HomeMy WebLinkAboutR10-Economic Development Agency
o
o
o
..... .
"
~
.
/I
~
Ov B LOP" B W r DB PAR nB R r
OF rHB CITY OF SO BBUAlDIW
RBOIlEST FOR CO*ISSIOR/COUlfCIL ACTIOR
FROM:
KEl'll'lBTR J. HENDERSOR
Executive Director
SUBJECT:
SO BBUAlDIlfO/COLTOR'
LOMA LIlIDA 301ft POWERS
FIlWfCIlfG AUTHORITY
o
DATE:
October 02, 1991
-------------------------------------------------------------------------------
SvnoD.i. of Previoua COBBi..lon1Cftun~ll/Co..lttee Aetionlal:
On September 16, 1991, the Mayor and Common Council and Community
Development Commission took actions approvina the formation of the San
Bernardino/Co1ton/Loma Linda Joint Powers Financina Authority.
------
-----------------
Ree~~ded MGtionl.\:
(C~tn n.v.lo"lI!!Il~ Co.-t..fon.)
MOTIOW A: RBSOLUTIOR or rHB COMMlIlUTY DEVELOPMEft COMMISSIOR OF TIIB CITY
OF SO BERNARDINO, CALIFOUIA, REGARDIRG TIIB EXERCISB OF
POWERS BY TIIB AGENCY ADMINISTRATOR OF THE ECONOMIC DEVELOPMEft
AGENCY or THE CITY OF SO BERNARDINO PERTAINIRG TO A CERTAIN
BOND FINANCIRG TO BB UNDERTAKER BY rHB SAN BERlfARDINO/COLTON/
LOMA LINDA JOIft POWERS FINANCING AUTHORITY.
(MOTIONS COftINUED TO NEXT PAGE...)
S
!~
Administrator
\
----------
Contact Person(s):
Ken Renderson
Phone:
S08l
Project Area(a):
All
Ward(a):
1. 2. 3. 4. 6. 7
Supportina Documentation Attached:
Staff Renortt R..olutions
FUNDING RBQUIRBMElITS: Amount: * RIA
Source:
RIA
Budget Authority:
--------------------------------------------
Co..i..10DlCftnft~11 Rotea:
------------------
ICJH:1ab:0178B
COIIIISSIOW IIIBTIlIG AGERDA
"eetiD& Date: 10/07/1991
Agenda It.. Ro:
/0
o
o
o
. iJ
-
J
....
~
-
o 0
DEVELOPMUT DBPAImIBft IIQUBST FOR COllUSSIOR/COUBCIL ACTIOR
Joint Power. Fiunc1q Authority Bond Fiunc1q
September 30, 1991
Page Nllllber -2-
Re~ollllended. Mo~tOD(.\ COIltfnued:
(Communitv Deve100ment Comet..ion)
MOrIO. B: RESOLUTIOR OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO APPROVING THE TEIlMS AND CONDITIONS OF A
CERTAIN BOND FINANCING TO BE UNDERTAKEN BY THE SAN BERNARDINO/
COLTON/LOMA LINDA JOINT POWERS FINANCING AUTHORITY.IN CONNECTION
WITH THE IMPLEMENTATION OF THE REDEVELOPMENT PLAN FOR THE INLAND
VALLEY DEVELOPMENT PROJECT AND MAKING CERTAIN FINDINGS AND
ACmOWLEDGING THEIR GUARANTY WITH RESPECT THERETO.
{Mayor AM COIIIIIIftft C01Dleill
MOrIO. C: RESOLUTIOR OF THE MAYOR AND COMMaR COUNCIL OF THE CITY OF SAN
BERNARDINO ACKNOWLEDGING THE PAYMENTS TO BE MADE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO IN CONNECTION
WITH THE ISSUANCE OF TAX ALLOCATIOR NOTES BY THE SAN BERNARDINO/
COLTOR/LOMA LINDA JOINT POWERS FINANCING AUTHORITY.
