HomeMy WebLinkAbout06- Economic Development Agency DEVELOPMENT DEPARTMENT
OF THE CITY OF SAN BERNARDINO
ECONOMIC DEVELOPMENT AGENCY
REQUEST FOR COMMISSION/COUNC I,ACTION
FROM: KENNETH J.HENDERSON SUBJECT: CENTRAL POLICE STATION
Executive Director FINANCING
DATE: May 11, 1994
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Synonsis of Previous Commission/Council/Committee Action(s):
The Mayor and Common Council and Community Development Commission have taken numerous actions regarding
siting,design and financing of the new Central Police Station.
Recommended Motion(s):
(Mayor and Common Council)
MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO,CALIFORNIA,APPROVING THE ISSUANCE OF NOT TO EXCEED
$10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY,TAX ALLOCATION BONDS,
ISSUE OF 1994(POLICE STATION FINANCING PROJECT)AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS
THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT
Motions Continued to Next Pane...
F+1 1
Administrator KENNEtH J.BINPERSON
Executive Director
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Contact Person(s): Kenneth J.Henderson Phone: 5081
Project Area(s): All Ward(s): Seven(7)
Supporting Data Attached: Staffftort:
FUNDING REQUIREMENTS: Amount: $0.000-000 Source:
Budget Authority:
Commission/Council Notes:
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KJH:Iag:05-02-05.cdc COMMISSION MEETING AGENDA
MEETING DATE: 05/16/199,4
/
Agenda Item Number: /
REQUEST FOR COMMISSION OUNCIL ACTION
Police Station Financing Project
May 11, 1994
Page Number-2-
Recommended Motfon(s)Continued:
(Community Development Commission)
MOTION B: 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 510,000,000,AUTHORIZING THE FORM OF
CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZNG AND
DIRECTING THE PREPARATION,EXECUTION AND DELIVERY OF THE FORMS
THEREOF
(Joint Powers Financing Authority)
MOTION Q RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED TAX ALLOCATION BONDS,
ISSUE OF 1994(POLICE STATION FINANCING PROJECT),APPROVING THE FORM OF
LEGAL DOCUMENTS,RELATED THERETO AND AUTHORIZING AND DIRECTING
PREPARATION,EXECUTION AND DELIVERY OF THE FINAL FORMS THEREOF
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�"'^ KJH:Iag:05-02-05.cdc COMMISSION MEETING AGENDA
MEETING DATE: 05/161119,.94
Agenda Item Number.
DE v ELOPMENT DEPARTMEil[T
STAFF REPORT
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Central Police Station Financing
The City has expressed its intent to construct a police station on the site located at 700 North "D"
Street, San Bernardino, California(the "Project"). The Mayor and Common Council and
Community Development Commission have determined that it would be beneficial to the City if
the Agency assisted in the initial financing of the construction of the Project, through the
provision of funds to the City.
Staff has determined that the City will be able to contribute approximately$5,000,000 net funds
to the financing of the police station. Miller& Schroeder Financial, Inc., the prospective
Underwriter of the financing("Miller& Schroeder"), has proposed that the Agency issue tax
allocation bonds. The bonds would be secured by tax increment revenues from the Agency's State
College Project No. 4 in an amount not to exceed $10,000,000. Miller& Schroeder has
determined that there is in excess of$1,000,000 of tax increment revenues available for such
financing.
The Indenture of Trust, Loan Agreement and Official Statement are documents comprising well
over one-hundred pages. Because of this,these items have been placed on file in the Agency
offices and are available for public inspection.
The bond issue would be structured such that the San Bernardino Joint Powers Financing
Authority(the "JPA")would issue the bonds and enter into a loan agreement with the Agency for
repayment of the bonds.
Staff recommends that the City, Agency and Authority approve the following resolutions in order
to provide for the issuance of the bonds at this time.
lc.�la��t
KENNETH J. HIE NDERSON, Executive Director
Development Department
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KJ11:Iag:05-02-05.edc COMMISSION MEETING AGENDA
MEETING DATE: 05/16/19/94-
Agenda Item Number.
