by Obershaw and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Guhin and Green. Noes: None. Abstention: None. Absent: Stephenson.
Mr. Wilson asked Mr. Leonard some questions regarding the development and is pro-
vided with the information that the development, if consummated would be approximately
2 Million Dollars, generating $60,000 Tax Increment. Both Mr. Wilson and Mrs. Blum
stated their desires for Mr. Leonard to explain further. Mr. Leonard stated that he
would be happy to do so, but perhaps the Board would like to hear Mr. Hodgdon's
proposal first. At the conclusion of Mr. Hodgdon's presentation, Mr. Leonard
would then speak before the Board. All Members concurred.
PRESENTATION BY WARNER W. HODGDON REGARDING AIR EASEMENTS FOR PEDESTRIAN
WALKWAYS RELATIVE TO THE ANDRESON BUILDING.
Mr. Hodgdon stated that he had not been back before the Agency Board in over a year
and that he was happy with the progress that the Agency is making. He stated that he ,
is the owner of the Andreson Building and that the Campus Crusade for Christ is inter-""";
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4372
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ested in relocating in the Andreson Building for their Administrative Offices. They have,
in fact, approved the concept. They will occupy 70,000 square feet, including the base-
ment. They will generate 200 new employees to the area by July 1, 1977. Mr. Hodgdon
stated that the property will not come off of the tax rolls. The basement will become
office space, in effect, there will be 6 floors of office uses and employees contributing
to the downtown area. There will be a brick facing on the building which will become
a part of the overall aesthic affect in the area. Mr. Hodgdon stated that he would not
be asking the Agency for any money. He will absorb the entire rehabilitation costs
personally. He feels this is the best policy in view of the fact that he has been the past
Chairman of both the Redevelopment Agency and Economic Development Council.
Mr. Hodgdon only desires air rights easements for his building. He would like air rights
for a pedestrian walkway and an 8 foot easement for fire purposes. At this point Mr.
Green stated that he fels the Agency has a responsibility to refurbish the north side
of the Andreson Building. Mr. Hodgdon declined with thanks. The air rights he
needs will be for a pedestrian bridge from the building into the 3 level parking struct-
ure and from the building to the "E" Street pedestrian walkway. There will be a new
entrance on the northwest corner of the building. Mr. Hodgdon again stated that there
will be no financial obligation requested from the Agency. After Mr. Hodgdon's presen-
tation and subsequent request, the Board passed a motion accepting Mr. Hodgdon's
proposal on the Andreson Building and authorized the preparation of a Resolution and
other necessary documents for the granting of the air rights easements.
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,Motion made by Obershaw and seconded by Hinojosa. Motion carried by the following
vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green. Noes: None.
Abstention: None. Absent: Stephenson.
Mr. Hodgdon then presented the building permit he had just secured for the first
phase of the work. He further stated that the bridge will be started within 60
days and that he wants everything completed by July 1st, 1977.
Mr. Robert D. Curci, representing the Central City Co. stated that they had reviewed
the plans and they concurred in Mr. Hodgdon I s request.
Mr. Green thanked Mr. Hodgdon and Mr. Curci.
RESOLUTION AUTHORIZING CHAIRMAN AND SECRETARY TO NEGOTIATE INTERIM
FINANCING FOR SEIP .
After little discussion the following Resolution was adopted:
RESOLUTION NO. 3306
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AUTHORIZING THE CHAIRMAN AND SECRETARY TO NE-
GOTIATE INTERIM FINANCING BY THE MEANS OF A NONNEGOTIABLE
NOTE WITH A LOCAL PRIVATE LENDING INSTITUTION.
WHEREAS, the Redevelopment Agency of the City of San Bernardino (herein
sometimes referred to as the "Agency") is a redevelopment agency (a public body,
4373
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 I 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 notes for any of its corporate purposes; and
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WHEREAS, the Agency has adopted its Resolutions authorizing the issuance and sale
of Tax Allocation Negotiable Promissory Notes of $2,000,000.00 on December 21,
1976; and
WHEREAS, prior to the sale of the Tax Allocation Negotiable Promissory Notes, in-
terim financing will be necessary to enable the Agency to acquire land vital for new
development within the Southeast Industrial Park Redevelopment Project Area.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNAR-
DINo DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1: Negotiations authorized; the Chairman and Secretary are hereby authorized
to enter into negotiations with the Bank of California to secure interim financing
in the following manner:
By a nonnegotiable note in an amount not to exceed $550,000, maturity December
29, 1976, bearing interest at a rate not to exceed eight (8) percent per annum, and
secured by all or some of the properties sufficient to adequately secure said note, now
owned and/or hereafter acquired by the Redevelopment Agency in the Southeast In-
dustrial Park Redevelopment Project Area.
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Motion made to adopt Resolution No. 3306 by Wilson and seconded by Blum. Motion
carried by the following vote, to wit: Blum, Obershaw, Hinojosa, Wilson, Guhin
and Green. Noes: None. Abstention: None. Absent: Stephenson.
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Mr. William Leonard returned and spoke to the Board. He explained that Cresta-
Linda Housing Ventures has their own financing. Their tentative plans would be
to construct approximately 60 units. This would represent approximately a H Million
Dollar Development. Mrs. Blum asked Mr. Leonard what type rentals the units
would be and he told her that they would be medium. Mrs. Blum then asked if pri-
vately owned property would be involved. Mr. Leonard told her they would and
it would be to their betterment.
Mr. Green announced that the Board had all been invited to attend the Grand Opening
of the Public Enterprise for Friday, December 3rd.
Motion to adjourn made by Wilson and seconded by Obershaw. Motion carried by the
following vote, to wit: A yes: Blum, Obershaw, Hinojosa, Wilson, Guhin and Green.
Noes: None. Abstention: None. Absent: Stephenson.
Adjournment: 4: 30 p.m.
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R. E. Shadwell, Jr.
Executive Director
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MINUTES OF THE SPECIAL MEETING OF~THE-REE>EVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA HELD THE 6th DAY
OF DECEMBER, 1976, 300 NORTH "D" STREET, SAN BERNARDINO, CA.
Chairman Green called the meeting to order at 1: 12 p.m.
Roll Call showed the following:
Agency Members Present: Obershaw, Hinojosa, Blum, Stephenson and 0r.een)
Agency Members Absent: Guhin and Wilson.
Also Present: Ralph Shadwell, Jr. , Executive Director, Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
Mr. Green apologized to the Board at having to call them together on such short
notice, but it is absolutely necessary because of a change in conditions in Southeast
Industrial Park bonding conditions.
Mr. Green explained that the Agency wants to extend their original bonding capacity
from 2 Milllion up to a figure not to exceed 5 Million Dollars. After discussion the
following Resolution was adopted:
RESOLUTION NO. 3307
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO RESCINDING RESOLUTION NO. 3296 OF SAID AGENCY.
WHEREAS, the Redevelopment Agency of the City of San Bernardino (herein
sometimes referred to as the" Agency"); has heretofore adopted its Resolution
No. 3296; and
WHEREAS, the Agency deems it necessary and desirable to rescind said
Resolution No. 3296.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. Resolution No. 3296, adopted by the Agency on December
2, 1976, is hereby rescinded.
ADOPTED AND APPROVED this 6th day of December, 1976.
[
/ s/ Wallace Green
Chairman of the Redevelopment Agency of the
City of San Bernardino
ATTEST:
/s/ R. E. Shadwell, Jr.
Secretarv of the Redevelopment Agency
4375
Motion made to adopt Resolution No 0 3307 by Obershaw and seconded by Stephenson 0
Motion carried by the following vote, to wit: Ayes: Obershaw, Hinojosa, Blum,
Stephenson and Green 0 Noes: None 0 Abstention: None 0 Absent: Guhin and
Wilson.
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Mrs 0 Blum then inquired what the difference was between tax allocation bonds and the
bonding discussed. Mr. Green informed Mrs. Blum that the difference between Promi-
sorry Notes and bonds is that notes are issued for a short period of time 0 On the
Notes in question, the Agency will ask for 3 years, then they will be "rolled" and the
Agency will issue long term bonds 0
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Mr 0 Guhin arrives at 1: 17 p om.
After a short period of discussion the following Resolution was adopted:
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4376
RESOLUTION NO. J30Y
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SA!'l BERNARDINO
PROVIDL'lG FOR THE SALE OF TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES.
WHEREAS, the Redevelopment Agency of the City of San Bernardino (herein sometimes
referred to as 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 notes for any of its corporate purposes; and
\VHEREAS, the Agency has heretofore adopted its Resolution entitled: "Resolution of the
Redevelopment Agency of the City of San Bernardino Authorizing the Issuance of $2,000,000
Principal Amount of Ta.~ Allocation Negotiable Promissory Notes, Issue of 1976, to Aid in the
Financing of a Redevelopment Project Known as the Southeast Industrial Park Redevelopment Project
Area" (hereinafter referred to as the "Resolution of Issuance"); and
WHEREAS, the Agency deems it necessary to sell at this time the $2,000,000 Notes as author-
. - ized by the Resolution of Issuance as a minimum, and to offer prospective bidders the opportunity
to bid for additional amounts in increments of $500,000 each, up to a maximum of $5,000,000; and, if
made necessary by the bidding process to appropriately amend the Resolution of Issuance to reflect
the amount of Notes to be issued pursuant to the bidding process;
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BER-
NARDL~O DOES HEREBY RESOLVE, DETER.\fINE AND ORDER AS FOLLOWS:
Section 1. Sale Authorized. The sale of the REDEVELOPMENT AGENCY OF THE CITY
OF SA!~ BERNARDINO, SOUTHEAST INDVSTRIAL PARK REDEVELOPMENT PROJECT
AREA, TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976 (herein
sometimes referred to as the "Notes") in a minimum principal amount of $2.000,000 and in additional
increments of $500,000 each up to a maximum of $5,000,000 in accordance \vith law is hereby authorized.
Section 2. Notice In\iting Bids. The invitation for bids for the purchase of the Notes is hereby
authorized, such invitation to be substantially in accordance with the Notice Inviting Bids attached
hereto as Exhibit A and by this reference incorporated herein. Said Notice Inviting Bids and the Bid
Form, including the memorandum of interest cost, attached hereto as Exhibit B and by this reference
incorporated herein. are hereby approved.
Section 3. Publication of Notice Inviting Bids. The Secretary of the Agency (herein sometimes
referred to as the "Secretary") shall cause to be published in the San Bernardino Sun-Telegram, a news-
paper published and of general circulation in the City of San Bernardino, California, by at least one (1)
insertion at least five (5) days prior to the day fixed for the receipt of bids, the Notice Inviting Bids.
Section 4. Tenns and Conditions of Sale. The terms and conditions of the offering and the sale
of the Notes shall be as specified in said Notice Inviting Bids.
Section 5. Preliminary Official Statement Approved. The Agency hereby approves, to be
furnished to prospective bidders for the Notes a Preliminary Official Statement, substantially in the
form attached hereto as Exhibit C and by this reference incorporated herein, including any amend-
60,005-14
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City of San Bernardino - i394-B
4377
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ments or changes made by the Executive Director of the Agency and the Financial Consultants, with
the approval of Bond Counsel, which they may deem necessary to ~dapt said Preliminary Official
Statement to the recently revised larger offering and to make the necessary disclosures referred to in
the Notice Inviting Bids. The Executive Director of the Agency and the Financial Consultants, with
the approval of Bond Counsel, are hereby authorized and directed to prepare a revised Resolution of
Issuance to contain the appropriate amendments that may be made necessary by the bidding process
set forth in this Resolution and to prepare a Final Official Statement containing the same type of
changes.
Section 6. Preliminary Official Statement Furnished. The Secretary and the Financial Con-
sultants are hereby authorized and directed to cause to be furnished to prospective bidders a reasonable
number of copies of said Notice Inviting Bids (including the Bid Fonn) and a reasonable number of
copies of said Preliminary Official Statement
Section 7. General Authorization. The Financial Consultants and/or Bond Counsel are hereby
authorized and directed to open the bids at the time and place specified in said Notice Inviting Bids
and to present the same to the Agency. The Financial Consultants and/or Bond Counsel are hereby
authorized and directed to receive and record the receipt of all bids made pursuant to said Notice
Inviting Bids, to cause said bids to be examined for compliance with said Notice Inviting Bids, to
cause computations to be made as to which bidder has made the best bid to the Agency and
to present such bids to the Agency, as provided in said Notice Inviting Bids, along with a report as to
the foregoing and any other matters deemed pertinent to the award of the Notes and the proceedings
for the issuance thereof.
Section 8. Effective Date. This Resolution shall take effect upon adoption.
ADOPTED AND APPROVED this .. day of
, 1976.
Chainnan of the Redevelopment Agency
of the City of San Bernardino
ATTEST:
Secretary of the Redevelopment Agency
of the City of San Bernardino
[SEAL]
60,005-14
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City of San Bernardino - 7394-3
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STATE OF CALIFOfu'1IA }
COUNTY OF SAN J3ERNARDINO
CITY OF SAN BERNARDINO., ss.
SECRETARY'S CERTIFICATE
RE ADOPTION OF RESOLUTION
I, . , Secretary of the Redevelopment Agency of the City of San Bernardino,
DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said Agency at a regular
meeting of said Agency held on the day of , 1976, and that the same was passed and
adopted by the following vote, to wit:
AYES:
Members:
NOES:
Members:
ABSENT:
~lembers:
(SEAL]
Secretary of the Redevelopment Agency
of the City of San Bernardino
STATE OF CALIFOfu'lIA }
COUNTY OF SAN BERNARDINO ss.
CITY OF SAN BERNARDINO
SECRETARY'S CERTIFICATE
OF AUTHENTICATION
I, . . . , Secretary of the Redevelopment Agency of the City of San Bernardino,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No.
of said Agency and that said Resolution was adopted at the time and by the vote stated on the
above certificate and has not been amended or repealed.
[SEAL]
Secretary of the Redevelopment Agency
of the City of San Bernardino
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4379
EXmBIT A
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
co~n OF SAL"i BERNARDINO
CITY OF SAN BERNARDINO
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NOTICE INVITING BIDS
$2,000,000 (Minimum)
To
$5,000,000 (Maximum)
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REDEVELOPMENT AGENCY OF TIm CITY OF SAN BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISStJE OF 1976
NOTICE IS HEREBY GIVEN that sealed proposals for the purchase of two million dollars
($2.000,000) minimum to five million dollars ($5,000,000) maximum principal amount of ta.., allocation
notes of the Redevelopment Agency of the City of San Bernardino (herein sometimes referred to as
the "Agency") will be received by the Agency at the place and up to the time specified:
TIME:.
December 21, 1976
11:00 o'clock A.M., P.S.T.
PLACE:
Law Offices of James Warren Beebe, A Law Corporation
611 West Sixth Street, Suite 1892
Los Angeles, California 90017
OPENING OF BIDS: The bids will be received at the above time and place, will be opened by the
Financial Consultants and Bond Counsel and will be presented to the Agency
at its meeting to be held later that day.
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I ISSUE: The issue is designated "Redevelopment Agency of the City of San Bernardino, Southeast
f Industrial Park Redevelopment Project Area, Tax Allocation Negotiable Promissory Notes,
I Issue of 1976" (the "Notes"), and shall be in the minimum amount of two million dollars ($2,000,000),
I plus, if so determined in the bidding below specified, additional amounts of five hundred thousand
f dollars ($500,000) up to a maximum amount of five million dollars ($5,000,000), that is to say:
I $2,000,000
I 2,500,000
I 3,000,000
I 3,500,000
f 4,000,000
I 4,500,000
f 5,000,000
f and the Notes shall be of the denomination of five thousand dollars ($5,000) each, dated December
I 1, I9i6, and numbered in consecutive numerical order.
MATURITY: The Notes will mature on December 1, 1979.
INTEREST: The Notes will bear interest at a rate to be fixed upon the sale thereof, but not to exceed
eight percent (8%) per annum, payable semiannually on June 1st and December 1st in
each year beginning on June 1, 1977.
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PAYMENTS: The Notes, the interest thereon and any premiums upon the redemption thereof
prior to maturity are payable in lawful money of the United States of America and
(except for interest on Fully Regist~red Notes, which is payable by check or draft) are payable at the
Corporate Agency Dhision of Bank of America National Trust and Savings Association, Fiscal Agent
of the Agency, in Los Angeles or San Francisco, California, or, at the option of the holder, at the office
of any Paying Agent of the Agency in Chicago, lllinois, or New York, New York.
REGISTRATION: Two forms of Notes have been provided: (i) those which shall be initially issued
and which are in negotiable form, payable to bearer, with negotiable coupons
("Bearer Notes"), and (ii) those which are issued to facilitate registration and so are issued as non-
negotiable fully registered notes payable to the registered owner ("Fully Registered Notes"). The
Bearer Notes are not registrable by endorsement and. to facilitate their registration, they may be
exchanged for Fully Registered Notes as provided in the Resolution hereinafter referred to. A Bearer
Note or Bearer Notes may be registered by exchanging the same for a Fully Registered Note or Fully
Registered Notes. A Bearer Note or Bearer Notes and a Fully Registered Note or Fully Registered
Notes may be exchanged for a Fully Registered Note or Fully Registered Notes. A Fully Registered
Note may be exchanged in whole for Bearer Notes or in part for such Bearer Notes and the balance for
Fully Registered Notes. Transfer of ownership of a Fully Registered Note or Fully Registered Notes
shall be made by exchanging the same for a new Fully Registered Note or Fully Registered Notes.
All of such exchanges shall be in such manner and upon such reasonable terms and conditions as
may from time to time be determined and prescribed by the Agency; provided, however, that no
such exchange shall be made between the fifteenth (15th) day preceding any interest payment
date and such interest payment date. Such exchanges shall be free of any costs or charges to the
person, firm, or corporation requesting such- exchange, except for any ta.'t or governmental charge
that may be imposed in connection therewith. Each Bearer Note issued pursuant to the Resolution
shall be of the denomination of five thousand dollars ($5,000). Each Fully Registered Note issued
pursuant to the Resolution shall be of a denomination which is five thousand dollars ($5,000) or
any whole multiple thereof.
CALLABLE OPTION: The outstanding Notes, or any of them, may be called before maturity and
redeemed, at the option of the Agency, from any source of funds, on
June 1, 1977, or on any interest payment date thereafter prior to maturity. If less than all of the
Notes outstanding are to be redeemed at anyone time, the Notes to be redeemed shall be determined by
lot. ~otes so called for redemption shall be redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof, plus accrued interest to the redemption date and the follo\ving
premium (percentage of principal amount) .if redeemed on the following redemption dates:
PREMIUMS AND REDEMPTION DATES
Redemption Date
Premium
June 1, 1977 ................. ............ 1 %
December 1, 1977 . . . . . . . . . . . . . . . . . . . .. .... 1 %
June 1, 1978-. _....... . . .. ...... .. . *%
December 1, 1978 . . . . . . .. .... . . . . . . . . . . *%
June 1, 1979 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Notice of call and redemption shall be given as provided in the Resolution hereinafter referred to.
PURPOSE OF ISSUE: The Notes are to be issued by the Agency under and pursuant to the Com-
munity Redevelopment Law of the State of California (Part 1 of Division 24
of the Health and Safety Code) for the corporate purposes of the Agency aiding in the financing of a
redevelopment project in the City of San Bernardino, California, known as the Southeast Industrial Park
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Redevelopment Project Area. To furnish prospective bidders with information as to the details of
the Notes, Resolution No. 3295 was adopted by the Agency on December 2, 19i6 (herein sometimes
referred to as the "Resolution"), to which reference is made for further particulars. The Resolution
provides for the issuance of the 'minimum amount offered, Le., two million dollars ($2,000,000).
Should it be determined in the bidding below specified that the issue will be larger than two million
dollars (82,000,000), the Resolution will be appropriately amended. at the same meeting as the Notes
are awarded to the successful bidder or bidders, to provide for the amount so determined.
SECURITY: The Notes are payable, both principal and interest, solely from Ta..x Revenues (as defined
in the Resolution) and from certain other limited funds as provided in the Resolution.
The Notes are not obligations of the City of San Bernardino or the State of California and do not con-
stitute an indebtedness within the meaning of any constitutional or statutory debt limitation or
restriction.
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TElt.\fS OF SALE
Interest Rate: The rate bid may not exceed eight percent (8%) per annum, payable semiannually on
June 1st and December 1st in each year, and must be a multiple of 1/20 of 1%. The
interest on anyone Note shall be at one rate only. All Notes must cany the same interest'rate and
each coupon period shall be represented by one interest coupon. Bids providing for additional or
supplemental coupons will be rejected. .
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Highest Bidder: The Notes will be awarded to the highest responsible bidder or bidders considering
the amount of Notes specified ill the bi<kthe interest rate specified and the premium
or discount offered. if any. The highest bid will be determined in two steps: First, the bids will be
classified as to the amount of the Notes specified in the bids, and the bid specifying the largest amount
of Notes shall be the best bid. regardless of the interest rate or discount bid; and. Second. if two or
more bids are the best bids on the first step, then the award shall be made. on the basis of the lowest
net interest cost to the Agency by deducting the amount of the premium bid (if any) from, or adding
the amount of the discount (if any) to, the total amount of interest which the Agency would be
required to pay from the date of the Notes to the maturity date thereof at the coupon rate specified in
the bid. The purchaser must pay accrued'interest from the date of the Notes to the date of delivery
computed on a 36G-day year basis. The cost of printing the Notes ,viII be borne by the Agency.
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Award: The Notes shall be sold for cash onlv. All bids must be for not less than the minimum
amount of the Notes hereby offered fa; sale ($2,000,000) and each bid shall state the amount
of Notes which the bidder offers to buy on an all or none basis, which amount must.be one of the
follo\ving numbers:
$2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
The bid must offer accrued interest to the date of delivery and the purchase price, which shall not
be less than ninety-five per cent (95%) of the principal amount specified in the bid (one of the above
numbers). The bid must also state the interest rate, not to exceed that sPecified herein, at which
the bidder offers to buy the Notes. Each bidder shall state in his bid the total net interest cost in
dollars and the average net interest rate determined thereby, which shall be considered informative
only and not a part of the bid.
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Right of Rejection: The Agency reserves the right, in its discretion, to reject any and all bids and,
to the extent no~ prohibited by law, to waive any irregularity or informality
in any bid.
Prompt Award: The Agency will take action awarding the Notes or rejecting all bids not later than
twenty-six (26) hours after the time herein prescribed for the receipt of bids; pro-
vided that the award may be made after the expiration of the specified time if the bidder shall not have
given to the Agency notice in writing of the withdrawal of such bid
CUSIP: CUSIP identification numbers may be imprinted on the Notes, but such numbers shall not
constitute a part of the contract evidenced by the Notes and no liability shall hereafter attach
to the Agency or any of the officers or agents thereof because of or on account of said number. Any
error or omission with respect to said number shall not constitute cause for refusal by the successful
bidder to accept delivery of and pay for the Notes.
