HomeMy WebLinkAbout1987-5004
SBE00088-l/2289S/nb
3/27/87
RESOLUTION NO. 5004
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 SOUTHEAST INDUSTRIAL
PARK 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
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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 project
known and designated as the "Southeast Industrial Park Redevelopment
Project Area" has been adopted and approved by Ordinance No. 3583 of
the City of San Bernardino, California (the "City"), which became
effective on July 24, 1976 (the "Redevelopment Planfl), 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 shall 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
as
the Southeast
known
Industrial Park 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,
Southeast Industrial Park Redevelopment Project
Area, Tax Allocation Bonds,
in an aggregate
Issue of 1987",
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
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
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\- the Bonds.
Section 3.
Sale
Authorized.
The
sale
of
the
"Redevelopment Agency of the City of San Bernardino, Southeast
Industrial Park Redevelopment Project Area, Tax Allocation Bonds,
Issue of 1987", in 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
Bonds and the Notice Inviting Bids and the Bid Form for the purchase
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of the Bonds.
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Section 5.
Publication of Notice of Intention to Sell
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
~n
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 State by at least one (1) insertion 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 with the approval of the
Agency Counsel
Executive Director / and Bond Counselor such other appropriate
offering documents as shall be prepared by the Financial Consultant
Agency Counsel
with the approval of the Executive Director / and Bond Counsel
"- 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
Official Statement.
The Secretary of the Agency and the Financial
Consultant are hereby authorized and directed to cause to be
furnished to prospective bidders a reasonable number of copies of
the Notice Invi ting Bids (inc luding the Bid Form) and a reasonable
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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 Invi ting 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 Inviting Bids, to cause said
bids to be examined for compl iance with said Notice Invi ting 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
Mi ller & Schroeder Financi al, Inc., as the Financi al 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:
Counsel to the Commission
AYES:
Members Estrada, Reilly, Flores, Maudsley, Quiel, Frazier, Strickler.
NAYS:
None.
ABSENT OR
ABSTAIN:
None.
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From:
Glenda Saul, Executive Director
BOND ISSUES - CENTRAL CITY NORTH AND
SOUTHEAST INDUSTRIAL PARK
RECOMMENDED MOTION CONTINUED FROM PAGE 1.
(COMMUNITY DEVELOPMENT COMMISSION)
C.
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN
BERNARDINO APPROVING AND APPOINTING BOND COUNSEL AND THE 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 BONDS 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.
(COMMUNITY DEVELOPMENT COMMISSION)
D.
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN
BERNARDINO APPROVING AND APPOINTING BOND COUNSEL AND THE 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 $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 AREA AND REQUESTING A PUBLIC
HEARING IN CONNECTION THEREWITH.
(COMMUNITY DEVELOPMENT COMMISSION)
E.
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.
(COMMUNITY DEVELOPMENT COMMISSION)
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 SOUTHEAST
INDUSTRIAL PARK 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.
0100H/RMM
3/30/87