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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REQUEST FOR COMMISSION/COUNCIl. ACTION
FROM: TIMOTHY C. STEINHAUS
Agency Administrator
SUBJECT:
~~~ ~:~~~inistrator ~[D [?)W
DATE: July 3,1997
Synopsis nfPrevinm; Cnmmis.don/Council/Cnmmittee Aetion(.~):
SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY PUBLIC
FACILITIES LEASE REVENUE
REFUNDING BONDS, 1997 SERIES A
On June 2, 1997 and June 16, 1997 the Mayor and Common Council/Community Development Commission and
the Joint Powers Financing Authority continued this item.
Recommended Mntion(.Il;):
(Mayor and Common Council)
MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, AUTHORIZING CERTAIN LEASE AGREEMENTS, THE FORMS
OF CERTAIN DOCUMENTS RELATED THERETO AND THE TRANSFER OF
CERTAIN PROPERTY TO THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY.
(Motions Continued on Next Page)
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FRED WILSON
Acting City Administrator
Contact Person(s): TimothyC Steinhaus/Fred Wilson
Project Area(s):
N/A
Supporting Data Attached: StaffR<:port; Resolutions
FUNDING REQUIREMENTS: Amount: $ N/ A
Budget Authority: None
TIMOT . STEINHAUS
Agency Administrator
Phone:
5081
Ward(s):
N/A
Source:
N/A
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Commissinn/Couneil Note,,:
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Continued to tJ 7 Iii /'17
COMMISSION MEETING AGENDA
MEETING DATE__
Agenda Item Number: _
fiRS 1
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ECONOMIC DEVELOPMENT AGENCY
Request for Commission/Council Action
July 7,1997
Page 2
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Recommended Motion(s) Continued:
(Community Development Commission)
MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO AUTHORIZING A CERTAIN LOAN
AGREEMENT AND LIBRARY AND FIRE STATION LEASE
(Joint Powers Financing Authority)
MOTION C: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $16,250,000 PUBLIC FACILITIES LEASE
REVENUE REFUNDING BONDS 1997 SERIES A, APPROVING
THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING PREPARATION, EXECUTION
AND DELIVERY OF THE FINAL FORMS THEREOF
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COMMISSION MEETING AGENDA
MEETING DATE: 07/07/1997
Agenda Item Number: iJf[j- I
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ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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San Bernardino .Joint Powers Financing Authority Puhlic Facilities
Lease Revenue Refunding Bonds, 1997 Series A
BACKGROUND AND STRUCTURE:
In August 1989, the San Bernardino Joint Powers Financing Authority (the "Authority") issued
on behalf of the City the $10,215,000 Public Facilities Lease Revenue Refunding Bonds (the
"1989 Bonds"). The 1989 Bonds were issued to refund the $3,200,000 Redevelopment Agency
of the City of San Bernardino, California, Public Facilities Lease Revenue Bonds, Issue of 1982,
Series A (the "1982 Bonds"), and the $6,790,000 Redevelopment Agency of the City of San
Bernardino, California, Public Facilities Lease Revenue Bonds, Issue of 1983, Series A (Central
Library) (the "1983 Bonds"). The 1989 Bonds have a final maturity date of September 1, 2013.
The annual Debt Service payment on the 1989 Bonds is equal to approximately $890,000 per
year; and the net interest rate is equal to 7.218%.
City Staff has been working with representatives of Miller & Schroeder Financial, Inc. ("Miller
& Schroeder"), to assist the City: (i) in resolving the anticipated budget deficits that are expected
to occur for the 1997-98 fiscal year, (ii) to deal with certain financial concerns brought about by
the recent passage of Proposition 218 in November, 1996, and (iv) to assist in the refinancing
the 1989 Bonds for debt service savings purposes.
The refunding of the 1989 Bonds would achieve a reduction in the annual debt service cost to the
City and would provide a lower interest rate. This refunding of the 1989 Bonds alone would
create debt service savings for the City commencing in the 1997-98 fiscal year and additional
future savings over the life of the proposed 1997 Refunding Bonds. The 1997 Refunding Bonds
would be issued in a principal amount of approximately $15,550,000.