,-
0
1
2 MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
3
AGENDA
4
5 - May 16, 1994
6
Item: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
7 CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE
ISSUANCE OF NOT TO EXCEED $10, 000, 000
8 SAN BERNARDINO JOINT POWERS AUTHORITY, TAX
ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION
9 FINANCING PROJECT) AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
10 BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO
THAT CERTAIN LOAN AGREEMENT
11
12 Action to
be Taken: Adopt Resolution.
13
(` 14
Certified copy of Resolution to be returned to Sabo & Green, A
15 Professional Corporation.
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24
SBEO/0120/DOC/62
25 5/9/945:00
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�J�
0 0
1 RESOLUTION NO.
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
3 EXCEED $10,000,000 SAN BERNARDINO JOINT POWERS AUTHORITY,
TAX ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION
4 FINANCING PROJECT) AND THE BORROWING BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS
5 - THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT
6
WHEREAS, the Redevelopment Agency of the City of
7
San Bernardino (the "Agency") is a redevelopment agency (a public
8
body, corporate and politic) duly created and existing pursuant
9
to the Community Redevelopment Law (Part 1 of Division 24,
10
commencing with Section 33000) of the Health and Safety Code of
11
the State of California (the "Community Redevelopment Law") ; and
12
13
WHEREAS, the City of San Bernardino (the "City") and
14
the Agency have heretofore entered into a Joint Exercise of
15
Powers Agreement establishing the San Bernardino Joint Powers
16
Authority (the "Authority") for the purpose of issuing its bonds
17 to be used to make loans to any of its members to finance public
18 capital improvements; and
19
20 WHEREAS, the Agency desires to borrow money for the
21
purpose of assisting the City in the construction of a Police
22
Station (the "Police Station") and for other redevelopment
23
purposes; and
24
25 WHEREAS, the Authority proposes at this time to issue
26
its San Bernardino Joint Powers Authority, Tax Allocation Bonds,
27 Issue of 1994 (Police Station Financing Project) (the "Bonds")
28
- 1 -
I for the purpose of providing funds to make a certain loan (the
2 "Loan") to the Agency in a total principal amount not to exceed
3 $10, 000, 000 to assist the City in the construction of the Police
4 Station and for other redevelopment purposes; and
5
6 WHEREAS, the Loan will be made by the Authority to the
7 Agency pursuant to that certain Loan Agreement (the "Loan
8 Agreement") , by and among the Agency and the Authority, a form of
9 which is presently on file with the Secretary of the Agency; and
10
11 WHEREAS, pursuant to the Community Redevelopment Law,
12 the Agency has the power and authority to borrow moneys for the
13 purpose of funding redevelopment activities; and
14
15 WHEREAS, the Agency has previously issued its
16 $15,890, 000 Tax Allocation Refunding Bonds, 1989 Series A (State
17 College Project No. 4) (the 111989 Bonds") ; and
18
19 WHEREAS, the Agency has previously issued its
20 $6, 975, 000 Tax Allocation Bonds, Series 1990 D (State College
21 Project No. 4) (the 111990 Bonds") ; and
22
23 WHEREAS, the Bonds shall be on parity with the 1989
24 Bonds and 1990 Bonds; and
25
26 WHEREAS, the Mayor and Common Council have duly
27 considered such transaction and documentation and desire at this
28
_ 2 _
0
1 time to approve said transaction and documentation in the public
2 interests of the City.
3
4 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
5 COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
6
7 SECTION 1. Approval of the Authority Bonds. The
8 Mayor and Common Council hereby approve the issuance by the
9 Authority of its Bonds in a total principal amount of not to
10 exceed $10, 000,000 for the purpose of providing funds to make a
11 certain loan (the "Loan") to the Agency in a total principal
12 amount of not to exceed $10, 000,000. The Mayor and Common
13 Council hereby further approve the Loan to the Agency to assist
14 the City in the construction of the Police Station and for other
15 redevelopment purposes pursuant to the terms of the Loan
16 Agreement to be entered into by the Agency.
17
18 SECTION 2. Official Actions. The Mayor and Common
19 Council, the City Clerk, and any and all other officers of the
20 City are hereby authorized and directed, for and in the name and
21 on behalf of the City, to do any and all things and to take any
22 and all actions, including execution and delivery of any and all
23 assignments, certificates, requisitions, agreements, notices,
24 consents, warrants and other documents which they, or any of
25 them, may deem necessary or advisable in connection with the
26 execution and delivery of the Bonds and the borrowing by the
27 Agency of the proceeds derived therefrom pursuant to the Loan
28 ///
1 Agreement and any related closing documents, as required, and the
2 consummation of the transaction described herein and therein.