Delivery and Payment: Delivery of the Notes will be made to the successful bidder at Jeffries Bank-
note Company, 1330 West Pica Boulevard, Los Angeles, California, or at such
other place as may be agreed upon by the successful bidder and the officer of the Agency making
delivery. Payment for the Notes must be made in funds immediately available to the._Agency in Los
Angeles, California.
Prompt Delivery;
Cancellation for
Late Delivery:
The Notes will be delivered to the successful bidder on or about December 29,
1976, and such prompt delivery time is of the essence of the contract to be made
hereWlder for the sale of the Notes. The Agency, at its sole option, shall have the
right to delay the delivery of the Notes beyond said date; provided, however, that
the successful bidder shall have the right, at his option, to cancel the contract of purchase if the Agency
shall fail to execute the Notes and tender them for delivery within sixty (60) days from the date herein
fi.'{ed for the receipt of bids, and in such event the successful bidder shall be entitled to the return of the
check accompanying his bid
Form of Bid: Each bid, together \vith the bid check, must be in a sealed envelope, addressed to the
Agency, with the envelope and bid clearly marked "Bid for Ta.'t Allocation Negotiable
Promissory Notes of the Redevelopment Agency of the City of San Bernardino". Each bid must be
unconditional and in accordance with the terms and conditions set forth herein, or permitted herein,
and must be submitted on, or in substantial accorclance with, bid forms provided by the Agency.
Bid Check: A certified or cashier's check on a responsible bank or trust company in the amount of
fifty thousand dollars ($50,000), payable to the order of the Agency, must accompany
each bid as a guaranty that the bidder, if successful, will accept and pay for the Notes in accordance
with the terms of his bid. The check accompanying any accepted bid shall be cashed and applied to
the purchase price of the Notes. If such bid is accepted but not performed, unless such failure of
performance shall be caused by any act or omission of the Agency, the proceeds of the check accom-
panying any accepted bid shall then be retained by the Agency. The check accompanying each
unaccepted hid will be returned promptly. .
Change in Tax
Exempt Status:
At any time before the Notes are tendered for deliveI'}', the successful bidder may
disaffirm and withdraw the bid if the interest received by private holders from the
Notes of the same type and character shall be declared to be taxable income under
present federal income ta.'t laws, either by a ruling of the Internal Revenue Service or by a decision of
any federal court, or shall be declared ta."i:able by the terms of any federal income tax law enacted
subsequent to the date of this notice.
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Arbitrage: On the basis of the facts, estimates and circumstances (including covenants of the Agency J
in existence on the date of issue of the Notes, it is not expected that the proceeds of the
Notes will be used in a manner that will cause the Notes to be arbitrage bonds, and the Agency will
furnish to the successful bidder at the time of delivery of the Notes an arbitrage certificate certifying to
the foregoing.
Legal Opinion: The unqualiBed opinion of the Bond Counsel firm of James Warren Beebe, A Law
Corporation, Los Angeles, California, approving the validity of the Notes, will be
furnished the successful bidder at or prior to the time of delivery of the Notes at the expense of the
Agency. A copy of such opinion, certified by an officer of the Agency by his facsimile signature, will
be printed on the back of each definitive Note. No charge \vill be made to the purchaser for such
printing or certification.
No Litigation Certificate: At the time of payment for and delivery of the Notes, the Agency will furnish
the successful bidder a certificate that there is no litigation pending affecting
the validity of the Notes.
Official Statement: The Agency will furnish to the successful bidder, at no charge, a sufficient number
of the Final Official Statements (as distinguished from the Preliminary Official
Statements which have been used in the offering to prospective bidders) so that the successful bidder
or bidders shall have one Final Official Statement for each Note delivered to such bidder or bidders-
for 'use in connection with any resale of the Notes. At the time of delivery of the Notes to the successful
bidder, the Agency will furnish a certificate to the effect that at the time of sale of the Notes and at all
times subsequent t.l:lereto up to and including the time of such delivery the Final Official Statement
did not contain any untrue statement of a material fact or omit to state a material fact-necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading.
INFORMATION Requests for copies of the Resolution and the Preliminary Official Statement per-
A V AlL'\BLE: taining to the Notes, or for other information concerning the Agency, should be
addressed to Miller &: Schroeder Municipals, Inc., Financial Consultants to the Agency, 1200 Prospect,
La Jolla, California 92037. Telephone (714) 459-2661.
GIVEN by order of the Agency adopted on December 6, 1976.
R. E. SHADWELL, JR.
Secretary of the Redevelopment Agency
of the City of San Bernardino
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4384
EXHIBIT B
BID
-. FOR THE PURCHASE OF
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOn"-BLE PROMISSORY NOTES
ISSUE OF 1976
December 21, 1976
Redevelopment Agency of the City of San Bernardino
City of San Bernardino, California
In behalf of a group which we have formed, consisting of
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........o.o.....o.....o. wo....o.o..o....o...o...o.o.o.........o...........o.......... .'..................... o............
o.o.o.o..........................'O..'O'O................o..........o................................. .
o......o.o.o.......o....o.o..................................................................o.................... .
........o.....o.....o.....o....o.o....o... wo. w...... w. wo..o..o. wo......o............................o.................
...........o.o........ ,o......'Oo....o..........o....o...........................................o...'O.......o.o..........o.o......'Oo...'O....
and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase
$
(insert amount specified below)
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$2;000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
principal amount, aU or none, of the Notes designated as "Redevelopment Agency of the City of San
Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Negotiable Promis-
sory Notes, Issue of 19i6", maturing on December 1, 1979, particularly described in said Notice,
bearing interest at the rate of . . %, and to pay therefor the aggregate sum of $. . . . . . . . · plus interest
accrued on such Notes to the date of delivery thereof.
Indicate applicable
amount by check
(v') or cross(X)
INDICATE ONLY
ONE AMOUNT
This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore
published, all of which terms and conditions are made a part hereof as fully as though set forth in
full in this bid.
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As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six
(26) hours after the expiration of the ~e for the receipt of bids, and the unqualified opinion of the
Bond Counsel finn of James \Varren Beebe, A Law Corporation, Los Angeles, California, approving,
the validity of the Notes, will be furnished us (if we are the successful bidder) at the time of delivery
of the Notes at the expense of the Agency.
There is enclosed herewith a.. check in the amount of fifty thousand dollars
(SSO,OOO), payable to the order of the Agency.
· Principal amount indicated above, plus premium or less discount.
.. Insert "certified'" or "cashier's'".
There is submitted herewith a memorandum (which shall not constitute a part of this bid) stating
the total net interest cost in dollars on the Notes during the life of the issue under this bid, and the
average net interest rate determined thereby.
Respectfully submitted,
Name
Account Manager
By
Address
City
State
~MEMORfu'1DUM OF INTEREST COST
The total net interest cost on the Notes during the life of the issue under the. above bid is
$ , and the average net interest rate determined thereby is
" %.
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Motion made to adopt Resolution No. 3308 by Obershaw and seconded by
Stephenson. Motion carried by the following vote, to wit: Ayes: Blum,
Obershaw, Hinojosa, Stephenson, Guhin and Green. Noes: None. Ab-
stention: None. Absent: Wilson.
Motion made to adjourn at 1: 24p.m made by Guhin and seconded by Green.
Motion carried by the following vote, to wit: Ayes: Blum,Obershaw,
Hinojosa, Stephenson, Guhin and Green. Noes: None. Abstention: None.
Absent: Wilson.
Adjourned: 1: 24 p.m.
R. E. Shadwell, Jr.
Executive Director
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4387
MINUTES OF THE REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO, CALIFORNIA, HELD THE 16th DAY OF
DECEMBER, 1976, 300 NORTH "D" STREET, SAN BERNARDINO, CA.
Vice-Chairperson Blum called the meeting to order at 3: 15 p.m.
Roll Call showed the following:
Agency Members Present: Blum, Obershaw, Wilson, Stephenson and Guhin.
Agency Members Absent: Hinojosa and Green.
Also Present: Ralph Shadwell, Jr., Executive Director; Wm. A. Flory, Agency
Counsel and Barbara Brown, Executive Secretary.
The Minutes of December 2, 1976 were submitted for approval. Motion made to approve the
Minutes made by Stephenson and seconded by Obershaw. Motion carried by the following
vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None.
Abstention: None. Absent: Hinojosa and Green.
The Minutes of December 6, 1976 were submitted for approval. Motion made to approve the
Minutes made by Obershaw and seconded by Wilson. Motion carried by the following vote,
to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None. Abstent-
tion: None. Absent: Hinojosa and Green.
Expenditures for November were submitted for approval. After discussion motion made
to approve Expenditures by Guhin and seconded by Wilson. Motion carried by the following
vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None.
Abstention: None. Absent: Hinojosa and Green.
ACQUISITION OF PROPERTY:
Chairperson Blum requested Mr. Shadwell explain this item. Mr. Shadwell informed the
Board that various properties must be purchased and referred to property known as 281-
041-12 owned by San Bernardino Industrial Park, Inc. Agency Staff wants authority to pur-
chase at price not to exceed $10,500 per acre, plus authority to enter into condemnation pro-
ceedings. Mr. Obershaw inquired how much the property was per foot and was informed
that Staff has worked price out by acre only. Mr. Baker of the Sun Telegram inquired who
the principle owner of Corona Quarries was and was informed it was owned by Mr. Paul
Hubbs. After discussion the following resolution was adopted:
RESOLUTION NO. 3309
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE CHAIRMAN
AND SECRETARY TO ACQUIRE PROPERTY ON BEHALF OF THE
REDEVELOPMENT AGENCY WITHIN THE SOUTHEAST INDUSTRIAL
PARK REDEVELOPMENT PROJECT AREA
WHEREAS, the City of San Bernardino has approved and adopted the Rede-
velopment Plan for the Southeast Industrial Park Redevelopment Project Area
by Ordinance No. 3583, June 21, 1976; and
4388
WHEREAS, it is the desire of the Redevelopment Agency to purchase property
for future development within said project area; and
WHEREAS, appraisals of the property involved have been performed by both
the Agency and the property owners, and purchase prices have been nego-
tiated within an appropriate range of the appraisals received.
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NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized to acquire the following parcels of land for the specified purchase
prices:
Michael Reynolds (280-251-26)
Corona Quaries (281-102-01)
McPharlin/Conners (281-101-02)
San Bernardino Industrial Park
280-251-27
280-101-01
280-041-12
$ 56,000
57,750
186,560
355,190
285,989
BE IT FURTHER RESOLVED that the Chairman and Secretary are hereby authorized
to execute all documentation necessary for the acquisition of the properties above
cited.
Motion made to adopt Resolution No. 3309 by Obershaw and seconded by Guhin authorizing
purchase of property and right to enter into condemnation proceedings. Motion carried by
the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin.
Noes: None. Abstention: None. Absent: Hinojosa and Green.
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Mr. Flory then requested that the Board pass a Resolution authorizing the Staff to enter
into condemnation proceedings, if necessary, on Parcel No. 281-101-12, property owned
by Southeast Industrial Park, Inc. After discussion the following Resolution was
adopted:
RESOLUTION NO. 3310
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AUTHORIZING THE AGENCY STAFF TO ENTER INTO
CONDEMNATION PROCEEDINGS ON PROPERTY KNOWN AS PARCEL NO .
281-101-12, OWNED BY SAN BERNARDINO INDUSTRIAL PARK, INC.
WHEREAS, in the event it becomes necessary to enter into Condemnation Proceedings
for the acquisition of Parcel No. 281-101-12, owned by San Bernardino Industrial
Park, Inc.; and
WHEREAS, Agency Staff has been authorized by Resolution No. 3310 to enter into
said proceedings.
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NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino that Agency Staff be authorized to enter into Condemnation Proceedings
on property known as Parcel No. 281-101-12, owned by San Bernardino Industrial
Park, Inc.
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Motion to adopt Resolution No. 3310 made by Obershaw and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
PURCHASE OF FREDERICKS-HANSEN PAINT CO.
Mr. Shadwell explained that in order to negotiate the Disposition Agreement for
the relocation of Fredericks-Hansen Paint Co. to the SEIP Project Area, it will
be necessary for the Agency to purchase their present facility located within the
Meadowbrook Project at a price of $250,000.00. Mr. Obershaw stated that he feels
this is a fair price. After discussion the following resolution was adopted:
RESOLUTION NO. 3311
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE CHAIRMAN
AND SECRETARY TO ACQUIRE PROPERTY FROM FREDERICKS-
HANSEN PAINT COMPANY, 250 WEST RIALTO AVENUE, MEADOW-
BROOK PROJECT AREA
WHEREAS, Fredericks-Hansen Paint Company is the owner of land located at 250
West Rialto Avenue, within the Meadowbrook Project Area; and
WHEREAS, this facility is inadequate to accommodate their present operation and
they are desirous of relocating within the Southeast Industrial Park Redevelopment
Project Area; and
WHEREAS, they have requested that the Redevelopment Agency acquire their present
location for $250,000, making their relocation to the Southeast Industrial Park feasible.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino, California, that the Chairman and Secretary are hereby authorized to
acquire property located at 250 West Rialto Avenue, Meadowbrook Project Area, from
Fredricks Hansen Paint Company, for a purchase price of $250,000.
BE IT FURTHER RESOLVED that said acquisition is contingent upon the execution of a
Disposition Agreement for the purchase of land within Southeast Industrial Park to
house the relocation of said Fredricks Hansen Paint Company.
Motion to adopt Resolution No. 3311 made by Obershaw and seconded by Guhin.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and
Green.
Mrs. Blum stated that the time had come to hold the Public Hearings on the sale of
Properties to developers.
Mr. Shadwell stated that before the Hearings were opened, it was pertinent to read the
following letter into the record:
4390
December 14, 1976
Board of Directors
Redevelopment Agency of the
City of San Bernardino, California
300 North "D" Street, Room 320
San Bernardino, CA 92418
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Dear Board Members:
During the past four years I have served as Director of the Economic Development
Department of San Bernardino County. As such, it is my responsibility to encourage,
induce, and persuade the proper type of industrial organizations to locate new facilities
or to expand existing operations in San Bernardino County.
It has been my experience that competition from other areas of the United States and from
our California neighbors is extremely keen. Our competition frequently provides
inducements in the form of tax exemptions, relocation dollar incentives, and in some
cases will even construct new buildings for the corporations that will provide cer-
tain employment opportunities and add to the general welfare of those communities.
As you know, California is not an incentive State and, therefore, the only possibility
to attract major firms into California is to utilize the techniques of redevelopment which
can allow the sale of land at a reduced price, and provide certain improvements such as:
water lines, sewers, street improvements, etc., which allows us to compete on an equal
basis.
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I am generally familiar with the proposed "sales" listed on the Agency's December 16, 1976,
agenda, and it is my considered opinion that these agreements are beneficial to this area.
It is also my opinion that none of the industries which have been committed to locate in
the Southeast Industrial Park, or those industries with whom we are currently working,
would be as interested in the City of San Bernardino if the inducements has (sic) not been
offered.
Sincerely,
ECONOMIC DEVELOPMENT DEPARTMENT
I sl Ray W. Glider, Director
RWG/swk
PUBLIC HEARING- SEIP-HUNTLEY PROPERTIES- Sale of 47.41 acres of land
The Public Hearing was opened by the Chairperson. Mr. Stephenson inquired why there
was a $20,000 difference in the price. Mr. Shadwell explained that Hansen Paint Co.
wanted to buy 5 acres of the original package, thus Mr. Huntley's price is lower. No
comments from the audience and the Public Hearing was closed.
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PUBLIC HEARING-SEIP-FOOD PROCESSING CO-LANGLOIS- Sale of 11. 39 acres of land.
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The Public Hearing was opened by the Chairperson. Mr. Shadwell described the property
and with no further discussion from the audience the Public Hearing was closed.
PUBLIC HEARING-SEIP-HODGDON-Sale of 34.79 acres of land.
The Public Hearing was opened by the Chairperson. Mr. Hodgdon spoke from the audience
and referred to renderings. Mr. Hodgdon stated that he would be paying approximately
$5,000 per acre, more or less. Because of the flood control, he will also have some
contact with F .I.A. (Federal Internal Administration). Mr. Hodgdon also stated that he
would call his development Riverview Center and would change the name of Riverside
Avenue to Riverview Avenue for obvious reasons. He further stated that his proposed
buildings would encompass a minimum of 300,000 square feet. Mr. Hodgdon stated that
he would like to close his escrow on or before December 29, 1976, subject to board ap-
proval. Mr. Hodgdon also stated that in his Disposition Agreement, it stipulates that
the developer must put up a Performance Bond. Mr. Hodgdon feels that said Bond is
not necessary at this time. He will put up the Bond prior to the issuance of the Build-
ing Permit. Mr. Obershaw stated that he had no objections and saw no problems in
amending the Disposition Agreement. Public Hearing then closed.
PUBLIC HEARING-SEIP-MARTIN J. JASKA, INC. OR HIS NOMINEE, Sale of 5 acres of land.
The Public Hearing was opened by the Chairperson. No discussion and the Hearing was
closed.
PUBLIC HEARING- CENTRAL CITY NORTH-ALEXANDER/WEISSMAN-Sale of 3.86 acres
of land.
The Public Hearing was opened by the Chairperson. No discussion and the Hearing
was closed.
PUBLIC HEARING-CENTRAL CITY WEST-LOCAL DEVELOPMENT CO. -Sale of .99 acre of land.
The Public Hearing was opened by the Chairperson. No discussion and hearing closed.
PUBLIC HEARING-CENTRAL CITY EAST-CRESTA LINDA HOUSING VENTURES-Sale of
3.54 acres of land.
The Public Hearing was opened by the Chairperson. Mr. Leonard spoke from the audience
and stated that the development would be approximately 60 units. Mr. Obershaw stated
that he feels this type development would be a good use for the land. Hearing closed.
Mrs. Blum asked persons from the audience to introduce themselves, which they did.
RESOLUTION ADOPTING FINDINGS OF FACT REGARDING SALE OF PRICES OF PROP-
ERTIES IN SOUTHEAST INDUSTRIAL PARK.
Mr. Flory explained to the Board that the Resolution was self-explanatory and that it is
the only way the plan can be effected for SEIP. After discussion the following resolution
was adopted:
4392
RESOLUTION NO. 3312
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALLIFORNIA, FINDING AND DETERMINING THAT THE
SALES PRICES OF AGENCY PROPERTIES LOCATED WITHIN THE
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA ARE
F AIR AND REASONABLE AND THE ONLY WAY THAT THE REDEVELOPMENT
PLAN FOR THE SOUTHEAST INDUSTRIAL PARK CAN BE EFFECTUATED.
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BE IT RESOLVED THAT THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNAR-
DINO, CALIFORNIA does hereby resolve as follows:
WHEREAS, pursuant to Ordinance No. 3583 adopted on June 21, 1976, the Redevelopment
Agency and the City of San Bernardino have heretofore adopted a redevelopment plan
for the Southeast Industrial Park Project Area; and
WHEREAS, the plan provides for the acquisition and sale of real property within the pro-
ject area; and
WHEREAS, said plan provides for and allows industrial and commercial uses including,
without limitation, industrial and industrial park developments which will include
manufacturing, fabrication, production and assembly, wholesale and resale distribution
uses, technical service businesses, research and development and other related compati-
ble uses and further provides for and permits commercial uses including, without limit-
ation, business offices, professional offices, retail stores and shops and other office ,.,
functions as may be directly related to industry and commerce, as well as the general
p~&;~d ~
WHEREAS, the Agency is in the process of acquiring and has acquired real property
within said project area for the purpose of resale and redevelopment and for the con-
struction of industrial facilities and development within said proj ect area in conformity
with the plan; and
WHEREAS, other states throughout the Nation have adopted legislation permitting and
authorizing the foregiveness of up to five years taxes to industrial concerns who lo-
cate within those states and have adopted legislation permitting and authorizing the
issuance of industrial bonds for industrial development for those businesses locating
within those states; and
WHEREAS, there is extrememly strong competition from said states and other cities
and counties within the State of California; and
WHEREAS, through the efforts of the Redevelopment Agency Staff, industrial developers
have been contacted and pursuaded to locate within the Southeast Industrial Park and
to construct industrial facilities and development therein and as an inducement to said
developers to meet the competition referred to above the Agency has been compelled to ,.,
offer its following identified properties located within the project area, namely, the J.i.,
property to be sold to Huntley Properties, Warner Hodgdon, and a food processing ..
factory. at a reduced price and less than fair market estimated value determined at the
highest use permissible under the said redevelopment plan; and
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WHEREAS, the Board has specifically found that to meet the competition hereinabove
described to attract and locate industry to the Southeast Industrial Park Project, the
sale price of the above-mentioned parcels of real property belonging to the Agency must
be reduced to a price less than fair market estimated value determined at the highest
use permitted under the redevelopment plan and further found that the only way the
said plan can be effectuated is by selling these parcels for the following prices:
Huntley Properties
Warner Hodgdon
Food Processing Factory
$143,400.00
$173,950.00
$ 45,560.00
WHEREAS, pursuant to Section 33431 of the California Health and Safety Code, notice
of public hearings on the sale of all of the above mentioned property was advertised
in the San Bernardino Sun Telegram on December 7, 9 and 13, 1976; and
WHEREAS, at the adjourned regular meeting of the Redevelopment Agency on December
16, 1976, public hearings were held on the sale of each of the above mentioned properties;
and
WHEREAS, evidence, both oral and documentary, was presented and considered by the
Board of Directors, including the Board I s own know ledge, of the competition from other
states and communities in California.
NOW, THEREFORE, the Redevelopment Agency of the City of San Bernardino does hereby
find and determine from the evidence presented at the public hearings on December 16,
1976, and upon its own knowledge, as follows:
1. Pursuant to Ordinance No. 3583 adopted June 21, 1976, the Agency and the City of
San Bernardino have heretofore adopted a redevelopment plan for the Southeast Industri-
al Park Proj ect Area.
2. The plan provides for the acquisition and sale of real property within the proj ect
area.
3. The plan provides for and allows industrial and commercial uses including, without
limitation, industrial and industrial park developments which will include manufacturing
fabrication, production and assembly, wholesale and resale distribution uses, technical
service businesses, research and development and other related compatible uses and fur-
ther provides for and permits commercial uses including without limitation, business
offices, professional offices, retail stores and shops and other office functions, as may
be directly related to industry and commerce, as well as the general public.
4. The Agency is in the process of acquiring and has acquired real property within
said project area for the purpose of resale and redevelopment and for the construction
of industrial facilities and development within said project area in conformity with the
plan.
5. Other states throughout the Nation have adopted legislation permitting and authori-
zing the foregiveness of up to five years taxes to industrial concerns who locate within
those states and have adopted legislation permitting and authorizing the issuance of
4394
industrial bonds for industrial development for those businesses locating within
those states.
~
6. There is extremely strong competition from said states and other cities and counties
within the State of California.