Based upon current interest rates, it is expected that the City will be able to reduce its annual debt
service costs on the 1989 Bonds by approximately $35,000 per year due exclusively to the
reduction in interest rates from 1989 to the current market conditions. The City may
additionally include as capitalized interest the amount necessary to pay the initial interest-only
payment which is due and payable on September 1, 1997, for the 1997 Refunding Bonds. By
capitalizing interest for the first debt service payment in September 1997, for the 1997 Refunding
Bonds, the issuance of the 1997 Refunding Bonds will thereby reduce the first year debt service
cost in 1997-98 by $500,000.
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COMMISSION MEETING AGENDA
MEETING DATE: 07/07/1997
Agenda Item Number: ~
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ECONOMIC DEVELOPMENT AGENCY STAFF REPORT
San Bernardino Joint Powers Financing Authority
July 3, 1997
Page 2
These cost savings figures are summarized below:
1. Interest rate savings from the issuance of the 1997 Refunding Bonds - $35,000 per year
2. Funding of the September 1, 1997, debt service payment produces an additional 1997-98
fiscal year savings - $500,000
FINANCING OF REFUSE DEPARTMENT OPERATIONS AT CORPORATE YARD
The Refuse Department of the City presently uses the City Corporate Yard for the storage and
maintenance of the Refuse Department vehicles and the storage of trash bins and other
receptacles that are distributed to customers. An appraisal has been obtained for the City
Corporate Yard for an appraised value equal to $5,400,000 for the entire City Corporate Yard.
City Staffhas determined that approximately 63% of the City Corporate Yard is currently
utilized for Refuse Department purposes. The maximum principal amount that could be financed
and repaid solely by the Refuse Department annual payments would be equal to $3,400,000. The
Council may elect to bond for an amount not to exceed the $3,400,000 figure and to have the
entire lease payment for this portion of the financing paid by the Refuse Department and not the
General Fund.
The City, in full compliance with the recently adopted Proposition 218, is able to transfer title for
that portion of the City Corporate Yard that is utilized by the Refuse Department operations to
the Joint Powers Financing Authority in exchange for the payment of the not to exceed
$3,400,000 of the land and improvement value. The City will then lease back that same portion
of the City Corporate Yard pursuant to the Refuse Yard Lease Purchase Agreement whereby the
primary pledge of revenues and the source of repayment will be the refuse collection fees
obtained through the enterprise fund of the Refuse Department. AMBAC will additionally
require that the City General Fund be obligated to remit any payments that are not or can not be
made at any time in the future.
It has been proposed that the transaction be structured as follows:
The Authority would issue its Public Facilities Lease Revenue Refunding Bonds, Series 1997 A,
and loan the proceeds to the Agency to advance refund the 1989 Bonds, and thus repay the City's
obligation under the 1989 Lease Agreement and create additional capital. [Note: The 1989
Bonds are secured by a loan agreement with the Agency which pledges base rental payments to
be made by the City under a 1989 Lease Agreement between the Agency and the City.
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COMMISSION MEETING AGENDA
MEETING DATE: 07/07/1997
Agenda Item Number: cAt6 ~J
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ECONONnC DEVELOPMENT AGENCY STAFF REPORT
San Bernardino Joint Powers Financing Authority
July 3, 1997
Page 3
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The loan of the 1997 Refunding Bond proceeds would be evidenced by (i) a Loan Agreement
between the Authority and the Agency and (ii) a Refuse Yard Lease Agreement between the
Authority and the City. Under the Loan Agreement, the Agency would pledge Base Rental
Payments made by the City under a Library and Fire Station Lease. In order to create the Refuse
lease arrangement between the City and the Authority, the City would transfer title to a portion
of the City Corporate Yard to the Authority and the City would then lease-back that property.
AMBAC has previously provided municipal bond insurance on the 1989 Bonds and will issue a
new policy for the continuation of bond insurance on the new bonds in order to obtain a rating of
AAA. AMBAC has agreed to substantially reduce its premium on the refunding bonds from the
typical insurance premium of .65% as was paid on the 1989 Bonds to a .39% premium as
negotiated with AMBAC for the Refunding Bonds.
PROPOSED ACTIONS:
The Council should decide on the following policy matters to assist City Staff in the structuring
of the proposed refinancing and the issuance of the 1997 Refunding Bonds. The decisions that
need to be addressed by the Council are listed below, and any motion to approve the
accompanying Resolutions must be qualified to take into account the directions of the Council on
the following structural matters.