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I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
2 SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO
EXCEED $10, 000, 000 SAN BERNARDINO JOINT POWERS AUTHORITY, TAX
3 ALLOCATION BONDS, ISSUE OF 1994 (POLICE STATION FINANCING
PROJECT) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT
4 CERTAIN LOAN AGREEMENT
5
SECTION 3. Effective Date. The findings and
6
determinations herein shall be final and conclusive. This
7
Resolution shall take effect upon the date of its adoption.
8
9
I HEREBY CERTIFY that the foregoing Resolution was duly
10
11 adopted by the Mayor and Common Council of the City of
San Bernardino at a meeting
12
thereof, held on the day of
13
1994, by the following vote, to wit:
14
AYES: Council Members
15
16
NAYS:
17
ABSENT:
18
19
city Clerk
20 The foregoing resolution is hereby approved this
21 day of , 1994.
22
Mayor of the City of
23 San Bernardino
24 Approved as to form and legal content:
JAMES F. PENMAN
25 City Attorney
26 By:
27 SBEO101201D=62
5/9/94
28 `
- 5 - /Uj
1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
2 CITY OF SAN BERNARDINO )
3 I, City Clerk of the City of
San Bernardino, DO HEREBY CERTIFY that the foregoing and attached
4 copy of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
5 now on file in this office.
6 IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Mayor and Common Council of the
7 City of San Bernardino this day of
1994.
8
9
City Clerk
10 City of San Bernardino
11
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C
0
1
2 COMMUNITY DEVELOPMENT COMMISSION
CITY OF SAN BERNARDINO, CALIFORNIA
3
AGENDA
4
5 - May 16, 1994
6
Item: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
7 THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
8 THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
9 PRINCIPAL AMOUNT OF NOT TO EXCEED $10, 000, 000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED
10 THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION,
EXECUTION AND DELIVERY OF THE FORMS THEREOF
11
12
Action to
13 be Taken: Adopt Resolution.
14
15 Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
16
17
18
19
20
21
22
23
24
25
26 SBEO/0120/DOC/60
519/94 4:20
27
28
O
1 RESOLUTION NO.
2
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
3 THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF
THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO,
4 THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE
5 - PRINCIPAL AMOUNT OF NOT TO EXCEED $10, 000,000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED
6 THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION,
EXECUTION AND DELIVERY OF THE FORMS THEREOF
7
8 WHEREAS, the City of San Bernardino (the "City") and
9 the Redevelopment Agency of the City of San Bernardino (the
10 "Agency") have heretofore entered into a Joint Exercise of Powers
11 Agreement establishing the San Bernardino Joint Powers Authority
12 (the "Authority") for the purpose of issuing its bonds to be used
13 to make loans to any of its members to finance public capital
14 improvements; and
15
16 WHEREAS, the Agency desires to borrow money from the
17 Authority for the purpose of providing assistance to the City for
18 the construction of a Police Station (the "Police Station")
19 within the City and for other redevelopment purposes; and
20
21 WHEREAS, the Authority proposes at this time to issue
22 its not to exceed $10, 000, 000 San Bernardino Joint Powers
23 Authority, Tax Allocation Bonds, Issue of 1994 (Police Station
24 Financing Project) (the "Bonds") to make a loan (the "Loan") to
25 the Agency in a total principal amount of not to exceed
26 $10, 000, 000; and
27
28
1 WHEREAS, the Loan to the Agency from the Authority
2 shall be made pursuant to and in accordance with a certain Loan
3 Agreement (the "Loan Agreement") , by and among the Agency and the
4 Authority, a form of which has been prepared and is presently on
5 file with the Secretary of the Commission; and
6
7 WHEREAS, the Agency has previously issued its
8 $15, 890,000 Tax Allocation Bonds, 1989 Series A (State College
9 Project No. 4) (the 111989 Bonds") ; and
10
11 WHEREAS, the Agency has previously issued its
12 $6,975, 000 Tax Allocation Bonds, 1990 Series D (State College
13 Project No. 4) (the 111990 Bonds") ; and
14
15 WHEREAS, the Bonds shall be on parity with the 1989
16 Bonds and the 1990 Bonds; and
17
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
26
27
28
- z -
I 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
4
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
10
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.
