HomeMy WebLinkAbout02-11-1997 Minutes
MINUTES
MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO
SPECIAL MEETING
FEBRUARY 11, 1997
COUNCIL CHAMBERS
NOTICE IS HEREBY GIVEN that the Mayor and Common Council of
the City of San Bernardino have called a special meeting of the
Mayor and Common Council for 10:00 a.m., Tuesday, February 11,
1997, in the Council Chambers of City Hall, 300 North "D" Street,
San Bernardino, California.
The purpose for which this meeting was called was to waive
further reading and adopt the following resolution:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO APPROVING THE FORM OF AND AUTHORIZING THE
EXECUTION AND DELIVERY OF A CERTAIN AGREEMENT FOR
APPROPRIATION OF FUNDS WITH SUMITOMO TRUST.
The special meeting of the Mayor and Common Council of the
City of San Bernardino was called to order by Mayor Minor at 10:03
a.m., Tuesday, February 11, 1997, in the Council Chambers of City
Hall, 300 North "D" Street, San Bernardino, California.
ROLL CALL
Roll call was taken by City Clerk Rachel Clark with the
following being present: Mayor Minor; Council Members Negrete,
Devlin, Anderson, Miller; City Attorney Penman; City Clerk Rachel
Clark; Acting City Administrator wilson. Absent: Council Members
Curlin, Arias, Oberhelman.
RES. 97-42 - RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO APPROVING THE FORM OF AND
AUTHORIZING THE EXECUTION AND DELIVERY OF A CERTAIN
AGREEMENT FOR APPROPRIATION OF FUNDS WITH SUMITOMO
TRUST. (1)
Mayor Minor read the title of the resolution.
Mayor Minor explained that said resolution would allow the
Inland Valley Development Agency (IVDA) to refinance previously
issued IVDA notes and school district notes with a letter of credit
issued by the City and County of San Bernardino. Both the city and
county would only be required to consider whether or not to include
debt service shortfalls, if any, that may be experienced by the
IVDA in a future year for the payment of the annual debt service
obligation on the refunding bonds totalling $40,000,000.
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2/11/1997
council Member Devlin made a motion, seconded by Council
Member Anderson, that full reading of the resolution be waived; and
that said resolution be adopted.
Economic Development Agency Special Counsel Sabo stated that
said commitment would not impose any financial liability on the
city and county and answered questions concerning IVDA's financial
responsibilities and the potential savings to be realized as a
result of the proposed refinancing.
COUNCIL MEMBER ARIAS ARRIVED
At 10:0S a.m., Council Member Arias arrived at the Council
meeting and took her place at the council table.
Special Counsel Sabo answered questions regarding the issuance
of the proposed multi-modal bonds.
The motion carried and Resolution No.
following vote: Ayes: Council Members
Anderson, Miller. Nays: None. Absent:
Oberhelman.
97-42 was adopted by the
Negrete, Arias, Devlin,
Council Members Curlin,
ADJOURNMENT (2)
At 10:19 a.m., the meeting adjourned. The next scheduled
meeting will be held at 8:00 a.m., Monday, February 17, 1997, in
the Council Chambers of City Hall, 300 North "D" Street, San
Bernardino, California.
RACHEL G. CLARK
City Clerk
No. of Items: 2
By _~AL_~~I.-t....d
. 9Uzanna C ova
;Deputy City Clerk
No. of Hours:
15 mins.
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2/11/1997