1. Issue the Refunding Bonds to achieve an interest rate savings and debt service
reductions of approximately $35,000 per year.
2. Fund the September 1, 1997, interest-only payment with the proceeds of the
1997 Refunding Bonds to reduce the payment obligations of the City in the
1997-98 fiscal year by approximately $500,000.
3. Authorize the transfer of title of the Refuse Department portion of the City
Corporate Yard in consideration for $2,200,000 and the Authority will lease-
back the Refuse Department portion of the City Corporate Yard to the City.
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COMMISSION MEETING AGENDA
MEETING DATE: 07/07/1997
Agenda Item Number: f1tL) - I
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ECONONUC DEVELOPMENT AGENCY STAFF REPORT
San Bernardino Joint Powers Financing Authority
July 3,1997
Page 4
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It is recommended that the attached resolutions of the Mayor and Common Council, the San
Bernardino Joint Powers Public Finance Authority and the Community Development
Commission be adopted to provide for the issuance of the Authority's Public Facilities Lease
Revenue Bonds, Series 1997 A:
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FRED WILSON
Acting City Administrator
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COMMISSION MEETING AGENDA
MEETING DATE: 07/07/1997
Agenda Item Number: ..Ll f5 ~ I
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO, AUTHORIZING CERTAIN LEASE
AGREEMENTS, THE FORMS OF CERTAIN DOCUMENTS RELATED
THERETO AND THE TRANSFER OF CERTAIN PROPERTY TO THE SAN
BERNARDINO JOINT POWERS FINANCING AUTHORITY
WHEREAS, the City of San Bernardino (the "City") and
the Redevelopment Agency of the City of San Bernardino (the
"Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the San Bernardino Joint Powers Financing
Authority (the "Authority") for the purpose, among other things,
of issuing bonds to be used to make loans to finance certain
activities of the City and the Agency; and
WHEREAS, the Authority and Security Pacific National
16 Bank, as succeeded as trustee by First Trust of California,
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National Association, entered into that certain Indenture of
Trust dated as of September 27, 1989, which provided for the
issuance of the San Bernardino Joint Powers Financing Authority
Public Facilities Lease Revenue Bonds, 1989 Series A (the "Prior
Bonds") which were secured by lease payments to be made by the
City; and
WHEREAS, the City has requested that the Authority and
the Agency assist in refinancing the City's obligations in
connection with the Prior Bonds and providing additional capital
for certain other public improvements; and
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1 WHEREAS, in order to carry out the financing, the
2 Authority shall enter into a Loan Agreement with the Agency dated
3 as of June 1, 1997 (the "Loan Agreement") which shall be secured
4 by certain Base Rental Payments to be made by the City to the
5 Agency under that certain Library and Fire Station Lease
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Agreement dated as of June 1, 1997 (the "Library and Fire Station
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26 WHEREAS, the Authority shall pledge payments to be made
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Lease"); and
WHEREAS, the Authority proposes to transfer certain
moneys to the City and in consideration therefore, the City shall
transfer the City's Maintenance Facility Yard to the Authority
and the Authority shall then lease the Maintenance Facility Yard
back to the City pursuant to that certain Maintenance Facilities
Lease dated as of June 1, 1997 (the "Maintenance Facilities
Lease"); and
WHEREAS, the Authority has determined to issue its
Public Facilities Lease Revenue Refunding Bonds, 1997 Series A,
in the principal amount of not to exceed $16,250,000 (the
"Bonds") pur'suant to and secured by the Indenture of Trust dated
as of June 1, 1997 (the "Indenture") and loan the proceeds
thereof to the City; and
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1 WHEREAS, the Authority shall assign its right to
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2 receive payments under the Loan Agreement and Maintenance
3 Facility Lease (the "Payments"), its right to enforce payment of
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27 (i) Maintenance Facility Lease and Library and Fire Station Lease
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WHEREAS, Miller & Schroeder Financial, Inc., as
prospective underwriter of the Bonds (the "Underwriter") has
informed the Authority that it intends to submit an offer to
purchase the Bonds and shall cause to be prepared a Preliminary
Official Statement and an Official Statement relating to such
Bonds, as may be necessary in the sale and marketing of the
Bonds, the form of which Preliminary Official Statement is
presently on file with the Secretary of the Authority; and
WHEREAS,
the
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to
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approve
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1 under the Grant Deed, and has duly considered such transactions
2 and seeks at this time to approve said transaction and documents
3 in the public interests of the City.