.......,;
7. Through the efforts of the Redevelopment Agency staff, industrial developers have
been contacted and pursuaded to locate within the Southeast Industrial Park and to
construct industrial facilities and development therein and as an inducement to said
developers to meet the competition referred to above, the Agency has been compelled
to offer its following identified properties located within the project area, namely, the
property to be sold to Huntley Properties, Warner Hodgdon and a food processing
factory, at a reduced price and less than fair market estimated value determined at the
highest use permissible under the said redevelopment plan.
8. The Board hereby specifically finds that to meet the competition hereinabove des-
cribed to attract and locate industry to the Southeast Industrial Park Project, the sale
price of the above mentioned parcels of real property belonging to the Agency must
be reduced to a price less than fair market estimated value determined at the highest
use permitted under the redevelopment plan and further finds that the only way the said
plan can be effectuated is by selling these parcels for the following prices:
Huntley Properties
Warner Hodgdon
Food Processing Factory
$143,400.00
$173,950.00
$ 45,560.00
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9. Pursuant to Section 33431 of the California Health and Safety Code, notice of public
hearings on the sale of all of the above mentioned hearings was advertised in the San
Bernardino Sun Telegram on December 7, 9, and 13, 1976.
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10. At the adjourned regular meeting of the Redevelopment Agency on December 16, 1976,
public hearings were held on the sale of each of the above mentioned properties.
11. Evidence, both oral and documentary, was presented and considered by the Board
of Directors, including the Board's own knowledge, of the competition from other
states and communities of California.
Motion made to adopt Resolution No. 3312 by Stephenson and seconded by Wilson.
Motion carried by the following vote, to wit: A yes: Blum, Obershaw, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION-HUNTLEY PROPERTIES
RESOLUTION NO. 3313
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF
THAT PROPERTY LOCATED WITHIN THE SOUTHEAST INDUSTRIAL
PARK REDEVELOPMENT PROJECT AREA BORDERED BY VICTORIA
AVENUE, SAN BERNARDINO AVENUE, TIPPECANOE AND
RICHARDSON, TO HUNTLEY PROPERTIES
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WHEREAS, the Redevelopment Agency of the City of San Bernardino, Cali-
fornia, by the adoption of Resolution No. 3302, 12-2-76, received an Offer
to Purchase from Huntley Properties for that land bordered by Victoria
Avenue, San Bernardino Avenue, Tippecanoe and Richardson, less 5 acres of
land located on the southwest corner of San Bernardino & Richardson Avenues,
within the Southeast Industrial Park, and scheduled said sale for Public Hearing; and
WHEREAS, public disclosure of the Agency I s intention to sell this property
was made in accordance with Section 33431 of the California Health and
Safety Code, and was published in the Sun Telegram on December 7th, 9th
and 13th, 1976; and
WHEREAS, a Public Hearing regarding this proposed sale was held on
December 16, 1976, in accordance with said Section 33431 of the California
Health and Safety Code; and
WHEREAS, the offering price of $ 143,400
chase price for said parcels of land.
appears to be an equitable pur-
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of San Bernardino, California, that the Chairman and Secretary are
hereby authorized and directed on behalf of the Agency to enter into a Dis-
position Agreement, substantially in the form attached hereto for the sale of that
property located within the Southeast Industrial Park Redevelopment Project Area
bordered by Victoria Avenue, San Bernardino Avenue, Tippecanoe and Richardson,
less 5 acres located on the southwest corner of San Bernardino and Richardson Aves.,
to Huntley Properties for a purchase price of $143,400.00.
Motion to adopt Resolution No. 3313 made by Wilson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION-FOOD PROCESSING CO-LANGLOIS CO.
After discussion, the following Resolution was adopted:
RESOLUTION NO. 3314
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF PARCEL
NO. 281-041-12, LOCATED WITHIN THE SOUTHEAST INDUSTRIAL
P ARK REDEVELOPMENT PROJECT AREA, TO LANGLOIS COMPANY
WHEREAS, the City of San Bernardino approved the Redevelopment Plan for
the Southeast Industrial Park Redevelopment Project Area, by Ordinance No.
3583, June 21, 1976; and
WHEREAS, in accordance with said Redevelopment Plan, the Redevelopment
Agency of the City of San Bernardino, California, desires to dispose of certain
parcels of land for industrial development; and
4396
WHEREAS, public disclosure of the Agency's intention to sell parcel No.
281-041-12 was made in accordance with Section 33431 of the California Health
and Safety Code, and was published in the Sun Telegram on December 8th, 10th
and 13th, 1976; and
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WHEREAS, a Public Hearing regarding this proposed sale was held on December 16,
1976 in accordance with said Section 33431 of the California Health and Safty Code;
and
WHEREAS, the offering price of $91,000 appears to be an equitable purchase price
for said parcel of land.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California, that the Chairman and Secretary are hereby authorized
and directed on behalf of the Agency to enter into a Disposition Agreement, substantially
in the form attached hereto for the sale of Parcel No. 281-041-12, Southeast Industrial
Park Redevelopment Project Area, to Langlois Co. for a purchase price of $45,560.00.
Motion to adopt Resolution No. 3314 made by Stephenson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and
Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION-WARNER HODGDON
After discussion the following Resolution was adopted:
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RESOLUTION NO. 3315
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF
PROPERTY WITHIN THE SOUTHEAST INDUSTRIAL PARK REDE-
VELOPMENT PROJECT AREA TO WARNER W. HODGDON
WHEREAS, the Redevelopment Agency of the City of San Bernardino, Cali-
fornia, at a Regular Meeting Held December 2, 1976, received a verbal
Offer to Purchase approximately 36 acres of land within the Southeast In-
dustrial Park Redevelopment Project Area from Warner W. Hodgdon, and
scheduled said sale for Public Hearing; and
WHEREAS, public disclosure of the Agency I s intention to sell this property
was made in accordance with Section 33431 of the California Health and Safety
Code, and was published in the Sun Telegram on December 7th, 9th and 13th,
-1976; and
WHEREAS, a Public Hearing regarding this proposed sale was held on December
16, 1976, in accordance with said Section 33431 of the California Health and
Safety Code; and
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WHEREAS, the offering price of $173,950 appears to be an equitable
purchase price for said parcels of land.
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4397
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized and directed on behalf of the Agency to enter into a Disposition
Agreement, substantially in the form attached hereto for the sale of said property located
within the Southeast Industrial Park Redevelopment Project Area to Warner W. Hodgdon
for a purchase price of $173,950.00.
Motion made to adopt Resolution No. 3315 by Stephenson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and
Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION-MARTIN J. JASKA, INC. OR HIS NOMINEE
After discussion the following Resolution was adopted:
RESOLUTION NO. 3316
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF
FIVE ACRES OF LAND LOCATED ON THE SOUTHWEST CORNER OF
SAN BERNARDINO AVENUE AND RICHARDSON AVENUE, SOUTHEAST
INDUSTRIAL PARK, TO MARTIN J. JASKA, INC., OR HIS NOMINEE
WHEREAS, the City of San Bernardino approved the Redevelopment Plan for
the Southeast Industrial Park Redevelopment Project Area, by Ordinance No.
3583, June 21, 1976; and
WHEREAS, in accordance with said Redevelopment Plan, the Redevelopment
Agency of the City of San Bernardino, California, desires to dispose of certain
parcels of land for industrial development; and
WHEREAS, public disclosure of the Agency's intention to sell said land was
made in accordance with Section 33431 of the California Health and Safety Code,
and was published in the Sun Telegram on December 7th, 9th and 13th, 1976;
and
WHEREAS, Public Hearing regarding this proposed sale was held on December 16,
1976 in accordance with Section 33431 of the California Health and Safety Code;
and
WHEREAS, Martin J. J aska, Inc. , or his nominee, has proposed to purchase
said five acres of land located on the southwest corner of San Bernardino Avenue
and Richardson Avenue, for the development of an industrial building to house
Fredricks-Hansen Paint Company; and
WHEREAS, the offering price of $75,000 appears to be an equitable purchase
price for said parcel of land.
4398
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized and directed on behalf of the Agency to enter into a Disposition
Agreement, substantially in the form hereto attached, with Martin J. Jaska, Inc.,
or his nominee, for the purchase of five acres of land located on the southwest
corner of San Bernardino and Richardson Avenues, Southeast Industrial Park,
for a purchase price of $75,000.
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Motion made to adopt Resolution No. 3316 made by Obershaw and seconded by Guhin.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION-ALEXANDER/WEISSMAN
After discussion the following Resolution was adopted:
RESOLUTION NO. 3317
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF
OF PROPERTY AT 5TH AND "F" STREETS (SENIOR CITIZENS
HOUSING COMPLEX), CENTRAL CITY NORTH, TO ALEXANDER
AND WEISSMAN.
WHEREAS, the Redevelopment Agency of the City of San Bernardino, Cali-
fornia, received an Offer to Purchase property Parcels 134-061-26 and 27,
5th and "F" Streets, Central City North, from Alexander/Weissman, for the
development of the Senior Citizens Housing Complex; and
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WHEREAS, public disclosure of the Agency's intention to sell this property
was made in accordance with Section 33431 of the California Health and Safety
Code, and was published in the Sun Telegram on December 7th, 9th and 13th,
1976; and
WHEREAS, a Public Hearing regarding this proposed sale was held on
December 16, 1976 in accordance with said Section 33431 of the California
Health and Safety Code; and
WHEREAS, the offering price of $252,000 appears to be an equitable purchase
price for said parcels of land.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized and directed on behalf of the Agency to enter into a Disposition
Agreement, substantially in the form attached hereto, for the sale of Parcels
134-061-26 & 27 to Alexander/Weissman for the development of a Senior Citizens
Housing Complex, Central City North, for a purchase price of $252,000.
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Motion made to adopt Resolution No. 3317 by Stephenson and seconded by Obershaw.
Motion carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
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DISPOSITION AGREEMENT RESOLUTION -CENTRAL CITY WEST
After discussion the following Resolution was adopted:
RESOLUTION NO. 3318
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE SALE OF
PROPERTY LOCATED AT THE NORTHEAST CORNER OF MT. VERNON
AND 5TH STREETS, CENTRAL CITY WEST, TO THE SAN BER-
NARDINo LOCAL DEVELOPMENT COMPANY (LDC)
WHEREAS, the Redevelopment Agency of the City of San Bernardino, Cali-
fornia, by the adoption of Resolution No. 3304, 12-2-76, received an Offer
to Purchase from the San Bernardino Local Development Company (LDC) for
that land located at the northeast corner of Mt. Vernon and 5th Streets, Central
City West, and scheduled said sale for Public Hearing; and
WHEREAS, public disclosure of the Agency's intention to sell the property was
made in accordance with Section 33431 of the California Health and Safety Code,
and was published in the Sun Telegram on December 7th, 9th and 13th, 1976; and
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WHEREAS, a Public Hearing regarding this proposed sale was held on December 16,
1976, in accordance with said Section 33431 of the California Health and Safety
Code; and
WHEREAS, the offering price of $2 .45 per sq. ft. appears to be an equitable
purchase price for said parcels of land.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
San Bernardino, California, that the Chairman and Secretary are hereby authorized
and directed on behalf of the Agency to enter into a Disposition Agreement, substantially
in the form attached hereto, for the sale of that property located at the northeast
corner of Mt. Vernon and 5th Streets, Central City West, to the San Bernardino Local
Development Company (LDC).
Motion made to adopt Resolution No. 3318 by Guhin and seconded by Wilson. Motion car-
ried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and
Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
DISPOSITION AGREEMENT RESOLUTION -CENTRAL CITY EAST
r After discussion the following Resolution was adopted:
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4400
RESOLUTION NO. 3319
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA, APPROVING THE SALE OF
PARCELS 135-092-02,03,20,21,22,30,31,40,41 & 42, CENTRAL
CITY EAST, TO CRESTA-LINDA HOUSING VENTURES
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WHEREAS, the Redevelopment Agency of the City of San Bernardino, Cali-
fornia, by the adoption of Resolution No. 3305, 12-2-76, received an Offer
to Purchase from Cresta-Linda Housing Ventures for Parcels No. 135-092-02,
03,20,21,22,30,31,40,41 & 42, Central City East Redevelopment Proj ect
Area, and scheduled said sale for Public Hearing; and
WHEREAS, public disclosure of the Agency's intention to sell this property
was made in accordance with Section 33431 of the California Health and
Safety Code and was published in the Sun Telegram on December 7th, 9th
and 13th, 1976; and
WHEREAS, a Public Hearing regarding this proposed sale was held on December
16, 1976, in accordance with said Section 33431 of the California Health and
Safety Code; and
WHEREAS, the offering price of $270,000 appears to be an equitable purchase
price for said parcels of land.
....,
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized and directed on behalf of the Agency to enter into Disposition Agree-
ment, substantially in the form attached hereto, for the sale of Parcels
135-092-02,03,20,21,22,30,21,40,41, & 42, Central City East, to Cresta-Linda
Housing Ventures, for a purchase price of $270,000.
I...tiI
Mr. Wilson inquired if there was a Finder's Fee involved. Mr. Flory stated that the Reso-
lution had nothing to do with a Finder's Fee, however, Mr. Obershaw then stated that Mr.
Leonard was the creator of the development and he feels Mr. Leonard is entitled to
a Finder IS Fee and that the Fee is applicable in this case. Motion made to adopt Resolution
No. 3319 by Obershaw and seconded by Guhin. Motion carried by the following vote, to
wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None. Abstention:
None. Absent: Hinojosa and Green.
RESOLUTION AUTHORIZING AIR RIGHTS EASEMENTS ON BEHALF OF WARNER HODGDON
RELATIVE TO ANDRESON BUILDING.
After discussion the following Resolution was adopted:
RESOLUTION NO. 3320
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE CHAIRMAN
AND SECRETARY TO EXECUTE THE NECESSARY DOCUMENTS
GRANTING AIR RIGHTS EASEMENTS TO W ARNERW. HODGDON,
RELATIVE TO THE ANDRES ON BUILDING, CENTRAL CITY PROJECT
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WHEREAS, Warner W. Hodgdon is the owner of the Andreson Building, 320
North IIEII Street, San Bernardino, California, located within the Central City
Proj ect Area; and
WHEREAS, Mr. Hodgdon will be remodeling the Andreson Building to house
Campus Crusade for Christ International, and has requested Air Right Ease-
ments for the construction of a bridge adjoining the Andreson Building to the
pedes trial bridge and a bridge adjoining the Andreson Building to the three
level parking structure; and
WHEREAS, Mr. Hodgdon has assured the Agency that he is not requesting any
monitory assistance from the Agency for the construction of these bridges; and
WHEREAS, the Agency Members have reviewed the request and feel that the
air right easements are warranted.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City
of San Bernardino, California, that the Chairman and Secretary are hereby
authorized to execute the necessary documents granting Air Right Easements to
Warner W. Hodgdon, relative to the Andreson Building, Central City Project.
Motion made to adopt Resolution No. 3320 by Wilson and seconded by Obershaw. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
RESOLUTION AUTHORIZING APPLICATION OF TAX INCREMENT POLICY-RESIDENTIAL
DEVELOPMENT-SENIOR CITIZENS HOUSING-CENTRAL CITY NORTH.
After discussion the following Resolution was adopted:
RESOLUTION NO. 3321
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING APPLICATION OF
T AX INCREMENT POLICY RESOLUTION FOR RESIDENTIAL DEVEL-
OPMENT FOR SENIOR CITIZENS HOUSING COMPLEX, ON BEHALF
OF ALEXANDER/WEISSMAN, CENTRAL CITY NORTH PROJECT
AREA
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
approved on December 16, 1976, by Resolution No. 3317, the execution of a
Disposition Agreement with Alexander/Weissman for the development of the
Senior Citizens Housing Complex, Central City North Project Area; and
WHEREAS, the Agency, by its adoption of Resolution No. 3174 established a
policy providing for necessary on and off site improvements to developers in a
sum of not more than five years tax incremental income, which resolution in-
cluded residential development; and
WHEREAS, when reviewed on April 12, 1976 by the Mayor and Council, said reso-
4402
lution was approved with the exception that any reference to the providing of said
on and off site improvements to residential developments be omitted; and
WHEREAS, the Redevelopment Agency Board, on May 6, 1976 by the adoption of
Resolution No. 3204, amended Resolution No. 3174 by omitting residential developments;
and
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WHEREAS, the developers Alexander/Weissman have requested review by the Agency
Board for determination that the payment by the Agency for necessary on and off
site improvements for their development would be to the best interest of the Agency
and the City of San Bernardino.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby authorize the application of Tax Incremental
Policy Resolution for the residential development of the Senior Citizens Housing Com-
plex to be developed by Alexander/Weissman, Central City North Project Area.
BE IT FURTHER RESOLVED that this action on the part of the Redevelopment Agency
is made with the express understanding that it is subject to the review and con-
currence of the Mayor and Common Council.
Motion made to adopt Resolution No. 3321 by Obershaw and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
RESOLUTION AUTHORIZING APPLICATION OF TAX INCREMENTS POLICY FOR RESIDENTIAL"
DEVELOPMENT - CREST A LINDA HOUSING VENTURES - CC EAST.
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After discussion the following resolution was adopted:
RESOLUTION NO. 3322
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING APPLICATION OF
TAX INCREMENT POLICY RESOLUTION FOR RESIDENTAIL DEVEL-
OPMENT TO BE LOCATED WITHIN CENTRAL CITY EAST, ON BEHALF
OF CRESTA-LINDA HOUSING VENTURES
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California,
approved on December 16, 1976, by Resolution No. 3319 the execution of a
Disposition Agreement with Cresta-Linda Housing Ventures for the development
of residentail units to be constructed within Central City East within the block
bounded by Mt. View Avenue, 5th Street, Sierra Way and 6th Street; and
WHEREAS, the Agency, by its adoption of Resolution No. 3174 established a
policy providing for necessary on and off site improvements to developers in a
sum of not more than five years tax incremental income, which resolution in-
cluded residential development; and
,.,
WHEREAS, when reviewed on April 12, 1976 by the Mayor and Council, said reso-
lution was approved with the exception that any reference to the providing of said
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on and off site improvements to residential developments be omitted; and
WHEREAS, the Redevelopment Agency Board, on May 6, 1976, by the adoption of
Resolution No. 3204, amended Resolution No. 3174 by omitting residential developments;
and
WHEREAS, the developer, Cresta-Linda Housing Ventures has requested review by
the Agency Board for determination that the payment by the Agency for necessary on
and off site improvements for their development would be to the best interest of the
Agency and the City of San Bernardino.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
San Bernardino, California, does hereby authorize the application of Tax Incremental
Policy Resolution for the residential development proposed by Cresta-Linda Housing
Ventures to be located within Central City East, with the exception that the Agency
will not participate in the expense of the construction of the slabs for said development.
BE IT FURTHER RESOLVED that this action on the part of the Redevelopment Agency
is made with the express understanding that it is subject to the review and con-
currence of the Mayor and Common Council.
At this time Mr. Obershaw stated that he objected to the Agency putting in the concrete
pads. He feels we should help Cresta Linda, but doesn't want the Agency obligated
to that degree. He felt that the costs for grading pads would be acceptable, as would
off-site improvements, but the cost of the cement pads should be borne by Cresta Linda
Resolution passed with the aforementioned exception. Motion made to adopt Resolution
No. 3222 by Wilson and seconded by Obershaw. Motion carried by the following vote,
to wit: A yes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None. Ab-
stention: None. Absent: Hinojosa and Green.
RESOLUTION AUTHORIZING CHANGE ORDER-TOTALPLAN, INC .-EXTENSION OF TIME
Mr. Shadwell explained that through no fault of the contractor, but because of a strike,
TotalPlan, Inc. , is requesting additional time to their contract. After Mr. Shadwell's
explanation, the following Resolution was adopted:
RESOLUTION NO. 3323
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CA., AUTHORIZING THE CHAIRMAN AND SECRETARY TO
ENTER INTO CHANGE ORDER WITH TOT ALP LAN , INC. , FOR EXTENSION
OF TIME TO CONTRACT---PUBLIC ENTERPRISE CENTER FURNITURE.
WHEREAS, because of a strike, through no fault of the contractor, items of furniture
for the Public Enterprise Structure have been delayed in delivery; and
WHEREAS, said contractor, Totalplan, Inc. , has requested a time extension of 45
days to their contract; and
4404
WHEREAS, said time extension would extend to the contract expiration date to January
31, 1977 at no cost to this Agency.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino, California that the Chairman and Secretary be hereby authorized to enter
into Change Order, at no additional cost to the agency, for a time extension of 45
days.
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BE IT FURTHER RESOLVED that said contract will now expire on January 31, 1977.
Motion made to adopt Resolution No. 3223 by Wilson and seconded by Obershaw. Motion
carried by the following vote to wit: Ayes: Blum, Obershaw, Wilson, Stephenson
and Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
RESOLUTION AUTHORIZING CONTRACT AMENDMENT TO MALL SECURITY AGREEMENT.
Mr. Shadwell explained that this item had been approved by the Board at a previous
meeting, but that the Council had adopted a minor change in the verbage. Mr. Shad-
well explained the change and the following resolution was adopted:
RESOLUTION NO. 3324
RESOLUTION OF THE REDEVELOPMENT AGENCY AUTHORIZING
THE CHAIRMAN AND SECRETARY TO ENTER INTO CONTRACT
AMENDMENT NO.1, MALL SECURITY AGREEMENT AND THE
RESCISION OF RESOLUTION NO. 3297 PREVIOUSLY ADOPTED
DECEMBER 2, 1976.
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WHEREAS, the Agency Board Members at the meeting of December 2, 1976
adopted Resolution No. 3297 authorizing Chairman and Secretary to
enter into Contract Amendment No. 1 to the Mall Security Agreement; and
WHEREAS, inasmuch as this item was required to be approved by the City
Council said Contract Amendment was forwarded to the Council for their
approval; and
WHEREAS, the Council approved the Amendment with the exception of a
small change in the verbage; and
WHEREAS, it is now necessary for the Board to pass a new Resolution with
the changes stipulated by the Council.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of San Bernardino, Ca. , that the Chairman and Secretary be hereby
authorized to enter into Contract Amendment No.1, as approved and changed
by the City Council, for Mall Security Agreement.
BE IT FURTHER RESOLVED that Resolution No. 3297 adopted December 2, 1976
be hereby rescinded.
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Motion made to adopt Resolution No. 3324 by Obershaw and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and
Guhin. Noes: None. Abstention: None. Absent: Hinojosa and Green.
NEW FINDER'S FEE RESOLUTION.
Mr. Flory requested that this item be tabled for further review. Motion to table said
item until December 21, 1976 made by Wilson and seconded by Guhin. Motion carried by
the following, vote to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin.
Noes: None. Abstention: None. Absent: Hinojosa and Green.
