HomeMy WebLinkAbout1994-5406
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RESOLUTION NO.
5zl0fii
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING OF A CERTAIN LINE OF
CREDIT WITH FIRST INTERSTATE BANK OF
CALIFORNIA AND AUTHORIZING THE EXECUTION OF
CERTAIN DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, the Redevelopment Agency of the City of San
Bernardino (the "Agency") is a public body corporate and politic,
organized and existing under and pursuant to the laws of the
State of California; and
WHEREAS, the Agency determined the need to enter into
a credit relationship with First Interstate Bank and on April 4,
1994, authorized staff to enter into negotiations to establish a
Line of Credit (the "Line of Credit"); and
WHEREAS, the Agency has final documents containing the
terms and conditions of the Line of Credit and desires to provide
for the execution of said documents at this time.
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.
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Section 2. The Agency is hereby authorized to
establish a Line of Credit with First Interstate Bank of
California up to $10,000,000.00 and to pledge securities as
collateral therefor.
Section 3. The Agency Administrator, Acting
Executive Director, Secretary and other Agency officials as may
be authorized by the Chairman or Agency Administrator are
authorized to execute any and all documents required in
connection with the Line of Credit and the pledge of securities
in the forms on file with the Acting Secretary of the Agency and
as may be amended upon the recommendation of counsel to the
approved by the Acting Executive Director.
Agency and
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING OF A CERTAIN LINE OF CREDIT
WITH FIRST INTERSTATE BANK OF CALIFORNIA AND AUTHORIZING THE
EXECUTION OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH
Section 4.
The findings and determinations herein
shall be final and conclusive. This Resolution shall take effect
upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Community Development Commission of the City of
Regular
meeting
San Bernardino at a
October
3
day of
thereof, held on the
1994, by the following vote, to wit:
ABSENT
ABSTAIN
NAYS
Commission Members:
AYES
x
X
X
X
X
X
X
NEGRETE
CURLIN
HERNANDEZ
OBERHELMAN
DEVLIN
POPE-LUDLAM
MILLER
24" (. m cy ~j",-71f
S cretary
day of
The foregoing resolution is hereby approved this
October , 1994. ~/.' .
-;,Im ~ r~n
Community Development
Commission of the
City of San Bernardino
3
Approved as to
form and lega
By:
SBEO\OOOl\DOC\1019
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