HomeMy WebLinkAbout1987-5001
'-'
SBE00085-4/2288S/nb
03/27/87
A
RESOLUTION NO. 5001
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
APPROVING AND APPOINTING BOND COUNSEL AND INVESTMENT
BANKER AUTHORIZING PREPARATION AND
DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
AND THE PREPARATION OF A CERTAIN BOND PURCHASE
AGREEMENT IN CONNECTION WITH THE ISSUANCE AND
SALE OF AN APPROXIMATE PRINCIPAL AMOUNT EQUAL TO
$7,400,000 OF TAX ALLOCATION REFUNDING BQNDS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX
ALLOCATION BONDS FOR THE CENTRAL CITY NORTH
REDEVELOPMENT PROJECT AREA AND REQUESTING A
PUBLIC HEARING IN CONNECTION THEREWITH.
WHEREAS, the Communi ty Development Commission of the Ci ty
,/"""
.,-, of San Bernardino (the "Community Development Commission"), is
,;"-
"-
taking action for the Redevelopment Agency of the City of San
Bernardino (the "Agency"), a redevelopment agency (a public body,
corporate and politic) duly established and authorized to transact
business and exercise powers under and pursuant to the provisions of
the Community Redevelopment Law of the State of California (Part 1
of Division 24 (commencing with Section 33000) of the Health and
Safety Code of the State of California) (the "Law"), and the powers
of the Agency include the power to issue bonds and refunding bonds
for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project
known and designated as the "Central City North Redevelopment
Project Area" has been adopted and approved by Ordinance No. 3366 of
the City of San Bernardino, which became effective on September 10,
"to-.
- 1 -
C-
'-'
,~
'--
,..-
\.,....
,flf'-N'O,
\-
1973 (the "Redevelopment Plan"), and all requirements of law for and
precedent to the adoption and approval of the Redevelopment Plan
have been duly complied with; and
WHEREAS, under and pursuant to Resolution No. 4412, and on
December 29, 1982, the Agency issued $6,300,000 of "Redevelopment
Agency
of
City
Bernardino,
Central City North
of
the
San
Redevelopment Project Area, Tax Allocation Bonds, Issue of 1982"
(the "1982 Bonds"); and
WHEREAS, the Agency deems it necessary at this time to
issue certain refunding bonds entitled the "Redevelopment Agency of
the City of San Bernardino, Central City North Redevelopment Project
Area, Tax Allocation Refunding Bonds, Issue of 1987" (the "Bonds")
in the approximate principal amount of $7,400,000 pursuant to the
applicable provisions of the Government Code of the State of
California in order to obtain better financing terms and to lower
the borrowing costs for the Agency for the purpose of refunding the
1982 Bonds; and
WHEREAS, Section l47(f) of the Internal Revenue Code of
1986, as amended (the "Code"), requires that a public hearing be
held in connection with the issuance of bonds including such bonds
issued for the purpose of advance refunding certain previously
issued tax allocation bonds; and
- 2 -
"-
'-
P'iMh
;{
',,-
~
'-
WHEREAS, the Agency deems it desirable at this time to
request that the Mayor and Common Council of the City of San
Bernardino, California (the "Mayor and Cornmon Council"), as the
applicable governmental unit with respect to the Agency and as
defined in said Section 147 (f), hold a public hearing pursuant to
said Section l47(f) of the Code for the issuance and sale of the
Bonds by the Agency to provide funds for the refunding of the 1982
Bonds; and
WHEREAS, it is desirable at this time that the Agency
appoint and approve bond counsel and an underwri ter, authorize the
preparation and distribution of a preliminary official statement and
authorize the preparation of a bond purchase agreement in connection
with the issuance and sale of the Bonds.
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.
The Agency hereby appoints and approves Sabo
& Deitsch, a Professional Corporation, Woodland Hills, California
("Bond Counsel"), to serve as Bond Counsel to the Agency in
connection with the issuance and sale of the Bonds.
Section 2.
The Agency hereby appoints and approves
Miller & Schroeder Financial, Inc. (the "Investment Banker")
as the
tJ:rtvestment Banker?to provide
consulting
and investment
professional
- 3 -
........
