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RED"IVELOPMENT AGENCY .~ST FOR c6MMISSION/COUNCIL AJION F,,~J:OI1I: i ~u Glenda Saul, Executive D rector ~t: Redevelopment Agency Subject: ELECTION TO RETAIN ALL THE CITY'S UNUSED CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT - IDB Date: Septemb~T ]6. ]985 Synopsis of Prsvious Commission/Council action: 1/1985 Govenor's Proclamation allocation $6,812,000 for City IDBs 4 May 85 Approved assigning a portion of the City Allocation to KCKC 7/85-9/85 City received allocations from other cities totalling $12,612,000 9-9-85 Approved Resolution 85-353 transferring a portion of the City's allocation to the IDA for C&M Fine Pack ~ ~ 9-9-85 Approved Resolution 85-8 by the Industrial Development Authority (IDA) accepting the transfer of allocation Recommended motion: .r"' '- (MAYOR AND COMMON COUNCIL) a) RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS ELECTION TO RETAIN ALL OF ITS UNUSED CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT AND TARING CERTAIN OTHER ACTIONS CONVENE INDUSTRIAL DEVELOPMENT AUTHORITY (INDUSTRIAL DEVELOPMENT AUTHORITY) b) RESOLUTION OF THE CITY OF SAN BERNARDINO INDUSTRIAL DEVELOPMENT AUTHORITY DECLARING ITS ELECTION TO RETAIN ALL OF ITS UNUSED CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT AS SAID LIMIT WAS ASSIGNED AND TRANSFERRED BY THE CITY OF SAN BERNARDINO, CALIFORNIA, TO SAID AUTHORITY FOR USED IN CONNECTION WITH THE C&M "''' "OK. INC. '>OJ"" ~ ~t / Ignature ~ Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383.5081 Ward: N/A Project: N/A Date: September 23, 1985 Supporting data attached: YES No adverse Impact on City: C lei I Notes: Aaenda Item No. RII- CI~ OF SAN BERNARDCJo - REQU~T FOR COUNCIL AC~ON - ......... /',- ........... r- '- 75.0264 STAFF REPORT As you are aware, the City, in accordance with the Govenor's Proclamation received an IDB allocation of $6,812,000 for 1985. Since that time, we have successfully sought and obtained transfers of allocations from other cities in the amount of $12,612,000 4 and from the STate in the amount of $2,900,000 - totalling $22,324,000. We have, to date, closed one issue (Gate City Beverage) for $2,900,000, leaving a balance of $19,424,000 to be used by the end of this year. Attached is a Status Report for your review. As you can see, if the four remaining, potential issues were to all close this year, we would be short by $381,000. From discussions with the applicants and bond counsels, we are fairly certain that C&M and Food Resources will close. KCKC & Sima are aggressively pursuing financing but it is doubtful they will both close this year. On August 30, 1985, the Governor amended the proclamation governing the Private Activity Bond Allocation System in California (IDBs). Two major changes are effective immediately. 1. Section 4 provides automatic recapture by the State of any unused local allocation on October 15. A local government may elect to retain its unused allocation by electing to retain it and filing a form with the California Debt Limit Allocation Committee by October 15. The actions before you today are the elections for both the City and the Industrial Development Authority electing to retain the unused portion of allocation. 2. Section 7 has been amended to prohibit transfers of local allocations in return for payment of cash property or other marketable things of value, with the exception that a local agency may charge an administrative fee of up to $1,000 to recover actual processing costs. In requesting transfers from other cities, the Agency offered to reimburse for administrative costs 1/4 of 1% of the transferred allocations amount. Using this formula certain cities would receive an amount exceeding the $1,000. aet by the amended proclamation. Bond Counsel is preparing a letter to all the cities which transferred their allocations explaining the new limitation set by the Proclamation. Attached is the amended proclamation. l369J/EB 9-23-85 ~ August 30, 1985 /' <::.0' 1"'::-<3/g ,.. /4.1 ,.,., , -. l~ 2Il. <J:;.: f :::: ,. ""i ..... [:-.: C , ; .- \..' ..., . '-- \;.; Q.. \\-.: . ~ ~ . './.'. ,,~ " v~'. ,,"~ '....,~Ii],~ d 0\ ~ \' fPJo c Sl(W ) ,.{; I ~ ,r"' ....