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HomeMy WebLinkAbout1980-132 New Business 50,002-1-2 (S .C . Off. Bldg. ) RESOLUTION NO. 21 A RESOLUTION DECLARING THE INTENT OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, TO ISSUE BONDS FOR THE PURPOSE OF THE PERMANENT FINANCING THROUGH LEGALLY AVAILABLE MEANS OF A CERTAIN COMMER- CIAL PROJECT IN STATE COLLEGE PROJECT NO. 4 WHEREAS , the Mayor and Common Council of the City of San Bernardino, California, have heretofore fornulateO.. proposals for the redevelopment in State College Project No. 4 ; and WHEREAS, it is in the public interest, for the public benefit and furtherance of the public purposes of the City of San Bernardino, California, that permanent financing be arranged for the commercial project herein- after referred to which is located in State College Project No. 4 . NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE MAYOR AND COILMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS : Section 1. The City of San Bernardino, California (the "City") , is a municipal corporation duly created, estab- lished and authorized to transact business and exercise its C72-1 (ic) 4/4/80 New Business 50 ,002-1-2 (S .C. Off. Bldg. ) powers , all under and pursuant to the Constitution and laws of the State of California, and the City Charter of the City, and the powers of the City include the power to issue bonds for any of its corporate purposes. Section 2 . Pursuant to the Charter of the City and Ordinance No. 3815 , as amended, of the City, the City is legally authorized to issue special revenue bonds for the permanent financing of the certain commercial structures located in State College Project No. 4 and now known as the Campus Crusade for Christ, International Ad�ir_istration Facilities. Section 3 . This body constitutes the governing body of the City and is legally authorized to provide for the issuance of such special revenue bonds by the City. Section 4 . Those certain commercial structures now known as the Campus Crusade for Christ, International Administration Facilities (hereinafter referred to as the "Project") constitute a project which may be financed by the issuance of such special revenue bonds by the City and located within jurisdiction of the City. -2- C72-2 (_ic) 4/4/80 New Business 50 ,002-1-2 (S .C. Off . Bldg.) Section 5 . The City hereby declares its intention to exercise the authority referred to in Section 2 hereof by issuing bonds of the City in such amounts as will be adequate to implement the City financing of the Project. Section 6 . The bonds shall be payable from the revenues described in said Ordinance No. 3815 . Section 7 . The bonds shall be and are special obligations of the City, and, subject to the right of the City to apply moneys as provided in the applicable laws , are secured by such revenues as are specified in the pro- ceedings for the issuance of such bonds and funds and accounts to be held by the trustee or fiscal agent, and are payable as to principal, redemption price,. if any, and interest from the revenues of the City as therein des- cribed. The bonds are not a debt of the City, the State of California or any of its political subdivisions,, and neither the City, the State, nor any of its political subdivisions is liable thereon, nor in any event shall the bonds be payable out of any funds or properties other than all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The bonds do not constitute an indebtedness within the meaning of -3- C72-3 (ic) 414/80 New Business 50 ,002-1-2 (S .C. Off. Bldg. ) any constitutional or statutory debt limitation or restriction. Neither the persons serving as the Mayor and Common Council nor any persons executing the bonds shall be liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance thereof. Section 8 . The details of such bonds, including the establishing of the aggregate face amount of such obligations , shall be authorized by indenture, resolution or resolutions of the City at a meeting or meetings to be held for such purpose. Section 9 . The Mayor of the City is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the bonds , and the City staff, consultants, legal counsel to the City and Bond Counsel are hereby directed to take such steps as shall be appropriate to implement such sale and delivery of the bonds including working with persons who may acquire vested rights as the result of such actions. Section 10 . This Resolution constitutes a proper exercise of the powers of this body and conforms to State and local legal requirements relating to the issuance of -4- C72-4 (ic) 4/4/80 i I such special revenue bonds and other bonds or debt obligations by 2 a charter city in this State. 3 Section 11. It is intended that this Resolution shall con- 4 stitute such "official action" toward the issuance of the bonds 5 within the meaning of the United States Treasury Regulations , 6 the United States Tax Laws , and any legislation now or hereafter 7 pending in the Congress of the United States which may require 8 official action in order for the bonds to be exempt from Federal 9 income taxation . 10 I HEREBY CERTIFY that the foregoing resolution was duly 11 adopted by the Mayor and Common Council of the City of San Ber- 12 nardino at a z ,", d meeting thereof, held on the _ day 13 of �", 1980 , by the following vote , to-wit : 14 AYES : Councilmen � `t � � 15 16 NAYS : 17 ABSENT: 18 20 City Clerk The foregoing resolution is hereby approv is day 21 of 1980 . 22 ✓ 23 yor ef t e City of- San Bernardino 24 25 Approved as to form: 26 ' 2 f City Attorney ' 28