HomeMy WebLinkAbout1991-5313
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RESOLUTION NO. 5313
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
APPROVING THE TERMS AND CONDITIONS OF A
CERTAIN BOND FINANCING TO BE UNDERTAKEN BY
THE SAN BERNARDINO/COLTON/LOMA LINDA JOINT
POWERS FINANCING AUTHORITY IN CONNECTION
WITH THE IMPLEMENTATION OF THE REDEVELOPMENT
PLAN FOR THE INLAND VALLEY DEVELOPMENT
PROJECT AND MAKING CERTAIN FINDINGS AND
ACKNOWLEDGING THEIR GUARANTY WITH RESPECT
THERETO
WHEREAS, the city of San Bernardino, California (the
10 "City"), is a municipal corporation and a charter city duly
11 created and existing pursuant to the Constitution and the laws of
12 the State of California; and
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WHEREAS, the Community Development Commission of the
15 City of
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San Bernardino
(the "Commission")
on behalf of the
City
San Bernardino
Redevelopment
of
the
of
(the
Agency
"Agency"), is a redevelopment agency, a public body, corporate
and politic of the State of California, organized and existing
pursuant to the Community Redevelopment Law (Part 1 of Division
20 24) commencing with section 33000 of the Health and Safety Code
21 of the State of California (the "Act"); and
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23 WHEREAS, the Inland Valley Development Agency (the
24 "IVDA") is a joint powers authority which was formed for the
25 purposes of causing the redevelopment of Norton Air Force Base
26 and certain areas in proximity thereto in accordance with the
27 provisions of Health and Safety Code section 33320.5; and
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WHEREAS, the Redevelopment Plan for the Inland valley
Redevelopment Project (the "Redevelopment Plan"), approved and
adopted by the IVDA, includes within its redevelopment project
area certain territory located within the municipal boundaries of
the City of San Bernardino; and
WHEREAS, the Agency in conjunction with the
Redevelopment Agency of the City of Loma Linda and the
Redevelopment Agency of the ci ty of Col ton has approved the
formation of a joint powers financing authority (the "Authority")
in order to assist in the funding of the activities of the IVDA
in its implementation of the Redevelopment Plan; and
WHEREAS, the Agency has entered into a certain Joint
Exercise of Powers Agreement (the "Joint Powers Agreement") by
and among the Agency, the Redevelopment Agency of the City of
Colton and the Redevelopment Agency of the City of Loma Linda
pertaining to the funding of certain activities of the IVDA, a
copy of which Joint Powers Agreement is on file with the Agency
Secretary; and
WHEREAS, the Authority has deemed it desirable to issue
tax allocation notes (the "Notes") in a principal amount not to
exceed Seven Million Five Hundred Thousand Dollars ($7,500,000),
for the purposes of assisting the IVDA in implementing the
provisions of the Redevelopment Plan; and
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1 WHEREAS, pursuant to Heal th and Safety Code
2 section 33650 the Agency may, in connection with the issuance of
3 bonds, exercise certain powers granted to a redevelopment agency
4 as prescribed by Health and Safety Code section 33651 through and
5 including 33659; and
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7 WHEREAS, Health and Safety Code section 33651 permits
8 the Agency to pledge all or any part of its revenues to which its
9 rights then exist or may thereafter come into existence; and
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11 WHEREAS, the Agency at this time deems it desirable to
12 approve the terms of the Note financing as more fully described
13 in this Resolution and to acknowledge the obligations of the
14 Agency with respect thereto; and
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16 WHEREAS, the Agency deems it desirable to make certain
17 findings and determinations that funding the activities of the
18 IVDA will be of benefit to the Agency and its existing
19 redevelopment project areas to the extent that it will enhance
20 redevelopment activities within those portions of the City of
21 San Bernardino which are located within the IVDA's project Area
22 which in turn will create emploYment opportunities and enhance
23 economic development in the existing redevelopment project areas
24 of the Agency which are in proximity to the IVDA Project Area.
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26 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
27 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
28 SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
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1 section 1. The Agency hereby acknowledges the
2 current obligation that it has incurred to guaranty, and to pay
3 if and when necessary, 92.08% of the principal of, redemption
4 premium, if any, and interest on the indebtedness of the
5 Authority created through the issuance of the Notes in a
6 principal amount of not to exceed Seven Million Five Hundred
7 Thousand Dollars $7,500,000 in accordance with the terms of the
8 Joint Powers Agreement as previously approved by the Agency
9 together with amendments thereto.
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11 section 2. The Agency agrees that its percentage
12 guaranty, as set forth hereinabove, is based upon and
13 approximately equal to the percentage of the assessed value of
14 land and improvements that the ci ty of San Bernardino has
15 consented to having the IVDA include within the Project Area
16 which is subject to the IVDA's Redevelopment Plan (the "Project
17 Area").
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19 Section 3. The Agency also agrees that its
20 obligation with respect to the repaYment of its portion of the
21 principal of, redemption premium, if any, and interest on the
22 indebtedness created through the issuance of the Notes will be
23 limited to the extent that it may be required to pay only its
24 proportionate share, based upon its percentage guaranty, of all
25 interest paYments due on the Notes as of April 1, 1995 and
26 thereafter all principal and interest due as of October 1, 1995.