~ / .....' STATE OF CAUFORNIA ALlFORNIA DEBT LIMIT ALLOCATION COMMITTEE 816 CAPITOL MAU ROOM 417 P.O. BOX 1818 SACRAMENTO, CAUFORNIA 86B09 TELEPHONE: (8181324-0310 IIIIIIE"I: ..... M. Urvuh. ChairlNlft ....,,...,..., ...... Dewtlftejiln -- -- eo., $t.,.c~ MFMO -- TO: Interested Persons RE: Amended Governor's Proclamation Re. Private Activity Bonds On August 30, 1985, the Governor amended the Proclamation governing the Private Activity Bond Allocation system in California. In addition to technical and clarifying changes, the amended Proclamation Incorporates two major changes which are effective Immediately and which require your attention: Probibi tion 01 Fees lor Local Tran.feuol Allocation ----------------------------------~----------------- .-- Ill' response' to concerns "HIi'-.,rowi ni prllct I ce among some 1 ocalarenctes'ol'ehar gi nr fees lor transfer 01 'allocation to other jurisdictions, Section 7 governing translers has been amended to prohibit translers of local allocations in return for payment of cash, property or other marketable things of value, with the exception that a local agency may charge an administrative fee of up to $1,000 to recover actual processing costs. ~ --- .' ^'~ . AutomatIc Reallocation 01 Unused Local Allocation on OCfoDei-I5------~--------.---------------.---------- --.----- ) -- '- In order to more easily allow reallocation of unused allocation to agencies needing additional allocation, and to prevent loss of unused allocation (since unused allocation "evaporates" on December 31), Section 4 provides ~~iOr~!iL~-~~~afe~~~~r~l-i~~-~i~~~-~!-~~~-~~~!ed local alloca Ion on Oc ooer a. A local government may ifecf-fo-reflrn-rfi-unusea-aTTocation by filing a form with the Committee no later than October 15 (a copy of the form is enclosed). An election to retain local allocation is effective when filed with the Committee; the Committee does not have any review authority over a local decision to retain. If a local agency elects to retain its allocation, it may still subsequently transfer by resolution to other local agencies or to the state. \' r.' ....... ~ ~ --- .-- '-- ... c ........................... . II . II II EXECUTIVE DEPARTMENT II I STATE OF CALIFORNIA I II II . II . . II II II II II II II A PItOCLAMATION II II by the Governor aI the State of California . II II . ., 'IIrt.. If the authorltJ -'" ... the Offlc:e If the Goftmor ., the fedInJ Tax II aeform Act of .., (PublIc La.. "'''fl, r, Georae DNcme)Ian, .. Gelu_ of the S_ of . CalIfornia, __ prodaIm U IoIIowa II . J. ~ the _lit otherwlle ,...sr.., the t1erma dafInad III ,... SectIon INII for _ 811 ,..,.,.. If this prodamatlon have tile lollowln& ......... _ .. '-) "Commlnee" _ the Call1orn1a Debt LImit ~ Committee ..,.. ! IIIhecI punuant ... SectIon , of thII procIamatIan. _ . OI) "Code"...... thelntlemal R_ Code of It,., u -...... II II k) "CowltJ PopWatlon Sharew _ lor each calendar Jear lor each COUIItJ or II II city and COUIIty a felCetap calculated ..,. taldna .. the n_..tor the __ _ _ent State PopW.tIon Eltlmate of the ..tire ......tlan of Iuch -tJ or El II dty and -y and ..,. takin& u the denomll...... the nil _t State IIIil PopW.tIon btlmate of tile .,.Ie. _ . Cd) ....... _ any local apncy Ol' .,.Ie aaency authorIad lIy tha CorwtItu- II II tIon or .....If tha .,.Ie ... .... Pri..,. ActlYIty .... II . '-) "I.ecaI Apncy" ...... any poUtlcal IINYIIIon If tha .,.Ie within tha II II ._~ of SectIon IOJlaXi) of the Code, or .." ..tlty thet .... the powr ... -= ..... Prl_ ActIYltJ Ilanda wan bahaII or any Iuch political NldIYIII.... .. II (f) "I.ecaI Population Share" ........ lor each calendar Jear 0) lor each dtJ Ol' II! II city and COUIItJ, a pare..tap calcu1.ted lIy takIJw. the _..tor the __ _ -- State PopW.t1on EWm.... of the """,.t1on of Iuch dtJ or dtJ and III _ -tJ, and lIy taIdn& . the denominator the __ _t State .....u1.tion _ _ EaIm.,. of the popul.tlan of tile _tel and 01) lor each COUIIty,' pelQlltap _ - calcu1.ted Ily leldna .. the n........tor tha _Il _t State Papulation ~ - EW....,. of tile population of the Irincorpo..ted are. of tile GUltJ, and ..,. 1m; II taIdn& .. the denominator the moll .......t S_ .....u1.tIon EItIma... of the III II population of tha .,.te. 11 II!