HomeMy WebLinkAbout1989-5223
SBE00100-1/3266S/1w
12/13/89 1010
RESOLUTION NO. 5223
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, THE
BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT APPROXIMATELY EQUAL TO
$42,500,000 RELATING TO VARIOUS SAN BERNARDINO
REDEVELOPMENT PROJECT AREAS, AUTHORIZING THE FORM
OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING THE PREPARATION,
EXECUTION AND DELIVERY OF THE FORMS THEREOF
WHEREAS, the Ci ty of San Berna rdino (the lOCi ty") and the
Redevelopment Agency of the City of San Bernardino (the "Agency")
have heretofore entered into a Joint Exercise of Powers Agreement
establishing
the
San Bernardino
Joint
Powers
Authority
(the
"Authority") for the purpose of issuing its bonds to be used to make
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loans to any of its members to finance public capital improvements;
and
WHEREAS, the Authority proposes at this time to issue its
Tax Allocation Bonds, 1989 Series B, 1989 Series C, 1989 Series 0,
1989 Series E, 1989 Series F, and 1989 Series G in a total aggregate
principal amount approximately equal to $42,500,000 (collectively,
the 1989 Series B Bonds through the 1989 Series G Bonds, inclusive,
are referred to herein as the "Bonds") for the purpose of providing
funds to make certain loans (the "Loans") to the Agency in a tota 1
aggregate principal amount approximately equal to $42,500,000 to
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finance certain public capital improvements of the Agency in the
redevelopment of various redevelopment project areas located within
the City of San Bernardino, California; and
WHEREAS, the Loans to the Agency from the Authority shall
be made pursuant to and in accordance with certain Loan Agreements
wi th respect to the South Valle Redevelopment Proj ect, the State
College Project No.4, the Tri-City Redevelopment Project Area, the
Northwest Redevelopment Project, the Southeast Industrial Park
Redevelopment Project Area and the Uptown Redevelopment Project
(collectively, the "Project Areas"), each dated as of December 1,
1989 (collectively, the "Loan Agreements"), by and among the Agency,
the Authority and Security Pacific National Bank, as trustee (the
"Trustee"), a form of which has been prepared and IS presently on
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file with the Secretary of the Commission; and
WHEREAS, Miller & Schroeder Financial, Inc., as prospective
underwriter of the Bonds (the "Underwriter") has informed the
Authority that it intends to submit an offer to purchase the Bonds
and shall cause to be prepared a Preliminary Official Statement and
an Official Statement relating to such Bonds as may be necessary in
the sale and marketing of any and all of the series of Bonds, a form
of which is presently on file with the Secretary of the Authority;
and
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WHEREAS, the Agency is authorized pursuant to Section 33601
of the Health and Safety Code of the State of California to borrow
moneys for redevelopment purposes; and
WHEREAS, the Commission has determined to approve the
borriwing by the Agency of certain amounts representing proceeds of
the sale of each of the series of Bonds under the Loan Agreements
for the purpose of paying the costs of acquisition, construction and
installation of its various redevelopment projects; and
WHEREAS,
the
Commission
has
duly
considered
such
transactions and wishes at this time to approve said transactions in
the public interests of the Agency;
~,
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING
ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Determinations. The Commission hereby finds
and determines that the issuance of the Bonds by the Authority will
result in significant public benefits, consisting of demonstrable
savings In any and all of the following: effective interest rates,
bond preparation, bond underwriting or bond issuance costs.
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Section 2. Authorization of Loans; Approval of Loan
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Agreements. The Commission hereby authorizes and approves the Loans
to be made to the Agency by the Authority ln the total aggregate
principal amount approximately equal to $42,500,000 pursuant to and
ln accordance with the terms of the Loan Agreements for the purpose
of financing certain public capital improvement projects of the
Agency and certain other costs related thereto within or benefitting
the Project Areas. The Commission hereby approves the form of the
Loan Agreement as presently on file with the Secretary of the
Commission, together wi th any changes therein or addi tions thereto
as may be approved by the Chairman and as necessary to incorporate
the principal amounts, interest rates, maturity and prepayment
dates, pledge of security thereunder and such other terms and
conditions with respect to each Loan made for each of the
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above-specified Project Areas and in connection with the application
series of Bonds when such terms and conditions have been
ascertained. The Commission hereby further authorizes and directs
that the form of the Loan Agreement be converted into the final
forms of the Loan Agreements with respect to each of the Loans to be
made for each of the Project Areas. The Chairman, Vice-Chairman or
such other members of the Commission are hereby authorized and
directed to execute and deliver, and the Secretary or Assistant
Secretary is hereby authorized and directed to attest to and affix
the seal of the Commission to, the final form of each of the Loan
Agreements when the same has been prepared for each of the Project
Areas for and in the name of and on behalf of the Agency and such
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execution and delivery shall be deemed to be conclusive evidence of
the approval thereof. The proceeds of the Loans shall be applied by
the Agency to finance certain redevelopment projects for the Project
Areas specified therein and for the purposes and in the amounts as
set forth in the Loan Agreements.
