Loading...
HomeMy WebLinkAbout1987-4988 SBE00087-3/2259S/sm_ ~ 03/16/87 3- t& rf?7 ~2-(J- RESOLUTION NO. 4988 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND APPROVING THE TERMS THEREOF IN CONNECTION WITH THE ISSUANCE OF THE APPROXIMATE $3,200,000 1987 REFUNDING CERTIFICATES OF PARTICIPATION (SOUTH VALLE PUBLIC IMPROVEMENTS PROJECT) WHEREAS, 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, has previously undertaken actions preparatory to the incurring of certain obligations in connection with the construction, financing and acquisition of certain facilities within the City of San Bernardino, California (the "City"); and WHEREAS, the Agency deems it advisable to lease to the City certain rea 1 property (the "Si te") for the purposes and upon such terms as are more fully described in the Site Lease provisions contained in that certain lease agreement dated as of April 1, 1987, by and between the Agency as lessor and the City as lessee (the "Lease Agreement"); and ....'" - 1 - r- '-- ;'" '--' WHEREAS, ln accordance with the Lease Agreement, the Agency shall of refinancing existing indebtedness for purposes the associated wi th the construction and financing costs for certain public improvements in connection with the Redevelopment Plan for the South Valle Redevelopment Project (the "Redevelopment Plan"), lease certain property to the City as more fully described in said Lease Agreement; and WHEREAS, the entering into of the Lease Agreement by the Agency and the City, and the execution and delivery thereof is authorized or permitted by California Health and Safety Code Section 33000, et~., and the laws and Constitution of the State of California; and WHEREAS, the Agency proposes to enter into a certain financing transaction with the City, with respect to the issuance of the $3,200,000 1987 Refunding Certif icates of Part icipation (South Valle Public Improvements Project) (the "Certificates"), and said Certificates shall evidence a proportionate interest of the holders thereof in certain Base Rental and Addi tional Rental payments, as said terms are defined in the Lease Agreement to be made by the City to the Agency as the rental for certain property; and WHEREAS, the Certificates are to be issued under and pursuant to the Assignment and Trust Agreement, dated as of April 1, 1987, by and among Security Pacific National Bank (the ......... "Trustee"), the Ci ty and the Agency (the "Trust Agreement") whereby - 2 - r~ '-- the Agency shall assign to the Trustee on behalf of the holders of the Certificates the rights of the Agency under said Lease Agreement; and WHEREAS, the Agency deems it desirable to authorize the execution of certain legal documents in connection with the issuance of the Certificates to facilitate and finance such transaction as contemplated by the Lease Agreement and to approve the final financial terms and any of the documents related thereto with respect to the issuance and delivery of the Certificates. NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Communi ty Development Commission of the City of San Bernardino (the "Commission") acting for and on behalf of the Agency hereby approves the form of the Lease Agreement by and between the City, as lessee, and the Agency, as lessor, substantially in the form as on file with the Agency Secretary, the Trust Agreement by and among the City, the Agency and the Trustee, substantially in the form as on file with the Secretary and the Reimbursement Agreement by and between the City and the Agency, substantially in the form as on file with the Secretary (the "Reimbursement Agreement"). The Commission further authorizes the execution of the final form of such documents when the same shall be .1"""'" '- presented for execution by the Chairman and the Agency Secretary or - 3 - "- such other appropriate Agency official, subj ect to such changes, and approved by AgenCX . additions or deletions as may be recommended by Special CounselAfor Cu nse the intended transaction contemplated therein. The execution thereof by the Chairman and Agency Secretary or such other appropriate Agency official shall be deemed to be conclusive as to the approval thereof by and on behalf of the Agency. Section 2. The officers of 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 Certi ficates, and otherwise to effectuate the purposes of this Resolution, including, but not limited to, the -' payment of the outstanding principal amount of the $2,740,000 Redevelopment Agency of the City of San Bernardino 1984 Certificates of Participation (South Valle Public Improvements Project) (collectively referred to as the "1984 Certificates"), plus accrued and unpaid interest on the 1984 Certificates from a portion of the proceeds of the Lease Agreement, providing for the purchase, exchange or call and redemption of the 1984 Certificates or otherwise provide for the defeasance of the 1984 Certificates entering into such escrow agreement wi th either the Trustee or the trustee for the 1984 Certificates for the refunding thereof or other payment of the outstanding principal amount of the 1984 Certificates, releases and reconveyances of the Agency and the other ...... - 4 - '. 1""'''' financing and securi ty documents for the 1984 Certificates and such .......... actions as previously taken by such officers are hereby ratified and confirmed. Section 3. This Resolution shall take effect upon adoption. ADOPTED: March 23, 1987 Approved as to Legal Form and Adequacy: By: ~~~ Counsel to the ission f'-'" '-" The foregoing resolution was duly adopted by the following vote, to wit: AYES: Members Estrada, Reilly, Flores, Maudsley, Strickler, NAYS: None. ABSENT: Members Quiel, Frazier. ,-., ~ - 5 -