14
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:
19
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.
26
27
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O
1 Section 2 . Authorization of Loan; Approval of Loan
2 Agreement. 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.
28
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1 Section 3 . Official Actions. The Chairman, Vice-
2 Chairman and other members of the Commission, the Secretary,
3 Assistant Secretary, counsel to the Commission, the Executive
4 Director of the Agency, Agency Counsel and any and all other
5 members and officers of the Commission and the Agency are hereby
6 authorized and directed, for and in the name and on behalf of the
7 Agency, to do any and all things and to take any and all actions,
8 including execution and delivery of any and all assignments,
9 certificates, requisitions, agreements, notices, consents,
10 instruments of conveyance, warrants and other documents which
11 they, or any of them, may deem necessary or advisable in
12 connection with the execution and delivery of the Loan Agreement
13 and the consummation of the transaction described therein.
14
15 The Commission hereby acknowledges that, in connection
16 with the authorization of the issuance of the Bonds by the
17 Authority pursuant to the Indenture, a form of which is presently
18 on file with the Secretary of the Authority, the Underwriter has
19 submitted the proposed bond transaction to certain municipal bond
20 insurance companies for consideration in connection with the
21 issuance of municipal bond insurance policies insuring payment of
22 the principal of and interest on the Bonds and to certain
23 municipal bond rating agencies for consideration in connection
24 with the rating of the Bonds.
25
26
27
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A
1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
2 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
3 AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $10,000, 000,
AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO
4 AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION AND
DELIVERY OF THE FORMS THEREOF
5
Section 4. Effective Date. This Resolution shall
6
take effect from and after the date of its passage and adoption.
7
8
I HEREBY CERTIFY that the foregoing Resolution was duly
9
adopted by the Community Development Commission of the City of
10
San Bernardino at a meeting
11
thereof, held on the day of
12
1994, by the following vote, to wit:
13
Commission Members: AYES NAYS ABSTAIN ABSENT
14
NEGRETE _
15 CURLIN _
HERNANDEZ _
16 OBERHELMAN
DEVLIN
17 POPE-LUDLAM
MILLER _
18
19
Secretary
20
The foregoing resolution is hereby approved this
21 day of , 1994 .
22
23 Tom Minor, Chairman
Community Development Commission
24 of the City of San Bernardino
25 Approved as to form and legal content:
26
By:
27 Agency Counsel
28 /
- 6
1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
2 CITY OF SAN BERNARDINO )
3 I, Secretary of the Community
Development Commission of the C1ty of San Bernardino, DO HEREBY
4 CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
5 No. is a full, true and correct copy of that now on
file in this office.
6
IN WITNESS WHEREOF, I have hereunto set my hand and
7 affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
8 1994.
9
10 Secretary of the
Community Development
11 Commission of the
City of San Bernardino
12
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1
2 SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY
3
AGENDA
4
5 May 16, 1994
6
Item: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
7 FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $10, 000, 000 SAN BERNARDINO JOINT
8 POWERS FINANCING AUTHORITY TAX ALLOCATION BONDS,
ISSUE OF 1994 (POLICE STATION FINANCING PROJECT) ,
9 APPROVING THE FORM OF LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING
10 PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF
11
12
Action to
13 be Taken: Adopt Resolution.
14
15 Certified copy of Resolution to be returned to Sabo & Green, A
Professional Corporation.
