HomeMy WebLinkAbout1991-5314
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RESOLUTION NO. 5314
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED $5,800,000 TO
UNDERTAKE CERTAIN REDEVELOPMENT PROJECTS
WHEREAS, the City of San Bernardino is a charter city
(the "City"), duly organized and existing under and pursuant to
the provisions of the Constitution of the State of California;
and
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission") is the governing body
which acts on behalf of the Redevelopment Agency of the City of
San Bernardino (the "Agency"), a redevelopment agency (a public
body, corporate and politic) duly created and existing 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 "Community Redevelopment Law"); and
WHEREAS, the ci ty and the Agency have heretofore
entered into a Joint Exercise of Powers Agreement establishing
the San Bernardino Joint Powers Authority (the "Authority") for
the purpose of issuing bonds to be used to make loans in order to
finance public capital improvements; and
WHEREAS, the Authority proposes at this time to issue
its not to exceed $5,800,000 San Bernardino Joint Powers
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1 Authority, Subordinated Tax Allocation Bonds, 1991 Series B
(Central City Merged Project) (the "Bonds"), to make a loan (the
"Loan") to the Agency in a total principal amount of not to
exceed $5,800,000 in order to enable the Agency to undertake
certain redevelopment projects and activities in accordance with
the provisions of the Community Redevelopment Law; and
WHEREAS, the Loan to the Agency from the Authority
shall be made pursuant to and in accordance with that certain
Loan Agreement which shall be entered into by and among the
Agency, the Authority and Security Pacific National Bank, as
trustee (the "Trustee"), the form of which has been prepared and
is presently on file with the Secretary of the Commission (the
"Loan Agreement"); and
WHEREAS, Miller & Schroeder Financial, Inc., as
prospective underwriter of the Bonds (the "Underwriter") has
informed the Authority that it intends to submit an offer to
purchase the Bonds and shall cause to be prepared a Preliminary
Official Statement and an Official Statement relating to such
Bonds as may be necessary in the sale and marketing of the Bonds,
the form of which Preliminary Official Statement is presently on
file with the Secretary of the Authority; and
WHEREAS, the Agency is authorized pursuant to section
33601 of the Health and Safety Code of the State of California to
borrow moneys for redevelopment purposes; and
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WHEREAS, the Commission deems it desirable to approve
the borrowing by the Agency of a certain amount representing
proceeds of the sale of the Bonds under the Loan Agreement for
the purpose of undertaking redevelopment projects and activities
in accordance with the Community Redevelopment Law; and
WHEREAS, the Commission has considered the terms of the
transaction as contemplated herein and desires at this time to
approve the terms of said transaction in the public interests of
the Agency.
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. Determinations. The Commission hereby
finds and determines that the issuance of the Bonds by the
Authority will result in significant public benefits by enabling
the Agency to undertake redevelopment projects and activities
within its Central City Redevelopment Project which in turn will
assist in the elimination of blighting condi tions and cause
demonstrable savings in any and all of the following: effective
interest rates, bond preparation, bond underwriting or bond
issuance costs.
Section 2. Authorization of Loan; Approval of Loan
Aareement. The Commission hereby authorizes and approves the
Loan to be made to the Agency by the Authority in the total
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principal amount of not to exceed $5,800,000 pursuant to and in
accordance with the terms of the Loan Agreement for the purpose
of undertaking redevelopment projects. The Commission hereby
approves the form of the Loan Agreement as presently on file with
the Secretary of the Commission, together with any changes
therein or additions thereto as may be approved by the Chairman
and as necessary to incorporate the principal amount, interest
rate, maturity and prepayment dates, pledge of security
thereunder and such other terms and conditions when such terms
and conditions have been ascertained. The Commission hereby
further authorizes and directs that the form of the Loan
Agreement be converted into the final form of the Loan Agreement.
The Chairman, Vice-Chairman or such other members of the
Commission are hereby authorized and directed to execute and
deliver, and the Secretary or Assistant Secretary is hereby
authorized and directed to attest to and affix the seal of the
Commission to, the final form of the Loan Agreement when the same
has been prepared for and in the name of and on behalf of the
Agency and such execution and delivery shall be deemed to be
conclusi ve evidence of the approval thereof. The proceeds of the
Loan shall be applied by the Agency to undertake the
redevelopment projects. The Commission hereby authorizes the
delivery and performance of the terms of the Loan Agreement.
section 3. Official Actions. The Chairman, Vice-
Chairman and other members of the Commission, the Secretary,
Assistant Secretary, the Executive Director of the Agency, Agency
Counsel and any and all other members and officers of the
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1 commission and the Agency are hereby authorized and directed, for
2 and in the name and on behalf of the Agency, to do any and all
3 things and to take any and all actions, including execution and
4 delivery of any and all assignments, certificates, requisitions,
5 agreements, notices, consents, instruments of conveyance,
6 warrants and other documents which they, or any of them, may deem
7 necessary or advisable in connection with the execution and
8 deli very of the Loan Agreement and the consummation of the
9 transactions described herein and therein.
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'<;;:iA.$;,;-y
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT
2 AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL
3 AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $5,800,000 TO
UNDERTAKE CERTAIN REDEVELOPMENT PROJECTS
4
section 4.
Effective Date.
The findings and
5
determinations shall be final and conclusive.
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7
This Resolution
shall take effect from and after the date of its passage and
adoption.
8
I HEREBY CERTIFY that the foregoing Resolution was duly
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adopted by the Community Development Commission of the City of
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San Bernardino at a
Reqular
meeting
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thereof, held on the
day of
October
7th
1991, by the following vote, to wit:
commission Members:
AYES
NAYS
ABSTAIN
ABSENT
14
ESTRADA
15 REILLY
HERNANDEZ
16 MAUDSLEY
MINOR
17 POPE- LUDLAM
MILLER
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Secretary, Ke neth J. Henderson
The foregoing
day of october
resolution is
, 1991.
7th
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25 Approved as to form and legal content:
26 By: h},,,___.. Q/ ~ /
27 ~~~-.:Jf ~
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
2 CITY OF SAN BERNARDINO )
3 I, Kenneth J. Henderson Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
4 CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
5 No. 5314 is a full, true and correct copy of that now on
file in this office.
6
IN WITNESS WHEREOF, I have hereunto set my hand and
7 affixed the official seal of the Community Development Commission
of the City of San Bernardino this 7th day of
8 October , 1991.
Secreta y of t e
Community Development
Commission of the City of San
Bernardino
SBEO\Ol11 \DOC\9
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