& (a) "rlva" ActlYltJ Bond" .... the __ mean!,. .. that lpeCItIedln SectIon _,' _ IIIJlnX7) of the Code. 1m; II 0.) "Prlva" ActlYltJ land LImit" me... any FA" of tile SIe... CelUna a1*ated II! II ~.rreCI to · ..... aaency or local aalllCf ~ ... IhII prodama- 11 II 11 II 11 II III II . II III -------------------------~- / '-' \' r<.." \....., c -- \.- r '- ... r '-' v ........................... 11'11 II . II II II . II II II II I I II II . ~~J . II . II fie) ThIte II ....., .u-tn to -=II -.." 0ncI..... .", dty end -..,,) In Ii II _ell calendar ,.r an _1 ..... to ~ "_1 CU.) of 1he Sta1e III!! II CeIlIn& mul1lplled b, 1he c-ty PopuIa1lan 5MN of eKh IUCII-..". II . ,WI The aIIoca11cn JII'O'Ided far IIIIlMec:t10111 f.), .) and Ie) IIlIII lie calc:ulatn IE ., 1he Comml_, .... _, lie NlIIIlIeclto1he __ $1,llOO. IIR II .. fa) In .... 1Ila1_ of 1he .uocw. of IDcaI -.ncI- lie __ a11he end of II II 1he calendar ,..,., 1he Comml1tH 11I__ to -0-. 1he UnuMd &; AIIoca1Ion. Por 1he pII'plIIe of r~ en Oc1oIIer U of nc:Il caI..... _ II ,..,., ..., UIIIMCl AIIDca1lan of ..., IDcaI .....c, WII __lIeaD, lie. nnd_d to 1he Sta., to become part of 1Ile Sta. Iond Limit, .... 1he II local ..-, file. . ..1Ice purIUIII1 to ~~ cIIIln Cb) wl1ll 1he Comml_ . II prior to 0c1elIer IS. . II Cb) In order to N1aIII pan. all of I1a UIIlMd AIIoca1IaII, . local ~ ahaIJ II" E, .1111 1he Comml11ee, llI\ . farm to ile pracrliled ., 1he Commlnee, . IID1lce III!! II a1atllla 1he local IpIIC1'a alectlllII ..1 to aIJow 1he "UlIfer of pan or all of II!l 111 UIlUIed AUoca1iDll to 1he Sta. ,....._ to IUIlIec:1IllII '-I. Suc:Il aIect1llII _ II Ihall lie offedl.. IIpllI\ lIeilll .......Ined to 1he Commi11ee prlor to Oc1oIIer II U. The malcl"l of 1hlI a1ectlan 11 lIllIaly wl1hln 1he dIacre1ICIIl of -=II local II 8pIlCJ, ani 1Ile local aptlCJ .. IlO1 ..... to _ I1a UIIuoed AI1oca1illII _ II Wore 1he eIlCI of 1he calellCIIr,..,.. ~~ 1hlI1eC1IllII WII .....11I1 . == local "eI\C)' whlell hu made 1Ile of.. alec1IoII frarn 1raIlIfem,. _ I1a UII\IIed AIloca1iDll af1er Oc:1Dller I" purIUIII1 tit Sec:1klft 7. Local II ~. whlell.e ,...Ired to N1aIn . por1IllI\ of 1heIr Prl_ AC1l.tty Iond II II Uml1 for · proJec:1 plnllll\1 to Sec1lon "IW) of 1he Tax Itafarm Act of IBll I'" WII ........ 8IIch riahl' ., me!dll& 1he e111C11an JII'O'I- In 1hIa _ II Sec:tlllII. II II s. fa) The COIIImI_ 11 hereb, ea1aIlIlahed, ~ of 1he Sta. TN......., 1he ,BIll Sta1e CllII1roU. anl1he GIovemar, or In 1he Glove............ ICe 1he 01_ _ II of FiIIaIIce, .IIJ of whom ma, ac11hr...... _ cIea1..... The Sta. TN.1ftf I&l IhaIJ ile 1he Cha1....... of 1Ile Comml_ ani 1he Oftlce of 1he Sta1e III!! - Treu...... IhaIJ provide 8IIch .....iIIIa1..tI.. uala1aIlce ani "'por1l11aff · iii == WII lie neee_, far 1he Commlnee tD ....... U...ben of 1he Comml1- IIIil _ - IhaIJ _.. wl1hout -..,._1101I. The Cha1....... IhaIJ ..., or _ to _ . lie lie" mIIIu1e. &IICI o1her _cIt .... dQc_1I of 1he Comml_. 81 IIIII! Cb) Two .........,. If 1Ile Comml11ee IhaIJ ClIIII1l_ ........ The afflrmatl.. I&l,' III! ""1e of two m...bers of 1he Commltl8e WII lie I\IC f"J f. ..,. act10II III!l _ 1alcell by 1he Comml~ p'OYlcled, however, 1he1 1he Comml_ ma, ., II&! _ -..1m... __ del.._. tD 111 Chalrmlll 1he auIIlorI1, tD carry eu1 an, _ 1m II! _powered tD 11 ....ser 1h1a procI....a1loII. Il . II . . II! II II II . II E.E________________________ I ...... ......... ..... ......... . . C II II II II II II II II II II . II II II II II II PACZ , II II 11 II IIUClI IIondII 10 -.d. I!acIl -..f._ IhaII ......taIn a ..In., recard 0( the III II trand.. III Ita ~ for at IuIt the term 0( all Private ActI~tJ Ionds Iuued II porwMt tD IUCh -..f... No -..fer ma1 lie made pInUUIt tD thII Sec:tkln III . ..turn fot ~JIII.,t .. QIh, ...opertJ .. other muletable w.. 0( .-I.., III ._pI that . aalllC1 ma1 chirp an .....InI.tratl.. f.. "'" .. .lICeed $1,000 . tD reco..r 1ta act...s -" .. ",Dem'lII . ..It*t for a ....,.. .. Prl_ E II Acll~ land UmI1. II II L fa) Subject .. 811)' UmltatloN an trandemcl PrIvata ActI~tJ land LImit u -, " lie provided III Sec:tIDnt , and 7, Ml' Stata Apncr ... local aallflCJ' ma1 utWze II Ita Private ActIvltJ land Umlt 0) f... the au- 0( Prl_ ActlvltJ Ionda, II (1) tD make a carryferwnl election ~ tD SectIan 10J(n)(10) 0( the II Code,... (W) tD 1IlIIe. traMfer tD the tate... tD 811)' local epncy. II C II II) No ..... 0( PrI..te ActI~tJ Ionda IheIl lie deemed tD ..... NCelwd the III .....f1t .. 