HomeMy WebLinkAbout1994-5396
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RESOLUTION NO. 5396
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 $10,000,000,
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
the Redevelopment Agency of the city of San Bernardino (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 its bonds to be used
to make loans to any of its members to finance public capital
improvements; and
WHEREAS, the Agency desires to borrow money from the
Authority for the purpose of providing assistance to the City for
the construction of a Police station (the "Police Station")
within the City and for other redevelopment purposes; and
WHEREAS, the Authority proposes at this time to issue
its not to exceed $10,000,000 San Bernardino Joint Powers
Authority, Tax Allocation Bonds, Issue of 1994 (Police Station
Financing Project) (the "Bonds") to make a loan (the "Loan") to
the Agency in a total principal amount of not to exceed
$10,000,000; and
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18 WHEREAS, Miller & Schroeder Financial, Inc., as
19 prospective underwriter of the Bonds (the "Underwriter") has
20 informed the Authority that it intends to submit an offer to
21 purchase the Bonds and shall cause to be prepared a Preliminary
22 Official Statement and an Official Statement relating to such
23 Bonds as may be necessary in the sale and marketing of the Bonds,
24 a form of which is presently on file with the Secretary of the
25 Authority; and
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WHEREAS, the Loan to the Agency from the Authority
shall be made pursuant to and in accordance with a certain Loan
Agreement (the "Loan Agreement"), by and among the Agency and the
Authority, 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
$15,890,000 Tax Allocation Bonds, 1989 Series A (State College
Project No.4) (the "1989 Bonds"); and
WHEREAS, the Agency has previously issued its
$6,975,000 Tax Allocation Bonds, 1990 Series D (State College
Project No.4) (the "1990 Bonds"); and
WHEREAS, the Bonds shall be on parity with the 1989
Bonds and the 1990 Bonds; and
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1 WHEREAS, the Agency is authorized pursuant to section
2 33601 of the Health and Safety Code of the State of California to
3 borrow moneys for redevelopment purposes; and
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5 WHEREAS, the Commission has determined to approve the
6 borrowing by the Agency of a certain amount representing proceeds
7 of the sale of the Bonds under the Loan Agreement for the purpose
8 of assisting the City in the construction of the Police station
9 and for other redevelopment purposes; and
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11 WHEREAS, the Commission has duly considered such
12 transaction and wishes at this time to approve said transaction
13 in the public interests of the Agency.
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15 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
16 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF
17 SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
18 FOLLOWS:
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20 Section 1. Determinations. The Commission hereby
21 finds and determines that the issuance of the Bonds by the
22 Authority will result in significant public benefits, consisting
23 of demonstrable savings in any and all of the following:
24 effective interest rates, bond preparation, bond underwriting or
25 bond issuance costs.
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1 section 2. Authorization of Loan: ADDroval of Loan
2 Aareement. The Commission hereby authorizes and approves the
3 Loan to be made to the Agency by the Authority in the total
4 principal amount of not to exceed $10,000,000 pursuant to and in
5 accordance with the terms of the Loan Agreement for the purpose
6 of assisting the City in the construction of the Police station
7 and for other redevelopment purposes. The Commission hereby
8 acknowledges that the loan shall be on parity with the loans made
9 pursuant to the issuance of the 1989 Bonds and 1990 Bonds. The
10 commission hereby approves the form of the Loan Agreement as
11 presently on file with the Secretary of the Commission, together
12 with any changes therein or additions thereto as may be approved
13 by the Chairman and as necessary to incorporate the principal
14 amount, interest rate, maturity and prepaYment dates and such
15 other terms and conditions when such terms and conditions have
16 been ascertained. The Commission hereby further authorizes and
17 directs that the form of the Loan Agreement be converted into the
18 final form of the Loan Agreement. The Chairman, Vice-Chairman or
19 such other members of the Commission are hereby authorized and
20 directed to execute and deliver, and the Secretary or Assistant
21 Secretary is hereby authorized and directed to attest to and
22 affix the seal of the Commission to, the final form of the Loan
23 Agreement when the same has been prepared for and in the name of
24 and on behalf of the Agency and such execution and delivery shall
25 be deemed to be conclusive evidence of the approval thereof. The
26 commission hereby authorizes the delivery and performance of the
27 Loan Agreement.
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section 3. Off icial 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
Authority pursuant to the Indenture, a form of which is presently
on file with the Secretary of the Authority, the Underwriter has
submi tted the proposed bond transaction to certain municipal bond
insurance companies for consideration in connection with the
issuance of municipal bond insurance policies insuring paYment of
the principal of and interest on the Bonds and to certain
municipal bond rating agencies for consideration in connection
with the rating of the Bonds.
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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 $10,000,000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO
AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION AND
DELIVERY OF THE FORMS THEREOF
Effective Date.
This Resolution shall
section 4.
take effect from and after the date of its passage and adoption.
I HEREBY CERTIFY that the foreqoing Resolution was duly
adopted by the Community Development Commission of the City of
Joint Regular
meeting
San Bernardino at a
16
May
day of
thereof, held on the
1994, by the following vote, to wit:
ABSENT
commission Members:
ABSTAIN
NAYS
AYES
X
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NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
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x
x
x
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Kenneth J. Henderson
resolution is
, 1994.
hereby
approved
this
The foregoing
day of May
16
'l&?1~7~
Tom Minor, Chairman
Community Development Commission
of the City of San Bernardino
Approved as to form and legal content:
By:
Agency Counsel
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