---------
--------
KJH:1ab:0178B
COllUSSIO.. IID'1'IIIG AGUIlA
Meetiq Date: 10/07/1991
10
Agenda It.. .0:
o
o
o
-
-
o
o
DEVELOPNEIIT DEPARTNEIIT
OF l'IIB CIn OF SAIl BBIllIARDIlIO
STur REPORt
Joi~~ Power. Pfn.n~ina Authoritv Bonds
The Community Development Commission, on behalf of the Redevelopment
Alency of the City of San Bernardino (the "Agency"), has previously
approved the execution of a Joint Exercise of Powers Agreement by and
among the Aaency, the Redevelopment Aaency of the City of Coltpn and the
Redevelopment Aaency of the City of Lome Linds, which authorized the
creation of the Joint Powers Financing Authority. Pursuant to the terms
of the Joint Powers Aareement, the members of the Joint Powers Financing
Authority have aareed to contribute certain monies and to auaranty the
incurrence of indebtedness by the Joint Powers Financing Authority, The
revenue. by the Joint Powers Financing Authority are to be used in
connection with the implementstion of the Redevelopment Plan by the
Inland Valley Development Aaency (the "IVDA").
The Joint Powers Financing Authority presently anticipates the issuance
of certain Tax Allocation 1I0tes in order to fund the activities of the
IVDA. The Aaency deems it desirable to approve the terms of such
proposed financing and to acknowledae its obliaation. with respect to the
issuance of such Tax Allocation Notes. The Aaency further deems it
desirable to make certain findings and determinstions as to the benefit
to its existing project areas of assistina in the funding of the
activities of the IVDA. In addition, the Aaency also deems it desirable
to define the scope of powers of the Aaency Admini.trator of the Economic
Development Aiancy of the City of Sen Bernardino with respect to the
implementation of the financing.
Staff recommends adoption of the attached resolutions.
XE1IIlIBTII . HBIID Oil, becutlve Director
Develo~ent Departllent
-----------
-----------
ICJH:lab:0178B
COMMISSIOII MEBrIlIG AGBlIDA
Neeting Date: 1010711991
/D
Aienda It_ Ko:
--~
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
o
o
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, CALIFORNIA
AGENDA
October 7, 1991
Item: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO, CALIFORNIA, REGARDING THE
EXERCISE OF POWERS BY THE AGENCY ADMINISTRATOR OF THE
ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO PERTAINING TO A CERTAIN BOND FINANCING
TO BE UNDERTAICEN 'BY THE SAN BERNARDINO/COLTON/LOMA
LINDA JOINT POWERS FINANCING AUTHORITY
Action to
be Taken: Adopt Resolution.
Certified copy of Resolution to be returned to Saba , Green.
.
SIIlO\OI13IDOCI26
10101191 .:.
-_.
-;.-
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
o
o
RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, REGARDING THE EXERCISE OF POWERS
BY THE AGENCY ADMINISTRATOR OF THE ECONOMIC
DEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO PERTAINING TO A CERTAIN BOND
FINANCING TO BE UNDERTAKEN BY THE
SAN BERNARDINO/COLTON/LOKA LINDA JOINT
POWERS FINANCING AUTHORITY
WHEREAS, the Community Development Commission of the
City of San Bernardino (the "Commission") is the qoverninq body
which acts on behalf of the Redevelopment Aqency of the city of
San Bernardino (the "Aqency"), a redevelopment aqency, a public
body, corporate and politic of the State of California, organized
and existinq pursuant to the Community Redevelopment Law (Part 1
of Division 24) commencinq with Section 33000 of the Health and
Safety Code of the State of California (the "Act"); and
WHEREAS, the Inland Valley Development Agency (the
"IVDA") is a joint power. authority which was formed for the
purpo.e. of cau.ing the redevelopment of Norton Air Force Base
and certain area. in proximity thereto in accordance with the
provision. of Health and Safety Code Section 33320.5; and
WHEREAS, the Redevelopment Plan for the Inland Valley
Redevelopment Project (the "Redevelopment Plan"), approved and
adopted by the IVDA, include. within it. redevelopment project
area certain territory located within the municipal boundaries of
the City of San Bernardino (the "City"); and
III
- 1 -
o
o
o
o
o
1 WHEREAS, the Agency, in conjunction with the
2 Redevelopment Agency of the city of Colton and the Redevelopment
3 Agency of the city of Loma Linda has approved the formation of a
4 joint powers financing authority (the "Authority") in order to
5 assist in the funding of the activities of the IVDA in its
6 implementation of the Redevelopment Plan; and
7
8 WHEREAS, the Agency has entered into a certain Joint
9 Exercise of Powers Aqreement (the "Joint Powers Agreement") by
10 and among the Agency, the Redevelopment Agency of the City of
11 Colton and the Redevelopment Agency of the City of Loma Linda
12 pertaining to the funding of certain activities of the IVDA, a
13 copy of which Joint Powers Aqreement is on file with the Agency
14 Secretary; and
15
16 WHEREAS, the Authority has deemed it desirable to issue
17 tax allocation notes (the "Notes") in a principal amount not to
18 exceed Seven Million Five Hundred Thousand Dollars ($7,500,000),
19 for the purposes of assisting the IVDA in implementing the
20 provisions of the Redevelopment Plan; and
21
22 WHEREAS, pursuant to the terms of the Joint Powers
23 Aqreement, the Agency Administrator of the Economic Development
24 Agency of the City of San Bernardino (the "Agency Administrator")
25 is to serve as the Chairperson of the Authority; and
26 11/
27 III
28 III
- 2 -
o
o
o
1 WHEREAS, the Aqency deems it desirable to specify the
2 scope of the powers of the Aqency Administrator in connection
3 with the Authority's issuance of the Notes.
