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11\13\90 3:55
RESOLUTION NO. 5267
RESOLUTION OF THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO, CALIFORNIA,
APPROVING THE ESTABLISHMENT OF
CERTAIN LINES OF CREDIT WITH WELLS
FARGO BANK, NATIONAL ASSOCIATION AND
AUTHORIZING THE EXECUTION OF CERTAIN
DOCUMENTS IN CONNECTION THEREWITH
WHEREAS,
the Community Development Commission of the
city of San Bernardino (the "Commission") on behalf of the
Redevelopment Agency of the City of San Bernardino (the "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 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 sea., the Agency may issue bonds, as such term is defined
in California Government Code section 5902(a), and may enter into
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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 of San Bernardino (the "city") to approve and adopt
various redevelopment plans and establish redevelopment project
areas within the boundaries of the City; and
WHEREAS, in order to fund various redevelopment projects
within its various redevelopment project areas, the Agency deems it
desirable to establish two (2) lines of credit (the "Lines of
Credit") with Wells Fargo Bank, National Association (the "Bank");
and
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WHEREAS, in connection with the provision of the Lines of
Credit, the Agency deems it desirable to enter into and approve a
certain letter agreement (the "Letter Agreement"), a copy of which
is attached hereto as Exhibit "A" and incorporated herein by this
reference which provides for the establishment of both an unsecured
line of credit and a secured line of credit; and
WHEREAS, in connection with the provision of the Lines of
Credi t pursuant to the Letter Agreement, the Agency shall be
required to execute certain additional documents which shall
include but not be limited to two (2) letter of credit notes and
various pledge agreements and the Agency deems it desirable to
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authorize the execution and delivery of such additional documents
in connection with the provision of the Lines of Credit.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
The Lines of Credit as established by the
Bank and as more fully described in the Letter Agreement attached
hereto as Exhibit "A" are hereby approved.
Section 2.
The Agency authorizes the execution of the
~' final form of the Letter Agreement as attached hereto as
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Exhibit "A" by the appropriate Agency officials.
Section 3.
The
Agency
further
authorizes
the
execution of the final form of any other documents required in
connection with the provision of the Lines of Credit by the Bank
when the same shall be presented for execution by the Chairman, the
Secretary, or such other appropriate Agency officials, subject to
such changes, additions and deletions as may be approved by the
Chairman. The execution thereof by the Chairman, the Secretary, or
such other appropriate Agency official shall be deemed to be
conclusive as to the approval thereof, by and on behalf of the
Agency.
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section 4.
This Resolution shall take effect upon the
date of its adoption.
RESOLUTION OF THE OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ESTABLISHMENT OF CERTAIN LINES OF CREDIT WITH WELLS FARGO BANK,
N.A. AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS IN
CONNECTION THEREWITH
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of San
Bernardino at a Adlourned Reqular
lOth
day of
December
wit:
commission Members:
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
meeting thereof, held on the
, 1990, by the following vote, to
AYES
NAYS
ABSTAIN
x
x
x
x
x
x
x
The foregoing resolution is hereby
day of December
, 1990.
slOth
W. , Chairman
Communi y Dev opment Commission
of the City of San Bernardino
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, KENNETH J. HENDERSON Secretary of the Communi ty
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.
5267 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 City of San Bernardino this lOth day of December
1990.
~
Secretary 0 the
Communi ty Development Commi sion
of the City of San Bernardino
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SECRETARY'S CERTIFICATE
OF
ADOPTION AND AUTHENTICATION
I,
Development
Resolution
adopted
Commission
below, and
KENNETH J. HENDERSON Secretary of the Communi ty
Commission, DO HEREBY CERTIFY that the attached
is a true and correct copy of Resolution No. 5267
December 10 , 19~, by the Communi ty Development
of the City of San Bernardino, by the vote set forth
that said Resolution has not been amended or repealed.
COMMISSION MEMBERS
ESTHER R. ESTRADA
JACK REILLY
JESS FLORES
c
MICHAEL MAUDSLEY
TOM MINOR
VALERIE POPE-LUDLAM
NORINE MILLER
DATED:
December 10
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YEAS NAYS ABSENT ABSTAIN
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, 19 90 .
. t
he Commun"ty
Development Commission f the City
of San Bernardino