The Commission hereby authorizes
the delivery and performance of the Loan Agreements.
Section 3.
Official
Actions.
The
Chairman,
Vice-Chai rman and other members of the Commission, the Secretary,
Assistant Secretary,
counsel
to the Commission,
the Executive
;.!",,-;;j~'
Director of the Agency, Agency Counsel and any and all other members
and officers of the Commission and the Agency are hereby authorized
and directed, for and in the name and on behalf of the Agency, to do
any and all things and to take any and all actions, including
execution and delivery of any and all assignments, certificates,
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requisitions,
agreements,
notices,
consents,
instruments
of
conveyance, warrants and other documents which they, or any of them,
may deem necessary or advisable in connection with the execution and
delivery of the Loan Agreements
and the consummation of the
transactions described herein and therein.
The Commission hereby acknowledges that, in connection with
the authorization of the issuance of the Bonds by the Authori ty
pursuant to the applicable Indentures, a form of which is presently
on file with the Secretary of the Authority, the Underwriter has
submi tted the proposed bond transactions to certain municipal bond
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. f
insurance companies
for
consideration
In connection with
the
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issuance of municipal bond insurance pOlicies insuring payment of
the principal of and interest on all or any serles of the Bonds and
to certain municipal bond rating agencies for consideration In
connection with the rating of all or any series of the Bonds. The
Commission hereby approves and authorizes revisions In the form of
Loan Agreement presently on file with the
Secretary
of
the
Commission and the preparation of the necessary Loan Agreements for
each series of Bonds, such Loan Agreements to be executed by the
Agency in connection with the issuance of each of the series of the
Authority's Bonds and the loan of the proceeds derived therefrom
pursuant to such Loan Agreements, as such revisions and preparation
of the final forms thereof are approved by the Chairman upon the
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recommendation of Bond Counsel; such revisions including, but not
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limited to, the issuance of one or more series of the Authority's
Bonds and the making of one or more Loans to the Agency In
connection therewith and the necessary preparation of additional
indentures,
loan agreements, purchase agreements and preliminary
official statements in connection with the issuance,
sale and
delivery of such additional series of Bonds and making of such Loans
as may be requested by any municipa 1 bond insurance companies, any
nat iona lly recogni zed municipa 1 bond rat ing agencles if any 0 raIl
of such series of Bonds shall be insured by such municipal bond
insurance companies or if any or all of such series of Bonds shall
be rated by any nationally recognized municipal bond rating agencies
or if any or all such series of Bonds shall be sold and marketed
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without a rating or without municipal bond insurance, as required
for the marketing and sale of the Bonds by the Underwriter. The
Commission hereby approves and authorizes the 1ssuance of such
additional series of Authority Bonds, and the loan of the proceeds
therefrom to the Agency and the form of Loan Agreement on file with
Secretary of the Commission relating to such series and such
approval and authorization shall be deemed final and conclusive
authority for the issuance of the Bonds and the borrowing of the
proceeds theref rom; provided, however, that such addi t iona I ser ies
of Bonds shall be issued in accordance with an Indenture relating to
such series of bonds and the proceeds therefrom shall be loaned to
the Agency pursuant to the Loan Agreement relating to the Project
Area designated therein, all as shall be consented to by the
Chairman of the Commission. The Commission hereby authorizes the
Chairman, the Vice-Chairman, the Secretary, the Assistant Secretary,
the Executive Director or such other authorized officers of the
Commission and the Agency to execute and deliver such additional
documents, agreements and closing certificates required in
connection with the issuance of the Bonds and the borrowing of the
proceeds therefrom and the consummation of the transactions
contemplated thereby, including, but not limi ted to, the submiss ion
of any and all documents to municipal bond rating agencies and
municipal bond 1nsurance compan1es and the distribution of any
offering documents 1n connection with the sale of the Bonds to
prospective purchasers thereof.
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Section 4.
Effective Date.
This Resolution shall take
effect from and after the date of its passage and adoption.
The foregoing resolution is hereby approved this 18th day
of
December
, 19 89.
Chairman
Community Development Commission
of the City of San Bernardino
By:
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Secretary'of the
Community Development Commission
of the City of San Bernardino
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Approved as to form and legal content:
By: ~.J
/AgenCy Co el
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