o
4
5 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
6 ACTING ON BEHALF OP THE REDEVELOPMENT AGENCY OF THE CITY OF
7 SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
8 FOLLOWS:
9
10 Section 1. The Aqency Administrator is hereby
11 authorized to participate in the votinq as the Chairperson of the
12 Authority in connection with the authorization, sale and issuance
13 of the Notes subject to the followinq limitations as hereinafter
14 set forth. The Aqency Administrator may only participate in the
15 consideration and the castinq of a vote, as he may deem
16 appropriate under the circumstances, relatinq to all actions as
17 may be reasonably required to sell, issue and deliver the Notes
18 in a principal amount not to exceed $7,500,000. The Aqency
19 Administrator shall have no authority to vote as the Chairperson
20 of the Authority for any subsequent issue of notes, bonds or
21 other obliqations of the Authority irrespective of whether any
22 such notes, bonds or other obliqationil obliqate or purport to
23 obliqate any funds whatsoever of the Aqency, unless otherwise
24 authorized in writinq by the Commission upon official action by
25 the Commission. Under no circumstances shall the Aqency
26 Administrator as the Chairperson of the Authority cast any vote
27 in such position that would provide for the issuance of any other
28 note or bond or the incurrinq of any other obliqation without the
o
- 3 -
o
o
o
o
o
1 express written direction ot the Commission obtained upon the
2 otticial action regarding such matter by the Commission.
3
4 Section 2. The Agency Administrator is hereby
5 authorized either as the statt and the Executive Director ot the
6 Authority or as the Chairperson thereot, to take such ministerial
7 actions as may be deemed necessary in connection with the
8 administering ot all aspects ot the Notes and the expenditure ot
9 tunds thereot. No turther authorization shall be required tor
10 the Agency Administrator to approve invoices either as the statt
11 and the Executive Director ot the Authority or as the Chairperson
12 thereot tor the payment ot items trom either the proceeds ot the
13 aggregate $50,000 loan trom the three (3) member redevelopment
14 agencies constituting the Authority or the proceeds ot the Notes,
15 including the repayment ot said $50,000 loan.
16 / / /
17 11/
18 / / /
19 /11
20 11/
21 / / /
22 /11
23 /11
24 II /
25 11/
26 /11
27 /11
28 11/
- 4 -
()
o
o
14 ESTRADA
REILLY
15 HERNANDEZ
MAUDSLEY
16 MINOR
POPE-LUDLAM
17 MILLER
18
19
20
21
22
23
24
25
26
27
28
o
o
1 RESOLUTION OF THE COMMVNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, REGARDING THE EXERCISE OF POWERS BY
2 THE AGENCY ADMINISTRATOR OF THE ECONOMIC DEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO PERTAINING TO A CERTAIN BOND FINANCING
3 TO BE UNDERTAJ:EN BY THE SAN BERNARDINO/COLTON/LOMA LINDA JOINT
POWERS FINANCING AUTHORITY
4
5
6
7
8
9
10
11
Sact:ion 3.
This Resolution shall take effect upon
the date of its adoption.
I HEREBY CERTIFY that the foreqoinq Resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a
meetinq
thereof, held on the
day of
,
1991, by the followinq vote, to wit:
12
13 Commission Members:
MH
BAli
ABSTAIN ABSENT
Secretary
day of
The foreqoinq resolution is hereby approved this
, 1991.
