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R~VELOPMENT AGENCY-UUEST FOR UMMISSION/COUNCIL At.JION I From: Glenda Saul, Executive Director "'-flt: Redevelopment Agency Subject: AWARDING BONDS TO SUCCESSFUL BIDDER MEADOWBROOK/CENTRAL CITY REFUNDING BONDS Date: October 30, 1985 Synopsis Df Previous Commission/Council ectiDn: Feb/Mar '85 Workshops conducted to discuss bond refinancings 4/15/85 Motion instructing staff and consultant to proceed with the refunding of bonds for the combined Central City, Meadowbrook, CCEast and CCSouth Project 9/30/85 Workshop which included discussion on necessity to refund above mentioned bonds 10/7/85 Adopted Resolution authorizing the preparation of offering documents and Notice to Sell 10/21/8f:) Adopt.p-d Rp-Rolllt.;nn lI11thnrizini t.hp. ;IUUl.Anc.p. ann AliI@. of bnndA Recommended motiDn: (COMMUNITY DEVELOPMENT COMMISSION) r- '- RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AWARDING AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $22,500,000 OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, TAX ALLOCATION REFUNDING BONDS FOR THE CENTRAL CITY REDEVELOPMENT PROJECT TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS d~~ Signature Contact person: GLENDA SAUL Phone: 383-5081 1 & 3 Supporting dBta attachBd: To be handed out 11/1/85 WBrd: FUNDING REQUIREMENTS: Amount: $ N/A Project: M/CC - CCE - CCS No adverse Impact on City: Date: November 1, 1985 p-..,cil Notes: '- 0044G/EB Agenda Item No. 1- CI\..I OF SAN BERNARDUO - REQULJr FOR COUNCIL AC'...oN \.......... - "- ,-.. '- 75-0264 STAFF REPORT The bids for the Meadowbrook/Central City refunding bonds will be received by Bond Counsel and Financial Consultant at the Security Pacific Bank Trust Division in Los Angeles on Thursday, October 31, 1985, at 11:00 a.m. The principal amount of the bonds will be an amount not to exceed $22,500,000. This issue will refund the M/CC $24,150,000 issue, payoff the State loan of $745,000, refund the CCE $2,000,000 bonds due 12/1/85 and refund the CCS bonds in the amount of $4,300,000. This issue will not only reduce the debt service, enabling the Agency to meet debt service with its projected tax increment, but will also provide for a 20% set aside of tax increments received to be used for low/moderate households. The projected 20% set aside for this combined project is approximately $550,000 the first year. The refunding will also extend the life of all four projects to the longest of the four, i.e. year 2021. Both bond counsel and financial consultant will prepare summary memo's describing the receiving of the bids. The bids will be hand carried to the meeting by staff on Friday, November 1, 1985. 0044G/EB 11-01-85 . i '- - -- . 2,164-10/1060S/rfr 10/18/85 -........ RESOLUTION NO. RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AWARDING AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $22,500,000 OF REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, TAX ALLOCATION REFUNDING BONDS FOR THE CENTRAL CITY REDEVELOPMENT PROJECT TO THE SUCCESSFUL BIDDER AND APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS WHEREAS, at the time and place fixed for the opening of bids for the aggregate principal amount not to exceed $22,500,000 of Bonds of the Redevelopment Agency of the City of San Bernardino (the "Agency">, designated $22,500,000 Redevelopment Agency of the City of San Bernardino, Central City Redevelopment Project, Tax c Allocation Refunding Bonds, Issue of 1985 (the "Bonds"), the bid as hereinafter described was publiCly opened, examined and read, and such bids together with the net thereof has been entered in the minutes; and WHEREAS, ( ) bids have been received by the Agency at the time and place as set forth in the Notice Inviting Bids, and said bids as received by the Agency are attached hereto as Exhibit "A" and are incorporated herein by reference and made a part hereof; and WHEREAS, the bid of the bidder hereinafter named is the bid made by a responsible bidder for the Bonds in full "..... compliance with the Notice Inviting Bids as previously distributed '- to prospective bidders for the Bonds. - 1 - l.- '-"" - "...-- -- NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AS FOLLOWS: Section 1. That the bid of offering $ , plus accrued interest to the date of delivery for said Bonds and bearing interest payable commencing on May 1, 1986, and semiannually on each November 1 and May 1 thereafter until the various serial and term maturity dates on the Bonds in the principal amount of $22,500,000 at the rates of interest per annum as set forth in said bid and at an initial discount of %, is hereby approved and accepted by the Commission on behalf of the Agency. - '- The bid of is the bid for the Bonds yielding the lowest net interest cost to the Commission on behalf of the Agency. Said bid is hereby accepted and the Bonds are hereby awarded to said bidder in accordance with the terms of the proposal, and any irregularity or informality in said bid is hereby waived by the Agency in accordance with said Notice Inviting Bids. Section 2. That purchase price on the Bonds is hereby fixed at the price as stated in Section 1 hereof and the interest rates are hereby fixed at the rates as set forth in the bid of the successful bidder. Section 3. That the Chairman of the Agency, Agency ,...... ~ Treasurer, appropriate Agency Staff or such other Agency official or - 2 - '- /. ~, '-' -- __ officer as is appropriate under the circumstances, is hereby '- directed to deliver the Bonds to the successful bidder upon payment therefor together with accrued interest to the date of delivery. Section 4. The Official Statement with respect to the Bonds as distributed to prospective bidders and as presented to the Agency is hereby approved together with the Notice Inviting Bids and the Bid Form, all as on file with the Secretary of the Agency. The Chairman and Secretary of the Agency, or such other Agency officer or official as appropriate, are hereby authorized and directed to execute the Official Statement where and as indicated, and the Secretary of the Agency is hereby authorized and directed to deliver copies of the Official Statement to the Purchaser in such reasonable .1""" '- quantities as requested by the Purchaser. Section 5. The Chairman, the Secretary, the appropriate Agency Staff or such other person who may act in their place, are hereby authorized and directed to execute and deliver any and all of the closing documents and certificates in connection with the issuance, sale and delivery of the Bonds, including, but not limited to, the Resolution of Issuance with Security Pacific National Bank, as Fiscal Agent, the Fiscal Agent Agreement and the Bonds to the Purchaser. The Fiscal Agent shall pay the costs of issuance with the proceeds of the Bonds as invoices representing such costs of issuance are presented to the Agency Staff for payment, and such costs of issuance are hereby approved for payment by the Agency I"""'" ~ through the Fiscal Agent in accordance with bills or invoices presented to and approved by the Staff of the Agency. - 3 - l.. . "'-' , ......... , "-- -.I "'.".. '-" Sect ion 6. The Commission hereby specifically authorizes and directs the Agency Chairman and Agency Counsel, with the approval of Bond Counsel, to make any and all necessary and required changes, modifications or amendments to the Resolution of Issuance and the Resolution of Sale of the Commission as may be reasonably requested by any municipal bond insurer or any nationally recognized municipal bond rating agency proposing to insure or issue a rating on the Bonds, or any other such changes, modifications or amendments as deemed necessary by the Chairman of the Agency, Agency Counsel and Bond Counsel. Section 7. This Resolution shall take effect upon -- adoption. '--- ADOPTED: Approved as to Legal Form and Adequacy: By: Counsel to the Commission -- --- - 4 -