Mr. Bill Leonard spoke out from the audience and requested a copy of the Finder's Fee
Resolution. Mr. Flory, Agency Legal Counsel ruled that it was a legal request and Mr.
Leonard was given a copy of said Resolution.
NEW FIVE YEAR TAX INCREMENT POLICY.
Mr. Flory requested that this item also be tabled for further review. Motion to table
said item made by Stephenson and seconded by Obershaw. Motion carried by the follow-
ing vote, to wit: Ayes: Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None.
Abstention: None. Absent: Hinojosa and Green.
MOTION REQUESTING MAYOR AND COUNCIL TO EXEMPT AGENCY FROM POSTING BONDS
FOR AGENCY CONSTRUCTION PROJECTS.
Mr. Flory explained to the Board that this item would be taken care of by the Mayor and
the City Attorney's office and that it would be on the Council Agenda for December 20th
meeting. Mr. Flory explained, however, that he felt a motion from the board authorizing
same would be in the Agency I s best interest. Motion made by Stephenson and seconded
by Obershaw. Motion carried by the following vote, to wit: A yes: Blum, Obershaw,
Wilson, Stephenson and Guhin. Noes: None. Abstention: None. Absent: Hinojosa
and Green.
OTHER BUSINESS:
Mr. Stephenson inquired of Mr. Hicks, in the audience, if there was any news regarding
Vanir Co. and the old Penney Co. property. Mr. Hicks replied nothing at this time.
Motion to adourn to Adjourned Regular Meeting, 3: 00 p.m., December 21,1976 made by
Obershaw and seconded by Guhin. Motion carried by the following vote, to wit: Ayes:
Blum, Obershaw, Wilson, Stephenson and Guhin. Noes: None. Abstention: None.
Absent: Hinojosa and Green.
Adjournment: 4:17 p.m.
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4406
MINUTES OF THE ADJOURNED REGULAR MEETING OF DECEMBER
21, 1976, HELD THE 21st DAY OF DECEMBER, 1976, 300 NORTH "D"
STREET, SAN BERNARDINO, CA., at 3: 00 p.m.
VICE -Chairperson Blum called the meeting to order at 3: 13 p.m.
Roll Call showed the following:
Agency Members Present: Blum, Obershaw, Hinojosa, Wilson, Stephenson and Guhin.
Agency Members Absent: Green
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency Counsel
and Babrara Brown, Executive Secretary.
AMEND AGENCY RESOLUTION NO. 3295 REGARDING DOLLAR AMOUNT OF SOUTHEAST
INDUSTRIAL PARK PROMISSORY NOTE ISSUANCE.
Mr. Shadwell explained that it was necessary to amend Agency Resolution No. 3296 inas-
much as the Agency sold 5 Million Dollars of Notes in lieu of the original amount of 2 Mil-
lion Dollars of Notes. After discussion the following Resolution was adopted:
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. RESOLUTION NO. 3325
(RESOLUTION NO. 3295, AS A.\fENDED)
RESOLUTION OF TIlE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AUTHORIZING THE ISSUANCE OF $5,000,000 PRINCIP..\L AMOUNT OF TAX ALLOCATION
NEGOTIABLE PROMISSORY NOTES, ISSUE. OF 1976, TO AID IN THE FINANCING OF A
REDEVELOPMENT PROJECT KNOWN AS THE SOUTHEAST INDUSTRIAL PARK REDE-
VELOPMENT PROJECT AREA.
WB:EREAS, the Redevelopment Agency of the City of San Bernardino (the · Agency") is a redevel-
opment agency (a public body, corporate and politic) duly created, established and authorized to
transact business and exercise its powerS, aU under and pursuant to the Community Redevelopment
Law [Part 1 of Division 24 (commencing with Section 330(0) of the Health and Safety Code of the
State of California} and the powers of the Agency includes the power to issue notes for any of its
corporate purposes; and
WB:EREAS, the Redevelopment Plan for a redevelopment project known and designated as
the .Sputheast Industrial Park. Redevelopment Project Area" has been adopted and approved and all
requirements of law for and precedent to the adoption and approval of the Redevelopment Plan have
been duly complied with; and
WHEREAs, the Agency has heretofore adopted its Resolution No. 3295, entitled:
"RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BER-
NARDINO AUTHORIZING THK ISSUANCE OF" $2,000,000 PRINCIPAL AMOUNT OF
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTES, ISSUE OF 1976, TO AID IN
THE FINANCING OF A REDEVELOPMENT PROJECf KNOWN AS -THE SOUTHEAST
INDUSTRIAL PARK REDEVELOPMENT PROJECf AREA"; and
WBEllEAS. the Agency has heretofore adopted its Resolution No. 3308, entitled:
"'RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BER-
NARDINO PROVIDING FOR THE SALE OF TAX; ALLOCATION NEGOTIABLE PROMIS-
SORY NOTES"; and .
WHEREAS, pursuant to said Resolution No. 3308, the Agency has provided for the sale of up to
15,000,000 principal amount of tax allocation notes; and
WBEllEAS. pursuant to said Resolution No..3308, the Agency has received a bid in the amount of
$5,000,000; and . :
WBEIU:AS. it has become necessaJ:Y and desirable to amend said Resolution No. 3295; and
WBEREAS, the issuance of notes at this time is necess:uy to enable the Agency to accomplish the
purposes of the Redevelopment Plan.
Now, THEREFORE, tHE REDEVELOPMENT AGENCY OF THE Crrr OF SAN BERNARDINO DoES HEREBY
REsoLVE, DETE:aM:INE A.'m ORDER AS FOLLOWS:
Section 1. Definitions. As used in this Resolution, the following tenns shall have the following
meanings unless the context otherwise requires:
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(a) "City" means the City of San Bernardino, California.
(b) "Federal Securities" means United States Treasury Notes. bonds. bills. or certificates of
indebtedness. or obligations for which the faith and credit of the United States are pledged for
the payment of principal and interest; bonds. consolidated bonds. collateral trust debentures.
consolidated debentures, or other obligations issued by federal land, banks or federal intermediate
credit banks established under the Federal Fann Loan Act. as amended. and Farm Credit Act
Of 1971. debentures and consolidated debentures issued by the Central Bank for Cooperatives
and banks for cooperatives established under the Farm Credit Act of 1933, as -amendef.l and the
Fann Credit Act of 1971, bonds or debentures of the Federal Home Loan Bank Board established
under the Federal Home Loan Bank Act, bonds of anv federal home loan bank established
under said act and stocks, bonds, debentures. participations and other obligations of or issued
by the Federal National Mortgage Association, the Student Loan Marketing Association, the Gov-
ernment National Mortgage Association and the Federal Home Loan Mortgage Corporation;
and bonds, notes or Other obligations issued by the Federal Financing Bank. the United States
Postal Service, or issued or assumed by the International Bank for Reconstruction and Develop-
ment:, the Tennessee Valley Authority, the Inter-American Development Ban~ the Government
Development Bank for Puerto Rico, or the Asian Development Bank.
(c) '"FIScal Agent'" means the trustee appointed by the Agency pursuant to Section 20 hereof,
its successors and assigns, and any other corporation or association which may at any time be
substituted in its place.. as provided in this Resolution.
(d) '"Fiscal Year'" means the year period beginning on July 1st and ending on the next
following June 30th.
( e) -Independent Financial Consultant" and "Independent Engineer" mean any financial
consultant or any engineer or firm of such consultants or engineers, respectively, appointed by
the. Agency, and who, or each of whom, has a favorable reputation in the field in which his
Opinion or certificate will be given, and:
(1) is in fact independent and not under domination of the Agency;
(2) does not have any substantial interest, direct or indirect. with the Agency; and
(3) is not connected with the Agency as an officer or employee of the Agency. but who
may be regularly retained to make reports to the Agency.
(f) "Law" means the Community Redevelopment Law of the State of Califomi~ a,s cited
in the recitals hereof.
. (g) '"Notes'" means the five million doHars ($5,000,000) principal amount of tax allO<.'ation
negotiable promissorY notes authorized by this Resolution.
{b} '"Noteholder" or -Holder of Notes", or any simUar tenn,. means any person who shall
be: (i) the bolder of any outstanding Note payable to bearer, or (ii) the registered owner or
his duly authorized attorney, trustee. representative, or assigns of any outstanding Note which
shall at the time be registered so as to be payable other than to bearer. For the purpose of
Noteholders' voting rights or consents, Notes owned by or held for the account of the Agency
or the City, directly or indirectly. shall not be counted. .
. (i) "'Parity Notes" means any additional ta.<< allocation notes (including, without limitation.
bonds, notes. interim certificates. debentures or other obligations) issued. by the Agency as per-
mitted by Section 17 of this Resolution.
(j)"Paying Agent- means any paying agent provided by the Agency pursuant to this
'Resolution.
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(k) "Redevelopment Plan" means the "Redevelopment Plan for-the Southeast Industrial Park
Redevelopment Project Area>> approved and adopted by the City by Ordinance No. 3583, nnd
includes any amendment thereof heretofore or hereafter made pursuant to law.
(1) "Redevelopment Project" means the Southeast Industrial Park Redevelopment Project Area.
(m) "Redevelopment Project Area" means the project area described and defined in the
Redevelopment Plan..
(n) "'Tax Revenues" means that portion of ta.~es levied upon taxable property in the
Redevelopment Project Area and received by the Agency on or after July 23, 1976, which is
allocated to and paid into a special fund (as in this Resolution created) of the Agency pursuant
to Article 6 of Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the
State of California. all as more particularly set forth hereafter 'in this Resolution.
(0) "'Treasurer>> means the ofBcer' who is then perfonning the functions of Treasurer of the
Agency.
Section, 2. Amoun~ Issuance and Purpose of Notes. Under and pursuant to the Law and under
and pursuant to this Resolution, Notes of the Agency in the principal amount of Dve million dollars
($5,000,000) shall be issued by the Agency for the corporate purposes of the Agency aiding in the
financing of the Redevelopment Project and for other purposes related thereto as hereinafter provided.
and. such issue of Notes is hereby created.
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Section 3. Nature of Notes. The Notes shall be and are special obligations of the Agency and
are secured by an irrevcx:able pledge of. and are payable as to principal, premium, if any, and
interest !rom. Tax Revenues and other funds as hereinafter provided. The principal of, premium, if
any, and interest on the Notes are not a debt of the City, the State of California or any of its political
subdivisions. and neither the City. said State. nor any of its political subdivisions is liable thereon,
nor in .any event shall said principal, premium, if any, and interest be payable out of any funds or
properties other than those of the Agency as in this Resolution set forth. The Notes do not constitute
an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
Neither the members of the Agency nor any persons executing the Notes are liable personally on the
Notes by reason of their issuance.
The Notes Shall be and are equally secured by an irrevocable pledge of Tax Revenues and other
funds as hereinafter provid~ without priority for number. date of .sale, date of execution, or date
of delivery. except as expressly provided herein.
The. validity of the Notes is not and shall not be dePendent upon the completion of the Rede-
velopment Project or upon the performance by anyone of his obligation relative to the Redevelop-
ment Project.
Nothing in this Resolution shall preclude: (i) the payment of the Notes !rom the proceeds of
refunding notes. refunding bonds or other such obligations issued pursuant to law; or (ii) the payment
of the Notes !rom any legally available funds of the Agency. Nothing in this Resolution shall prevent
the.Agency from making advances of its own funds howsoever derived to any of the uses and purposes
mentioned in this Resolution.
If the Agency shall payor cause to be paid, or shall have made provision to pay upon maturity
or upon redemption prior to maturity, to the Holders of the Notes, the principal of, premium. if any, and
interest to become due thereon, through setting aside trust funds or setting apart in a reserve fund or
special trust account created pursuant to this Resolution or otherwise. or through the irrevocable
segregation for that purpose in some sinking fund or other fund or trust account with a Bseal agent or
otherwise, moneys sufficient therefor, including. but not limited to, interest earned or to be earned on
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Federal Securities. then the lienoE this Resolution. including. witho~t limitation. the pledge of the
Tax Revenues, and all other rights ~ted hereby, shall thereupon cease. terminate and become
void and be discharged and satisfied, and.the principal of. premium, if any, and interest on the Notes
shall no longer be deemed to. be outstanding and unpaid. In such event, the Fiscal Agent shall cause
an accounting for such period or periods as shall be requested by the Agency to be prepared and filed
with the Agency, and the Fiscal Agent, upon the request of the Agency, shall release this Resolution
and execute and deliver to the Agency all such instruments as may be desirable to evidence such
release. discharge and satisfaction, and the Fiscal Agent shall pay over or deliver to the Agency
all moneys or securities held by it pursuant to this Resolution which are not required for the payment
or redemption of Notes not theretofore surrendered for such payment or redemption.
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Section 4. Description of Notes. The Notes shall be issued in the principal amount of five million
dollars ($5,OOO,OOO) and shall be designated REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX
ALLOCATION NEGOTIABLE PROMISSORY NOTES. ISSUE OF 1976. The Notes may be initially
issued .in the fonn of Bearer Notes in the denomination of five thousand dollars ($5.000) each, or in the
fonn of Fully Registered Notes in denominations of five thousand dollars ($5,OOO) each or any whole
multiple thereof. The Bearer Notes shall be dated as of December 1. 1976, and shall be numbered from
1 to 1.000. both inclusive. The Notes shall be tenn Notes maturing on December 1. 1979.
Section 5. Interest. The Notes shall bear interest at a rate to be hereafter Bxed by resolution of
the Agency, but not to exceed eight percent (8% ) per annwn, payable semiannually on June 1st and
December 1st of each year. Each Note shall bear mterest until the principal sum thereof has been
paid; provided. however, that if funds are available for the payment thereof in full accordance with
the terms of this Resolution, such Note shall then cease to hear interest. Interest cOupons attached
to the Bearer Notes shall be numbered in consecutive numerical order from 1 upwards in the order
of theiirespective maturities.
The Fully Registered Notes shall be numbered by the Fiscal Agent as the Fiscal Agent shall
detennine and shall be dated as of the date of authentication thereof, except that Fully Registered
Notes issued upon exchanges and transfers of Fully Registered Notes and upon exchanges of Bearer
Notes for Fully Registered Notes shall be dated so that no gain or loss of interest shall result from
such exchange or transfer. Each Fully Registered Note shall bear interest from the interest payment
date next preceding the date thereof unless it is dated prior to the first interest payment date. in
which event it shall bear interest from the date of the Bearer Notes. Interest on Fully Registered Notes
shall be paid by the Fiscal Agent (from the appropriate funds) by check or draft mdled to the registered
owner at his address as it appears on the register kept by the Fiscal Ageut at the close of business
on the flfteenth (15th) day preceding the interest payment date.
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Section 6.. Place of Payment. The Notes, the interest thereon and any premiums upon the
redemption thereof prior to maturity shall be payable.in lawful money of the United States of America
and (except for interest on Fully Registered Notes, which is payable by check or draft as stated above) .
shall be payable at the Corporate Agency Division of the Bank of America National Trust and Savings
Association, Fiscal Agent of the Agency, in Los Angeles or San Francisco. California, or. at the option
of the Holder. at the office of any Paying Agent of the Agency in Chicago. Illinois, or New York,
New York, or such other office of any other Paying Agent that the Agency may, from time to time.
designate.
50ctkln 7. F.......ol Notes, Temporary Noles. The Bearer Notes and the interest couPO" apper- ] ..........,.
taining thereto shall be negotiable and shall be substantially in the form attached hereto as Exhibit A ..
and by this reference incorporated herein, and the Fully Registered Notes shall be substantially in the
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form attached hereto as Exhibit B and by this reference incorporated herein. Such forms are hereby
approved and adopted as the fonns of such Notes. and of the coupons and redemption. exchange.
registration and assignment provisions pertaining thereto. with necessary or appropriate variations.
omissions and insertions as permitted or required by this Resolution.
Any Notes issued pursuant to this Resolution may be initially issued in temporary form exchange-'
able for definitive Notes when the same are ready for delivery. The temporary Notes may be printed.
lithographed or typewritten. shall be of such denominations as may be determined by the Agency. shall
be without coupons and may contain such reference to any of the provisions of this Resolution as may
be appropriate. Every temporary Note shall be executed by the Agency and be bsued by the Fiscal
Agent upon the same. conditions and in substantially the same form and manner as the- definitive Fully
Registered. Notes. If the Agency issues temporary Notes. it will execute and furnish de6nitive Notes
without delay, and, thereupon. the temporary Notes may be surrendered' for cancellation at the
Bank of America National Trust and Savings Association. Fiscal Agent for the Agency, in Los Angeles
or San Francisco. California. and the Fiscal Agent shall deliver in exchange for such temporary Notes
an equal aggregate principal amount of definitive Bearer Notes or definitive Fully Registered Notes
without coupons. or in part definitive Bearer Notes and the balance in definitive Fully Registered
Notes. of authorized denominations of this same issue. Until so exchanged. the temporary Notes
shall be entitled to the same bene6ts under this Resolution as definitive Notes of this same
issue delivered hereunder.
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Section 8. .Execution of Notes. The Notes shall be signed on behalf of the Agency by facsimile
signature of its. Chainnan and by manual signature of its Secretary. and the seal of the Agency shall be
impressed, imprinted or reproduced thereon. The interest coupons on the Notes shall be signed by
facsimile signature of the Secretary. The foregoing officers are hereby authorized and directed to sign
the Notes and coupons in accordance with this Section. II any Agency member or officer whose manual
or facsimile signature appears on the Notes or coupons ceases to be such member or officer before
delivery of the Notes. such signature is as eff~tive as if such officer had remained in office.
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Section 9. Types of Notes, Registration and Exchange. Two foImS of Notes are provided for herein:
(1) those which shall be initially issued and which are in negotiable form. payable to bearer with
negotiable coupons (herein sometimes referred to as "Bearer Notes"). and (ii) those which are issued to
facilitate registration and so are issued as non-negotiable FUlly Registered Notes payable to the reg-
istered owner (herein sometimes referred to as "Fully Registered Notes"). The Bearer Notes are not
registrable by endorsement:, but may be exchanged for Fully Registered Notes as provided herein.- A
Bearer Note or Bearer Notes may be registered by exchanging the same for a Fully Registered Note or
Fully Registered Notes. A Bearer Note or Bearer Notes and a Fully Registered Note or Fully Regis-
tered Notes may be exchanged for a Fully Registered Note or Fully Registered Notes. A Fully Regis-
tered Note may be exchanged in whole for a Bearer Note or Bearer Notes or in part for such Bearer
Note or Bearer Notes and the balance for a Fully Registered Note or Fully Registered N~tes. Transfer
of ownership of a Fully Registered Note or FUlly Registered Notes shall be made by exchanging the
same for a new Fully Registered Note or Fully Registered Notes. All of such exchanges shall be made
in such manner and upon such reasonable terms and conditions as may from time to time be deter-
m.ined and prescribed by the Agency; provided, however. that no such exchange shall be made between
the Bfteenth (15th) day preceding any interest payment date and such interest payment date. Such
exchanges shall be free of any costs or charges to the person. firm or corporation requesting such
exchange. except for any tax or governmental charge that may be imposed in connection therewith.
Each Bearer Note issued pursuant to this Resolution shall be of the denomination of five thousand
dollars ($5,000). Each Fully Registered Note issued pursuant to this Resolution shall be of a denom-
ination which is ave thousand dollars ($5,000) or a whole multiple thereof, shall be of the same
issue. and may be of one or more interest rates. .
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Section 10. Note Register. The Fiscal Agent shall keep or cause to be kept, at its principal office .....,
in Los. Angeles, California. sufficient books for the registration and transfer of the Notes. which
~all at an times be open to jnspection by the Agency; and, upon presentation for such purpose. the
FiScal Agent shall. under such reasonable regulations as it may prescribe. register or transfer or --J
cause to be registered or transferred. on said register, the Notes as hereinbefore provided.
Section 11. Redemption of Notes Prior to Maturity.
A. Tet'1'M of Redemption. The outstanding Notes, or any of them. may be called before maturity
and redeemed. at the option of the Agency, from any source of funds, on June 1. 1977, or on any
interest payment date' thereafter prior to maturity. If less than all of the Notes outstanding are to be
redeemed at anyone time. the Notes to be redeemed shall be determined by lot The interest
payment date on which Notes are to be presented for redemption is herein sometimes referred to as
the "redemption date-.
Notes called for redemption shall be redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof, plus accrued interest to the redemption date and the following
premium (percentage of principal amount) if redeemed on the following redemption dates:
PREMWMS AND REDEMPTION DATES
Redemption Date
June 1.1977 : . . . . '. . . . . . . . . . . . . . . . . . . .
December 1, 1977 . . . . . . . . . . . . . . . . . . . .
June 1,1978 . . . '. . . . . . . . . . .'. . . . . . . . . . .
December ~ '1978 ..... ..............
June 1, 1979 . . . . . . . . . . . . . . . . . . , . . . . . .
Premium
1%
1% '
2f.z%
2f.z%
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B. caU for Redemption. The Agency may (and. if reqlrlred by Section 15 hereof, shall) by
resolution direct the call and redemption prior to maturity of Notes (which are by their terms then
callable for redemption) by- the Fiscal Agent in such amounts as funds are available to redeem at
least twenty-live thousand dollars ($25,000) thereof and, shall give notice to the Fiscal Agent of such
redemption at least sixty (60) days prior to the redemption date.
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C. Notice of Redemption. Notice of redemption prior to maturity (except as provided below)
shall be given by publication at least once prior to the redemption date in a linancial newspaper or
journal, printed in the English language. of national circulation and customarily published on each
business. day, such publication to be not less than thirty (30) nor more than sixty (60) days before such
redemption date. If any Note called for redemption is a Fully Registered Note, notice of redemption
thereof shall also be mailed. not leSs than thirty (30) nor more than sixty (60) days prior 'to the
redemption date, to the registered owner of each such Note. but neither failure to mail such notice nor
any defect in any notice So mailed shaD affect the sufficiency of the proceedings for the redemption of
any of the Notes. The notice of redemption shall: (i) state the redemption date; (ii) state the redemp-
tion price equal to the principal amount of the Notes to be redeemed. interest accrued thereon to the
redemption date. and the premium thereon. if any (such premium to be specified); (ill) state the
numbers of the Notes to be redeemed; provided. however. that whenever any call includes all of the
outstanding Notes, the numbers of the Notes need not be stated; (iv) require that Bearer Notes be ]
surrendered with all interest coupons maturing subsequent to the redemption date at the place or places . :....
of redemption; (v) state. as to any Fully Registered Notes redeemed in part only, the registered note ..
numbers and the principal portion thereof to be redeemed; and (vi) state that interest on the
principal portion of the Notes so designated for redemption shall cease to accrue from and after
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Such redemption date. If, at the time of giving notice of redernption, no Notes are outstanding except
Fully Registered Notes, publication of such notice shall be deemed to have been waived if such notice
shall have been mailed by registered or certified mail to each registered owner of such Notes at his
address as it appears on the registration books or at such address as he may have filed with the Fiscal
Agent for that purpose.