16
17
18
19
20
21
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23
24
25 SBEO/0120/DOC/61
5/9/95440
26
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1 RESOLUTION NO.
2
RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
3 FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $10, 000, 000 SAN BERNARDINO JOINT
4 POWERS FINANCING AUTHORITY TAX ALLOCATION BONDS,
ISSUE OF 1994 (POLICE STATION FINANCING PROJECT) ,
5 - APPROVING THE FORM OF LEGAL DOCUMENTS RELATED
THERETO AND AUTHORIZING AND DIRECTING
6 PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF
7
8 WHEREAS, the City of San Bernardino (the "City") and
9 the Redevelopment Agency of the City of San Bernardino (the
10 "Agency") have heretofore entered into a Joint Exercise of Powers
11 Agreement establishing the San Bernardino Joint Powers Financing
12 Authority (the "Authority") for the purpose of issuing its bonds
13 to be used to make loans to any of its members to finance public
14 capital improvements; and
15
16 WHEREAS, the Agency desires to borrow money for the
17 purpose of assisting the City in the construction of a Police
18 Station (the "Police Station") and for other redevelopment
19 purposes; and
20
21 WHEREAS, the Authority proposes at this time to issue
22 its San Bernardino Joint Powers Financing Authority Tax
23 Allocation Bonds, Issue of 1994 (Police Station Financing
24 Project) (the "Bonds") pursuant to the Marks-Roos Local Bond
25 Pooling Act of 1985, codified at Section 6584, et seq. , of the
26 California Government Code (the "Marks-Roos Act") , and pursuant
27 to a certain Indenture of Trust (the "Indenture") by and between
28 /// /
1 the Authority and Bank of America National Trust and Savings
2 Association, as trustee (the "Trustee") , a form of which is
3 presently on file with the Secretary of the Authority; and
4
5 WHEREAS, the proceeds of the Bonds will be loaned to
6 the Agency pursuant to and in accordance with a certain Loan
7 Agreement (the "Loan Agreement") , by and between the Authority,
8 the Agency and the Trustee, a form of which is presently on file
9 with the Secretary of the Authority; and
10
11 WHEREAS, the Authority proposes to secure the Bonds
12 with a pledge of revenues and an assignment of its rights under
13 the Loan Agreement as further provided in the Loan Agreement; and
14
15 WHEREAS, the Agency has previously issued its
16 $15,890, 000 Tax Allocation Refunding Bonds, 1989 Series A (State
17 College Project No. 4) (the 111989 Bonds") ; and
18
19 WHEREAS, the Agency has previously issued its
20 $6,975, 000 Tax Allocation Bonds, 1990 Series D (State College
21 Project No. 4) (the 111990 Bonds") ; and
22
23 WHEREAS, the Bonds shall be on parity with the 1989
24 Bonds and the 1990 Bonds; and
25
26 WHEREAS, Miller & Schroeder Financial, Inc. , as
27 prospective underwriter of the Bonds (the "Underwriter") has
28 ///
0
1 informed the Authority that it intends to submit an offer to
2 purchase the Bonds and shall cause to be prepared a Preliminary
3 Official Statement and an Official Statement relating to such
4 Bonds, as may be necessary in the sale and marketing of the
5 Bonds, a form of which is presently on file with the Secretary of
6 the Authority; and
7
8 WHEREAS, the Board has duly considered such transaction
9 and desires at this time to approve said transaction in the
10 public interests of the Authority.
11
12 NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS
13 FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
14 FOLLOWS:
15
16 Section 1. Findings and Determinations. Pursuant to
17 the Marks-Roos Act, the Board hereby finds and determines that
18 the issuance of the Bonds will result in savings in effective
19 interest rates, bond preparation, bond underwriting and/or bond
20 issuance costs and thereby will result in significant public
21 . benefits to its members within the contemplation of Section 6586
22 of the Marks-Roos Act.