811)' portion 0( an allocation mede .. -..ferM .. the r- II ,..._ tD thll ...ocIematlon UlI... tile lauer'a llDnd NlDlIIIIon ... lither II II a1rn11ar action &I~nl fIneI 8IIlhor1t1 f.. the ~ .. IIondII apedtlcall1 III tIaaIpteI a portion .. the lIIuer'l Prl..te ActlvltJ land Umlt tD IUCh llDnd II .... ""'Iud1 deaI....tIon IhaII lie lrre-w& upon tile .'f oct 0( IUCh II IIondII tD the .llteIIt of the ...lncIpal_t ,....... II Cd !8ch Itate aaenq and local epIIC1 IheIl IlOtlf1 the Commlnee III wrtw. II . within I' *,. after 0) tile a...nce 0( Ml' PrIvate Acll~ BondI, (1) 811)' 111 action taken r:;- .. SectIan 7 tD traMfer 811)' portion .. Ita Prl..te . Acll~!land ImIt tD tile State .. _tiler local epIlC1, .. GII) "1 election II .. treat all ... Ml' portion .. ouch State Aprq'a ... local =: Privata .. ActI~ !land Umlt .. a carryforward pUl1UIIIt .. SectIan 10J(n 10) 0( the II II Cede. The Commltl8e ... upon Ita termination, tile State Tre_r) ahell . lee, IUCh IlOtIc.. III Ita .-da for a period IlO ... "*' tile _ .. all II PrIvate ActI~tJ Ionda Iuued ..........t to IlICh not1-. II II ,. !8ch -tJ, ani dtJ and -3' lICt~ 1Ilroua" ltalloard .. ...,.m_ Il IhaII &lve ...lorlt1111 application tile aUocatloN .....ted II)' Section JIt:) to II UIII1 Iuuance of Prl..te ActI~tJ Bonds II)' the CIIUIIt1 (to the extent the If _t, hu full1 utWaed Ita aha.. 0( ... aI1ocatIon .....ted II)' SectIan J(b)), II by local aaend.. within the CIIUIIt1, or II)' local ~ncIeI whaM territory 111 contalnl pen ... aU 0( the terrltDry 0( the -tJ. -t1 ma1 -..fer, II ......nt tD SeetIon 7, pert .. tile ellocatlon ....Med by SectIan J(c:) tD the E State ... tD a local aalllC)' __ te.dtory II antlrel1l1Ut11de ... ~ onI1 . upon maIcIllI a determination that It ... "'" re.-..bl1 .xpect to ...ant &; II reqJf!1tI tD _ .udI _t 0( Ita PrI..te Acll~ land UmIt f... an1 IE proJectI ... ......._ dlaa'lIIed III tile fIrIt __ .. thII SectIon. II IE II IE -- . If "- II II II IE II II .........................E. c ~.~-. '- /".-... '-- ...., ""'"' i '-' 1,010-71/0970S/jvz 09/12/85 .., , .,/ RESOLUTION NO. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS ELECTION TO RETAIN ALL OF ITS UNUSED CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT AND TAKING CERTAIN OTHER ACTIONS WHEREAS, the City of San Bernardino, California ("City"), is a "home rule city" duly organized and existing under and pursuant to a Charter adopted under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly and regularly enacted Ordinance No. 3815 (the .Ordinance") to finance various types of projects, as defined in the Ordinance, and to issue its special revenue bonds for the purpose of enabling various developers to finance the cost of such projects, and has amended the same from time to time; and WHEREAS, the City of San Bernardino Industrial Development Authority (the "Authority"), is authorized and empowered by the California Industrial Development Financing Act (the "Act"), being found as Government Code Section 91500, et seq., to finance the acquisition and development of certain industrial activities as permitted by the Act and to issue bonds for the purpose of enabling industrial firms to finance the cost of such activities; and - 1 - , \...., c "- v ) WHEREAS, the provisions of the Tax Reform Act of 1984 C require that certain industrial development revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds to be issued for said projects in accordance with the provisions of Section 103(n) of the Internal Revenue Code of 1954, as amended (the "Code"); and WHEREAS, in accordance wi th the procedures establ ished by the Proclamation of the Governor, dated July 19, 1984 (the "Proclamation"), the City was allocated a calendar year 1985 Private Activity Bond Limit of $6,812,000; and WHEREAS, in accordance with the Proclamation, the City has c previously requested and received from the California Debt Limit Allocation Committee (the "Committee"), an allocation of the calendar year 1985 Private Activity Bond Limit of the State of California (the "State"), in an amount equal to $2,900,000, which allocation was used by the City on March 28, 1985, to issue its $2,900,000 Ci ty of San Bernardino, Ca 1 ifornia, Floating/Fixed Rate Industrial Development Bonds (Gate City Beverage