The.actual receipt by the Holder of any Note of notice of such redemption shall not be a condition
precedent to redemption, and failure to receive such notice shall not affect the validity of the pro-
ceedings for the redemption of Such Notes or the cessation of interest on the redemption date. Notice
of redemption of Not~ shall be given by the Fiscal Agent for and on behalf of the Agency at the
expense of the Agency.
A certificate by the Fiscal Agent that notice of redemption has been given as herein provided
shall be conclusive as againSt all parties, and. no Noteholder whose Bearer Note or Fully Registered
Note is called for redemption may object thereto or object to the cessation of interest on the redemp-
tion date fixed by any claim or showing that he failed to actually receive such notice of call and
. redemption.;
D. Redemption Fund. _ Prior to the publication as above required. the Fiscal Agent shall estab-
lish, maintain and hold in ti:ust a separate fund which is hereby created and called the "Redevelopment
Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project .Area,. Tax Al-
location Negotiable Promissory Notes. Issue of 1976. Redemption Fund" (herein sometimes referred to
uthe '"Redemption Fund-); and there shall be set aside in the Redemption Fund moneys for the pur-
pose and sufBcientto redeem, at the premiums, if any, payable as provided in this Resolution, the Notes
designated in such notice of redemption. Said moneys shall be set aside in said Fund solely for that
purpose and shall be applied on or after the redemption date to the payment of principal and premium,
if any, of the Notes to be redeemed upon presentation and surrender of such Notes and. except as to
FuRy Registered Notes, all interest coupons maturing after the redemption date. Any interest coupon
due on or prior to the redemption date shall be paid from the applicable Account in the Special Fund
upon presentation and surrender thereof. Any interest due on or prior to the. redemption date upon
Fully Registered Notes shall be paid from the applicable Account in the Special Fund. Each Bearer
Note presented must have attached thereto or presented therewith all interest coupons maturing after
the redemption date.
E. Partial Redemption of Fully Registered Notes. Upon surrender of any Fully Registered Note
redeemed in part only, the Agency shall execute and the Fiscal Agent shall authenticate and d~livc:r
to the registered owner thereof. at the expense of the Agency, a new Note or Notes of authorized
denominations equal in aggregate principal amount to the unredeemed portion of the. Funy
Registered Note surrendered and of the same interest rate, which new Note or Notes may be,
at the option of the registered owner, either a Bearer Note or Bearer Notes with all unmatured coupons
appertaining thereto or a Fully Registered Note or Fully Registered Notes, or in part a Bearer Note
or Bearer Notes and the balance a Fully Registered Note or Fully Registered Notes. The registered
owner. of any Fully Registered Note may, in lieu of surrendering such Note for a new Note, endorse
on the reverse of such Fully Registered Note a notation of such partial redemption, in such form as
may be satisfactory to the Agency and the Fiscal Agent and under such conditions as the Fiscal
Agent may approve. Such partial redemption shall be valid upon payment of the amount thereby
required to be paid to such registered owner, and the Agency and the Fiscal Agent shall be releilSed
and discharged from all liability to the extent of such payment, irrespective of whether such endo.~e-
ment shall or shall not have been made upon the reverse of such Fully Registered Note by such
registered owner and irrespective of any error or omission in such endorsement
F. Effect of Redemption. Notice of Redemption having been duly given as aforesaid. and moneys
for payment of the principal of, premium, if any, and interest payable upon redemption of the
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Notes being set aside iIi the Redemption Fund and the Special Fund, the Notes, or parts thereof, as the
case may be, so called for redemption shall. on the redemption date, become due and payable at the
redemption price specified in such notice, interest on the Notes, or parts thereof, as the case may be,
so called for redemption shall cease to accrue, the coupons for interest the~eon maturing subsequent to
the redemption date shall be void, and such Notes, or parts thereof, as the case may be, shall cease to
be entitled to any lien, benefit or security under this Resolution, and the Holders of the Notes shall
have no rights in respect thereof except to receive payment of the redemption price thereof. and,
in 'the case of partial redemption of Fully Registered Notes, to also receive a new Note or Notes for
the unredeemed balance as aforesaid.
All unpaid interest installments represented by coupons which shall have matured on or prior
to the'date of redemption designated in such notice shall continue to be payable to the respective
Holders thereof, but without interest thereon.
All Not~ or Parts thereof, as the case may be, redeemed pursuant to the provisions of this
Section and the' appurtenant coupons, if any. shall be cancelled upon surrender thereof and delivered
to. or upon the order of, the Agency.
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Section 12. Funds. There, is hereby created with the Treasurer a special trust fund called the
"'Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment
Project Area, TaX Allocation Negotiable Promissory Notes, Issue of 1976, Redevelopment Fund'"
(bereui sometimes referred to as the '"Redevelopment Fund'"). There is hereby created with the Fiscal
Agent a special trust fund called the "Redevelopment Agency of the City of San Bernardino, Southeast
Industrial Park Redevelopment Project Area, Tax Allocation Negotiable Promissory Notes, Issue of
1976, Speoal Fund" (herein sometimes referred to as the '"Special Fund'").
There is hereby established in the Special Fund special trust accounts called the Note Interest
Payment Account and the Note Interest Reserve Account.
So long as any of the Notes herein authorized, or any interest thereon, remain unpaid, the moneys
in the foregoing Funds and Accounts shall be used for no pul-pose other than those required or per-
mitted by this Resolution, any resolution providing for the issuance of Parity Notes and the Law.
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Section 13. Sale of Notes; Disposition of Note Proceeds; Redevelopment Fund. The Agency
may provide by resolution for the sale of the Notes in the manner provided by the Law.
The proceeds from the sale of the 'Notes shall be placed in the Redevelopment Fund, except that:
(i) a~ed interest and premium, if any, paid by the purchasers of the Notes, shall be placed into the
Note Interest Payment Account; and (ii) a sum equal to three (3) years interest from the date of
Notes shall be placed into the Note Interest Reserve Account. ,Any portion of the Note Interest
Reserve Account which, at any time, is in excess of the amount required to pay interest to maturity on
the outstanding Notes may be transferred, at the option of the Agency, to the Redevelopment Fund or
to the Redemption Fund.
The moneys set aside and placed in the ~edevelopment'Fund shall remain therein until from time
to time expended solely for the purpose' of financing a portion of the cost of the Redevelopment
Project and other costs related thereto, and also included in such costs:
(a) The payment, in any year during which the Agency owns property in the Redevelopment
Project Area, to any city, county, city and county, district or other public corporation which
would have levied a tax upon such property had it not been exempt, an amount of money in lieu
of ta."(es, as authorized by Section 33401 of the Law;
(b) The cost of any lawful purpose in connection with the Redevelopment Project, including,
without limitation, Section 33445 of the Law; and .
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(e) The necessary expenses in connection with the issuance and sale of the Notes and fees
of the ~1SCal'Agent and Paying Agents.
If. any sum renuull$ in the Redevelopment Fund after the full accomplishment of the objects
and purposes for which the Notes. were issued. said sum shall be transferred to the Note Interest
Payment Account of the Special FUnd.
Section 14. Tax. Revenues. As provided. in the Redevelopment Plan pursuant to Article .6 of
Chapter 6 of the Law and Section 16 of Article XVI of the Constitution of the State of Califomi~ taxes
levied upon taxable property in the Redevelopment Project AIea each year by or for the benent
of the<. State of California. any city. county,. city and county. district:. or other public corporation
(herein. sometimes" called -taxing agencies~) after the effective date of the Ordinance approving
the- Redevelopment Plaa (being Ordinance No. 3583-. of the City of San Bemardino. which Ordinance
became effective on July 23. 1916-) shall be divided as follows:
(a.): That portion of the ta"<es which would be produced by the rate upon which the ta.'C is
Ievied.eaC;li year by or for each of the taxing. agencies upon the total sum of the assessed value
of the ta.'Cableproperty in the Redevelopment Project Area.. as. shown upon the assessment roll
used in connection with die taxation of such property' by such ta:ting agency last equalized prior
toJuly 23.197& (being the effective date of the Ordinance above referred to). shall be allocated
to and when collected sball'be paid into the funds of the respective ta.-dng agencies as taxes by or
for the taxing agencies on aIr other property are paid; and . .
Cb)" 'l1iat portion of said levied ta."Ces each year in excess of such amount shall be allocated
to and woen collected' shall be paid into. the Note Interest. Payinent Account of the Special Fund
. of the Agency.. .
'nle foregoing provisions of this Section are a portion of the provisions 'of said .Article 6 as. applied
to the-Notes and shall be interpreted in accordance with said Article 6. and the further provisions and
definitions Contained in said Article 6 are hereby incorporated herein by reference and shall apply. .
'nle Tax Revenues (e:(cept that. portion which the Agency may use pursuant to Section 15
hereoffor any purpose authorized in said Azticle 6) are hereby allocated and pledged in their entirety
to. the payment of the principal of. premiUIn, if any. and interest on the Notes (including all Parity
Notes.. if any) as in, this Resolution provided,. and until all of the Notes (including all Parity Notes
if any).. and all interest thereon. have been paid" for until moneys for that purpose have been
iIrevocably set aside) the Tax Revenues (subject to the exception set forth above) shall be applied
solely to. the payment of the Notes (including. all Parity Notes. ]I any) and the interest thereon as
intbis:Resolution provided.. Such allocation and pledge is Eor the exclusive benefit of the Holders of
the Notes and shall be irrevocable.
Section 15. S-peciaI Fund: All Ta.'t Revenues shall be deposited in the Note Interest Payment
Account: of the SpeCial' Fund.
'At the maturity of any Notes and Parity Notes. if any. and alter all interest then due on the
Notes and Parity Notes then outstanding bas been paid or provided for, moneys in the Note Interest
Payment Account shall be applied to the payment of the-principal of any of such Notes and. Parity Notes.
. The Fiscal Agent;. on May 1st and November 1st of each year. commencing May 1. 1971. shall
ascertain the balance in the Note Interest Payment Account and that portion of said balance which is in
excess of the amount required to pay interest to maturity on the then outstanding. Notes and Parity
Notes; if any. (i) may be-used and applied by. and at the option of. the Agency to purchase outstanding
Notes. and Parity Notes in the manner hereinafter provided. and. any remainder of said moneys so
available to purchase Notes and Parity Notes but which is not used to purchase Notes and Parity Notes
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may (and. if sulBcient to redeem at I~ast twenty-Bve thousand dollars ($25,000) principal amount of
outstanding Notes and Parity NoteSy shall) be used and applied by the Fiscal Agent, if any of the
Notes and. Parity Notes are then callable, to call and redeem the largest principal amount of
outstanding Notes and Parity Notes which can be called (including the payment of the applicable
premium thereon) with the moneys available therefor; or (ii) may, at the option of the Agency, be
transferred to the Redevelopment Fund. Any such call and redemption shall be made in accordance
with the provisions of Section 11 hereof by transferring the above described available moneys to the
Redemption Fund.
Purchases of outstanding Notes may be made by the Fiscal Agent at public or private sale as,
when and at such prices as the Fiscal Agent may in its discretion determine, but only at prices
(including brokerage or other expenses) not more than principal- plus accrued interest plus the
premium applicable at the next following call date according to the schedules applicable thereto.
and any accrued interest payable upon the purchase of Notes may be paid from the amounts
reserved in the Note Interest Payment AccOunt for the payment of interest on the next following interest
payment date. Any Notes so purchased. together with aU unpaid interest coupons appertaining thereto,
shall be cancelled by the Fiscal Agent forthwith and surrendered to the Agency and shan not be
reissued.
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The previous provisions of this Section for the determination on May 1st and November 1st of
each year of the amount of moneys in the Note Interest Payment Account available for purchase or
redemption of Notes and Parity' Notes, if any. or transfer to the Redevelopment Fund shall not prevent
th~ Fiscal Agent from purchasirigNotes and Parity Notes, if any, or making such transfers with moneys
in the Special Fund in the manner hereinbefore provided at any other time or times during any year, .
but any such purchases or transfers (except for accrued interest) shall be made only with the'portion
of the balance in said Account which is in e:~cess of the amount required to pay interest to maturity on
the then outstanding Notes and Parity Notes. if any.
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Section 16. Deposit and Investment of Moneys in Funds. Subject to the provisions of Covenant
9 of Section 18 hereof, all moneys held by the Agency in the Redevelopment Fund and by the
Fi.scal Agent in the Special Fund, except such moneys which are at the time invested, shall be held
in time or demand deposits in any bank or trust company authorized to accept deposits of public
funds (including the banking'department of the Fiscal Agent) and shall be secured by such obligations
and to the extent as shall be required by law for public deposits.
Moneys in the Redevelopment Fund may from time to time be invested by the Agency, and
moneys in the Special Fund may, and upon written request of the Agency shall, be invested by the
Fiscal Agent as provided by the Law, subject to the following restrictions:
(a) Moneys in the Redevelopment Fund shall be invested only in obligations which will
by-their terms mature not later than the date the Agency estimates the moneys represented by
the particular investment" will be needed for withdrawal from such Fund.
(b) Moneys in the Special Fund shall be invested only in obligations which will by their
terms mature on such dates as to insure that before each interest payment date there will be in
such Fund, from matured obligations and other moneys already in such Fund, cash equal to the
interest and principal payable on such date.
Obligations purchased as an investment of moneys in either of said Funds shall be deemed at all ]
times to be a part of such Fund and the interest accruing thereon and any gain realized from such
Investment sball be credited to such Fund and any loss resulting from any such authorized investment :
shall be charged to such Fund without liability to the Agency or the members and officers thereof
or to the Fiscal Agent. The Agency or the Fiscal Agent, as the case mar be, shall sell at the best price
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_obtainable or present for redemption any obligation so purchased whenever it shall be necessary to do
so in order to provide moneys to meet any payment or transfer from such Fund as required by this
Resolution. For the purpose of determining at any given time the balance in any such Fund. any
such investment constituting a part of such Fund shall be valued at the then estimated or appraised
market value of such investment
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S~on Ii. Issuance of Parity Notes and Bonds.
A.. If at any time the Agency determines that it will not have sufficient moneys avaUable from
the sale of the Notes and other sources to pay the costs of the Redevelopment Project, the Agency
may provide for the issuance of and seU Parity Notes in such principal amount as it estimates will be
needed for such purpose. The issUance and sale of any Parity Notes shall be subject to the following
conditions precedent:
(1) The Agency shall be in compliance with all covenants set forth in this Resolution.
(2) The Parity Notes shall be on such terms and conditions as may be set forth in a supple-
mental resolution. which supplemental resolution shall provide for the deposit of a portion of
the Parity Note proceeds in the-Note Interest Payment Account in an amount sufficient to pay
interest on the Parity Notes to maturity~
(3) The issuance of such Parity Notes shall have been recommended by an opinion of an
Independent Financial Consultant.
B. The Agency shall use its best efforts to sell its tax allocation bonds in such time prior to the
maturity date of the Notes so as to pay the Notes at maturity.
C. Should the Agency's efforts to sell such bonds be unsuccessful, a new issue of ta.'( allocation
negotiable promissory notes shall be issued and sold to retire the Notes.
D. Nothing in this Resolution shall preclude: (i) the payment of the Notes from the proceeds
of refunding notes. refunding bonds or other such obligations issued pursuant to law; or (ii) the pay-
ment of the Notes from any legally available funds of the Agency. Nothing in this Resolution
shall prevent the Agency from making advances of its own funds howsoever derived to any of the
uses and purposes mentioned in this Resolution.
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Section 18. Covenants of the Agency. As long as the Notes are outstanding and unpaid. the
Agency shall (through its proper members, officers, agents or employees) faithfully perform and abide
by all of the covenants. undertakings and provisions contained iI1 this Resolution or in any Note
issued hereunder. incIudingthe following Covenants and agreements for the benefit of the Note-
holders which are necessary. convenient and desirable to secure the Notes and will tend to make
them more marketable; provided. however. that said Covenants do not require the Agency to expend
any funds other than the Tax Revenues:
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Covenant 1. Complete Redevelopment Project; Amendment to Redevelopment Plan. The. Agency
covenants and agrees that it shall diligently carry out and con~ue to completion. with all practicable
dispatch. the Redevelopment Project in accordance with its duty so to do under and in accordance
with the Law and the Redevelopment Plan and in a sound and economical manner. The Redevelop-
ment Plan may be further amended. but no such further amendment shall be made which would
substantially impair th~ security of the Notes or the rights of the Noteholders. as shown by a certmcate
or opinion of an Independent Financial Consultant.
Covenant 2.. Use of Proceeds of Notes; Management and Operation of Properties. The. Agency
covenants and agrees that the proceeds of the sale of the Notes shall be deposited and used as pro-
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vided in this Resolution and that the Agency shall manage and operate all properties owned by it
and comprising any part of the Redevelopment Project in a sound and businesslike manner.
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Covenant 3. No Priority. The Agency covenants and agrees that it shall not issue any obliga-
tions payable, principal or interest. from the Tax Revenues which have, or purport to have, any lien
upon the Tax Revenues prior or superior to the lien of the Notes herein authorized and the interest
coupons appertaining thereto. Except as permitted in Section 17 hereof, the Agency shall not issue
. any obligations payable, principal or interest. from the Tax Revenues which have, or purport to have,
any lien upon the Tax Revenues on a parity with the Notes herein authorized and the interest coupons
appertaining thereto; provided, however, that nothing in this Resolution shall prevent the Agency (i)
from issuing and selling pursuant to law refunding notes, refunding bonds or other such obligations
payable from and having any lawful lien upon the Tax Revenues. if such refunding notes. refunding
bonds or other such obligations are issued and are sufficient for the purpose of refunding all of the Notes
authorized by this ResolutiOn and then outstanding, or (ii) from issuing and selling notes, bonds or
other obligations which have. or purport to have, any lien upon the Ta:c Revenues which in each
year is subordinate to the Notes herein authorized and the interest coupons appertaining thereto, or
(ill) from .issuingandsellingnotes,bonds or other obligations which are payable in whole or in part
froin sources other than the Tax Revenues.
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Covenant 4. PunctUal Payment The Agency covenants and agrees that it shall duly and punc-
tually payor cause to be paid the principal of and interest on each of the Notes issued hereunder
on the date, at the place and in the manner provided in said Notes and the interest coupons appertain-
ing therelo.
Covenant 5. Payment of Taxes and Other Charges. The Agency covenants and agrees that. it "
shall from time to time pay and discharge, or cause' to be paid and discharged. all payments in lieu U' ..~
of taxes, service charges, assessments or other governmental charges which may lawfully be fmposed
upon the Agency or any of the properties then owned by it in the Redevelopment Project Area. or
upon the revenues and income therefrom. and shall pay all lawful claims for labor, material and
supplies which if unpaid might become a lien or charge upon any of said properties, ~evenues or
income Of which might impair the security of the Notes or the use of Tax Revenues or other legally
available funds to pay the. principal of and interest thereOn. all to the end that the priority and
security of the Notes shall be preserved; provided that nothing in this Covenant shall require the
Agency to make any such payment so long as the Agency in good faith shall COntest the validity
thereof.
Covenant 6. Books and Accounts; Financial Statements. The Agency covenants and agrees
that it shall at all times keep, or cause to be kept, proper and current hooks and accounts (separate
from all other records and accounts) in which complete and accurate entries shall be made of all
transactions relating to the Redevelopment Project and the Tax Revenues and other funds relating to
the Redevelopment Project, and shall prepare within one hundred twenty (1.20) days after the close
of each Fiscal Year a complete financial statement or statements for such year in reasonable detail
covering such Redevelopment Project, Tax Revenues and other funds, certified by a certified public
accountant or finn of certified public accountants selected by the Agency, and shall furnish a copy
of such statement or statements to the original purchaser of the Notes or to any Noteholder upon
written request.
Covenant 7. Eminent Domain Proceeds. The Agency covenants and agrees that.. if all or any ...,
part of the Redevelopment Project Area should be taken from it by eminent domain proceedings or
other proceedings authorized by law for any public or other use under which the property will be
tax exempt, the net proceeds realized by the Agency therefrom shall be deposited in the Note Interest .....J
Payment Account of the Special Fund and used and applied for the purpose of paying principal of
and interest on the Notes as in this Resolution provided.
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Covenant 8. Disposition of Property. The Agency covenants and agrees that it shall not dispose
of property in the Redevelopment Project Area (except property shown in the Redevelopment Plan
in effect on the date this Resolution is adopted as planned for public use, or property to be used for
public streets. public off-street parking, sewage facilities. parks. easements or rights of way for public
utilities. or other similar uses) to public bodies or other persons or entities whose property is tax
exempt, if, in the opinion of an Independent Financial Consultant. as a result of such disposition, the
security of the Notes or the rights of Noteholders would be substantially impaired.
Covenant 9. Protection of Security and Rights of Noteholders; N~ Arbitrage. The Agency covenants
and agrees to preserve and protect the security of the Notes and the rights of the Noteholders and to
defend their rights under all claims and demands of all persons. The Agency covenants and agrees to
contest by court action Or otherwise any assertion by the United States of America or any department or
agency thereof that the interest received by the Noteholders is taxable under federal income tax laws.
The Agency covenants and agrees to take no action which, in the opinion of counsel. would result in the
interest received by the Noteholders becoming taxable under federal income tax laws. Any opinion of
such counsel may be based upon. insofar as it relates to factual matters. information which is in the
possession of the Agency as shown "by a certificate or opinion of. or representation by, an officer or
oflieers of the Agency, unless such counsel knows. or in the exercise of reasonable care should have
Icnown. that the certificate or opinion or representation '\\ith respect to the matters upon which his
opinion may be baSed, as aforesaid, is erroneous. As used herein. "opinion of counsel" means a written
opinion of an attorney or finn of attorneys of favorable reputation in the field of municipal bond law.
The Agency hereby covenants to the purchasers of the Notes that it will make no use of the proceeds of
the Notes at any time during the term thereof which, if such use had been reasonably expected at the
date the Notes are issued, would have caused such Notes to be "arbitrage bqnds" within the meaning
of Section 103(d) of the United States Internal Revenue Cpde of 1954. as amended, and applicable
regulations adopted thereunder by the Internal Revenue Service. and the Agency hereby assumes
the obligation to comply with such Section 103 ( d) and such regulations throughout the term of the
Notes.
Covenant 10. Improvements o~ Privately Owned Property. The Agency covenants and agrees
that it shall not make or cause to be made any improvements to privately owned property, other than
public improvements. unless or until there is in effect a disposition agreement with a responsible
developer for the disposition of such property to such developer for the construction of facilities on
such property in accordance with the Redevelopment Plan.
