HomeMy WebLinkAbout1987-5003
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SBE00089-1/2294S/nb
3/27/87
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RESOLUTION NO. 5003
A RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
PROVIDING FOR THE SALE OF AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION
BONDS WITH RESPECT TO THE CENTRAL CITY NORTH
REDEVELOPMENT PROJECT AREA AND AUTHORIZING THE
PREPARATION OF OFFERING DOCUMENTS AND THE'/
PUBLICATION OF NOTICES TO SELL SAID TAX
ALLOCATION BONDS OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO
WHEREAS, the Community Development Commission of the City
of San Bernardino (the "Community Development Commission") is taking
action for the Redevelopment Agency of the Ci ty of San Bernardino
(the "Agency"), a redevelopment agency (a public body, corporate and
politic), duly created, established and authorized to transact
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'- business and exercise its powers, all under and pursuant to the
Community Redevelopment Law (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, notes or other forms of indebtedness for any
of its corporate purposes; and
WHEREAS, the Redevelopment Plan for redevelopment proj ect
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, Ca 1 i fornia (the "Ci ty"), which became
effective on September 10, 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
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WHEREAS, the Agency sha 11 hereafter adopt its resolution
approving and providing for the issuance of certain tax allocation
bonds for the corporate purposes of the Agency to aid in the
financing of a Redevelopment Project known as the Central City North
Redevelopment Project Area (the "Project Area"); and
WHEREAS, the Agency deems it necessary to authorize at this
time the sale of the "Redevelopment Agency of the City of
San Bernardino, Central City North Redevelopment Project Area, Tax
Allocation Bonds, Issue of 1987", in an aggregate principal amount
not to exceed $3,500,000 (the "Bonds") as shall be authorized by the
appropriate Resolution of Issuance of the Agency; and
WHEREAS, the Agency deems it advisable to approve a
financial consultant and bond counsel and to authorize certain
actions in connection with the issuance of the Bonds to be issued by
the Agency; and
WHEREAS, the Agency deems it necessary at this time to
authorize the Agency Staff to prepare and publish the appropriate
form of the Notice Inviting Bids and Notice of Intention to Sell
Bonds and other offering documents for the purchase of said Bonds
and to take certain other actions in connection therewith, as shall
be further authorized by the Resolution of Issuance of the Agency.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING
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ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1.
Approval and Appointment of Bond Counsel.
The firm of Sabo & Deitsch, a Professional Corporation, is hereby
approved, authorized and appointed to serve as Bond Counsel to the
Agency in connection with the issuance and sale of the Bonds.
Section 2.
Approval
and
Appointment
of
Financial
Consultant.
The firm of Miller & Schroeder Financial, Inc., is
hereby approved, authorized and appointed to serve as the Financial
Consultant to the Agency in connection with the issuance and sale of
C the Bonds.
Section 3.
Sale
Authorized.
The
sale
of
the
"Redevelopment Agency of the Ci ty of San Bernardino, Central Ci ty
North Redevelopment Proj ect Area, Tax Allocation Bonds, Issue of
1987", ln an aggregate principal amount not to exceed $3,500,000 in
accordance with law, is hereby authorized.
Section 4.
Notice of Intention to Sell Bonds and Notice
Invi ting Bids.
The Executive Director, with the assistance of the
Financial Consultant and Bond Counsel to the Agency, is hereby
authorized and directed to prepare the Notice of Intention to Sell
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Bonds and the Notice Inviting Bids and the Bid Form for the purchase
of the Bonds.
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Section 5.
Publ ication of Notice of Intention to Sell
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Bonds.
The Secretary of the Agency shall cause the Notice of
Intention to Sell Bonds, in a form as shall be approved by the
Executive Director, to be published in The Sun, newspaper published
and
of
general
circulation
in
the
City
of
San Bernardino,
California, by at least one (1) insertion and at least ten (10) days
prior to the day to be fixed by Bond Counsel for the receipt of bids
for said Bonds.
The Secretary of the Agency shall also cause the
appropriate form of Notice of Intention to Sell Bonds, in a form as
shall be approved by the Executive Director, to be published in The
Bond Buyer, a financial publication generally circulated throughout
the St ate by at least one (1) insert ion at least fifteen (15) days
prior to the day to be so fixed by Bond Counsel for the receipt of
c: bids for said Bonds.
Section 6.
Terms and Conditions of Sale.
The terms and
conditions of the offering and sale of the Bonds shall be specified
in said Notice Inviting Bids.
Section 7.
Official Statement Authorized.
The Agency
hereby authorizes, to be furnished to prospective bidders for said
Bonds and to the successful bidder, a Preliminary Official Statement
as prepared by the Financial Consultant' wi th the approval of the
Agency Counsel
Executive Director/ and Bond Counselor such other appropriate
offering documents as shall be prepared by the Financial Consultant
Agen cy Couns el
with the approval of the Executive Director/ and Bond Counsel
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."- substantially in the form of offering documents previously used by
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the Agency for prior tax allocation financings.
The Agency hereby
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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 and deletions
as shall be deemed appropriate, necessary or desirable by the
Agency Counsel
Executive Director/and Bond Counsel and as required to convert the
same to a Final Official Statement.
Section 8.
Furnishing of
Notice
Inviting
Bids
and
The Secretary of the Agency and the Financial
Official Statement.
Consultant are hereby authorized and directed to cause to be
furnished to prospective bidders a reasonable number of copies of
the Notice Inviting Bids (including the Bid Form) and a reasonable
r~ number of copies of the Preliminary Official Statement or such other
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appropriate offering documents.
Section 9.
General
Authorization.
The
Financial
Consultant and/or Bond Counsel are hereby authorized and directed to
open the bids at the time and place as shall be specified in said
Notice Inviting Bids and to present the same to the Agency for
consideration.
The Financial Consultant and/or Bond Counsel are
hereby authorized and directed to receive and record the receipt of
all bids made pursuant to said Notice Invi ting Bids, to cause said
bids to be examined for compliance with said Notice Inviting Bids,
to cause computations to be made as to which bidder has bid the
lowest net interest cost to the Agency and to present such bids to
..",- the Agency as provided in said Notice Inviting Bids, along with the
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,~ report as to the foregoing and any other matters deemed pertinent to
the award of the Bonds and the proceedings for the issuance thereof.
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Pursuant to Government Code Section 53691(c)(2), the Agency
hereby expressly consents to the submitting of a bid or bids for the
sale of the Bonds as set forth in said Notice Invi ting Bids by
Miller & Schroeder Financial, Inc., as the Financial Consultant to
the Agency, notwithstanding the financial advisory relationship of
the Financial Consultant to the Agency as was previously authorized
and approved by the Agency.
Section 10.
This Resolution shall take
Effective Date.
effect upon adoption.
ADOPTED:
March 30, 1987
Approved as to Legal
Form and Adequacy:
By: /!/A41 <: ~~
Counsel to the Comm. 10n
AYES:
Members Estrada, Reilly, Flores, Maudsley, Quiel, Frazier, Strickler.
NAYS:
None
ABSENT OR
ABSTAIN:
None.
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