Distributors Project) Series 1985; and WHEREAS, the City has obtained various transfers of calendar year 1985 Private Activity Bond Limits of several local agencies located within the State in accordance with the procedures established in the Proclamation, for use by the City in connection ~ with the issuance of bonds or other obligations for qualifying "- projects and said transfers presently total $12,612,000; and - 2 - - c ,...... "",' ..".., v , c WHEREAS, the total available calendar year 1985 Private Activity Bond Limit of the City as of the date hereof, not taking into account any assignments and/or transfers of said Limit as hereinbelow provided, is Nineteen Million Four Hundred Twenty-four Thousand Dollars ($19,424,000); and WHEREAS, on August 30, 1985, the Governor amended the Proclamation by providing for the automatic recapture by the State of any unused local agency calendar year 1985 Private Activity Bond Limit on October 15, 1985 (the "Amendment"); and WHEREAS, the Amendment provides that a local government may elect to retain its unused calendar year 1985 Private Activity Bond .- Limit by filing a form with the California Debt Limit Allocation ....... Committee (the "Committee"); and WHEREAS, the City, by adoption of appropriate Resolutions, has previously declared its intention to issue industrial development revenue bonds pursuant to the Ordinance to finance the construction of a 30,000 square foot office building located within the City known as the "KCKC Building Project"; made certain findings and determinations in connection with a duly held public hearing relating to the "KCKC Building Project" as required by Section 103(k) of the Code; and assigned an amount equal to $3,612,000 of the calendar year 1985 Private Activity Bond Limit of the City for the purpose of providing for the financing of the "KCKC C Bui Iding Proj ect"; and - 3 - - - ... r' /-"'\ ,..I ! .......... ....... WHEREAS, the Authority, pursuant to an appropriate C Resolution, has previously declared its intention to authorize and issue tax-exempt bonds pursuant to the Act for the purpose of providing for the cost of an industrial manufacturing project located within the City known as the "C&M Fine Pack, Inc. Project" and the City, pursuant to appropriate Resolutions, has previously made certain findings and determinations in connection with a duly-held public hearing relating to the "C & M Fine Pack, Inc. Project" as required by Section 103(k) of the Code and assigned and transferred to the Authority a portion of the calendar year 1985 Private Activity Bond Limit of the City in an amount equal to $8,100,000; and c WHEREAS, the portion of the calendar year 1985 Private Activity Bond Limit of the City as assigned and transferred to the Authority for use for the C & M Fine Pack, Inc. Project, is therefore unavailable for use by the City; and WHEREAS, the City has a total unused calendar year 1985 Private Activity Bond Limit of $11,324,000 consisting of the $3,812,000 limit previously assigned for use for the "KCKC Building Project" and $7,512,000 of unassigned Private Activity Bond Limit; and WHEREAS, in order that said $11,324,000 of the City's unused 1985 calendar year Private Activity Bond Limit be retained by <:: the City and not be automatically recaptured by the State on - 4 - c I. , t"" '- -"""'I V ) October 15, 1985, it is necessary that the City make an election pursuant to Section 4(b) of the Proclamation as amended in the manner hereinafter set forth. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, 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. This body constitutes the governing body of the City and is legally authorized to transfer portions of the '- ,~ calendar year 1985 Project Activity Bond Limit of the City, including any portion thereof as obtained by transfer from other -- ........ local agencies within the State to the City. Section 3. The Mayor and Common Council hereby makes this election pursuant to Section 4(b) of the Proclamation, as amended, to retain its unused calendar year 1985 Private Activity Bond Limit of the City in an amount equal to Eleven Million Three Hundred Twenty-Four Thousand Dollars ($11,324.000). Section 4. The Staff of the City shall comply with all filing and reporting requi rements as may be necessary in connect ion with said election to retain the unused calendar year 1985 Private Activity Bond Limit of the City. - 5 - - -- I. , ".