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Home My WebLink About1987-5002 SBE0086-7/2287S/krl 03/27/87 1""" i "- RESOLUTION NO. 5002 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, APPROVING AND APPOINTING BOND COUNSEL AND INVEST- MENT BANKER AUTHORIZING PREPARATION AND DI~TRIBUTION 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 $13,125,000 OF TAX ALLOCATION REFUNDING BONDS OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO TO REFUND PREVIOUSLY ISSUED TAX ALLOCATION BONDS FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AND REQUESTING A PUBLIC HEARING IN CONNECTION THEREWITH WHEREAS, the Community Development Commission of the City of San Bernardino (the "Community Development Commission"), IS r '- taking action for the Redevelopment Agency of the City of San Bernardino (the "Agency"), a redevelopment agency (a public body, corporate and poli tic) 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 "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No. 3583 of - I - f+ r'~ "'-' the City of San Bernardino, which became effective on July 24, 1976 (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. 4774, on October 11, 1983, the Agency issued $11,000,000 of "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983" (the "1983 Bonds"); and WHEREAS, the Agency deems it necessary at this time to issue certain refunding bonds entitled the "Redevelopment Agency of c the Ci ty of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1987" (the "Bonds") in the approximate principal amount equal to $13,125,000 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 1983 Bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requi res that a publ ic hea ring 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 - - ."-,,. c 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 Common Council"), as the applicable governmental unit with respect to the Agency and as defined in said Section l47(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 1983 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 C Miller & Schroeder Financial, Inc. (the "Investment Bank.er") as the Inv~sj:.m.ent Banker to provide professional consulting and investment - 3 - BANKING ~ervices in connectIon with 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. Investment BaQker with The Agency hereby authorizes and directs the the assistance of the Executive Director, 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 J#IiI'"'.':.'''' I "-' 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 Executive Director upon the advice of Bond Counsel to f~: ~8~~~~,7t~nSel execute the final form of the Bond Purchase Agreement which shall set forth the final terms and provisions of the sale of the Bonds, Investment when the same have been ascertained by the Banker and as may be deemed desirable under the circumstances to evidence a sale of such Investment Bonds to the Banker 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 1983 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 '-' - 4 - <I-~ ~ approva 1 of Bond Counse 1 and sha 11 thereafter be presented to the Agency at the time of final approval of all applicable documents and c ~... ,,-. 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 Investment Banker 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 Couhsel approval thereof by Bond Counsell/and the Executive Director. The Agency hereby approves the completion of the Preliminary Official Statement by 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 by Age ncy Co uns e 1 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 1983 Bonds and to present such documents to the Agency and the Mayor and Common Council including, but not limited to, obtaining municipal bond insurance, the sUbmission of any and all - 5 - c: documents to a municipal bond rating agency and the distribution of 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 Counci 1 hold a public hearing in connection wi th 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 c 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: ~,.(:~~ Counsel to the C ssion AYES: Members NAYS: None. ~ ABSENT OR \..or ABSTAIN: None. Estrada, Reilly, Flores, Maudsley, Quiel, Frazier, Strickler. - 6 -