23
24 Section 2 . Issuance of the Bonds; Approval of Form of
25 Indenture; Authorization for the Preparation of Final Forms
26 Thereof. The Board hereby authorizes the issuance of the Bonds
27 under and pursuant to the Marks-Roos Act and the Indenture in the
28 /// /
1 principal amount of not to exceed $10, 000, 000 and the preparation
2 of certain financing documents related thereto which are
3 necessary to carry out the issuance of the Bonds and the loan of
4 proceeds therefrom to the Agency. The Board hereby approves the
5 form of Indenture as presently on file with the Secretary of the
6 Authority with such changes thereto as may be approved by the
7 Chairman of the Authority and as necessary to incorporate the
8 principal amount, interest rate, maturity and redemption dates
9 and such other terms and conditions with respect to the Bonds
10 when such terms and conditions have been ascertained. The Board
11 hereby further authorizes and directs that the form of Indenture
12 presently on file with the Secretary be converted into the final
13 form of Indenture, authorizing the issuance of the Bonds together
14 with such changes or modifications as deemed necessary or
15 desirable by the Chairman of the Authority upon the
16 recommendation of Bond Counsel or as requested by any municipal
17 bond rating agency or municipal bond insurance company. The
18 Chairman, Vice-Chairman or such other authorized officer of the
19 Authority is hereby authorized and directed to execute and
20 deliver, and the Secretary or Assistant Secretary is hereby
21 authorized and directed to attest to, the final form of Indenture
22 when the same has been prepared for and in the name of the
23 Authority, and such execution and delivery shall be deemed to be
24 conclusive evidence of the approval thereof. The Board hereby
25 authorizes the delivery and performance of the Indenture.
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1 Section 3 . Approval of Final Form of Loan Agreement.
2 The Board hereby approves the form of Loan Agreement presently on
3 file with the Secretary together with any changes therein or
4 additions thereto as may be approved by the Chairman and as
5 necessary to incorporate the principal amount, interest rate,
6 maturity, prepayment dates and such other terms and conditions
7 when such terms and conditions have been ascertained. The Board
8 hereby further authorizes and directs that the form of Loan
9 Agreement presently on file with the Secretary be converted into
10 the final form of Loan Agreement, together with such changes or
11 modifications as deemed necessary or desirable by the Chairman of
12 the Authority upon the recommendation of Bond Counsel or as may
13 be requested by any municipal bond rating agency or municipal
14 bond insurance company. The Chairman, Vice-Chairman or such
15 other authorized officer of the Authority is hereby authorized
16 and directed to execute and deliver, and the Secretary or
17 Assistant Secretary is hereby authorized and directed to attest
18 to, the final form of the Loan Agreement when the same has been
19 prepared and such execution and delivery shall be deemed to be
20 conclusive evidence of the approval thereof. The Board hereby
21 authorizes the delivery and performance of the Loan Agreement.
22
23 Section 4. Sale of the Bonds. The Board hereby
24 approves the sale of the Bonds by negotiated purchase with the
25 Underwriter, pursuant to that certain Bond Purchase Agreement to
26 be prepared and as shall be provided by the Underwriter prior to
27 the time of purchase of the Bonds (the "Purchase Agreement") , and
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1 the sale of the Bonds pursuant to the Purchase Agreement is
2 hereby approved. The Board hereby authorizes and directs the
3 Underwriter to cause the preparation of the final Purchase
4 Agreement, and the Chairman, the vice-Chairman or such other
5 authorized officer of the Authority is hereby authorized and
6 directed to evidence the Authority's acceptance of the offer made
7 by the Purchase Agreement by executing and delivering the
8 Purchase Agreement in said form as on file with such changes
9 therein as the officer or the officers executing the same may
10 approve, such approval to be conclusively evidenced by the
11 execution and delivery thereof.