-, '-' '-' , Section 5. Adoption of this Resolution shall not be ".-. ~ construed as approval of the plans or concept of any proposed development, nor as an indication that the Mayor and Common Council will hereafter take any particular action toward granting any planning, zoning, or other approval relating to a particular plan of development. The Mayor and Common Counci I reserves its right to evaluate any future administrative procedures and appeals based solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning Commission. Nothing herein shall be construed as advance commitment or approval as to any such matter, and all persons or entities are hereby notified that normal planning processing shall be required, in accordance -- '-- with the standard procedures of the City and that all persons or entities will be required to comply with all applicable laws and ordinances of the City, State and federal government. Section 6. This Resolution shall take effect upon adoption. -- ,- "'- - 6 - - '- c -- \.- - r l..... I HEREBY adopted by the San Bernardino at held on the the following vote, AYES: NAYS: ABSENT: ",-., -...,) CERTIFY Mayor a that and - -. V the foregoing Common Council resolution of the meeting day of to wit: Council Members - ) was duly Ci ty of thereof, 1985, by City Clerk day of The foregoing resolution is hereby approved this , 1985. Approved as to form: ~/ffJ~ City Attorney Mayor of the City of San Bernardino - 7 - ~ - - 10.., I"~ '-' c.., V .J STATE OF CALIFORNIA ) r- COUNTY OF SAN BERNARDINO) 55 ~ CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk in and for San Bernardino, DO HEREBY CERTIFY that the foregoing copy of San Bernardino City Resolution No. true and correct copy of that now on file in this office. the and is City of attached a fu 11, IN WITNESS WHEREOF. I have hereunto set my hand and affixed the' official seal of the City of San Bernardino this day of , 1985. City Clerk "- ....... l ,-- I...,... - 8 - . l, (' , v .........,' ) 1,010-72/0971S/jvz 09/12/85 r ......... RESOLUTION NO. RESOLUTION OF THE CITY OF SAN BERNARDINO INDUSTRIAL DEVELOPMENT AUTHORITY DECLARING ITS ELECTION TO RETAIN ALL OF ITS UNUSED CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT AS SAID LIMIT WAS ASSIGNED AND TRANSFERRED BY THE CITY OF SAN BERNARDINO, CALIFORNIA" TO SAID AUTHORITY FOR USE IN CONNECTION WITH THE' C & M FINE PACK, INC., PROJECT WHEREAS, the City of San Bernardino Industrial Development Authority (the "Authority"), is authorized and empowered by the California Industrial Development Financing Act (the "Act"), being found as Government Code Section 91500, et seq., to finance the acquisition and development of certain industrial activities as permitted by the Act and to issue bonds for the purpose of enabling -- "-' industrial firms to finance the cost of such activities; and WHEREAS, the Authority has been requested to issue and sell ~ its bonds to provide funds for the financing of a certain project to be located within the City of San Bernardino, California (the "City"), as proposed by C&M Fine Pack, Inc. , a California corporation (the "Company"); and WHEREAS, the Authority, pursuant to its Resolution No. 85-3, adopted July 29, 1985, has accepted the application for financing as submitted by the Company (the "Application for Financing") as on file with the Authori ty Secretary and the -- Authority has declared its intention to authorize and issue , '- - 1 - l ,.' ,...., J ....... V -' tax-exempt bonds or other obligations of the Authority for the ,-~ , ~ purpose of providing for the costs of financing the industrial manufacturing project of the Company, as more fully described in said Application for Financing (the 'Project"), and the costs of issuing such bonds, upon such terms and conditions as may be agreed upon by the Authority, the Company and the purchasers of the bonds, without any liability to the Authority or the City whatever; and WHEREAS, the provisions of the Tax Reform Act of 1984 require that certain industrial development revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds to be issued for said projects in