HomeMy WebLinkAbout1980-133 San Bernardino
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RESOLUTION NO.
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
FINANCING THROUGH LEGALLY AVAILABLE
MEANS THE COMPLETION OF THE PROJECTS
WITHIN THE SHANDIN HILLS AREA OF THE
STATE COLLEGE PROJECT NO. 4
WHEREAS, the Mayor and Common Council of the City
of San Bernardino, California, acting as the Redevelopment
Agency of the City of San Bernardino (the "Agency") has
heretofore formulated a proposal to issue bonds to acquire
mortgages originated with respect to the 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, and the Agency that
this body declare its intent with respect to the issuance
of said bonds and such other bonds as may be required to
complete the Shandin Hills Project within the State College
Project No. 4 .
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED
AND ORDERED BY THE MAYOR AND COPIIMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AS FOLLOWS :
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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
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. 3853, as amended, of the City, the City is
legally authorized to issue bonds and to use the proceeds
thereof to acquire mortgages on residences and pursuant to
the Charter of the City; Ordinance No. 3815, as amended, of
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tho City; and other provisions of the laws of the State of
California, the City may issue bonds for other legally
permissible purposes .
Section 3. This body constitutes the governing
body of the City and is legally authorized to provide for
the issuance of bonds by the City.
Section 4. The project known as the Shandin Hills
Project located within the State College Project No. 4
(hereinafter referred to as the "Project") constitutes a
project which may be financed by the issuance of bonds by
the City and located within jurisdiction of the City.
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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 the applicable statutory provisions .
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 herein 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
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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 developers and others 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
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1 residential mortgage revenue bonds and other bonds or debt
2 obligations by 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
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11 iadopted by the Mayor and Common Council of the City of San Ber-
12 Inardino at a _ � meeting thereof , held on the,
13 day of �,` 1980 , by the following vote , to-wit :
14 > 4 /
AYES : Councilmen
15 ;9
16 4�c s. .< r r2� &
NAYS . 1 T
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18 ABSENT: 1�_ ;
20 City Clerk
The foregoing resolution is hereby approved thi day
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of � . 19 80 .
22
23
Mayor o e C ty of S Bernardino
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Approved �.s to form:
25
City Attorney o
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