12
13 Section 5. Official Statement. The Board hereby
14 approves the form of the Preliminary Official Statement presently
15 on file with the Secretary. The Board further authorizes the
16 preparation and distribution of a Preliminary Official Statement
17 as shall be necessary or required in connection with the sale of
18 the Bonds to prospective purchasers thereof. The Board hereby
19 authorizes and directs that the Preliminary Official statement be
20 converted to a final Official Statement together with such
21 changes or modifications as deemed desirable or necessary in the
22 sale and marketing of the Bonds and as approved by the Chairman,
23 upon the recommendation of Bond Counsel and the Underwriter. The
24 Board hereby authorizes distribution of the Preliminary Official
25 Statement and the final Official Statement by the Underwriter
26 when the same have been prepared. The Chairman is hereby
27 authorized and directed to execute the final form of said
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1 Official Statement in the name and on behalf of the Authority and
2 to deliver the same to the Underwriter upon execution thereof,
3 together with the changes or modifications approved by the
4 Chairman. Execution of said final Official Statement shall be
5 conclusive evidence of approval thereof, including any such
6 changes and additions.
8 Section 6. Official Action. The Chairman, the
9 Secretary, the Authority Counsel and any and all other officers
10 of the Authority are hereby authorized and directed, for and in
11 the name and on behalf of the Authority, to do any and all things
12 and take any and all actions, including execution and delivery of
13 any and all assignments, certificates, requisitions, agreements,
14 notices, consents, instruments of conveyance, warrants and other
15 documents, which they, or any of them, may deem necessary or
16 advisable in order to consummate the lawful issuance and sale of
17 the Bonds as described herein, including, but not limited to, the
18 submission of any and all documents to any municipal bond rating
19 agency and any municipal bond insurance companies and the
20 distribution of the Preliminary Official Statement to any
21 prospective purchasers when the same shall become available for
22 distribution. Whenever in this Resolution any officer of the
23 Authority is authorized to execute or countersign any document or
24 take any action, such execution, countersigning or action may be
25 taken on behalf of such officer by any person designated by such
26 officer to act on his or her behalf in the case such officer
27 shall be absent or unavailable. The Board hereby appoints its
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1 Chairman as agent of the Authority for purposes of executing any
2 and all documents and instruments which any officer of the
3 Authority is authorized to execute hereunder.
4
5 The Board hereby acknowledges that, in connection with
6 the authorization of the issuance of the Bonds hereunder and
7 under the Indenture, a form of which is presently on file with
8 the Secretary of the Authority, the Underwriter has submitted the
9 proposed bond transaction to certain municipal bond insurance
10 companies for consideration in connection with the issuance of
11 municipal bond insurance policies insuring payment of the
12 principal of and interest on the Bonds and to certain municipal
13 bond rating agencies for consideration in connection with the
14 rating of the Bonds.
15
16 The Board hereby authorizes the payment of all costs of
17 issuance in connection with the issuance of the Bonds including
18 all legal fees of Bond Counsel, special tax counsel, bond
19 printing, Trustee fees, and any rating agency fees and bond
20 insurance premiums. Bills for all such items shall be submitted
21 to and approved by the Executive Director of the Agency.
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1 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,000,000
2 SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY TAX ALLOCATION
BONDS, ISSUE OF 1994 (POLICE STATION FINANCING PROJECT) ,
3 APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF
4 THE FINAL FORMS THEREOF
5
Section 7. Effective Date; Subject to Agency Approval.
6
This Resolution shall take effect from and after its Passage and
7
adoption. This Resolution shall be subject in all respects to
8
the approval by the Agency of the execution and delivery of the
9 Loan Agreement and to the issuance of the Bonds by the Authority.
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I HEREBY CERTIFY that the foregoing Resolution was duly
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adopted by the San Bernardino Joint Powers Financing Authority at
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a special meeting thereof, held on the day of
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1994 , by the following vote, to wit:
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AYES: Members
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NAYS:
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ABSENT:
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19 Secretary
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21 The foregoing resolution is hereby approved this
day of , 1994.
22
23 Tom Minor, Chairman
24 San Bernardino Joint Powers
Financing Authority
25
Approved as to form and legal content:
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27 By:
Authority Counsel
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
2 CITY OF SAN BERNARDINO )
3 I, Secretary of the
San Bernardino Joint Powers Financing Authority, DO HEREBY
4 CERTIFY that the foregoing and attached copy of San Bernardino
Joint Powers Financing Authority Resolution No. is a
5 full, true and correct copy of that now on file in this office.
6 IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the San Bernardino Joint Powers
7 Financing Authority this day of 1994.
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Secretary
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