accordance with the provisions of Section 103(n) of the Internal Revenue Code - of 1954, as amended (the "Code"); and '- WHEREAS, the City, by appropriate Resolution, has assigned and transferred to the Authority an amount equal to Eight Million ~ One Hundred Thousand dollars ($8,100,000) of a portion of the calendar year 1985 Private Activity Bond Limit of the City for use by the Authority to issue bonds or other obligations for the Project in accordance with the procedures established by the Proclamation of the Governor, dated July 19, 1984 (the "proclamation"); and WHEREAS, the Authority, by appropriate resolution, has accepted said transfer and assigned an amount equal to Eight Million One Hundred Thousand Dollars ($8,100,000) of the calendar year 1985 c: Private Activity Bond Limit of the City for use by the Authority to issue bonds or other obligations for the Project. - 2 - - - \'". f";..... y ''"''\ '-' ~ WHEREAS, the total available calendar year 1985 Private ~ Activity Bond Limit of the Authority as of the date hereof, is Eight Million One Hundred Thousand Dollars ($8,100,000); and WHEREAS, on August 30, 1985, the Governor amended the Proclamation by providing for the automatic recapture by the State of any unused local agency calendar year 1985 Private Activity Bond Limit on October 15, 1985 (the "Amendment"); and WHEREAS, the Amendment provides that a local government may elect to retain its unused calendar year 1985 Private Activity Bond Limit by filing a form with the California Debt Limit Allocation Committee (the "Committee"); and -- \,... WHEREAS, in order that said $8,100,000 of the Authority' s unused 1985 calendar year Private Activity Bond Limit be retained by the City and not be automatically recaptured by the State on ~ October 15, 1985, it is necessary that the Authority make an election pursuant to Section 4(b) of the Proclamation as amended in the manner hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY OF SAN BERNARDINO INDUSTRIAL DEVELOPMENT AUTHORITY, AS FOLLOWS: section 1. The recitals set forth hereinabove are true ,- ~ and correct in all respects. - 3 - ... - ... , \-, /'..'...... -.., ~ ,-) ........ ,.- ~ Section 2. Pursuant to the Act, the Authority is legally authorized to issue tax-exempt bonds and to use the proceeds thereof to make loans to finance "facilities," as said term is defined in the Act, including without limitation, assembling, fabricating, manufacturing, processing or warehousing activities or motor carrier terminals with respect to any products of agriculture, forestry, mining or manufacture, provided that these activities have demonstrated jOb creation or jOb retention potential. Section 3. The Authority has previously declared its intention to issue tax-exempt industrial development revenue bonds of the Authority for the construction and permanent financing of the Project under and in accordance with the Act, in amounts sufficient C to provide for the costs of financing such facilities to be located wi thin the Ci ty and to provide for the costs of issuance of the bonds and for the establishment of the necessary reserve funds, if ~ any, and to provide for the further security of the bonds. Section 4. The Authority makes the election pursuant to Section 4(b) of the Proclamation, as amended, to retain its unused calendar year 1985 Private Activity Bond Limit, as said Limit was assigned and transferred to the Authority by the City, in an amount equal to Eight Million One Hundred Thousand Dollars ($8,100,000), for the purpose of providing for the financing by the Authority of the Project to be undertaken by the Company pursuant to the Act. ;~ "- - 4 - .. ~ - c. ,r"'" \......