Section 19. Taxation of Leased Property. Whenever any proPerty in the Redevelopment Project
Area has been redeveloped and thereafter is leased by the Agency to any person or persons (other than
a public agency) or whenever the Agency leases real property in the Redevelopment Project Area to
any person or persons (other than a public agency) for redevelopment, the property shall be assessed
and taxed in the same manner as privately owned property, as required by Section 33673 of the Law.
and the lease or contI:act shall provide: (i) that the lessee shall pay ta"Ces upon the assessed value of the
entire property and not merely upon the assessed value of his or its leasehold interest. and (ii) that if
for any reason the taxes levied upon such property in any year during the term of the lease are less than
the taxes which would have been levied if the entire property had been assessed and taxed in the
same manner as privately owned property, the lessee shall pay such difference to the Agency within
thirty (30) days after the taxes for such ye-ar become payable to the ta.-nng agencies and in no event
later than the delinquency date of such taxes established by law. All such payments shall be treated
as Tax Revenues and when received by the Agency shall be deposited in the Note Interest Payment
Account.
Section 20. Fiscal Agent and Paying Agents. The Agency hereby appoints the Bank of America
National Trust and Savings Association as Fiscal Agent and trustee to act as the agent and depositary of
13
4420
.
..
the Agency for-the purpose t)f recei$g Tax Revenues and other funds as provided in this Resolution,
10 hold, allocate, use and apply such Tax Revenues and other funds as provided in this Resolution, and
to perform such other duties and powers of the Fiscal Agent as are prescribed in this Resolution.
. .
The Agency may remove the Fiscal Agent initially appointed or any successor thereto and in such
c.ase 'shaIl forthwith appoint a successor thereto. but any successor shall be a bank or trust company
doing business and having an. office in Los Angeles, California. and having a combined Capital and
surplus of at least fifty milUon dollars ($50.000.000). The FISCal Agent. so appointed, or. any successor
Fiscal Agent. may at any t::Une resign as such by writing Bled with the Agency~ in which event the
Agency shall forthwith appoint a successor F1SC3l' Agent and the resignation shall become effective
upon such appointment. In the event that the Fiscal Agent or any successor becomes incapable of
acting as such. the Ag~ncy shall forthwith appoint a successor Fiscal Agen~ Any bank or trust Company
into which the Fiscal Agent may be ~rged or with which it may be consolidated shall become the
FISCal Agent without action of the Agency. A.FiscaI Agent may become the owner of any of the
Notes authorized by this. Resolution or any of the coupons appertaining thereto with the same rigbts
it would have had if it were not the F"lScal Agent.
The Fiscal Agent shall have no duty or obligation whatsoever to enforce the .'collection of or to
exercise diligence in the enforcement of the collection oi funds assigned to it, hereunder, or as to the-
correctness of any amounts received, but its liability shall be limited to the proper accounting for such
funds as it shall actually receive.
The recitals of i~ct and all promises, covenants an4 agreements herein and in the Notes shall be
taken as statements. promises, covenants and agreements of the Agency, and. the Fiscal Agent assumes
no responsibility for the correctness of the same. makes no representations as to the validity or
sufBciency" of this Resolution or of the Notes or coupons, and shall incur no. responsibility in respect
thereof other than in connection with the duties or obligations herein or in the Notes assigned to or
impoSed upon the FIScal Agent. The 'FJScal Agent shall not be Jiable in connection with the per-
formance of its duties hereunder, except for-its o'!\'11 negligence.or default
The Agen", shall. during the life of the Notes. provide for Paying Agents, at least one in Chicago,
Illinois, and at least one in New York, New York. at the office of which the Notes and coupons are pay-
able.at the option of the Holder.-
]
.
.
,
......
Section 21. Lost. Stolen, Destroyed or Mutilated Notes. In the event that any Note or any
interest coupOn appertaining thereto is lost, stolen, destroyed or mutilated, the Agency Shall cause
to be issued a new Note or CX)upon, similar to the original, to replace the Same in such manner and
upon such reasonable terms and conditions' (including the payment of costs and the posting of a
surety bond if the Agen", deems. such surety bond necessary) as may from time to time be deter-
mined and prescribed by resolution. The Agency may authorize such .new Note or coupon or coupons
to be signed and authenticated in such manner as it detennines in such resolution.
Section 22. Cancellation of Notes. All Notes and coupons surrendered to the Fiscal Agen~ or any
Paying Agent for payment shall upon payment thereior be cancelled immediately and forthwith trans.
mitted to the Treasurer:. AIlof the cancelled Notes and interest coupons shall remain in the custody of
the Treasurer until destroyed pursuant to authorization by the Agency.
Section 23. Amendments. This resolution, and the rights and obligations of .the Agency and of the
Holders of the Notes and coupons issued hereunder, may bem0di.6ed or amended at any time by supple-
mental resolution adopted by the Agency: (i) without the consent of Noteholders, if such modilication
or amendment is for the purpose of curi:.og any ambiguities, defects or inconsistent provisions in this
Resolution or to insert such provisions.clarifyiog matters or questions -arising under this Resolution as
are necessary and desirable to accomplish the same. provided that such modifications or amendments do
..,
,
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4421
not adversely affect the rights of the NotehoIders. and/or (ii) with the consent of Noteholders holding
sixty percent (60%) in aggregate principal amount of the outstanding Notes (exclusive of Notes. if any.
owned by the Agency or the City). and obtained as hereinafter set forth; provided. however, that no
suc;b modification or amendment shall, without the express consent of the Holder or registered owner
of the Note affected. reduce the principal amount of any Note, reduce the interest rate payable thereon,
extend its maturity or the times for l~~ying interest thereon or change the monetary medium in which
principal and interest are payable, or reduce the percentage of consent required for amendment or
modiBcation.
Any act dOne pursuant to a modilfcatiott or am~e~t so Consented t~~h8.11.~'.bindiiig upOn
the H~lders of all of the Notes and interest coupons, whether such coupons be attached t~ Notes or
detached therefrom, and shan not be deemed an infringement of any of the provisions of this Resolution
\ or of the Law, whatever the character ot such act may be. and may be done and performed as fully
and freely as if expressly pemutted by the terms of this Resolution, and, after such consent relating
to such speciBed matters has been given, no Noteholder or holder of any interest coupon, whether
attached to a Note or detached therefrom, shall have any right or interest to object to such action
or in any manner to question the propriety thereof or to enjoin or restrain the Agency or any officer
thereof from taking any action pursuant thereto.
A. Calling Noteholden'. Meeting. If the Agency shall desire to obtain any such consent, it shall
duly adopt a resolution calling a meeting of Noteholders for the purpose of considering the action
the consent to which is desired.
B. Notice of Meeting. Notice specifying the purpose, place, date and hour of such meeting
shall be published once in a nnanclal newspaper or journal of national circulation published in New
York. New Yorlc, such publication to be not less than sixty (60) days nor more than.,ninety (90)
days prior to the date hed for the meeting. Such notice shall set forth the nature of the proposed
action consent to which is desired. If any of the Notes shall be so registered as to be payable otherwise
than to bearer. the Agency shall, on or before the publication of such notice. cause to be. mailed a
similar notice..postage prepai~ to the respective registered owners thereof at their addresses appearing
on the Note registry books in the possession of the Fiscal Agent. The place, date and hour of holding
such meeting and tlle date or dates of publishing and mailing such notice shall be determined by the
Agency in its discretion.
The actual receipt by any Noteholder of notice of any such meeting shall not be a condition
precedent to the holding of such meeting, and failure to receive such notice shall not affect the validity
of the proceedings thereat. A certificate by the Secretary of the Agency. approved by resolution of
the Agency, that the meeting has been called and that notice thereof has been given as herein
provided shall be conelusiveas against all parties, and it shall not be open to any Noteholder to
show that he failed to. receive actual notice of such meeting.
C. Voting QualificatibM. Noteholders may, prior to such meeting,. deliver their Notes to the
Fiscal Agent and shall thereupon be entitled to receive an appropriate receipt for the Notes so
deposited calling for the redelivery at such Notes at any time after the meeting. The Fiscal Agent shall
prepare and deliver to the Cha.i.nIian of the meeting a list of the names and addresses of the registered
owners of Notes, with a statement of the maturities and serial numbers of the Notes held. and deposited
by each of such, Noteholders. and no- Noteholders shall be entitled to vote at such meeting unless
their Dames appear upon such list or' unless they shall present their Notes at the meeting or a
certificate of deposit thereof, satisfactory to the Agency. executed by a bank or trust company. No
Noteholder shall be permitted to vote with respect to a larger aggregate principal amount of Notes
than is set against such Noteholder's name on such list, unless he shall produce the Note or Notes
upon which he desires to vote or a certificate of deposit thereof as above prov.ided.
15
4422
.
.
D. 1#Uer-Owned Nota. The A8enCY covenants that" it shall present at the meeting a certificate,
signed and verified by one member thereof and by the Treasurer, stating the maturities and serial
numbers of all Notes owned by. or held for account of. the Agency or the City, directly or in~y.
No person shall be permitted at the meeting to vote or consent with respect to any Note appearing upon
such certifi.cate, or any Note which it shall be established at or prior to the meeting is owned by the
Agency or the City. directly or indirectIy~ and no such Note (in this Resolution sometimes referred to
as -issuer-owned Note") shaD be counted in determining whether a quorum is present at the meeting.
E. Quorum and Procedure. A representation of at least sixty percent (60%) in aggregate
principal amount of "the Notes then outstanding. (exclusive of issuer-owned Notes. if any) shall be
necessary to constitute a quorum at any meeting of Noteholders.but less than a quorum may adjourn
the"meeting from time to time" and the meeting may be held as so adjourned without further notice.
whether such adjou.ntment shall have heen had by a quorum. or by less than a quorum. Tbe Agency
shall, by an" instrument in writing. appoint a temporary. chainnan of the meeting. and the meeting
shall, be organized by the election of a pennanent chairman and secretary. At any meeting, each
Noteholder shall be entitled to one vote for ~ery five thousand dollMS ($5,000) principal amount
of Notes with respect to which he shall be entitled to vote as aforesaid, and such vote may be
given in person or by proxy duly appointed by an instrument in writing presented at the meeting. The
Agency. by its duly authorized representative, may attend ~y meeting of the Noteholders, but shall
Dot be reqUired to do so.- "
F. Vote Required. At any such meeting held as aforesaid, there shall be submitted for the
consideration and action of the Noteholders a statement of the proposed action consent to which is
desired, and, if suCh action shall be consented to and approved by Noteholders holding at least sixty
percent (60%) in aggregate principal amount of the Notes then outstanding (exclusive of issuer-owned
. Notes), the chairman and secretary of the meeting shall so certify in writing to the. Agency and such
certificate shall constitute complete evidence of consent of Noteholde:s under the provisi9ns of
this Resolution. A certificate signed and verified by the chainnan and the secretary of any such
meetiDg shall be conclusive evidence and the. only competent evidence of matters stated in such
certificate relating to proceedings taken at such meeting.
Section 24. Proceedings Constitute Contract. The provisions of this Resolution, of the resolutions
providing for the sale of the Notes and awarding the Notes and 1lxing the interest rate thereon, and
of any other resolution supplementing or amending this Resolution, shall constitute a contract between
the Agency and the Noteholders and the provisions thereof shall be enforceable by any Noteholder
for the equal benelit and protection of all Noteholders similarly situated by mandamus, accounting.
mandatoJ;Y injunction or any other suit, action or proceeding at "law or ~ equity that is. now or may
hereafter be authorized under the laws of the State of California in any court of competent jurisdiction.
Said contract is made under and is to be construed in accordance with the laws of the State oE California.
No remedy conferred hereby upon any Noteholder is intended to be exclusive of any other remedy,
but each 'such remedy is cumulative and in addition to every other remedy and may be exercised with-
out exhausting and without regard to any other remedy conferred by the Law or any other law of
the State of California. No waiver of any default or breach of duty or contract by any Noteholder
shall affect any subsequent default or breach of duty or contract or shall impair any rights or remedies
on said subsequent default or breach. No delay or omissioD of any Noteholder to exercise any right
or power accruing upon any default shall impair any such right or power or shall be construed as a
waiver of any such default or acquiescence therein. Every substantive right and every remedy
conferred upon the Noteholders may be enforced and exercised as often as may be deemed expedient.
In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought
or taken, and should said suit, action or proceeding be abandoned or be determined adversely to
the Noteholders, then, and in every such caSe, the Agency and the Noteholders shall be restored
18
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".....
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4423
to their former positions, rights and re~edies as if such- suit. action or proceeding had not been brought
or taken. _
After the issuance and delivery of the Notes. this Resolution and supplementary resolutions hereto
shall be irrepealable. but shall be subject to modiBcation or amendment to the extent and in the
manner provided in this Resolution. but to no greater extent and in no other manner.
CUSIP identification numbers may be imprinted on the Notes. but such numbers shall not
~nstitute a part of the contract evidenced by the Notes and no liabUity shall hereafter attach to the
Agency or any of the officers or - agents thereof because. of. or on account of said nu,mbers.A:ny, error
ot otniSSion with resPect to s~d numbers slWl Dot '~Constitute Cause for refuSal by - the successM
bidder to accept delivery of and pay for the Notes.
SeCtIon 25. Severability. If any covenant. agreement or provision. or any portion thereof.
contained in this Resolution.J or the. application thereof to any person or cirewnstances. is held to be
unconstitutional. invalid or unenforceable. the remainder of this Resolution and th~ application of any
such covenant. agreement or provision. or portion thereof. to other pel'$Ons or circumstances shall be
deemed severable and shall not be affected. and this Resolution and the Notes issued pursuant hereto
shall remain valid and the Noteholders shall retain all valid rights and benents accorded to them
under this Resolution and the Constitution and laws of the State of California. If the provisions relating
to the appointment and duties of a Fiscal Agent- are held to be unconstitutional. invalid or. unEmforCe-.
able. said duties shall be performed by the Treasurer.
Section 26. Efre<:tive Date. This Resolution shall take effect upon adoption.
~Pn:n AND APPROVED the . . . . day of . . . .. . . . . . . ". 1978.
.
.
A'ITEST:
Chairman of the Redevelopment Agency of the
City-of San Bernardino
Secretary of the Redevelopment Agency of the
City of San Bernardino
[u:u.}
17
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4424
STATZ OF CALIFORNIA
Q)VNTr OF SAN BERNARDINO
CnT OF SAN BERNARDINO
1 ~.
J
SECRETARYS CERTIFICATE
RE ADOPTION OF RESOLUTION
,...,
I
I. .... . . . . . . . .. .. ........ , Secretary of the Redevelopment Agency of the City of San
Bernardino, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said Agency
at a .......... .. meeting of said Agency held on the .... day of .........., 1916, and that the
same was passed and adopted by the following vote, to wit:
i
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. AYES: Members: .
..
NOES: Members:
.
.
ABSENT: Members:
Secretary of the Redevelopment Agency of the
City of San Bernardino
[SEAL]
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18
4425.
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STATE OF CALIFORNIA
CoONTr OF SAN BERNAlm!NO
CITY OF SAN BERNAlm!NO
1
} ss.
J
SECRETARYS CERTIFICATE
OF AUTHENTICATION
t ........................... . Secretary of the Redevelopment Agency of the City of San
Bernardino, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
Resolution No. of said Agency and that said Resolution was adopted at the time and by the
vote stated on the above certiflcate, and has not been amended or repealed.
.
..
.
.
Secretary of the Redevelopment Agency of the
City of San Bernardino
[SEAL}
",..-,
--
"....
L
19
4426
EXHIBIT A
. [FORM OF BEABER NOTEJ
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
SOUTHEAST INDUsTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE ';4'
ISSUE OF 1976
.
...
.
.
No. ............
$5,000
,.,
i
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THE REDEVELOPMENT AGENCY OF THE em OF SAN BERNARDINO (herein sometimes referred
to as the -Agency"), a public body, corporate and politic, duly organized and existing under the
laws of the State of California, for value receiv~ hereby promises to pay (but solely from- the
funds hereinafter mentioned) to the bearer or, if this Note be registe~ to the registered owner
hereof, on. December 1, 1979, upon presentation and SUITender of this Note, the sum of FIVE
THOUSAND DOLLARS ($5,000), with interest thereon (payable solely from said funds) from
the date hereof at the rate of .. % per annuxn, interest payable semiannually on June 1st and
December 1st of each and every year until this Note is paid, upon presentation and surrender
of the respective interest coupons hereto attached; provided, however, that if at the maturity
date of this Note funds are available for payment thereof, as provided in the Resolution herein-
after mentioned, this Note shall then cease to bear interest. Both principal and interest and any
. premiwn upon the redemption hereof prior to maturity ~ payable in lawful money of the
United States of America at the COtpOrate Agency Division of Bank of America National Trust
and Saving$,. Association, Fiscal Agent for the Agency, in Los Angeles or Sari Francisco, California,
or, at the option of the Holder hereof,. at the office of any Paying Agent of the Agency. in Chicago,
minois, or New Yor~ New York.
This Note, the interest hereon and any premium due upon the redemption of this Note prior
to maturity are not a debt of the City of San Bernardino, the State of California or any of its
political subdivisions and neither said City, said State nor any of its political subdivisions is liable
hereon, nor in any event shall this Note, said interest or said premiwn be payable out of any funds
or properties other than the funds of the Agency as set forth in the Resolution hereinafter
mentioned. This Note does not constitute an indebtedness within the meaning of any constitu-
tional or statutory debt limitation or restriction. Neither the members of the Agency nor any
persons executing this Note are liable personally on this Note by re8.S()n of its issuance.
This Note is one of a duly authorized issue of Notes of the. Agency designated '"Redevelop-
ment AgenCy of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Negotiable Promissory Notes, Issue of 1976'" (herein sometimes referred to as the
-Notes") in aggregate principal amount of five million dollars ($5,000,000), aD of like tenor (except
for numbers thereon) and all of which have been issued pursuant to and in full conformity with the
Constitution and laws of the State of California and particularly the Community Redevelopment
Law (Part 1 of Division 24 of the Health and Safety Code of the State of California) for the
corporate purposes of the Agency aiding in the financing of the redevelopment project above
designated, and are authorized by and issued pursuant to Resolution No. 3295, as amend~ adopted
by the Agency on . . . . . . . . . . .. (said Resolution No. . . . ., as amended, being herein sometimes re-
ferred to as the "Resolution"). All of the Notes are equally secured in accordance with the terms of
20
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4427
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the Resolution, reference to which is hereby made for a specific description of the security therein
provided for the Notes. for the nature, extent and manner of enforcement of such security, for the
covenants and agreements made for the benefit of the Noteholders. and for a statement of the
rights. of the Noteholders, and by the aCceptance of this Note the Holder hereof and of the
coupons a~ched hereto assents to all of the terms, conditions and provisions of the Resolution.
In the manner provided in the Resolution, the Resolution and the rights and obligations of the
Agency and of the Holders of the Notes and coupons may (with certain exceptions as stated in
the Resolution) be modified or amended with the consent of the Holders of sixty percent (60%)
in aggregate principal amount of outstanding Notes (exclusive of issuer-owned Notes. as such _
term as defined in the Resolution). unless the modification or amendment is for the purpose of
curing ambiguities. defects. etc., in which case no Noteholders consent is required.
The principal. of this Note and the interest hereon are secured by an irrevocable pledge of.
and are payable solely from. the Tax Revenues (as such term is defined in the Resolution) and
certain other funds, all as more parocularly . set forth in the Resolution. The Resolution is
adopted under and this Note is issued under and is to be construed in accordance with the laws
of the State of California.
Tl:ae outstanding Notes, or any of them, may be called before maturity and redeemed. at the
option of the Agency. from any source of funds. on June 1. 1977, or on any interest payment date
thereafter prior to maturity (the "redemption date"). If less than all of the Notes outstanding
are to be redeemed at anyone time. the Notes to be redeemed shall be determined by lot
Notes called for redemption. shall be redeemed at a redemption price for each redeemed
Note equal to the principal amount thereof, plUs accrued interest to the redemption date and the
following premium (percentage of principal amount) if redeemed on the following redemption
date~ .
r
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II
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.
.
PREMIUMS AND REDEMPTION DATES
-.....
Redemption Date
Premium
June 1,1fTrr ..............................
December 1, 1977 .........................
June. 1, 1978 .. . . . _ . . . . . . . . . . . . . . . . . . . . . . . . .
December I, 1978 .........................
June 1,.1979 . . . . . . . . . . . . . . . . . ... .. . .. .. . . . . .
1 %
1 %
1h%
1h%
o
[
Noti~ of call and redemption prior to maturity shall be given as provided in the Resolution.
This Note and the coupons attached hereto are negotiable instruments and shall be negotiable
by delivery. This Note (issued in the form of a bearer pote and hereinafter sometimes referred to
as -Bearer Note") is not registrable by endorsement, but may be exchanged for a Fully Registered
Note as PrQvided in the Resolution. Fully Registered Notes may be exchanged for a like aggregate
principal amount of Bearer Notes of the same issue, bearing all unmatured coupons. or for a like
aggregate principal amount of Fully Registered Notes of other authorized denominations. or in part
for Bearer Notes and the balance for Fully Registered Notes of the same issue. and Bearer Notes
bearing all unmatured coupons may be exchanged for a like aggregate principal amount of Fully
Registered Notes of authorized denominations of the same issue, all as more fully set forth in the
Resolution; provided, however, that no such exchange shall be made between the fiIteent:h (15th)
day preceding any interest payment date and such interest payment date. Such exchange shall be
free of any costs or charges. to the person, firm or corporation requesting such exchange. except
for any tax or governmental charges that may be imposed in connection therewith.
21
4428
It is hereby recite~ certified and declared that any and all conditions, things and acts ~
required to exist, to happen and to be performed precedent to and in the issuance of this Note exist, .,'
have happened and have been performed in due time, form and manner as required by the .
Constitution and laws of the State of California. -J
.
.
IN Wma:ss WHEREOF, the Redevelopment Agency of the City of San Bernardino has caused
this Note to be signed on its behalf by facsimile signature of its Chairman and by manual signat:uTe .
of its Secretary, and the seal of the Agency to be imprinted hereon, and the interest coupons hereto
attached to be signed by facsimile signature of its Secretary and this Note to be dated as of the
6rst day of December, 1976..
Chairman of the Redevelopment Agency
of the City of San Bernardino
[SEAL}
Secretary of the Redevelopment Agency
of the City of San Bernardino
,.,
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".442,9
LCOUPON FORM]
On the Brst day of . . , , . . . . . . .. 19..
the REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO will pay to bearer.
at the Corporate Agency Division of the Bank of America National Trust and Coupon No. . . . , ,
Savings Association, Fiscal Agent for the Agency. in Los Angeles or San Francisco.
California. or, at the option of the Holder hereof. at the office of any Paying Agent
of the Agency in Chicago. Illi.nois. or New York, New Yark, solely from the funds $. . . . . , . . . , . . . . .
mentioned in the Note to which this coupon is attached. the sum shown hereon in
lawful money of the ,United States of America. being the interest then due on its
SoV'l"BEAST 1NDtlS'I'RIAL P.uu: REDEVELOPMENT PRoJECT AREA. TAX A1.LocA.noN
NECOnABLE PRoMISSORY NOTE, ISSUE OF 1976.
dated December 1. 1976. No.. . . . ., ...
