HomeMy WebLinkAbout1997-5534
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RESOLUTION NO.
5534
3 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO REDEVELOPMENT AGENCY AUTHORIZING A
4 LOAN WITH THE SUMITOMO BANK & TRUST COMPANY ACTING THROUGH
ITS NEW YORK BRANCH AND DIRECTING PREPARATION, EXECUTION
5 AND DELIVERY OF DOCUMENTS RELATED THERETO ($8,000,000
PRINCIPAL AMOUNT)
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WHEREAS,
the Redevelopment Agency of the City of
8 San Bernardino (the "Agency") is a public body corporate and politic
9 organized and existing under and pursuant to the laws of the State of
10 California; and
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12 WHEREAS, the Agency desires to enter into an agreement with
13 The Sumitomo Bank & Trust Company acting through its New York Branch
("Sumitomo") to establish an $8,000,000 Loan; and
WHEREAS, the Loan will be secured by tax increment revenues
from Tri-City Redevelopment Project; Northwest Redevelopment Project;
18 Uptown Redevelopment proj ect; South Valle Redevelopment proj ect;
19 Southeast Industrial Park Redevelopment Project; State College
20 Redevelopment Project; Central City North Redevelopment Project (the
21 "Project Areas" or individually a "Project Area"); and
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WHEREAS, the Community Redevelopment Law (Health and Safety
24 Code Section 33000, et ~.) (the "Law") provides that the Agency may
25 apply proceeds from one Project Area to fund activities in said
26 project area or outside of said Project Area if such activities are
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27 of benefit to the Agency; and
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WHEREAS, the Agency has considered the terms of the
2 transaction as contemplated herein and desires at this time to approve
3 the terms of said transaction in the public interests of the Agency.
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5 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING
6 ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
7 DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
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Section 1.
Findings and Determinations.
Pursuant to the
10 Law, the Agency hereby finds and determines that establishing the Loan
11 with Sumitomo is in the best interests of the Agency.
Furthermore,
12 the use of tax increment revenues from one Project Area for
13 expenditures in another Project Area, including the payment of the
Loan, shall be of benefit to each Project Area.
Section 2.
Approval of Form of Loan Agreement:
Authorization of and Direction for Preparation of Final Form Thereof.
18 The Agency hereby authorizes the execution of the Loan Agreement and
19 the preparation of certain financing documents related thereto which
20 are necessary to carry out the issuance of the Loan.
The Agency
21 hereby approves the form of the Loan Agreement as presently on file
22 with the Secretary of the Agency with such changes thereto as may be
23 approved by the Chairman, Administrator or Director of the Agency and
24 as necessary to incorporate such other terms and conditions (including
25 interest rate and term of agreement) with respect to the Loan when
26 such terms and conditions have been ascertained; and the Loan
'- 28 principal amount thereof to $8,000,000, Section 9.09 shall require
27 Agreement as so on file shall be specifically modified to increase the
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1 that all legal actions be filed in Federal Court or the Superior
2 Courts within Los Angeles or San Bernardino Counties in the State of
3 California, and the origination fee of Sumitomo shall be equal to
4 $80,000.
The Chairman, Vice-Chairman, Administrator, Director
or
5 such other authorized officer of the Agency is hereby authorized and
6 directed to execute and deliver, and the Secretary or Assistant
7 Secretary is hereby authorized and directed to attest to, the final
8 form of the Loan Agreement and related documents when the same has
9 been prepared for and in the name of the Agency, and such execution
10 and delivery shall be deemed to be conclusive evidence of the approval
11 thereof.
The Agency hereby authorizes the delivery and performance
of the obligations under the Loan Agreement.
Section 3.
Official
Chairman,
Action.
The
Administrator, Director, Secretary, Special Counsel and any and all
other officers of the Agency are hereby authorized and directed, for
and in the name and on behalf of the Agency, to do any and all things
and take any and all actions, including execution and delivery of any
19 and all assignments, certificates, requisitions, agreements, notices,
20 consents, instruments of conveyance, warrants and other documents,
21 which they, or any of them, may deem necessary or advisable in order
22 to obtain the Loan, including the payment of any fees and costs in
23 connection therewith. Whenever in this Resolution any officer of the
24 Agency is authorized to execute or countersign any document or take
25 any action, such execution, countersigning or action may be taken on
26 behalf of such officer by any person designated by such officer to act
27 on his or her behalf in the case such officer shall be absent or
'- 28 unavailable. The Agency hereby appoints its Chairman as agent of the
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1 Agency for purposes of executing any and all documents and instruments
2 which
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any officer of the Agency is authorized to execute hereunder.