HomeMy WebLinkAbout2017-2592
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WHEREAS, the City has held a public hearing on the date hereof pursuant to Section
6586.5 of the JPA Act following publication of notice not less than five days prior to the hearing,
concerning the issuance of the Bonds and the refunding of the 1996 Bonds and has determined
that the issuance of the Bonds and the refunding of the 1996 Bonds with the assistance of the
Authority will result in significant public benefits; and
WHEREAS, all acts, conditions and things that are required by the Constitution and laws
of the State of California to exist, to have happened and to have been performed precedent to and
in connection with the consummation of the financing that is authorized hereby do exist, have
happened and have been performed in regular and due time, form and manner as required by law,
and the Authority is now duly authorized and empowered, pursuant to each and every
requirement of law, to consummate such financing for the purpose, in the manner and upon the
terms herein provided;
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE AUTHORITY
I DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. This Board of Directors hereby specifically finds and declares that each of the
statements, findings and determinations of the Authority in the recitals that are set forth above
and in the preambles of the documents that are approved herein are true and correct.
Section 2. The Site Lease, the Lease, the Indenture, the Assignment Agreement, the
1996 Lease Terminations and the Escrow Agreement (collectively, the "Agreements") that are
presented at this meeting are approved, and the issuance of the Bonds is approved; provided,
however, that the aggregate principal amount of the Bonds shall not exceed $4,500,000, the
interest rate on the Bonds shall not exceed 4.50% per annum and the final scheduled Lease
Payment shall not be later than January 1, 2023 (subject to extension as provided in the Lease).
The Chairperson, the Vice Chairperson, the Executive Director, the Secretary, the Controller,
counsel to the Authority or the designee thereof (the "Authorized Officers") are authorized and
directed to execute and deliver the Bonds and the Agreements. The Agreements shall be
executed in substantially the forms hereby approved, with such additions, insertions and
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omissions thereto and changes therein as are recommended or approved by counsel to the
I Authority and approved by the Authorized Officer or Officers executing the Agreements, such
approval to be conclusively evidenced by the execution and delivery thereof by one or more of
the Authorized Officers. In the event that it is determined by an Authorized Officer that there are
limitations or restrictions on the ability of the City to lease or sublease any portion of the Leased
Property as contemplated by the Lease, the Authorized Officers may designate other or
additional real property of the City to be leased or subleased pursuant to the Site Lease and Lease
Agreement, with such designation to be conclusively evidenced by the execution and delivery of
the Site Lease and Lease Agreement by one or more of the Authorized Officers.
Section 3. The Authorized Officers and other officers of the Authority are authorized
and directed, jointly and severally, to do any and all things and to execute and deliver any and all
documents which they may deem necessary or advisable in order to consummate the refunding
of the 1996 Bonds and the execution of the Agreements and otherwise effectuate the purposes of
this Resolution, including but not limited to purchasing a title insurance policy with respect to
the Leased Property, executing a rate lock agreement with the Purchaser, causing the recording
of the Agreements and executing and delivering redemption instructions with respect to the 1996
Bonds, and such actions previously taken by such officers are hereby ratified and confirmed.
Section 4. This Resolution shall take effect immediately upon its adoption.
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RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY MAKING REQUIRED FINDINGS AND AUTHORIZING THE
EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE ISSUANCE OF
2018 LEASE REVENUE REFUNDING BONDS IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $4,500,000 FOR THE PURPOSE OF REFUNDING THE
1996 LEASE REVENUE REFUNDING BONDS, AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS IN CONNECTION THEREWITH
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
City Council of the City of San Bernardino at a Joint Regular Meeting thereof, held on the 2&
day of December 2017, by the following vote, to wit:
Council Members:
MARQUEZ
BARRIOS
VALDIVIA
SHORETT
NICKEL
RICHARD
MULVIHILL
AYES NAYS
X
X
XM
X
X
X
X(S)
ABSTAIN ABSENT
Georgean" anna, CAC, City Clerk
The foregoing Resolution is hereby approved this 20'h day of December 2017.
R. Carey Da s, Mayor
City of San Bernardino
Approved as to form:
Gary D. Saenz, City Attorney
to
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