Secretary of the Redevelopment Agency
of the City of San Bernardino
[BEVEBSE OF COUPON]
If the Note to which this coupon is attacbed is redeemable and is duly called for redemption on a
date prior to the maturity date of this coupon, this coupon will be void. '
23
4430
EXHIBIT B
-[FORM OF FULLY REGISTERED NOTE]
~
J
UNITEDSTATESOFAMEIDCA
STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
REDEVELOPMENT AGENCY OF THE CITY OF "SAN BE~ARD~O
SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA
TAX ALLOCATION NEGOTIABLE PROMISSORY NOTE
ISSUE OF 1976
-!
Fully Registered Note
No.R..... ...
THE REDEVELOPMENT ACENCY OF THE CITY OF SAN BERNARDINO (herein sometimes referred
to as the "Agency"), a public body, corporate and politic, duly organized and existing under the
laws of the State of California, for value received. hereby promises to pay (but solely from the
funds hereinafter mentioned) to ...................... or registered assigns (herein some-
times referred to as the "registered owner"), subject to the right of prior redemption hereinafter
mentioned. the principal sum of ................................................ Dollars
($. . . . . . . . . . ), being Notes maturing as follows:
Maturity Date
AmOUDt
Interest Rate
.,
;~
I....,
and to pay such registered owner by check or draft mailed thereto at his address as it appears
on the register kept by the Fiscal Agent at the close of business on the BIteenth (15th) day
preceding the interest payment date, interest on such principal sum from the interest payment
date 'next preceding the date hereof (unless the date hereof is prior to June I, 1977, in
which event from December I, 1976) until the principal hereof shall have been paid or provided
for in accordance with the Resolution hereinafter referred to, at the rate or rates above
indicated. payable semiannually on June 1st and December 1st in each year. Both principal and
interest and any premium upon the redemption prior to maturity of all or part hereof are
payable in lawful money of the United States of America and (except for interest which is
payable by check or draft as stated above) are payable at the Corporate Agency Division of
Bank of America National Trust and Savings .~sociation, Fiscal Agent for the Agency, in Los
Angeles or San Francisco, California, or, at the option of the Holder hereof, at the office of any
Paying Agent of the Agency in Chicago, illinois, or New York. New York.
This Note, the interest hereon and any premium due upon the redemption of this Note prior
to maturity are not a debt of the City of San Bernardino, the State of California nor any of its
pOlitical subdivisions and neither said City, .><:;.:d State nor any of its political subdivisions is
~
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4431
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liable hereon, nor in any event shall this Note. said interest or said premium be payable out of
any funds or properties other than the funds of the Agency as set forth in the Resolution herein-
after mentioned. "This Note does not constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or restriction. Neither the members of the Agency nor
any persons executing this Note are liable personally on this Note by reason of its issuance.
This Note is one of a duly authorized issue of Notes of the Agency designated "'Redevelop-
ment Agency of the City of San Bernardino. Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Negotiable Promissory Notes. Issue of 1976" (herein sometimes referred to as
the "'Notes") in aggregate principal amount of two million dollars ($2.000.000). all of like
tenor (except for numbers thereon) and all of which have been issued pursuant to and in
faD conformity with the Constitution and laws of the State of California and particularly
the Community Redevelopment Law (Part 1 of Division 24 of the Health and Safety Code
of the State of California)- for the corporate purposes of the Agency aiding in the financing
of the redevelopment project above designated, and are authorized by and issued pursuant to
Resolution No. 3295. as amended, adopted by the Agency on _ " ... .. (said Resolution No. 3295.
as amended, being herein sometimes referred to as the -Resolution"). All of the Notes are equally
secured in accordance with the terms of the Resolution. reference to which is hereby made for a
specific description of the security therein provided for the Notes, for the nature. extent and manner
of enforcement of such security. for the covenants and agreements made for the benefit of the Note-
holders., and for a Statement of the rights of the Noteholders, and by the acceptance ot this Note
the registered owner hereof assents to all the terms. conditions and provisions of said Resolu-
tion. In the manner provided in the Resolution, the Resolution and the rights and obligations of the
Agency and of the Noteholders may (with certain exceptions as stated in said Resolution) be
modiBed or amended with the consent of the Holders of sixty percent (60%) in aggregate prin-
cipal amount of outstanding Notes (exclusive of issuer-owned Notes, as that term is defined in
the Resolution). unless the modiJication or amendment is for the purpose of curing ambiguities.
defects. etc., in which case no Notebolder's consent is required.
The principal _ of this Note and the ~terest hereon are secured by an irrevocable pledge of,
and are payable solely from, tPe Tax Revenues (as such term is defined in said Resolution) and
certain other funds. all as more particularly set forth in the Resolution. The Resolution is
adopted under and this Note is issued under and is to be construed in accordance with the
laws of the.State of California. .
The. outstanding Notes, or any of them, may be called before maturity and redeemed, at the
option of the Agency. from any source of funds. on June 1. 1977, or on any interest payment
date thereafter prior to maturity (the "redemption date.). If less than all of the Notes outstanding
are to be redeemed at anyone time. the Notes to be redeemed shall be determined by lot.
Notes called for redemption shall be redeemed at a redemption price for each redeemed Note
equal to the principal amount thereof. plus accrued interest to the redemption date and the
following premium (percentage of principal amount) if redeemed on the following redemption
dates:
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PBEM1l1MS AND REDEMPTION DATES
Redemption Date Premium
June 1. 1977 ...................... 1 %
December 1. 1971 . . . .. . .. .. .. . . . .. 1 %
June 1. 1918 .. . . . . . . . . . . . . . . . . . . .. ;2%
December 1. 1978 . . . . . . . .. . . . . . . . . 1k%
June I, 1979 . . . . . . . . . . . . . . . . . . . . . . -0
Notice of call and redemption prior to maturity shall be given as provided in the Resolution.
2S
4432
This Note is issued in fully registered fonn (herein sometimes referred to as a '"Fully Regis-
tered Note") and is non-negotiable. This Note may be exchanged for a like aggregate principal ]
amount of Bearer Notes of the same issue, bearing all unmatured coupons, or for a like aggregate ......
principal amount of Fully Registered Notes of other authorized denominations, or in part for ...
Bearer Notes and the balance for Fully Registered Notes of the same issue, and Bearer Notes bear-
ing all unmatured coupons may be exchanged for a like aggregate principal amount of Fully Reg-
istered Notes of authorized denominations of the same issue, all as more fully set forth in the
Resolution. This Note is transferable by the registered owner hereof, in person or by his attorney
duly authorized in writing, at the principal office of the Fiscal Agent in Los Angeles, California,
but only in the manner, subject to the limitations and upon payment of the charges provided in
the Resolution, upon surrender and cancellation of this Note. Upon such transfer, a new Fully
Registered Note of authorized denomination or denominations for the same aggregate principal
amount of the same issue will be issued to the transferee in exchange therefor. No exchange or
transfer shall be made between the fifteenth (15th) day preceding any interest payment date and
such interest payment date.
The Agency, the Fiscal Agent and any Paying Agent may treat the registered owner hereof
as the owner for all purposes, and the Agency, the Fiscal Agent and any Paying Agent shall not
be affected by any notice to the contrary.
This Note shall not be entitled to any benefit under the Resolution, or become valid or
obligatory for any purpose, until the certificate of authentication hereon endorsed shall have been
signed by the Fiscal Agent.
It is hereby recited., certified and declared that any and all conditions, things and acts required
to exist, to happen and to be performed precedent to and in the issuance of this Note exist, have
happened and have been performed in due time, form and manner as required by the Constitution ~
and laws of the State of California.
IN WITNESS WHEREOF, the Redevelopment Agency of the City of San Bernardino has caused
this Note to be signed on its behalf by facsimile signature of its Chairman and by manual signature
of its Secretary and the seal of the Agency to be imprinted hereon, all as of the .... day of
.............., 19...
'....ill
Chairman of the Redevelopment Agency
of the City of San Bernardino
[SEAL]
Secretary of the Redevelopment Agency
of the City of San Bernardino
(FORM OF CERu.l'.lCATE OF AUTHENTICATION ON Fm..LY REGISTEREDNOTF.S]
This is one of the Fully Registered Notes described in the within-mentioned Resolution.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Fiscal Agent
..,
,
By
Authorized Officer
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"4433
[FORM OF ENDORSEMENT ON FtlI.LYREGIST'ERED NOTES]
This Fully Registered Note (issued in fully registered form without coupons) is issued in
lieuoE or in exchange for Bearer Note (s) of this issue of the denomination of five thousand donars
($5,000), each not contemporaneously outstanding, aggregating the face value hereof; and Bearer
Notes of this same issue and of the denomination of five thousand dollars ($5,OOO) shall be issued
in exchange for this Note in the manner, with the effect and under the terms and conditions
stated on the face of the" Note and in the Resolution referred to therein.
[FOBK OF AssIGNMENT OF FULLY REGISTERED NOTES]
For value received ........:....................... hereby sens. assigns and transfers
unto . .. . .. . . .. . . .. .. .. . . . .. ... . . .. . . . . . .. . .. . . . . ... the within-mentioned Note and hereby
irrevocably constitutes and appoints ................................................"......
. . . . . . . .. . . . ~.. . . . . . . . . . . ~ . ... attorney. to transfer the same on the books of the Fiscal Agent
with full power of substitution. in the premises. .
Dated: ....................
NOTE: The signature to this Assignment most correspond with the name as written on the face
of the. within Note in every particular, without alteration or enlargement or any change
" whatsoever..
Adopted:. 12-21-76
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4434
Motion made to adopt Resolution No. 3325 by Wilson and seconded by Stephenson. Motion
carried by the following, vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Green.
AWARD BID FOR THE SALE OF SOUTHEAST INDUSTRIAL PARK PROMISSORY NOTES.
Mr. Shadwell requested Mr. Strausz, attorney from James Warren Beebe's Law
Offices, Agency's Bond Counsel to speak to the Board. Mr. Strausz explained the
legal fundamentals of the Resolution. The bid was awarded to the firm of Smith Barney,
Harris Upham & Co., Inc., & Associates in the aggregate sum of $4,750,000. After
discussion the following resolution was adopted:
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4435
RESOLUTION NO. 3326
[
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO, CALIFORNIA AWARDING NOTES OF SAID AGENCY.
WHEREAS, Notice Inviting Bids on the $2.000.,000 to $5,000.000 Notes of the Redevelop-
ment Agency of the City of San Bernardino, designated Redevelopment Agency of the
City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax
Allocation Negotiable Promissory Notes, Issue of 1976, was given as required by law;
and
WHEREAS, pursuant thereto, bids have been received, publicly opened, read and ex-
amined; and
WHEREAS, the bid hereinafter described is the best bid; and
WHEREAS, all steps required by law to be taken precedent to the authorization, issuance
and sale of the Notes have been duly and regularly taken as provided by law and the
Agency is fully advised in the premises.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
DOES HEREBY RESO~VE. DETERMINE AND ORDER AS FOLLOWS:
[
SECTION 1. That the bid for the Notes of Smuth barney, HaJ.:ris Upham & Co. ,
Inc. , and Associates attached hereto and made a part hereof, is the best bid for the
Notes. Said bid is hereby accepted in accordance with the terms thereof, and in
accordance with and subject to Resolution no. 3295, as amended, of the Agency.
SECTION 2: That all bids other than the one a.ccepted in Section 1 hereof
are rejected and the Secretary is hereby authorized to return checks accompanYing
. said rejected bids to the respective bidders.
SECTION 3: That the interest rate on the Notes is hereby fixed at 7% per annum.
SECTION 4: That the' Secretary is hereby authorized and directed to deliver
the Notes to the successful bidder upon payment of $4,700, 000, plus accrued interest
to the ~ate of delivery.
SECTION 5: That all actions and proceedings heretofore taken in the authori-
zation, issuance and sale of the Notes are hereby ratified and confirmed.
Adopted: 12-21-76
[
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4436.
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DEe 21 1975
BID JAMES WA:HI..~ 8En~
FOR THE PURCHASE OF ... '_'.":: ::::'~"~"-'.mp!
REDEVELOPMENT AGEi'lCY OF THE CITY OF SAN BEfu~APJ)INO
SOUTHEAST Th'"DUSTRIAL PARK REDEVELOP~1EI'i"T PROJECT AREA
TAX ALLOCATION NEGOTB.BLE PRO~fISSORY NOTES
ISSUE OF 1976
December ~ 1976
Redevelopment Agency of the City Ot San Bernardino
City Ot San Bernardino, California
In behalf of a group which ~e have formed, consisting or
SMITH BARNEY~ HARRIS UPHAM & co.) INC. SAN FRANCISCO SECURITIES. INC.
. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. e. e... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. e-.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
MILLER & SCHROEDER MUNICIPALS, INC. ELDREDGE & COMPANY
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. e. .. .. .. .. .. .. .. .. e. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ... .. .. ..
PAINE, WEBBER, JACKSON & CURTIS, INC. EMMETT LARKIN & COMPANY
............................ ................................ e...................................................... .. .......... ........ ..................................._.....
REYNOLDS SECURITIES, INC. WULFF, HANSEN & COMPANY
.....-........................................................................-...............
STERN~ BRENNER & COMPANY R. L. CRARY & COMPANY
. . .. . . . . . . . . . . . .. . . . . ... . . . .. . . . . . . . . .. .. .. . . .. .. .. . . . . . . . . .. .. . . . . . . . . . . . . . . . . .. . . . . . . .. . . . . . . .. . .. . . . . .. . .
MUNICICORP OF CALIFORNIA . DIVERSIFIED SECURITIES. INC.
.....................~.......~.........-......................................................
. GIBRALCO INC. WAGENSELLER & DURST. INC.
. .. . . . . .. . . . . ,. . . . . . . .. .. . .. . ... .. ... .. . . . .. .. .. .. . . .. . . ~.....~ ~ ... . . . . . . . . . . . . . . . . . .. . . . .. . .. . . . . .. . . . . . . . .
. .J.... C... .~~R~Q~P..~. C9M~~~Y.... .. .. ......... :. . ... . .ij9~R~~9~.~~. ~. ~~~!<?::~~1?~~~~.'. .~OYES ~
MORGAN. OLMSTEAD KENNEDY & GARDNER, INC. .
.. . .. .. . .. . . . . . . . . . . . .. ... .. .. .. .. .. . .... ..".. .. . .. .. . .. . . . . .. .. .. .. . . .. .. . .. .. . .. .. . . . . . . .. . . .. .. . . .. .. . .. . . .. . .. .. .. . .. . . .. .. . .- .. .. .. . .
THOMSON & MCKINNON. AUCHINCLOSS. KOHLMEYER) INC. .
.... . . .". . . .. .. -- . . . .. . ... . .. . .. . . . .. .. .. . .. .. .. . .'. .. . .. .. . .. . . .. . .. .. . . .. . .. . .. .. .. .. .. .. . . . .. . .. .. .. .. ".. .. .. .. . .. . .. .. . .. -- .. . .... .. .. . .. . .
and pursuant to the Notice Inviting Bids hereinaftel: mentioned, we offer to purclUtse
$ 5,OOO~OOO.OO
(insert amount $pecifiecl below)
$2,000,000
2,500,000
3,000,000
3,500,000
4,000,000 " .
4,500,000
. 5,000,000
. ..
principal amount. all or none, of the Notes designated as -:tedevelopment Agency of the City of San
Bernardino, Southeast Industrial Park Redevelopment Project: Area, Ta.'t Allocation Negotiable Promis-
sory Notes, Issue of 1970, maturing on December I, 1979, particularly described in said Notice,
bearing interest at the rate of ] %, and to pay there/or the aggregate sum of $4-,?qO>PO~us interest
ac:crued on such Notes to the date of delivery thereof.
This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore
pubIishect all of which terms and conditions are made a part hereof as fully as though set forth in
full in this bid.
Indicate appUcable
a,mount by check
(V) or cross(X)
INDICATE ONLY
ONE A4\fOUNT
x
· Principal amount indicated above, plus premium or less discount.
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As speci5ed in the Notice Inviting :Bids, this bid is subject to aeceptnnce not later than twenty-six
(26) hours :uter the e:tpiration of the tilne for the receipt of bids, and the unquaItlied. opinion of the
Bond Counsel firm of James \Varren Beebe, A Law Corporation, Los Anseles, California, approving
the vaIiditr of the Notes,...vill be furnished us (if we ~e the successful bidder) at the time of delivery
of the Notes at the expense of the Agency. .
There is enclosed herewith a. ..C~?~~~~.~. ., check in the amount of fifty thousand dollars
($50,000). payable to the order of the Agency.
There is submitted here\vith a. memorandum (which shall' not constitute a part of this bid) stating -
the total net interest cost in dollars on tlie Notes during the life of the issue under this bid. and the
average net interest rate determined thereby.
.
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Respect.fu11y submitted,
Name .~t:1~~. ~~.~~~~.ll. .~~~~~~. ~?~..~ .~9..11 INC.
Account Manager
By '~I"~""""""'"
Address .} .1.~q. ?~t!f~. .~~~Y.~ . ~T.. .'. . ~~~.~;. ?p21
. LOS ANGELES. . . '0. .-.. 0 .
Clty .................:...........;.............
CALIFORNIA 90015
Sta,t,e .'....... ...................................
~\10RAi'lDUM OF INTEREST C.oST
The total net interest cost on the Notes dUring the life of the issue tinder the above bid is
$. ., it 3.00,00.0.. 00. . . . . . . . ..' . . . . . . . . . ., and the average net interest rate detennined thereby h
. . . ~:> ?o~~9 . . . . . . %.
.. Insert -certi.lied.- or -cashiers..
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4439
Motion made to adopt Resolution No. 3326 by Stephenson and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Green.
AUTHORIZE CHAIRMAN AND SECRETARY TO ENTER INTO FISCAL AGENT AGREEMENT
WITH BANK OF AMERICA RELATIVE TO SOUTHEAST INDUSTRIAL PARK PROMISSORY
NOTE ISSUE.
Mr. Shadwell explained that this authority would enable Agency staff to enter into
Fiscal Agent Agreement with Bank of America. This has been the Agency practice
in the past and most recently was the current issue with Central City North. After
discussion the following resolution was adopted:
RESOLUTION NO. 3327
RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING AN
AGREEMENT FOR FISCAL AGENT SERVICES.
WHEREAS, the Agency intends to issue its $5,000,000 Redevelopment Agency of the City
of San Bernardino Southeast Industrial Park Project Area Tax Allocation Negotiable
Promissory Notes, Issue of 1976; and
WHEREAS, the Agency requires the services of a Fiscal Agent in connection with said
issue of Notes.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
SECTION 1: The Agency hereby agrees to employ Bank of America National Trust &
Savings Association as Fiscal Agent for the Agency substantially in accordance with
the terms of the Fiscal Agent Agreement.
Adopted: December 21, 1976
Motion made to adopt Resolution No. 3327 by Obershaw and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Green.
RESOLUTION ESTABLISHING A SAVINGS ACCOUNT WITH SANTA FE FEDERAL SAVINGS
AND LOAN RELATIVE TO SOUTHEAST INDUSTRIAL PARK NOTE PROCEEDS.
Mr. Shadwell explained that the Agency would be opening a savings account with
Santa Fe Federal Savings and Loan for the Southeast Industrial Park Note Proceeds.
After discussion the following resolution was adopted:
RESOLUTION NO. 3328
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA., ESTABLISHING SAVINGS ACCOUNT WITH
SANTA FE FEDERAL SAVINGS & LOAN ASSN. TO BE DESIGNATED
SOUTHEAST INDUSTRIAL SAVINGS ACCOUNT.
4440
WHEREAS, the Agency is receiving bond proceeds for the Southeast Industrial Park
Project Area; and
lIIlII!I
WHEREAS, it is deemed advisable to open a savings account for these proceeds. which
will be used primarily for investment purposes.
-
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino, Ca., that the Chairman and Secretary are hreby authorized on behalf
of the Agency to open a savings account with Santa Fe Federal Savings and Loan
Assocciation to be designated Southeast Industrial Park Savings Account.
Motion made to adopt Resolution No. 3328 by Stephenson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Blum, Obersahw, Hinojosa, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Green.
RESOLUTION AWARDING CONTRACT TO JESSE HUBBS & SONS FOR GRADING AND
SITE PREPARATION-SOUTHEAST INDUSTRIAL PARK.
Mr. Shadwell explained that we had four bids submitted for this work and that the bid
of Jesse Hubbs & Sons was the lowest bid in the amount of $49,200. Mr. Jones of the
Agency Staff stated to the Members that the Agency had not had any contractural busi-
ness with this firm in the past, but that their name was well thought of in the community
and that he forsaw no problems. After discussion the following resolution was adopted:
~
RESOLUTION NO. 3329
...."
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CA., AUTHORIZING THE CHAIRMAN AND SECRETARY
TO ENTER INTO CONTRACT WITH JESSE HUBBS & SONS FOR GRADING AND
SITE PREPARATION WORK-SOUTHEAST INDUSTRIAL PARK PROJECT AREA.
WHEREAS, the area solicited and advertised for said work; and
WHEREAS, four bids were submitted for said work; and
WHEREAS, the lowest bid was submitted by the firm of Jesse Hubbs & Sons in the amount
of $49,200.00; and
WHEREAS, it is deemed in the best interest of the Agency to accept said bid.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of San
Bernardino that the Chairman and Secretary be hereby authorized to enter into Contract
with Jesse Hubbs & Sons for grading and site work in an amount not to exceed $49,200.
Southeast Industrial Park Redevelopment Project Area.
Motion made to adopt Resolution No. 3329 by Wilson and seconded by Obershaw. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Stephens c!
.....,
and Guhin. Noes: None. Abstention: None. Absent: Green.
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4441
NEW FINDER'S FEE POLICY.
Mr. Flory explained the legal aspects of the new resolution. Mr. Hicks of Vanir Research Co.
asked if this new resolution will eliminate Vanir as broker and owner from a Finder's Fee
and was told yes, that it would. After discussion motion made to amend new resolution
to use the same schedule as the old resolution, thereby allowing for small developments to
be eligible for a finder's fee. After discussion, with the stipulation that the old schedule
prevail, the following Resolution was adopted:
RESOLUTION NO. 3330
,
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, AUTHORIZING THE PAYMENT OF A FINDER'S
FEE TO REAL ESTATE BROKERS WHO INITIATE, LOCATE AND EFFECTUATE
THE DEVELOPMENT OF PROPERTY LOCATED WITHIN A REDEVELOPMENT
PROJECT AREA.