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and determines that the sale of the Property will result in
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS: \
Section 1.
Determinations.
The City hereby finds
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1 directed to execute and deliver, and the City Clerk is hereby
2 authorized and directed to attest to, the final forms of the City
3 Documents when the same have been prepared.
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27 such other authorized officer of the City is hereby authorized
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Section 3. Issuance of the Bonds: Annroval of Form
of Indenture of Trust. The City hereby authorizes the issuance
of the Bonds under and pursuant to the Act, the Government Code
of the State of California and the Indenture of Trust (The
"Indenture") on file with the City Clerk, in the principal amount
not to exceed $16,250,000 and the preparation of certain
financing documents related thereto which are necessary to carry
out the issuance of the Bonds.
Section 4. Annroval of Final Form of Continuina
Disclosure Aareement. The City hereby approves the form of
Continuing Disclosure Agreement presently on file with the City
Clerk (the "Continuing Disclosure Agreement") together with any
changes therein or additions thereto as may be approved by the
Mayor when such terms and conditions have been ascertained. The
City hereby further authorizes and directs that the form of
Continuing Disclosure Agreement presently on file with the City
Clerk be converted into the final form thereof, together with
such changes or modifications as deemed necessary or desirable by
the Mayor upon the recommendation of Bond Counsel. The Mayor or
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1 authorized and directed to attest to, the final form of the
2 Continuing Disclosure Agreement when the same .has been prepared
3 and such execution and delivery shall be deemed to be conclusive
4 evidence of the approval thereof.
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13 conveyance, warrants and other documents, which they, or any of
14 them, may deem necessary or advisable in order to consummate the
15 transaction contemplated hereby. Whenever in this Resolution any
officer of the City is authorized to execute or countersign any
document or take any action, such execution, countersigning or
action may be taken on behalf of such officer by any person
designated by such officer to act on his or her behalf in the
case such officer shall be absent or unavailable. The City
hereby appoints the Mayor as agent of the City for purposes of
executing any and all documents and instruments which any officer
of the City is authorized to execute hereunder.
Section 5. Official Action. The Mayor, the City
Clerk, Bond Counsel and any and all other officers or agents of
the City are hereby authorized and directed, for and in the name
and on behalf of the City, to do any and all things and take any
and all actions, including execution and delivery of any and all
assignments, agreements, notices, consents, instruments of
The City hereby authorizes the transfer of certain
reserve fund agreements from the Prior Bond funds to the funds
and accounts established under the Indenture. The Underwriter is
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, AUTHORIZING CERTAIN LEASE AGREEMENTS, THE FORMS OF
2 CERTAIN DOCUMENTS RELATED THERETO AND THE TRANSFER OF CERTAIN
3 PROPERTY TO THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
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Section 6.
Effective Date.
This Resolution shall
6 take effect from and after the date of its passage and adoption.
7 I HEREBY CERTIFY that the foregoing Resolution was duly
8 adopted by the Mayor and Common Council of the City of
9 San Bernardino at a
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meeting
thereof, held on the
day of
1997, by the following vote, to wit:
Council:
NEGRETE
CURLIN
14 ARIAS
OBERHELMAN
DEVLIN
ANDERSON
MILLER
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ABSTAIN
ABSENT
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City Clerk
day of
The foregoing resolution is hereby approved this
, 1997.
Mayor of the City of
San Bernardino
By:
SBEO\0168\9
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of issuing bonds to be used to make loans to finance certain
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RESOLUTION NO.
RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$16,250,000 PUBLIC FACILITIES LEASE REVENUE REFUNDING
BONDS 1997 SERIES A, APPROVING THE FORM OF LEGAL
DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING
PREPARATION, EXECUTION AND DELIVERY OF THE FINAL FORMS
THEREOF
WHEREAS, the City of San Bernardino (the "City") and
the Redevelopment Agency of the City of San Bernardino (the
"Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the San Bernardino Joint Powers Financing
Authority (the "Authority") for the purpose, among other things,
WHEREAS, the Authority and Security Pacific National
Bank, as succeeded as trustee by First Trust of California,
National Association, entered into that certain Indenture of
Trust dated as of September 27, 1989, which provided for the
issuance of the San Bernardino Joint Powers Financing Authority
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Public Facilities Lease Revenue Bonds, 1989 Series A (the "Prior
Bonds") which were secured by lease payments to be made by the
City; and
WHEREAS, the City has requested that the Authority and
the Agency assist in refinancing the City's obligations in
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connection with the Prior Bonds and providing additional capital
for certain other public improvements; and
WHEREAS, in order to carry out the financing, the
Authority shall enter into a Loan Agreement with the Agency dated
as of June 1, 1997 (the ~Loan Agreement") which shall be secured
by certain Base Rental Payments to be made by the City to the
Agency under that certain Library and Fire Station Lease
Agreement dated as of June 1, 1997 (the ~Library and Fire Station
11 Lease"); and
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7 receive payments under the Loan Agreement and Maintenance
8 Facility Lease (the "Payments"), its right to enforce payment of
9 the Payments and otherwise to enforce its interest and rights
10 under the Loan Agreement and Maintenance Facility Lease in the
11 event of a default thereunder by the City, to the Trustee
12 pursuant to the Indenture to provide for the repayment of the
13 Bonds; and
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WHEREAS, the Authority shall pledge payments to be made
under the Loan Agreement and Maintenance Facility Lease as
security for the Bonds; and
WHEREAS,
the
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assign
its
right
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WHEREAS, the proceeds of the Bonds will be applied to
refund the Prior Bonds, fund certain capital' projects, fund
capitalized interest and a reserve fund and pay costs of issuance
of the Bonds; and
WHEREAS, Miller & Schroeder Financial, Inc., as
prospecti ve underwriter of the Bonds (the "Underwriter") has
informed the Authority that it intends to submit an offer to
purchase the Bonds and shall cause to be prepared a Preliminary
Official Statement and an Official Statement relating to such
Bonds, as may be necessary in the sale and marketing of the
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1 Bonds, the form of which Preliminary Official Statement is
2 presently on file with the Secretary of the Authority: and
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approve the terms of said transaction in the public interests of
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WHEREAS, the Authority has considered the terms of the
transaction as contemplated herein and desires at this time to
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10 NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS
11 FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
12 FOLLOWS:
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Article 4
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Section 1. Findinas and Determinations. Pursuant to
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of the Act (the "Marks-Roos Act"), the Authority hereby
finds and determines that the issuance of the Bonds will cause
savings in effective interest rates, bond preparation and bond
underwriting costs and thereby will result in significant public
benefits to its members within the contemplation of Section 6586
of the Marks-Roos Act.
Section 2. Issuance of the Bonds; Aooroval of Form of
Indenture; Authorization of and Direction for preoaration of
Final Form Thereof. The Authority hereby authorizes the
issuance of the Bonds under and pursuant to the Marks-Roos Act
and the Indenture in the principal amount of not to exceed
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Section 3. Aooroval of Final Forms of Loan Aareement.
Maintenance Facilitv Lease Aareement. Aareement of Transfer and
Grant Deed. The Authority hereby approves the forms of Loan
Agreement, Maintenance Facility Lease, Agreement of Transfer and
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e 1 Section 4.
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approves the sale of
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Sale of the Bonds. The Authority hereby
the Bonds by negotiated purchase with the
Underwriter, pursuant to that certain Bond Purchase Agreement to
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be provided by the Underwriter prior (the "Purchase Agreement"),
and the sale of the Bonds pursuant to the Purchase Agreement is
hereby approved. The Authority hereby further authorizes a form
of Purchase Agreement as presently on file with the Secretary,
together with any changes therein or additions thereto approved
by the Chairman, Administrator, Director or an authorized
representative of the Chairman and as necessary to incorporate
the principal amount, the interest rate, the purchase price and
such other terms and conditions when such terms and conditions
have been ascertained. The Authority hereby authorizes and
directs the Underwriter to cause the preparation of the final
Purchase Agreement of which such terms are a part, and the
Chairman, the Vice-Chairman or such other authorized officer of
the Authority is hereby authorized and directed to evidence the
Authority's acceptance of the offer made by the Purchase
Agreement by executing and delivering the Purchase Agreement in
said form as on file with such changes therein as the officer or
the officers executing the same may approve, such approval to be
conclusively evidenced by the execution and delivery thereof.