..'-
"'-'
,~
.........
r-
I
"-
.P'"
'-
banKing.. services in connection wi th the issuance and sale of the
Bonds, and said firm shall be the initial purchaser of the Bonds
pursuant to the Bond Purchase Agreement herein authorized to be
prepared.
Section 3.
Banker
Investment'./, WI th
The Agency hereby authorizes and directs the
assistance
of
the Executive Director,
the
appropriate Staff of the Agency and Bond Counsel, to prepare the
form of Bond Purchase Agreement, which shall set forth the terms and
provisions of the sale of the Bonds when the same have been
ascertained, for the negotiated sale of the Bonds to the Underwriter
pursuant to the provisions of Article 11 of Chapter 3 of Part 1 of
Division 2
of Title 5
(commencing with Section 53580) of the
Government Code of the State of California.
Section 4. The Agency hereby authorizes and directs the
and Agency Counsel
Executive Director upon the advice of Bond Counsel to the Agency/ to
execute the final form of the Bond Purchase Agreement which shall
set forth the final terms and provisions of the sale of the Bonds,
Banker
when the same have been ascertained by the Investmenty and as may be
deemed desirable under the circumstances to evidence a sale of such
Banker
Bonds to the Inves.tmenitf at such time as the Executive Director
shall deem appropriate to obtain the best financing costs available
to the Agency to accomplish the refunding of the 1982 Bonds. Any
such Bond Purchase Agreement as shall be executed by the Executive
Director on behalf of the Agency shall be subject to the prior
approval of Bond Counsel and shall thereafter be presented to
- 4 -
~~.
the Agency at the time of final approval of all applicable documents
and at the time of the approval of the issuance of the Bonds by the
Mayor and Common Council at a duly called and held public hearing in
connection therewith.
Section 5. The Agency hereby authorizes and directs the
Banker
I1}vestmentl, with the assistance of the Executive Director and other
appropriate Staff of the Agency, to prepare a Preliminary Official
Statement for use in the sale of the Bonds, and to distribute said
Preliminary Official Statement when the same shall become available
for distribution to prospective purchasers of the Bonds upon
""",,, , Agency Counsel,
"--.. approval thereof by Bond Counselj and by the Executive Director. The
Agency hereby approves the completion of the Preliminary Official
Statement by the inclusion and/or addition of certain dates and
other factual information together with such changes, modifications
or deletions as shall be deemed appropriate, necessary or desirable
_ Agency Counsel
by the Executive Director, ;and Bond Counsel, and as required to
convert the same to a Final Official Statement.
Section 6.
The Executive Director together with Agency
Staff and Bond Counsel are hereby authorized and directed to prepare
all necessary documents and to take all necessary actions to
consummate the issuance of the Bonds and to accomplish the refunding
of the 1982 Bonds and to present such documents to the Agency and
the Mayor and Common Council including,
but not limited to,
C obtaining municipal bond insurance, the submission of any and all
documents to a municipal bond rating agency, and the distribution of
- 5 -
""-
.1"""
~ the Preliminary Official Statement when the same shall become
available for distribution.
Section 7.
Pursuant
to
the
requirements
of
Section 147(f) of the Code, the Agency hereby requests that the
Mayor and Common Council hold a public hearing in connection with
the issuance and sale of the Bonds by the Agency, on Monday,
April 20, 1987, at the hour of 9:00 A.M., in the Council Chambers,
City Hall, 300 North "D" Street, San Bernardino, California 92418.
Section 8.
The Agency hereby requests that a certified
,-
'~ copy of this Resolution be filed with the City Clerk.
Section 9.
This
Resolution
shall
take effect upon
adoption.
ADOPTED: March 30. 1987
Approved as to Legal
Form and Adequacy:
By:
AYES:
Members Estrada, Reilly, Flores, Maudsley, Quiel, Frazier, Strickler.
}";.f!I'i<'d~"
NAYS:
Npne.
'-
ABSENT
OR ABSTAIN: None.
c
- 6 -