HomeMy WebLinkAboutR08-Redevelopment Agency
o " :)
AGmICY.....8T FOR ~ISSION/COUNCIL ACTION
,'"~rom: Glenda Saul, EXecutive Director
'-
Dept: Redevelopment Agency
Daw: December 9, 1985
Subject:AUTHORIZING STAFF TO REPORT TO THE
CALIFORNIA DEBT LIMIT ALLOCATION
COMMITTEE UNUSED PORTION OF IDB
ALLOCATION
Synopsis of Previous Commission/Council action:
1/1985 Governor's proclamation allocation 46,812 000 for City IDB's
5/1985 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 Industrical Development Authority (IDA)
accepting the transfer of allocation
Q/?~/R~ Annnted Resolutions 85-381 and 85-10 electing to retain City's unused
portion of allocation
Recommended motion: (Mayor and Common Council)
c
RESOLUTION OF TIlE MAYOR AND COMMON COUNCIL OF TIlE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING TIlE STAFF OF TIlE REDEVELOPMENT AGENCY OF TIlE CITY OF SAN BERNARDINO TO
NOTIFY TIlE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE OF TIlE AMOUNT, IF ANY, OF THE
UNUSED PORTION OF THE 1985 CALENDAR YEAR PRIVATE ACTIVITY BOND LIMIT OF T lIE CITY OF
SAN BERNARDINO
~~~I
Signature
Contact person:
6JIL.a.lk 54tl1
Phone: 383-5081
Supporting data attached:
YEE
Ward: NI A
FUNDING REQUIREMENTS:
Amount: $
MIA
Project: N/A
No adverse Impact on City:
-,
I.....-Jncil Notes:
Date:
D.oroo",hA?,
1';
.
1QR~
U\I.lUI\.IIIIl
12/16/85
Atu:~nl'b It,:llm Nn R.- 8
CI~ OF SAN BERNARD~ - REQU~T FOR COUNCIL AC~ON
,
/-.~~
'--
STAFF REPORT
Pursuant to the Governor's Proclamation, the City has received $6,812,000
allocation for IDB's. The City has also received transfers of allocation from
other localities totalling $11,171,000.
On September 23 the Mayor and Common Council adopted resolutions electing to
retain the City's unused portion of its allocation. This was necessary because
the allocation automatically reverts to the State of October 15, 1985, if this
election is not done.
The California Debt Limit Allocation Committee has requested that any unused
allocation be transferred back to the State.
Currently, staff anticipates two IDB's closing in December. The IDB allocation
status is as follows:
Total amount of allocation
$17,983,000
C&M Fine Pack
-5,000,000
3,800,000
$9,183,000
<::: The resolution before you authorizes staff to do an assessment after
December 27, 1985, and transfer any remaining allocation back to the State of
California.
SIMA Partnership
c
75.0264
09l0K/EB
12/16/85
,-
'-
c
c
c
o
'"'")
,-
o
SBEOOI-94(1010)/1319S/rg
12/06/85
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING
THE STAFF OF THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO TO NOTIFY THE CALIFORNIA DEBT
LIMIT ALLOCATION COMMITTEE OF THE AMOUNT, IF ANY,
OF THE UNUSED PORTION OF THE 1985 CALENDAR YEAR
PRIVATE ACTIVITY BOND LIMIT OF THE CITY OF
SAN BERNARDINO
WHEREAS, the City of San Bernardino, California (the
"City"), has a calendar year 1985 private activity bond limit of
$6,812,000 as determined in accordance with the Proclamation of the
Governor of the State of California, dated July 19, 1984, as amended
(the "Proclamation"); and
WHEREAS, the City has obtained various transfers of
allocation of calendar year 1985 private activity bond limits from
oth~r jurisdictions within the State of California as authorized by
the Proclamation (the "1985 City Bond Limit"); and
WHEREAS, the City and its subordinate agencies, including
without limitation the City of San Bernardino Industrial Development
Authority (the "Authority"), have identified certain projects for
industrial development bond financing during the calendar year 1985
for which a portion of the 1985 City Bond Limit must be applied; and
- 1 -
c
o
()
-...
~)
/'''''''-<
~
WHEREAS, in the event that the bonds for one or more of the
industrial development revenue bond financing projects of the City,
the Authority or the Redevelopment Agency of the City of
San Bernardino (the "Agency") are not in fact issued and delivered
on or before December 31, 1985, the City may have available an
unused portion of its 1985 City Bond Limit for transfer to the State
of California; and
WHEREAS, it is appropriate at this time to authorize the
Staff of the Agency to notify the California Debt Limit Allocation
Committee on behalf of the State of California (the "Committee") of
the amount, if any, of any unused portion of the 1985 City Bond
Limit which is not in fact used by the City, the Authority, or the
<:: Agency during calendar year 1985 and to transfer and make available
for use by the Committee or any other local agency within the State
of ~alifornia of such unused portion of the 1985 City Bond Limit for
use by the Committee or any other local agency within the State of
California in connection with qualifying carry forward election
projects as may be designated by the Committee or any other local
agency within the State of California on or before December 31, 1985.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
c
- 2 -
./^'..,..
\.....
c
c
c
o
:)
o
Section 1.
The Agency Staff is hereby authorized and
directed to determine the amount, if any, of the 1985 City Bond
Limit which may not be used for qualifying industrial development
revenue bond financing projects of the City, the Authority or the
Agency for which a portion of the 1985 City Bond Limit must
applied.
The Agency Staff shall make such determination as of
December 27, 1985, based upon the following criteria:
(i) that for each specific project for which a portion of
the 1985 City Bond Limit must be applied, a firm date for
the issuance and delivery of the bonds for such project has
been set and that said firm date is no later than
December 31, 1985; and
(ii) that either the City, the Authority or the Agency has
adopted a resolution of issuance for the financing of such
a project and filed the appropriate small issue election in
the manner required by Code Section 103(b)(6)(D); and
(iii) that the Applicant for the tax-exempt financing of
such project shall have certified in writing that the
financing shall be completed and the fee as provided under
Ordinance 3815,
the
resolutions
amended,
and
as
implementing said ordinance or the provisions of Government
Section 91500, et seq., as applicable, shall be due and
payable as of December 31, 1985.
- 3 -
c
o
o
:)
r-
\--
Section 2.
Upon a determination by the Agency Staff
that a portion of the 1985 City Bond Limit will remain unused during
calendar year 1985. the City Council hereby authorizes and directs
the Agency Staff to notify the Committee that said amount is
available for transfer to the Committee or any other local agency
within the State of California for one or more qualifying carry
forward election projects. The City Council hereby authorizes the
Agency Staff to cause to be transferred to the Committee or any
other local agency within the State of California for one or more
qualifying carry forward election projects any amount or amounts of
the 1985 City Bond Limit which may be determined to be available for
transfer to the Committee or any other local agency within the State
of California for one or more qualifying carry forward election
C projects in accordance with the criteria set forth in Section 1 of
this Resolution and to take any other action which may be
apprQpriate or necessary to implement the intent of this Resolution.
Section 3.
This Resolution shall take effect upon
adoption.
r
'-
- 4 -
c
o
o
.:)
r
'-
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Counci 1 of the City of
San Bernardino at a
meeting thereof,
held on the
day of
, 1985, by
the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
c
day of
The foregoing resolution is hereby approved this
, 1985.
Mayor of the City of
San Bernardino
Approved as to form:
..~~
t2&~1 -q ~ ''"''/
4I.~iI'Ci ty Attorne
,
c
- 5 -
c
c
c
c
o
o
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
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 full,
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
- 6 -