Section 5. Approval of Final Form of ContinuinQ
e 27 Disclosure Aareement. The Authority hereby approves the form of
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12 recommendation of Bond Counsel. The Chairman, Vice-Chairman,
Administrator, Director or such other authorized officer of the
Authority is hereby authorized and directed to execute and
deliver, and the Secretary or Assistant Secretary is hereby
authorized and directed to attest to, the final form of the
Continuing Disclosure Agreement when the same has been prepared
and such execution and delivery shall be deemed to be conclusive
evidence of the approval thereof.
Continuing Disclosure Agreement presently on file with the
Secretary together with any changes therein or additions thereto
as may be approved by the Chairman, Administrator or Director and
as necessary to incorporate certain terms and conditions when
such terms and conditions have been ascertained. The Authority
hereby further authorizes and directs that the form of Continuing
Disclosure Agreement presently on file with the Secretary be
converted into the final form thereof, together with such changes
Section 6. Official Statement. The Authority
hereby approves the form of the Preliminary Official Statement
(the "Preliminary Official Statement") presently on file with the
Secretary and acknowledges that said document is in substantially
final form pursuant to Rule l5c2-12 of the Securities Exchange
27 Act of 1934. The Authority further authorizes the distribution
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of the Preliminary Official Statement as shall be necessary or
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required in connection with the sale of the Bonds to prospective
purchasers thereof. The Authority hereby authorizes and directs
that the Preliminary Official Statement be converted to a final
Official Statement together with such changes or modifications as
deemed desirable or necessary in the sale and marketing of the
Bonds and as approved by the Chairman, Administrator or Director
upon the recommendation of Bond Counsel and the Underwriter. The
Authority hereby authorizes distribution of the Preliminary
Official Statement and the final Official Statement by the
Underwriter when the same have been prepared. The Chairman is
hereby authorized and directed to execute the final form of said
Official Statement in the name and on behalf of the Authority and
to deliver the same to the Underwriter upon execution thereof,
together with the changes or modifications approved by the
Chairman. Execution of said final Official Statement shall be
conclusi ve evidence of approval thereof, including any such
changes and additions.
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8 available for distribution. Whenever in this Resolution any
9 officer of the Authority is authorized to execute or countersign
any document or take any action, such execution, countersigning
or action may be taken on behalf of such, officer by any person
designated by such officer to act on his or her behalf in the
case such officer shall be absent or unavailable. The Authority
hereby appoints its Chairman as agent of the Authority for
purposes of executing any and all documents and instruments which
any officer of the Authority is authorized to execute hereunder.
requisitions, agreements, notices, consents, instruments of
conveyance, warrants and other documents, which they, or any of
them, may deem necessary or advisable in order to consummate the
lawful issuance and sale of the Bonds as described herein,
including the distribution of the Preliminary Official Statement
to any prospective purchasers when the same shall become
The Authority hereby authorizes the payment of all
costs of issuance in connection with the issuance of the Bonds
including all legal fees of Bond Counsel, Underwriter's Counsel,
bond printing and Trustee fees. Bills for all such items shall
be submitted to and approved by the Administrator or Director of
24 the Authority.
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7 Bond Counsel
8 Underwriter
Section 8.
Approval
of
Financina
Team.
Authority hereby approves the following entities
respective category of services in connection
transactions contemplated by this resolution:
for
with
The
the
the
Sabo & Green, a Professional Corporation
Miller & Schroeder Financial, Inc.
Hinshaw & Culbertson
First Trust of California, National
Association
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RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $16,250,000
PUBLIC FACILITIES LEASE REVENUE REFUNDING BONDS 1997 SERIES A,
APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF
THE FINAL FORMS THEREOF
Section 9. Effective Date: Subject to City Aoorova1.
This Resolution shall take effect from and after its passage and
adoption. This Resolution shall be subject in all respects to
the approval by the City of the execution and delivery of the
Lease Agreement and to the issuance of the Bonds by the
Authority.
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the San Bernardino Joint Powers Financing
Authority at a special meeting thereof, held on the
day of
, 1997, by the following vote, to wit:
~
~
ABSTAIN
ABSENT
Council:
NEGRETE
CURLIN
ARIAS
OBERHELMAN
DEVLIN
ANDERSON
MILLER
The foregoing
day of
City Clerk
resolution is hereby approved this
, 1997.
Tom Minor, Chairman
San Bernardino Joint Powers
Financing Authority
By:
Authority
SBEO\0168\DOC\6
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