HomeMy WebLinkAbout1991-5274
SBEO/0001/407/es
03/4/91 2:10
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RESOLUTION NO.
5274
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, AUTHORIZING THE RESTRUCTURING OF
THAT CERTAIN ESCROW ACCOUNT AND REVISING
EXHIBIT "B" TO THE ESCROW AGREEMENT
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WHEREAS, the Redevelopment Agency of the city of
San Bernardino, California (the "Agency"), previously issued its
$34,765,000 Single Family Mortgage Revenue Bonds, 1979, Series A
(the "1979 Agency Bonds") for the purpose of facilitating and
providing capital for the acquisition of certain mortgage loans
made to persons and families of low and moderate income to purchase
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single family housing within the City of San Bernardino (the
"City"); and
WHEREAS, the City previously issued its $41,280,000
Single Family Mortgage Revenue Bonds, 1980 Series A (the "1980 City
Bonds") for the purpose of facilitating and providing capital for
the acquisi tion of certain mortgage loans made to persons and
families of low and moderate income to purchase single family
housing within the city; and
WHEREAS, the Agency issued its $34,034,745 Taxable
Collateralized Mortgage Bonds, Series 1989-A (the "Series 1989-A
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"~ Bonds") in order to pay the principal, premium and interest of the
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1980 City Bonds and to apply the remainder of such proceeds to pay
the principal, premium and interest on the 1979 Agency Bonds; and
WHEREAS, on or about September 1, 1989, the City and the
Agency entered into an escrow agreement with security Pacific
National Bank, as escrow agent (the "Escrow Agreement"); and
WHEREAS, the Escrow Agreement provided that an escrow
account would be established for the exclusive benefit of the
holders of the 1979 Agency Bonds in order to facilitate the
redemption of said 1979 Agency Bonds; and another escrow account
would be established for the exclusive benefit of the holders of
the 1980 City Bonds for the same purpose (collectively hereinafter
referred to as the "Escrow Accounts"); and
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WHEREAS, in accordance wi th section 2 of the Escrow
Agreement, Exhibit "B" to the Escrow Agreement provides a list of
federal securities in which the Escrow Agent is instructed to
invest moneys in order to fund the repaYment obligations of the
1979 Agency Bonds and 1980 City Bonds; and
WHEREAS, the Escrow Agreement provides that upon the
direction of either the Agency or the City, the Escrow Account may
be restructured, provided that such action is supported by an
opinion of Bond Counsel to the effect that such transaction shall
not adversely effect the exemption from federal income tax of
interest on the 1979 Agency Bonds or 1980 City Bonds, nor adversely
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effect the status of those bonds as being deemed no longer
outstanding under the bond resolution establishing those bonds; and
WHEREAS, the Escrow Agreement further requires that any
such modifications be supported by a report of an independent
certified public accounting firm which shall be delivered to the
Escrow Agent verifying the sufficiency of certain obligations of or
obligations guaranteed by the united States of America in the
proposed restructured escrow deposit fund (the "Escrow Deposit
Fund") to pay the entire principal, redemption premium and interest
on the 1979 Agency Bonds and 1980 City Bonds at their maturities
and upon their redemption; and
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WHEREAS, the Agency and the City now desire to direct the
Escrow Agent to restructure the Escrow Accounts.
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.
The Recitals hereinabove are true and
correct and are incorporated herein by this reference.
section 2.
The Commission hereby authorizes the
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restructuring of the escrow accounts in accordance with the
Recitals hereof and authorizes the substitution in the Escrow
Account of such other obligations of or obligations guaranteed by
the United States of America or obligations of any other agency or
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instrumentality thereof which will allow for the continued
defeasance of the 1979 Agency Bonds and the 1980 City Bonds as
shall be demonstrated by the continued rating being maintained on
the 1979 Agency Bonds and the 1980 City Bonds.
Section 3.
The restructuring of the Escrow Accounts
by the Agency is in compliance with the requirements of section 5
of the Escrow Agreement dated as of September 1, 1989.
section 4.
The Commission hereby approves the
substitution of Exhibit "B" to the Escrow Agreement with a revised
Exhibit "B", a copy of which is attached hereto and incorporated
herein by this reference.
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section 5.
This Resolution shall take effect from and
after the date of its passage and adoption.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE RESTRUCTURING
OF THAT CERTAIN ESCROW ACCOUNT AND REVISIONS TO EXHIBIT "B" TO THE
ESCROW AGREEMENT.
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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 Adiourned Reqular meeting
thereof, held on the 11th day of March , 1991,
by the following vote, to wit:
commission Members:
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
AYES
NAYS
ABSTAIN
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J. HENDERSON
day of
The foregoing resolution is hereby
March , 1991.
this 11th
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Approved as to
form and legal content:
BY:~
/Agency nsel
SBBOOOOl\DOC\407
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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.
5274 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 11 th day of March
1991.
Secretary of t
Communi ty Devel pment Commission
of the City of San Bernardino
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SABO & GREEN
A PROFESSIONAL CORPORATION
ATIORNEYSATLAW
SUITE 400
6320 CANOGA AVENUE
WOODLAND HILLS, CALIFORNIA 91367
(818) 704-0195
ENCLOSURE MEMO
Date:
March 7, 1991
To:
Mr. Timothy Steinhaus
Economic Development Agency, City
of San Bernardino
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From:
Andre de Bortnowski
For your information
For your review and comment
XX In accordance with your request
Call upon receipt
Herewith please find a copy of the RESOLUTION OF THE
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE RESTRUCTURING
OF THAT CERTAIN ESCROW ACCOUNT AND REVISING EXHIBIT "B"
TO THE ESCROW AGREEMENT
VIA FEDERAL EXPRESS
SBEO 0001
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Item:
Action to
be Taken:
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
March 11, 1991
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING THE RESTRUCTURING OF THAT CERTAIN
ESCROW ACCOUNT AND REVISING EXHIBIT "B" TO THE
ESCROW AGREEMENT
Adopt Resolution.
Certified copy of Resolution to be returned to Sabo & Green, a
Professional Corporation.
SBEO/OOO1l407