HomeMy WebLinkAbout1982-4701,078-12/850
11/11/82
RESOLUTION NO. 82-470
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO APPROVING A
CERTAIN TRUST INDENTURE WITH SECURITY PACIFIC
NATIONAL BANK, A NATIONAL BANKING ASSOCIATION,
AS TRUSTEE, AND AUTHORIZING THE EXECUTION OF
VARIOUS DOCUMENTS WITH REDLANDS FEDERAL
SAVINGS AND LOAN ASSOCIATION AND CREATIVE
ENTERPRISES, LTD., A CALIFORNIA LIMITED
PARTNERSHIP (CREATIVE ENTERPRISES, LTD.)
WHEREAS, there has been filed with the City an Application pursuant
to the provisions of Ordinance No. 3815, as amended, of said City, by Creative
Enterprises, Ltd., a California limited partnership, requesting the issuance of
Industrial Development Bonds which shall be issued in the principal amount of
$1,500,000 in the form of a tax-exempt permanent loan for the purpose of
financing the costs and expenses of the rehabilitation of an approximately 35,000
square foot office building, as more particularly described in said Application; and
WHEREAS, Redlands Federal Savings and Loan Association, a federally
chartered savings and loan association, shall in furtherance of the goals and intent
of the City's Industrial Revenue Bond Financing Program, receive the proceeds of
the Bonds, issue to the City a Certificate of Deposit evidencing such indebtedness
and originate a loan to the Company for the project and the purposes as set forth in
the Application; and
WHEREAS, the Mayor and Common Council must now approve and
authorize the execution of various documents and a certain Trust Indenture with
Security Pacific National Bank, a national banking association, as Trustee, and
approve and authorize the execution of a Deposit Agreement, a Program Agree-
ment and the Purchase Contract with Miller & Schroeder Municipals, Inc. (the
"Underwriters"), together with such other necessary or desirable security docu-
ments, and approve and authorize the distribution of a Preliminary Official
Statement.
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. The recitals set forth hereinabove are true and correct in all
respects.
Section 2. The Mayor and Common Council, acting for and on behalf of
the City of San Bernardino, hereby approve the Trust Indenture with Security
Pacific National Bank, a national banking association, as Trustee, the Deposit
Agreement, the Program Agreement, the Purchase Contract with Miller &
Schroeder Municipals, Inc., and the Preliminary Official Statement, substantially in
the forms attached hereto as Exhibits "A", 'B", "C", "D" and "E", respectively, and
incorporated herein by reference, together with such other necessary or desirable
security documents, with such corrections, changes, modifications, additions and
deletions as may be approved by Bond Counsel, as defined in the Trust Indenture,
and recommended to the Mayor and approved by the Mayor. The execution thereof
shall be conclusive evidence of approval by the Mayor; and the Mayor and City
Clerk are hereby authorized and directed to execute such final Trust Indenture,
including the Bonds to be issued pursuant thereto, the Deposit Agreement, the
Program Agreement and the Purchase Contract with Miller & Schroeder
Municipals, Inc., when the same shall have been prepared for execution, with the
seal of the City to be affixed thereto.
Section 3. The Trust Indenture is hereby authorized to be executed and
delivered with such corrections, changes, modifications, additions or deletions as
may be approved by Bond Counsel, as defined in the Trust Indenture and
recommended to the Mayor and approved by the Mayor, and the execution thereof
shall be conclusive evidence of his approval.
Section 4. The Preliminary Official Statement shall be distributed by
the Underwriters to prospective purchasers of the Bonds, and the City Staff, Bond
Counsel, the Project Coordinator and the Underwriters are further authorized to
convert said Preliminary Official Statement to the Final Official Statement
together with such changes, modifications or amendments as may be necessary
under the circumstances and the Mayor and City Clerk are hereby authorized and
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directed to execute such Final Official Statement at or prior to the closing and
delivery of the Bonds.
Section 5. The Mayor, City Clerk, Project Coordinator and any other
City official, officer or employee to the extent necessary under the circumstances,
are hereby authorized to execute any and all documents, including the Bonds,
closing documents and other closing certificates and opinions as requested by Bond
Counsel, as may be required to consummate the transaction contemplated by the
Trust Indenture, to pay all costs of issuance in connection with the issuance of the
Bonds and to further execute any and all security documents required by the
Underwriters of the obligation to be issued pursuant to the Trust Indenture.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by
the Mayor and Common Council of the City of San Bernardino ata regular
meeting thereof, held on the 15th day of November , 1982, by the following
vote, to -wit:
AYES: Councilmen Castaneda, Reilly, Hernandez,
Quiel, Hobbs, Strickler
NOES: None
ABSENT: None
ABSTAIN: Council member Marks
All
C' y Clerk
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The foregoing resolution is hereby appro3p4 this /GTif day of
November , 1982.
Approved as to form:
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