HomeMy WebLinkAbout1991-5283
""
-
12
13
.""..*,.~
14
- 15
16
17
18
19
20
21
22
23
24
25
26
.,-... 27
.\0...-
28
1
RESOLUTION NO.
5283
2
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO DELEGATING TO THE EXECUTIVE DIRECTOR THE
AUTHORITY TO MAKE AND AUTHORIZE CERTAIN FINANCIAL GUARANTEES WITH
REGARD TO THE WEST SIDE PLAZA PROJECT.
3
4
5
WHEREAS, the Community Development Commission of the City
of San Bernardino (the "Commission") on behalf of the
6
Redevelopment Agency of the City of San Bernardino (the
7
8
"Agency" ), is a redevelopment agency, a public body, corporate
9
and politic of the State of California, organized and existing
pursuant to the Community Redevelopment Law (Part I of Division
10
11
24) commencing with Section 33000 of the Health and Safety Code
of the State of California (the "Act"); and
WHEREAS, pursuant to Health and Safety Code Section 33601 a
redevelopment agency may borrow money (by the issuance of bonds
or otherwise) or accept financial or other assistance from any
private lending institution for any redevelopment project for the
purposes of undertaking redevelopment activities; and
WHEREAS, pursuant to California Government Code Section
5900 et seq., the Agency may issue bonds, as such term is defined
in California Government Code Section 5902(a), and may enter
into and undertake similar and related financing transactions as
more fully described in Government Code Section 5900 et seq.; and
WHEREAS, the Agency has previously taken certain actions
with the City to approve and adopt various redevelopment plans
and establish redevelopment project areas within the boundaries
of the City; and
WHEREAS, the Agency and the County of San Bernardino have
entered into a certain agreement for the use of Community
DAB/dys/westsid2.res
April 17, 1991
1
'"
---
...-.
"-'
19
1
Development Block Grant "float" monies (the float loan agreement)
2
which requires that the repayment of such loan be secured by
3 other means; and
4 WHEREAS, the specific types of such security best for the
5 Agency are, still uncertain at this time.
6 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING
7 ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
8 SAN BERNARDINO DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS
9 FOLLOWS:
10
SECTION 1.
The Commission on behalf of the Agency does
11 hereby delegate to the Executive Director the authority to
12 provide security for the float loan agreement in anyone or a
13 combination of the following ways:
14
1.
The acquisition by the Agency of an irrevocable,
15
unconditional, callable upon demand, "AA" letter of credit in an
16 amount not to exceed Three Million Four Hundred Thousand Dollars
17 ($3,400,000.00) at a rate not to exceed an annual payment of
18 1.5%.
2.
United States securities in the form of one (1), two
20 (2), and/or three (3) year treasury notes with an accompanying
21 repurchase agreement in a total amount not to exceed Three
23
22 Million Four Hundred Thousand Dollars ($3,400,000.00).
The appropriation and allocation of Redevelopment
3.
24 Agency funds in an amount not to exceed Three Mi 11 ion Four
26
25 Hundred Thousand Dollars ($3,400,000.00) as a cash deposit.
~~'''''''.
27
'-
28
/
/
/
/
/
/
DAB/dys/westsid2.res
April 17, 1991
2
."..
"-
"'-'
---
1
I HEREBY CERTIFY that the foregoing resolution was duly
2
adopted by the Community Development Commission of the City of
3 San Bernardino at a Adjourned Regular meeting thereof, held on the
16
17
18
19
20
21
22
23
24
25
26
27
28
4
April
17th day of
5
Commission Members:
6
ESTRADA
7
REILLY
8
FLORES
9
MAUDSLEY
10
MINOR
11
POPE-LUDLAM
12
MILLER
13
14
15
, 1991, by the following vote, to wit:
AYES
NAYS
ABSTAIN
x
x
x
x
x
Absent
x
secre~~eth J. Henderson
The foregoing resolution is
day of ~rjl , 1991.
Approved as to
form and legal content:
By: I1hW.M"'~. ()- )
./~~:;~ns~
DABjdysjwestsid2.res
April 17, 1991
3