WHEREAS, the City administration has requested that the Redevelopment Agency
initiate an aggressive real estate development program; and
WHEREAS, in order to accomplish this aggressive program, the services of others, parti-
cularly real estate brokers, is necessary to locate developers and introduce specific par-
cels of land to them for development; and
WHEREAS, the Agency Board has determined that the payment of a Finder's Fee to any
real estate broker who initiates, locates and effectuates the sale or lease and develop-
ment of property within redevelopment project areas within the city limits is warranted,
excluding however, (a) the owners of the property upon which a development occurs,
(b) the relocation of any business, activity, concern, corporation or entity of any kind,
from within the city limits to within a project area; and
WHEREAS, the City and the Agency are primarily interested in bringing in those busi-
nesses which are not normally attracted by normal market forces such as industry, of-
fice facilities for large businesses, warehouses, office complex for built-in tenants, and
institutional complex which are not speculative.
NOW, THEREFORE, BE IT RESOLVED as follows:
SECTION 1: Subject to the terms and conditions hereinafter set forth, the Redevelopment
Agency will pay a Finder's Fee to any real estate broker who locates, initiates and effectu-
ates the development of properties within the following Redevelopment Project area: Cen-
tral City North, Central City South, Central City East, Southeast Industrial Park, Meadow-
brook Project, and State College Project No.4., excluding however, (a) the owner
of the property upon which a development occurs and (b) a broker who relocates any
I".... business, activity, concern, corporation or entity of any kind, from within the city limits
to within a proj ect area.
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SECTION 2: The payment of said Finder's Fee shall be conditioned upon the fact that
the owner or developer of the property became interested in and is in fact, developing
the property as a direct result of an initial contact by the broker and shall not be pay-
able unless a declaration under penalty of perjury is filed with the Agency by the
owner or developer to the effect that he was first contacted by the broker claiming
the Finder's Fee.
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SECTION 3: No Finder's Fee is authorized nor shall it be paid to (a) the owner of
property upon which a development occurs or (b) to a broker who relocates any busi-
ness, activity, concern, corporation or entity of any kind, from within the city limits
to within a project area.
SECTION 4: Notwithstanding any other provision of this Resolution, a claim for a
Finder's Fee shall not be payable to any broker unless development to the satisfaction
of the Agency has commenced within six (6) months from the date of the filing of said
claim with the Agency, except that for good cause shown the Agency may, in its dis-
cretion, extend said six month period for a period not to exceed months.
SECTION 5: All initial negotiations between the Agency staff and broker shall be subject
to Agency Board approval.
SECTION 6: Licensed brokers who negotiate a transaction resulting in the issuance of
a building permit for new construction which will be located in any Redevelopment Pro-
ject Area, excepting Central City Mall, Central City West, or any transaction currently
being negotiated by the Agency, shall be entitled to a Finder's Fee by the Agency on
the following cumulative basis:
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A. RANGE AND PERCENTAGE SCHEDULE:
$-0- 100,000
5% of Development as Indicated by Building Permit
100,001 - 500,000
$5,000 plus 3% of development cost over $100,000
as indicated by Building Permit
500,001 - 1,000,000
$17,000 plus 2% of development cost over $500,000
as Indicated by Building Permit
1,000,001 And Over
$27,000 plus 1% of development cost over $1,000, O(
as indicated by Building Permit
B. PAY INCREMENT SCHEDULE:
1st payment of 1/3 Total Due
Upon completion and approv-
al of foundation.
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2nd payment of 1/3 Total Due
Upon issuance of Notice of
Completion
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2rd payment of 1/3 Total Due
Upon one (1) year subsequent to issuance
of Notice of Completion.
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In addition, the following must also occur:
A. Neither the Agency nor the City of San Bernardino have been dealing with the pros-
pect for the development of any land owned by the Agency or anticipated to be owned by
the Agency for pending disposition.
B. The Licensed Real Estate Broker must notify the Redevelopment Agency of his inten-
tion to request a Finder's Fee on the development involved, at the time of proposed devel-
opment or shortly thereafter, by the submission of a form entitled "Claim for Finder's
Fee" , which shall be signed by the Real Estate Broker and the owner or developer un-
der penalty of perjury. A copy of said form is attached hereto as Exhibit "A" and made
a part hereof.
C. The proposed development is approved by the Redevelopment Agency of the City of
San Bernardino. The development must be completely consummated pursuant to the
schedule for Finder's Fee payments.
D. The development of the property is completly consummated to the extent that new
jobs are created and resultant additional taxes from the development are generated.
SECTION 7: That Resolution No. 3167 and all other resolutions or portions thereof
in conflict with this resolution are hereby rescinded; provided, however, that any
duly executed Clain for Finder's Fee filed with the Agency shall be honored if all the
facts required by previous resolutions exist.
CLAIM FOR FINDER'S FEE
I, the undersigned Broker, hereby file my (its) claim pursuant and sub-
ject to the provisions of Resolution No. of the Redevelopment Agency of
the City of San Bernardino, California, for a Finder's Fee for the initiation, locati-
on and effectuation of the development of the following property:
I hereby represent that I am the broker who made the initial contact with
the developer of the above described property; that I have received a copy of Reso-
lution No. of the Agency, have read it and understand that I will not be
entitled to a Finder's Fee unless and until all of the provisions of said Resolution
are met and the facts required therein exist.
I have read the foregoing and declare under penalty of perjury that the fore-
going is true and correct.
Dated:
BROKER:
DESIGNATION BY DEVELOPER
I, the undersigned developer, hereby represent to the Agency that the above
broker was the first person who contacted me regarding the sale (lease) and develop-
ment of the above referred to property.
4444
I declare under penalty of perjury that the foregoing is true and correct.
Dated:
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DEVELOPER:
Exhibit "A"
Motion made to adopt Resolution No. 3330 by Obershaw and seconded by Stephenson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Stephen-
son and Guhin. Noes: None. Abstention: None. Absent: Green.
NEW FIVE YEAR TAX INCREMENT POLICY. ...,
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Mr. Flory briefly explained the legal aspects to the Board. Inasmuch as said Resolution .....
had been reviewed, the following resolution was adopted:
RESOLUTION NO. 3331
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RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING IN ITS DISCRETION
THE PROVIDING AND INSTALLATION OF NECESSARY ON AND OFF
SITE IMPROVEMENTS TO DEVELOPERS AT A COST OF NOT MORE
THAN FIVE YEARS TAX INCREMENTAL INCOME.
WHEREAS, the Redevelopment Agency of the City of San Bernardino, California, is
desirous of attracting development to the City and for that purpose is willing to assist
investors and developers in those cases where the development is not attracted by
normal market factors and conditions without some inducement; and
WHEREAS, it is the desire of the Redevelopment Agency, consistent with State Law
and the basic intent of redevelopment as established by State Law, to encourage and
foster development within redevelopment project areas by the installation of necessary
on and off site improvements, including, but not limited to, street lights, utilities,
landscaping and site preparation to encourage investment and development; and
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WHEREAS, pursuant to State law there is no monitory limitation on assistance of this
kind toward fostering development within project areas; and
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WHEREAS, it is the desire of the Agency to establish a policy of committing certain
monies in support of these activities; and
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~ WHEREAS, it is believed that the expenditure of tax incremental income for a five year
j period of time would be the proper upper limit of participation by the Agency for most
'-' industrial or commercial development in a redevelopment project area, but that such
expenditure should be on a case to case basis and should not be as a matter of right,
but a matter of discretion and then should be determined by the amount of new jobs
created, the magnitude of the development and other factors which, in the opinion of
the Agency, would benefit the City.
NOW, THEREFORE, BE IT RESOLVED as follows:
SECTION 1: The Redevelopment Agency does hereby establish a policy in its sole
discretion of providing necessary on and off site improvements to commercial or in-
dustrial developers within a project area at a cost of up to, but not exceeding five
years tax incremental income derived and realized from the development, not as a
matter of right, but on a case to case basis and then only determined by the amount
of new jobs created, the magnitude of the development, the amount of the increased
assessed value of the development and other factors which, in the opinion of the Agen-
cy, would benefit the City.
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SECTION 2: The expenditure of up to five years tax incremental income on any de-
velopment shall be negotiated with the developer taking into consideration the
future assessed value of the development, the number of jobs which will be created,
the magnitude of the development and any other factors which, in the opinion of
the Agency, would benefit the City.
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SECTION 3: Any business, activity, concern, corporation or entity of any kind re-
located from within the limits of the City of San Bernardino to any Redevelopment
Project Area located within the limits of the City shall receive tax increment assistance
only to the extent that the new tax increment income derived and realized from the
new development exceeds the tax increment which was realized from the relocated
business.
SECTION 4: For the purpose of this resolution, the five year period mentioned in
the preceding sections shall commence on the 1st of March next following the filing of
a Notice of Completion or the completion of the work of improvement, as determined
by the Agency, or the issuance of a Certificate of Occupancy by the City, whichever
occurs first and continue for five years from that date of March 1st.
SECTION 5: If any developer at its cost installs the necessary on and off site improve-
ments hereinabove referred to, the Agency will enter into an agreement acceptable
to the Agency to reimburse the developer, but only from the tax increment money
generated by the development.
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If the Agency, from Agency project funds which are invested, pays for the installation
of the necessary on and off site improvements hereinabove referred to, the developer
shall enter into an agreement acceptable to the Agency to repay said amount of money
4446
expended, plus interest at the rate of three (3%) percent over the rate of interest the
Agency is paying on the borrowed money or realizing from said investment; provided,
however. the Agency. in its sole discretion. may in lieu thereof. reduce the five year 1
tax incremental income period from five years to four years. ..,
SECTION 6: In computing the five year tax increment income, it shall not include tax ~
increments realized from personal property.
SECTION 7: In the event it is deemed of benefit to either the Agency or the City to
provide necessary on and off site improvements for residential development, then
it shall be the policy of the Agency to provide such improvements in support of resi-
dential development, upon the same basis as the policy herein adopted in relation to
commercial and industrial property, subj ect, however, to the approval of the Mayor
and Common Council and on a case by case basis.
SECTION 8: If at any time during any five year period mentioned herein, and during
the duration of any agreement between the Agency and a developer, the tax increment
income for said period to the Agency is decreased for any reason, either by legislative
changes or in any other manner or for any other reason, the developer shall reimburse
the Agency for the difference and shall agree in writing to do so.
SECTION 9: Resolution No. 3174 and all other resolutions or portions thereof in
conflict with this resolution are hereby rescinded; provided, however, that any
Agreement with any developer entered into heretofore shall be honored by the
Agency.
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Motion made to adopt Resolution No. 3331 by Wilson and seconded by Obershaw. Motion ....J
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson, Stephen-
son and Guhin. Noes: None. Abstention: None. Absent: Green.
OTHER BUSINESS:
Mr. Obershaw stated that the Amfac Building had been inspected by a contractor and
while the roof was not in too bad a state of disrepair, the second floor is totally beyond
repair, considering the costs that would be incurred. He feels the building should be
demolished. This item will be brought up at a future board meeting.
At 3: 50 p.m., Vice Chairperson Blum called for an Executive Session. She asked that Mr.
Jones, Mr. Shadwell and Ms. Brown of the Agency Staff attend the session.
Mr. Flory stated that the reason for the Executive Session was for legal litigations
with Stanton Nursery. This firm did the landscaping for the public areas around the
City Hall and that litigation had gone on over 3i years. At 4: 00 p . m. Mrs. Blum closed
the Executive Session and reconvened the meeting.
Mr. Flory requested the Board to authorize him to settle out of court for the sum of
$2,750. The Agency has already paid Stanton the sums of $4,900. and $2,000 plus ~
interest. If we pay this amount of $2,750, it will almost total the sum of the damages
Stanton is suing for, i. e. $10,000. Motion made by Stephenson and seconded by Ober-
shaw to authorize Agency Legal Counsel to settle out of court with Stanton Nursery ..-II
for the sum of $2,750. Motion carried by the following vote, to wit: Ayes: Blum,
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Obershaw, Hinojosa, Wilson, Stephenson and Guhin. Noes: None. Abstention: None.
Absent: Green.
Motion made to adjourn to AdjournedRegular Meeting to be held at 3: 00 p.m., Tuesday,
December 28, 1976. Motion made by Obershaw and seconded by Stephenson. Motion
carried by the following vote, to wit: Ayes: Blum, Obershaw, Hinojosa, Wilson,
Stephenson and Guhin. Noes: None. Abstention: None. Absent: Green.
R. E. Shadwell, Jr.
Executive Director
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4448
MINUTES OF THE SPECIAL MEETING OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, HELD
THE 28th DAY OF DECEMBER, 1976, 300 NORTH "D" STREET,
SAN BERNARDINO, CA.
Chairman Green called the Special Meeting to order at 3: 00 p. m .
Roll Call showed the following:
Agency Members Present: Hinojosa, Wilson, Stephenson and Green.
Agency Members Absent: Blum, Obershaw and Guhin.
Also Present: Ralph Shadwell, Jr., Executive Director, Wm. A. Flory, Agency Counsel
and Barbara Brown, Executive Secretary.
Mr. Green stated that this Special Meeting was properly called by notice of Special
Notice sent to all Board Members.
This meeting was necessary because of a legal technicality and deemed necessary to
ratify and readopt new Resolutions with reference to the meeting held December 21, 1976.
FISCAL AGENT AGREEMENT.
Mr. Wilson inquired what does the Agreement cost the Agency. Mr. Shadwell explained
that the cost was broken down by transactions and that the cost depends on what occurs
during the time period. This is standard procedure by most banks stated Mr. Jim
Iverson, Agency Financial Consultant from Miller & Sschroeder. After discussion the
following resolutution was adopted:
RESOLUTION NO. 3332
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO, APPROVING AN AGREEMENT FOR FISCAL AGENT
SERVICES.
WHEREAS, the Agency intends to issue its $5,000,000 Redevelopment Agency of the
City of San Bernardino, Southeast Industrial Park Redevelopment Project Area Tax
Allocation Negotiable Promissory Notes, Issue of 1976 (Notes); and
WHEREAS, the Agency requires the services of a Fiscal Agent in connection with said
issue of Notes.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVEL-
OPMENT AGENCY OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
SECTION 1: The Agency hereby agrees to employ Bank of America National Trust and
Savings Association as Fiscal Agent for the Agency for said Notes substantially in accord-
ance with the terms of the Fiscal Agent Agreement; and
SECTION 2: The Chairman and Executive Director are hereby authorized and directed
to execute said Fiscal Agent Agreement.
4449
Motion to adopt Resolution No. 3332 made by Wilson and seconded by Stephenson.
Motion carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson
Guhin and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
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APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3325.
After discussion the following resolution was adopted:
RESOLUTION NO. 3333
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO APPROVING, READOPTING AND RATIFYING RESOLUTION
NO. 3325 OF THE AGENCY ENTITLED: "RESOLUTION NO. 3325 (RESOL-
UTION 3295, AS AMENDED), RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING THE ISSUANCE
OF $5,000,000 PRINCIPAL AMOUNT OF TAX ALLOCATION NEGOTIABLE
PROMISSORY NOTES, ISSUE OF 1976, TO AID IN THE FINANCING OF A
REDEVELOPMENT PROJECT KNOWN AS THE SOUTHEAST INDUSTRIAL
P ARK REDEVELOPMENT PROJECT AREA.
WHEREAS, on December 21, 1976, the Agency authorized the issuance of its Notes in
accordance with the Resolution No. 3325; and
WHEREAS, the Agreement for Fiscal Agent services were not available on said date; and
WHEREAS, the Agency has adopted a resolution approving the Fiscal Agent Agreement.
'lIIIlIt
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NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOP-:......rJ
MENT AGENCY OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1: Resolution No. 3325 is hereby approved, readopted and ratified.
Motion made to adopt Resolution No. 3333 by Wilson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3326.
After discussion the following resolution was adopted:
RESOLUTION NO. 3334
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO APPROVING, READOPTING AND RATIFYING RESOLUTION
NO. 3326, OF THE AGENCY ENTITLED: t1RESOLUTION NO. 3326, RESOL-
UTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNAR-
DINo AWARDING NOTES OF SAID AGENCY" ~
WHEREAS, on December 21, 1976, this Agency sold its Notes in accordance with the
Resolution No. 3326; and
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WHEREAS, the Agreement for Fiscal Agent Services was not available on said date; and
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4450
At this time, Norman Hanover, attorney representing Huntley Properties addressed
himself to the Board and submitted a written offer to purchase additiona11and in
the Southeast Industrial Project Area. Inasmuch as this was a Special Meeting no
action could be taken, however, Mr. Hanover was advised that he could reappear
before the board with Huntley Properties's offer at the next meeting which is
scheduled for January 6,1976. Mr. Hanover thanked the Board for their courtesy
and assured them that he would reappear before them.
Mr. Green stated that he would like the offer from Huntley Properties spread on the
Minutes, as follows:
December 27, 1976
The Redevelopment Agency
City of San Bernardino
City Hall
San Bernardino, California 92401
Gentlemen:
It has come to our attention that Langlois Company, Inc. has notified your agency that
they are unable to complete the disposition agreement prepared for their signature by
. your office relative to that certain parcel of real property in the Southeast Industrial
Park proj ect area.
As your agency will recall, Huntley Properties, Inc. attempted to purchase that parcel
originally in order to develop same either for Langlois or some other user. Based upon
the request of Langlois, Huntley Properties, Inc., stepped aside and allowed the agency
to sell the property directly to Langlois.
Because of the development as above set forth, Huntley Properties, Inc., desires to take
an immediate assignment of Langlois I position, and take possession of the property
under the disposition agreement prepared for Langlois in order to go forward with
development thereon. Huntley Properties, Inc. stands ready, willing and able to per-
form each and every condition contained in the disposition agreement imposed upon
the developer and requests that the agency perform each and every term and condition
contained therein imposed upon the agency.
It is further respectfully requested that Huntley Properties, Inc. be allowed to take this
assignment forthwith.
The undersigned shall appear at the agency meeting set for Tuesday, December 28,
1976, at the hour of 3: 00 p.m. for the purpose of answering any questions any member
of the agency may have relative to the proposal.
Very truly yours,
HUNTLEY PROPERTIES, INC.
BY NORMAN L. HANOVER
4451
Mr. Green thanked Mr. Hanover.
MOTION FOR CONSIDERATION:
After discussion Motion ratifying authorization to Agency Legal Counsel to settle
law suit with Stanton Nursery in the amount of $2,750.00 made by Wilson and
seconded by Hinojosa. Motion carried by the following vote, to wit: Ayes: Hinojosa,
Wilson, Stephenson, Guhin and Green. Noes: None. Abstention: None. Absent:
Blum and Obershaw.
A gentlemen spoke from the audience and at the request of Mrs. Brown, Executive
Secretary for the Agency, gave his name as Mr. Fred Kiehl. He stated that while he
felt that the Agency should move forward for industrial development, he felt it extremely
unfair for the owners of apartment buildings and rentals that the Agency should move
forward in the financing of apartment buildings and other rental type development.
Mr. Green thanked Mr. Kiehl for his interest and comments.
Mr. Joe Baker representing the Sun Telegram arrived at 3: 34 p.m.
Adjournment: 3: 30 p.m.
R. E. Shadwell, Jr.
Executive Director
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4452
WHEREAS, the Agency has adopted a resolution approving the Fiscal Agent Agreement.
NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE REDEVELOP-
MENT AGENCY OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1: Resolution No. 3326 attached hereto and incorporated herein by reference
is hereby approved, readopted and ratified.
Motion to adopt Resolution No. 3334 made by Stephenson and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3328.
After discussion the following resolution was adopted:
RESOLUTION NO. 3335
RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING, READOPT-
ING AND RATIFYING RESOLUTION NO. 3328 ADOPTED DECEMBER 21,1976,
DESIGNATING SANTA FE FEDERAL SAVINGS AND LOAN ASSOCIATION TO
OPEN A SAVINGS ACCOUNT FOR SOUTHEAST INDUSTRIAL PARK.
WHEREAS, a legal technicality arose regarding the December 21, 1976 meeting.
NOW, THEREFORE BE IT RESOLVED that Resolution No. 3328 is hereby approved,
readopted and ratified.
Motion made to adopt Resolution No. 3335 by Guhin and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3329.
After discussion the following resolution was adopted:
RESOLUTION NO. 3336
RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING, READOPTING
AND RATIFYING RESOLUTION NO. 3329 AUTHORIZING THE CHAIRMAN
AND SECRETARY TO ENTER INTO CONTRACT WITH JESSE HUBBS & SONS
FOR GRADING AND SITE PREPARATION WORK-SOUTHEAST INDUSTRIAL
P ARK PROJECT AREA.
WHEREAS, a legal technicality arose regarding the December 21, 1976 meeting.
NOW, THEREFORE, BE IT RESOLVED that Resolution No. 3329 is hereby approved,
readopted and ratified.
4453
Motion made to adopt Resolution No. 3336 by Guhin and seconded by Wilson. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3330.
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After discussion the following resolution was adopted:
RESOLUTION NO. 3337
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RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING,
READOPTING AND RATIFYING RESOLUTION NO. 3330 AUTHOR-
IZING THE PAYMENT OF A FINDER'S FEE TO REAL ESTATE BROKERS
WHO INITIATE, LOCATE AND EFFECTUATE THE DEVELOPMENT OF
PROPERTY LOCATED WITHIN A REDEVELOPMENT PROJECT AREA.
WHEREAS, a legal technicality arose regarding the December 21, 1976 meeting.
NOW, THEREFORE, BE IT RESOLVED that Resolution No. 3330 is hereby approved,
readopted and ratified.
Motion made to adopt Resolution No. 3337 by Wilson and seconded by Guhin. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
After discussion the following resolution was adopted:
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APPROVING, READOPTING AND RATIFYING RESOLUTION NO. 3331.
RESOLUTION NO. 3338
RESOLUTION OF THE REDEVELOPMENT AGENCY APPROVING,
READOPTING AND RATIFYING RESOLUTION NO. 3332.'AUTHOR-
IZING IN ITS DISCRETION THE PROVIDING AND INSTALLATION
OF NECESSARY ON AND OFF SITE IMPROVEMENTS TO DEVELOPERS
AT A COST OF NOT MORE THAN FIVE YEARS TAX INCREMENTAL
INCOME.
WHEREAS, a legal technicality arose regarding the December 21, 1976 meeting.
NOW, THEREFORE, BE IT RESOLVED that Resoltuion No. 3338 is hereby approved,
readopted and ratified.
Motion made to adopt Resolution No. 3338 by Wilson and seconded by Hinojosa. Motion
carried by the following vote, to wit: Ayes: Hinojosa, Wilson, Stephenson, Guhin
and Green. Noes: None. Abstention: None. Absent: Blum and Obershaw.
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4454
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The Regular Meeting of January 6. 1977 was adjourned to an Adjourned
Regular Meeting to be held at 3: 00 p. . at the Agency Board Room
on Janua 13. 1977.
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The Regular Meeting of the Redevelopment Agency
to be held January 20, 1977 was cancelled due to
lack of quorum and lack of business.
Next Regular Meeting to be held February 3,1977
at 3: 00 p.m., in the Agency Board Room.
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