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HomeMy WebLinkAbout1990-5225 SBE00100-48/3355S/lw 01/22/90 1130 ~lil;#lO'."'- RESOLUTION NO. 5225 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, THE TERMS OF A CERTAIN SUBORDINATION AGREEMENT TO BE ENTERED INTO IN CONNECTION WITH THE ISSUANCE OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY, TAX ALLOCATION BONDS, 1990 SERIES A (SOUTH VALLE REDEVELOPMENT PROJECT) WHEREAS, the City of San Bernardino, California (the "City") and the Redevelopment Agency of the City of San Bernardino, California (the "Agency"), a public body, corporate and politic, being a redevelopment agency, duly created and existing pursuant to the laws of the State of California, have previously undertaken actions preparatory to the incurring of certain obligations in connection with the construction, financing and acquisition of certain facilities within the City; and WHEREAS, the Agency has previously entered into a certain financing transaction with the City with respect to the execution and delivery of the $3,200,000 1987 Refunding Certificates of Participation (South Valle Public Improvements Project) (the "Certificates"), said Certificates evidencing proportionate interests of the holders thereof in certain base rental and additional rental payments to be made by the City to the Agency as the rental for certain property under a certain lease agreement (the "Lease Agreement"); and -1- "~ ""'-' WHEREAS, in connection with the execution and delivery of the Certificates the Agency and the City entered into a certain Reimbursement Agreement dated as of April 1, 1987 (the "Reimbursement Agreement"), whereby the Agency agreed to reimburse the City for the base rental paYments and additional rental payments paid by the City under the Lease Agreement from certain tax increment revenues available for such purpose from the South Valle Redevelopment Project located within the City of San Bernardino, California (the "Project Area"); and WHEREAS, the San Bernardino Joint Powers Financing Authori ty (the "Authority") proposes at this time to issue its Tax Allocation Bonds, 1990 Series A (South Valle Redevelopment Project) in an aggregate principal amount approximately equal to $3,700,000 . (the "Bonds") for the purpose of providing funds to make a certain loan (the "Loan") to the Agency in an aggregate principal amount approximately equal to $3,700,000 to finance certain public capital improvements of the Agency in the Project Area; and WHEREAS, the Loan to the Agency from the Authority shall be made pursuant to and in accordance with a certain loan agreement with respect to the Project Area (the "Loan Agreement"); and WHEREAS, the Commission has previously adopted its resolution entitled "RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OR SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF -2- CERTAIN TAX ALLOCATION BONDS, 1989 SERIES B THROUGH 1989 SERIES G, INCLUSIVE, OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY - AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO CERTAIN RELATED LOAN AGREEMENTS"; and WHEREAS, pursuant to said resolution, the Commission has approved the issuance of the Bonds for the purpose, among others, of providing moneys for the financing of various redevelopment projects in the Project Area; and '- WHEREAS, pursuant to Section 2 of the Reimbursement Agreement, prior to the issuance of any bonds, loans or other indebtedness secured by tax increment revenues of the Agency (such bonds, loans or other forms of indebtedness being referred to herein and therein as "tax allocation bonds"), the City may amend the Reimbursement Agreement to provide that the pledge thereunder may be released or the Reimbursement Agreement shall be made subordinate to the rights of the holders of any such tax allocation bonds to receive the tax increment revenues attributable to the Project Area; and WHEREAS, pursuant to said Section 2, any such amendment or subordination must be duly approved and executed by the Agency and the City; and -3- WHEREAS, the City has determined to authorize and approve the subordination of the Agency's obligations to the City under the ",~ Reimbursement Agreement to the Agency's obligation to the Authority under the Loan Agreement entered into with respect to the Proj ect Area; and WHEREAS, the Mayor and Common Council have consented to the subordination of the Reimbursement Agreement and the obligations of the Agency thereunder to the obligation of the Agency to make certain loan payments to the Authority pursuant to the Loan Agreement, such loan payments to be used to make debt service payments on the Bonds, and the Mayor and Common Council have approved the prior pledge of the tax increment revenues avai lable from the Project (Area and a lien thereon for the payment of such loan payments; and "~.i''-;I>'''''' WHEREAS, the Commission deems it desirable at this time to authorize the execution of a certain Subordination Agreement in connection with the issuance of the Bonds to facilitate and finance the transaction contemplated by the Loan Agreement. 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: '-""".",,,,,,,,,,, -4- '-' ~~ "-' Section 1. The Commission hereby consents to the subordination of the obligations of the Agency under the Reimbursement Agreement and approves the form of the Subordination Agreement, by and between the City and the Agency substantially in the form as on file with the Secretary of the Commission. The Commission further authorizes the execution of the final form of the Subordination Agreement when the same shall be presented for execution by the Chairman and the Secretary of the Agency or such other appropriate Agency officer, subject to such changes, additions or deletions as may be recommended by Hawkins, Delafield & Wood ("Bond Counsel") and approved by the Agency Counsel for the intended transaction contemplated therein. The execution thereof by the Chairman and Agency. Secretary or such other appropriate Agency officer shall be deemed to be conclusive as to the approval thereof by and on behalf of the Agency. Section 2. The officers of the Commission and the Agency are hereby authorized and directed, jointly and severally, to do any and all things to execute and deliver any and all documents which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds; and otherwise to effectuate the purposes of this Resolution and any actions as previously taken by such officers in connection with the issuance of the Bonds are hereby ratified and confirmed. Section 3. passage and adoption. This Resolution shall take effect upon its -5- RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, THE TERMS OF A '-' CERTAIN SUBORDINATION AGREEMENT TO BE ENTERED INTO IN CONNECTION WITH THE ISSUANCE OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY, TAX ALLOCATION BONDS, 1990 SERIES A (SOUTH VALLE REDEVELOPMENT PROJECT) I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a Adjourned Regular meeting thereof, held on 29th the day of January ,1990, by the following vote, to wit: Commission Members: AYES NAYS ABSTAIN /ABSENT ESTRADA REILLY FLORES MAUDSLEY MINOR POPE-LUDLAM MILLER x x x x x x x 't5:J~~'i-=-~ Secretary of The foregoing resolution January 1990 , . 29th day -~ the "-'