HomeMy WebLinkAbout1993-5366
"-
RESOLUTION NO.
5366
1
2
3
4
5
6
7
8
9
the Redevelopment Agency of the City of San Bernardino (the
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
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 $7,500,000 TO REFUND
CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING
THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION
AND DELIVERY OF THE FORMS THEREOF
WHEREAS, the city of San Bernardino (the "City") and
"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 its bonds to be used
to make loans to any of its members to finance public capital
improvements; and
WHEREAS,
the
has
previously
its
issued
Agency
$5,600,000 Redevelopment Agency of the City of San Bernardino,
Southeast
Industrial
Tax
Project
Redevelopment
Park
Area,
Allocation Refunding Bonds, Issue of 1981 (Series A) (the "1981
Bonds") and the $2,000,000 Redevelopment Agency of the City of
San Bernardino, Southeast Industrial Park Redevelopment. Project
Area,
Tax Allocation Bonds, Issue of 1985 (the u1985 Bonds"); and
WHEREAS, the Ag~ncy desires to borrow money from the
Authority for the purpose of refunding the 1981 Bonds and 1985
Bonds; and
28
- 1 -
.---
-
'-
WHEREAS, the Authority proposes at this time to issue
its not to exceed $7,500,000 San Bernardino Joint Powers
Authority, Tax Allocation Refunding Bonds, Issue of 1993
(Southeast Industrial Park Redevelopment Project Area) (the
"Bonds") to make a loan (the "Loan") to the Agency in a total
principal amount of not to exceed $7,500,000 to refund the 1981
Bonds and the 1985 Bonds; and
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19 Tax Allocation Refunding Bonds, Issue of 1988 (the "$12,215,000
20 Issue of 1988") i and
21
22
23
24
25
26
27
28 $5,700,000
WHEREAS, the Loan to the Agency from the Authority
shall be made pursuant to and in accordance with a certain Loan
Agreement which shall be dated as of March 1, 1993 (the "Loan
Agreement"), by and among the Agency, the Authority and Bank of
America National Trust and Savings Association, as trustee (the
"Trustee"), a form of which has been prepared and is presently on
file with the Secretary of the Commission; and
WHEREAS, the Agency has previously issued its
$12,215, 000 Southeast Industrial Park Redevelopment proj ect Area,
WHEREAS, the Agency has previously issued its
$1,750,000 Southeast Industrial Park Redevelopment Project Area,
Tax Allocation Bonds, Issue of 1988 (the "$1,750,000 Issue of
1988"); and
WHEREAS, the Authority
Tax Allocation Bonds,
- 2 -
has previously
1990 Series F
issued its
(Southeast
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
,~~~ Z7
'-
28
Industrial Park Redevelopment Project) (the "$5,700,000 Issue of
1990"); and
WHEREAS, the Bonds shall be on parity with the
$12,215,000 Issue of 1988, the $1,750,000 Issue of 1988 and the
$5,700,000 Issue of 1990; 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,
a form of which 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
WHEREAS, the Commission has determined 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 refunding the 1981 Bonds and the 1985 Bonds; and
WHEREAS, the Commission has duly considered such
transaction and wishes at this time to approve said transaction
in the public interests of the Agency;
- 3 -
^"'''''
'-'
c~"'"'"
--
/~.....
'-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
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, consisting
of 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: ADDroval of Loan
Aqreement. The Commission hereby authorizes and approves the
Loan to be made to the Agency by the Authority in the total
principal amount of not to exceed $7,500,000 pursuant to and in
accordance with the terms of the Loan Agreement for the purpose
of refunding the 1981 Bonds and the 1985 Bonds. The Commission
hereby acknowledges that the loan shall be on parity with the
loans made pursuant to the $5,700,000 Issue of 1990, $12,215,000
Issue of 1988 and the $1,750,000 Issue of 1988. 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 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
- 4 -
/"~'-
"-'
._,
'-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
71
28
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 conclusive evidence of the approval thereof. The
proceeds of the Loan shall be applied by the Agency to refund the
1981 Bonds and the 1985 Bonds. The Commission hereby authorizes
the delivery and performance of the Loan Agreement.
Section 3. Official Actions. The Chairman, Vice-
Chairman and other members of the Commission, the Secretary,
Assistant Secretary, counsel to the Commission, the Executive
Director of the Agency, Agency Counsel and any and all other
members and officers of the Commission and the Agency are hereby
authorized and directed, for and in the name and on behalf of the
Agency, to do any and all things and to take any and all actions,
including execution and delivery of any and all assignments,
certificates, requisitions, agreements, notices, consents,
instruments of conveyance, warrants and other documents which
they, or any of them, may deem necessary or advisable in
connection with the execution and delivery of the Loan Agreement
and the consummation of the transaction described therein.
The Commission hereby acknowledges that, in connection
with the authorization of the issuance of the Bonds by the
- 5 -
.--.
--.
1 Authority pursuant to the Indenture, a form of which is presently
2 on file with the Secretary of the Authority, the Underwriter has
3 submitted the proposed bond transaction to certain municipal bond
4 insurance companies for consideration in connection with the
5 issuance of municipal bond insurance policies insuring payment of
6 the principal of and interest on the Bonds and to certain
7 municipal bond rating agencies for consideration in connection
8 with the rating of the Bonds.
"9 I I I
10 I I I
11 I I I'
12 I I I
13 I I I
14 I I I
15 I I I
16 I I I
17 I I I
18 I I I
19 I I I
20 I I I
21 I I I
22 I I I
23 I I I
24 I I I
25 I I I
26 I I I
27 III
28 I I I
- 6 -
/'.~"
"""-
'-'
1
2
3
.
5
6
7
8
9
10
11
12
13
1.
15
16
17
18
19
20
21
22
23
24
25
26
Xl
28
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 $7,500,000 TO REFUND
CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF
CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND
DIRECTING THE PREPARATION, EXECUTION AND DELIVERY OF THE FORMS
THEREOF
Section 4.
Effective Date. This Resolution shall
take effect from and after the date of its passage and adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
Joint Regular
meeting
thereof, held on the
day of
24
Hav
,
1993, by the following vote, to wit:
commission Members:
AYES
NAYS
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
-X-
-X-
-X-
-X-
-X-
-X-
x
~~~
Kenneth J. Henderson
resolution is here approved this
, 1993.
The foregoing
day of May
'4
. R. oleo , Ch irman
Community Development Commission
of the City of San Bernardino
Approved as to form and legal content:
By: 4A#~.Jf;Q~../~_ ')
/ A~;.-;ZS~~
- 7 -
.
-
'''~
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
I , ~nn4ii th J. Hendersop Secretary of the Communi ty
Development Comm~ss~on of the c~ty of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. "'Hi(' 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
aff ixed the official seal of the Community Development Commission
of the ci ty of San Bernardino this '14 day of
Mav , 1993.
~~~
Secre ary of he
Community Development
Commission of the
City of San Bernardino
- 8 -