- -" '-' ) ,,- Section 5. The Staff of the Authority shall comply with ~ all filing and reporting requirements as may be necessary in connection with said election by the Authority to retain its unused calendar year 1985 Private Activity Bond Limit. Section 6. Adoption of this Resolution shall not be construed as approval of the plans or concept of the proposed development, nor as an indication that the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), will hereafter take any particular action toward granting any planning, zoning, or other approval relating to a plan of development. The Mayor and Common Council reserves its right to evaluate any future administrative procedures and appeals based C solely on the information available at the time of consideration, including any actions or recommendations by or appeals from the Development Review Committee and the Planning Commission. Nothing ~ herein shall be construed as advance commitment or approval as to any such matter, and the Company is hereby notified that normal planning processing shall be required. in accordance with the standard procedures of the City and that the Company will be required to comply with all applicable laws and ordinances of the City, State and federal government. Section 7. The issuance of bonds or other Obligations of the Authority for the Project as authorized and empowered by the -- '- Act shall be subject to the calendar year 1985 state-wide volume limit on the issuance of such bonds or other Obligations as imposed by Government Code Section 91573. - 5 - ~ - ~ ,--, ,,"" :) ,j v Section 8. This Resolution shall take effect upon ,-.. '-' adoption. PASSED, APPROVED . 1985. AND ADOPTED this day of Chairperson of the City of San Bernardino Industrial Development Authority (SEAL) ATTEST: Secretary of the City of San Bernardino Industrial Development Authority c Approved as to form: ~#fJ~ ~ Authority Attorney r"'-"'" '- - 6 - l,., ~ '""' .~. ;....... '-' '-' ,j STATE OF CALIFORNIA ) SECRETARY'S CERTIFICATE ,-. COUNTY OF SAN BERNARDINO) ss. RE ADOPTION OF RESOLUTION '- CITY OF SAN BERNARDINO ) I, , Secretary of the City of San Bernardino Industrial Development Authority, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted by said Authority at a meeting of said Authority held on the _ day of , 1985 and that the same was passed and adopted by the following vote, to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members Secretary of the City of San Bernardino Industrial Development Authority ,-. ......... (SEAL) STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) ss. CITY OF SAN BERNARDINO ) SECRETARY'S CERTIFICATE OF AUTHENTICATION ~ I, , Secretary of the City of San Bernardino Industrial Development Authority, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. of said Authority and that said Resolution was adopted at the time and by the vote stated on the above certificate, and has not been amended or repealed. Secretary of the City of San Bernardino Industrial Development Authority (SEAL) ..- '- - 7 - - \.- \..,..- ....... >~ -\ ....,,j r '- ~ .OTICE or ELECTIO. TO IITAI. 0.OSID1985 .IIyaTEACTIYIrrIOID ALLOCATIOS caLIrOI.IA DIIT LIRIT aLLOCATIO. COKKIrrII .. O. lox 1919 S.cr..aeto, CA 95809 (916) 32'-0310 a a a .aME or LocaL AGE.CI, ADDRESS or aGE.CI, COIUCT PERSOlh TULE, COOITI. PBOIIE. a a a TOTaL 1985 aLLocaTIO., 1. Tct.l Aaouet alloo.tad by CDLaC par tor.ul. in JaDuary 1985............................ .t 2. 'LOS, Tot.l Aaouet Raoal.ad by asaeoy tro. CDLiC per Local ..qu..t....................... 3. PLUS, Tot.l Aaouet Raoal.ad by "aecy troD otber Local .I.acf(.)......................... .. TOTAL ALLOCATIO. a'aILAILE TO AGI.CY..... (add 11e.. 1-3) USES or 1985 ALLOCATIO., C 1) (2) (3) H) ,"'-' ........ 5. 6. 7. 8. Tot.l a.ouet U.ad tor Co.platad loed I..u.......................................... 'LUS, Tot.l Aaouet Tr.e.tarrad to St.ta or &cothar Loc.l asaeoy (ieoludles . .ubordle.ta local a.eDc1, .... au IDA or IDi)............. PLUS, Tot.l &aouet Eecu.barad by . Carr1torvard Proc.dur......................... tOTAL lLLOCATIO. DSID.................... (add Lie.. 5-1) (5) (6) (1) (8) ~ IEMaI.I.G 1985 aLLOCATIO., (Subtr.ct Liea 8 tro. Liea .).......... (9) V.COMMITTED 1985 aLLOCaTIO. TSaT aGE.CY ELECTS TO .IT&I.z................................. (&mouet Equ.l to or Less th.n Lln. 9) (10) ............:................................................:..... CEITIrIcaTE or ELECTIO. TO IITAI. UrBSED 1985 PBI,aTE aCTIIITI 10BD aLLocaTIOS . pur.u.nt to Sactioe 'Cb) ot th. c (Local isency ....1 Go.eraor'. Prool...t1on, a. ...Dded Au.uat ,1985. ber.b1 elects DOt to allow t~. tr.eatar ot . ot lts 1985 Unus.d Ctroll Lina 10) Allocatioe to tha Stata pursuaet to Saotioe 'Ca) ot th. Go..rnor's Prool...Uoe. Slsn.tur. To ba slsnad by the chlet ~l'.~ad ottlcl.l or .d.lnlstr.tl.e ottlol.l ot the loc.l asancy.1 Titl. tbe cbief CBOTE, Date.