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HomeMy WebLinkAbout1990-5226 SBE00103-2/3349S/1w 01/12/90 0230 ."'''''i._ RESOLUTION NO. 5226 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 AN AGGREGATE PRINCIPAL AMOUNT APPROXIMATELY EQUAL TO $6,700,000 RELATING TO THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION AND DELIVERY OF THE FINAL FORMS THEREOF WHEREAS, the City of San Bernardino (the "City") 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 Financing Authority .?'"''.''''''' (the "Authority") for the purpose of issuing its bonds to be used to '~' make loans to any of its members to finance public capital improvements; and WHEREAS, the Authori ty proposes at this time to issue its Tax Allocation Bonds, 1989 Series F (Southeast Industrial Park Redevelopment Project Area), in an aggregate principal amount approximately equal to $6,700,000 (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 $6,700,000 to finance certain public capital improvements of the Agency in the redevelopment of the Southeast Industrial Park Redevelopment Project Area located within the City of San Bernardino, California (the \."-l"'....... "Project Area"); and - 1 - l,'-"<!""'\!l!t... ......... - '- ;I......., '- 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 dated as of March I, 1990 (the "Loan Agreement"), by and among the Agency, the Authority and Securi ty Pacific National Bank, as trustee (the "Trustee"), a form of which has been prepared and is presently on 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 has prepared a Preliminary Official Statement as necessary in the sale and marketing of the Bonds, a form of which is presently on file with the Secretary of the Authority; and 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 borrowing by the Agency of certain amounts representing proceeds of the sale of the Bonds pursuant to the Loan Agreement for the purpose of paying the costs of acquisition, construction and installation of its various redevelopment projects; and - 2 - 'r.'''__'"~~''&''_~"'''"*"'''"'''';''''~''';'''''''' WHEREAS, the Commission has duly considered such ,..-. I-' ~ 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 resul t in significant public benefits, consisting of demonstrable savings in any and all of the following: effective interest rates, bond preparation, bond underwriting and/or bond issuance costs. - '- Section 2. Authorization of Loan; Approval of Loan Agreement. The Commission hereby authorizes and approves the Loan to be made to the Agency by the Authority in an aggregate principal amount approximately equal to $6,700,000 pursuant to and in accordance with the terms of the Loan Agreement for the purpose of financing certain public capital improvement projects of the Agency and certain other costs related thereto wi thin or benefitting the Proj ect (Area. The Commission hereby approves the form of the Loan Agreement as presently on file with the Secretary of the Commission, together with any changes therein or additions thereto as may be approved by the Chairman. The Commission hereby further authorizes and directs that the form of the Loan Agreement be converted into '",- - 3 - '- ,#""'- \~ the final Loan Agreement with respect to the Loan to be made for the Project Area. 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 the Loan Agreement when the same has been prepared for and in the name of and on behalf of the Agency and such execution and delivery shall be deemed to be conclusive ". evidence of the approval thereof., The proceeds of the Loan shall be applied by the Agency to finance certain redevelopment projects for the Project Area specified therein and for the purposes and in the ,amounts as set forth in the Loan Agreement. The Commission hereby authorizesrthe delivery, and performance.of\the Loan Agreement. , Section 3. Official Vice-Chairman and other members Assistant Secretary, counsel Actions. The of the Commission, the to the Commission, . the Chairman, Secretary, Executive 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, requisitions, notices, instruments of agreements, consents, 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 Agreement and the consummation of the transactions described herein and therein. - 4 - ~',4;;,'!liI'~' t i:--:-:- - The Commission hereby acknowledges that, in connection with the authorization of the issuance of the Bonds by the Authority pursuant to the Indenture, a form of which is presently on file with the Secretary of the Authority, the Underwriter has submitted the proposed bond transaction to a certain municipal bond insurance company for consideration in connection with the issuance of municipal bond insurance policy insuring payment of the principal of and interest on the Bonds and to certain municipal bond rating agencies .for consideration in connection wi th the rating 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 final form of Loan Agreement for the Bonds, as such. revisions and preparation of" the final form thereof are approved by the Chairman upon the recommendation of Bond Counsel; such revisions including, but not limi ted to, additions, changes or deletions as may be requested by the municipal bond insurance company, any nationally recognized municipal bond rating agencies and as required for the marketing and sale of the Bonds by the Underwriter. 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 - 5 - consummation of the transactions contemplated thereby, including, ~'............ but not limited to, the submission of any and all documents to ~ municipal bond rating agencies and municipal bond insurance companies and the distribution of any offering documents in connection with the sale of the Bonds to prospective purchasers thereof. Section 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. ,.0*:'" "ll~' "...."''''' ~~~> - 6 -