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1 section 4. The Agency agrees to pay its
2 proportionate share of the principal of, redemption premium, if
3 any, and interest on the indebtedness created by the Notes as
4 hereinabove described or to participate in any refinancing of the
5 Notes as may be undertaken by the Authority to extend the
6 maturity date thereof, as deemed necessary by the Authority, but
7 only in the event that the IVDA is either legally or financially
8 unable to cause repayment to the Authority in order to pay any
9 debt service due and owing with respect to the Notes.
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11 Section 5. The Agency acknowledges that the holders
12 of the Notes will be purchasing the Notes in reliance upon the
13 Agency's adoption of this Resolution in furtherance of the
14 commitment of the Agency as contained in the Joint Powers
15 Agreement to pay its pro rata share of the principal of,
16 redemption premium, if any, and interest on the Notes as the same
17 become due and payable.
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19 section 6. The Agency further agrees to undertake
20 any and all additional actions that may be deemed necessary at
21 such time as the Agency is required to pay its pro rata share of
22 the debt service on the Notes, including, but not limited to,
23 making findings and determinations as to any benefits to the
24 existing redevelopment proj ect areas of the Agency which are
25 currently benefitted or as may be benefitted in the future by the
26 use of the proceeds of the Notes by the IVDA.
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section 7.
The Agency acknowledges that its
obligations under the Joint Powers Agreement do not create any
encumbrance on any existing funds of the Agency, but shall at all
times be deemed a subordinated and contingent indebtedness of the
Agency. The obligations incurred by the Agency under the Joint
Powers Agreement shall always be subordinated to any and all
other existing or future obligations of the Agency until such
time as the Authority requests paYments to be made by the Agency
for the indebtedness represented by the Notes.
section 8.
The Agency hereby approves the terms and
conditions of the Note financing as described below and
authorizes the Agency Chairman and Secretary to execute any such
documents and take such actions as may be necessary in order to
implement the issuance of the Notes.
Principal Amount:
Not to exceed $7,500,000
Interest Rate:
Not to exceed 8%
Maturity Date:
October 1, 1995
Date Interest First
Potentially Payable
By Agency:
April 1, 1994
section 9.
The Agency hereby acknowledges that it
has previously authorized and funded a loan of $46,040 to the
Authority for the purpose of thereby permitting the Authority to
fund a similar loan from the Authority to the IVDA, and that such
loan and transfer of funds was a legally permissible transaction
and the Agency declares its intent to undertake similar
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transactions, or to adopt such other financing alternatives as
may be available to the Agency, to fulfill its financial
obligations pursuant to the Joint Powers Agreement.
section 10. The Agency agrees to take such actions
as may be necessary to authorize by official action of the Agency
any paYments that may be required in support of the guaranty by
the Agency of the principal of, redemption premium, if any, or
interest on the obligations to be issued by the Authority.
section 11. The Agency finds and determines that the
funding of the activities of the IVDA will be of benefit to the
Agency and its existing redevelopment project areas because it is
anticipated that the proceeds generated through the issuance of
the Notes will be expended by the IVDA on projects within the
IVDA's Project Area which encompasses portions of the City of
San Bernardino and to the extent the IVDA' s proj ect Area is
redeveloped, such redevelopment will create a greater economic
base in the region which will consequently create emploYment
opportunities for residents and occupants of San Bernardino' s
existing redevelopment proj ect areas and enhance development
opportuni ties wi thin such redevelopment proj ect areas through the
creation of greater economic acti vi ty and the elimination of
blighting conditions.
III
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III
III
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO APPROVING THE TERMS AND CONDITIONS OF A CERTAIN
BOND FINANCING TO BE UNDERTAKEN BY THE SAN BERNARDINO/COLTON/LOMA
LINDA JOINT POWERS FINANCING AUTHORITY IN CONNECTION WITH THE
IMPLEMENTATION OF THE REDEVELOPMENT PLAN FOR THE INLAND VALLEY
DEVELOPMENT PROJECT AND MAKING CERTAIN FINDINGS AND ACKNOWLEDGING
THEIR GUARANTY WITH RESPECT THERETO
section 12.
This Resolution shall take effect upon
6 the date of its adoption.
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I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
Reqular
meeting
11 thereof, held on the 7th
day of
October
1991, by the following vote, to wit:
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21 day of
commission Members:
AYES
NAYS
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
x
x
x
x
x
x
x
Octobe r
, 1991.
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Approved as to
form and legal content:
By: ~I
/Agency Cou -
SBEOOI13\D0C\22
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
I, Kenneth J. Henderson Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. 5313 is a full, true and correct copy of that now on
file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the ,Ci ty of San Bernardino this 7th day of
October , 1991.
Secretary of e
Community Deve opment commission
of the City of San Bernardino
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7 Item:
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12 Action to
13 be Taken:
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COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO
AGENDA
October 7, 1991
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING THE TERMS AND
CONDITIONS OF A CERTAIN BOND FINANCING TO BE UNDERTAKEN
BY THE SAN BERNARDINO/COLTON/LOMA LINDA JOINT POWERS
FINANCING AUTHORITY IN CONNECTION WITH THE
IMPLEMENTATION OF THE REDEVELOPMENT PLAN FOR THE INLAND
VALLEY DEVELOPMENT PROJECT AND MAKING CERTAIN FINDINGS
AND ACKNOWLEDGING THEIR GUARANTY WITH RESPECT THERETO
Adopt Resolution.
15 certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
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19 SBEO/0113/DOCn2
10101191 1100
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