Approved as to
fora and leqal content:
W. R. Holcomb, Chairman
Community Development
Commission of the
City of San Bernardino
- !5 -
--~..
o
o
o
1
2
3 I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
4 CERTIFY that the foreqoinq and attached copy of Community
Development Commission of the city of San Bernardino Resolution
5 No. is a full, true and correct copy of that now on
file in this office.
6
7
8
STATE OF CALIFORNIA )
COtlNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
ss
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
, 1991.
o
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
o 28
Secretary of the
Community Development Commission
of the City of San Bernardino
-.......
.J~
(>
1
2
3
4
5
6
7 Item:
8
9
10
11
12
13
Action to
be Taken:
o
o
o
o
MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO
AGENDA
October 7, 1991
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO ACKNOWLEDGING THE PAYMENTS
TO BE MADE BY THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO IN CONNECTION WITH THE
ISSUANCE OF TAX ALLOCATION NOTES BY THE
SAN BERNARDINO/COLTON/LaMA LINDA JOINT POWERS
FINANCING AUTHORITY
Adopt Resolution.
- 7 -
o
o
o
o
1
2
3
4
5
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO ACKNOWLEDGING
THE PAYMENTS TO BE MADE BY THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO IN
CONNECTION WITH THE ISSUANCE OF TAX
ALLOCATION NOTES BY THE
SAN BERNARDINO/COLTON/LOMA LINDA JOINT
POWERS FINANCING AUTHORITY
6
7
8 "City"), is a municipal corporation and a charter city duly
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
WHEREAS, the City ot San Bernardino, Calitornia (the
created and existinq pursuant to the Constitution and the laws ot
the State ot Calitornia; and
WHEREAS, the Community Development Commission ot the
City ot San Bernardino (the "Commission")
on behalt ot the
Redevelopment Aqency ot the City ot San Bernardino (the "Aqency")
is a redevelopment aqency, a public body, corporate and politic
ot the State ot calitornia, orqanized and existinq pursuant to
the
Community
Redevelopment
Law
(Part
1
ot
Division 24)
commencinq with Section 33000 ot the Health and Satety Code ot
the State ot Calitornia (the "Act"); and
WHEREAS, the Inland Valley Development Aqency (the
"IVDA") is a joint powers authority which was tormed tor the
purposes ot causinq the redevelopment ot Norton Air Force Base
24 and certain areas in proximity thereto in accordance with the
25 provisions ot Health and Satety Code Section 33320.5; and
26
27
28
o
- 1 -
()
o
o
o
o
1 WHEREAS, the Aqency, in conjunction with the
2 Redev.lopment Aq.ncy of the City of Colton and the Redevelopment
3 Aqency of the City of Loma Linda has previously approved the
4 formation of a joint power. financinq authority (the "Authority")
5 in ord.r to as.ist in the fundinq of the activities of the IVDA
6 in the impl.mentation of a a.d.velopment Plan adopted by the
7 IVDA; and
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
WHEREAS, the Aq.ncy has entered into a certain Joint
Ex.rcis. of Power. Aqr.em.nt (th. "Joint pow.rs Aqreement") by
and amonq the Ag.ncy, the a.d.v.lopment Agency of the city of
Colton and the R.d.v.lopm.nt Aqency of the City of Loma Linda
pertaining to the funding of certain activities of the IVDA, a
copy of which Joint Pow.r. Aqreement is on file with the Aqency
Secr.tary; and
WHEREAS, pur.uant to the t.rms of the Joint Pow.r.
Agr....nt, the Ag.ncy has d.emed it d.sirabl. to quaranty the
incurrence of certain ind.bt.dn... by the Authority for the
purpo... of a.si.ting the IVDA in implementing its redevelopm.nt
plan; and
WHEREAS, the Authority d.... it desirable to issue
c.rtain tax allocation note. in a principal amount not to exceed
Sev.n Million Piv. Hundred Thousand Dollar. ($7,500,000) (th.
"Hot...) the proc.ed. of which are to b. used to fund the
activities of the IVDA in connection with the implementation of
its Red.velopment Plan; and
- 2 -
()
o
o
o
o
1 WHEREAS, the city Council at this time deems it
2 desirable to approve the Aqency'. actions in connection with its
3 quaranty of the Note. to be issued by the Authority and to
4 acknowledqe the Aqency's obliqation. with respect thereto and to
5 consent to the findinqs of benefit a. established by the Aqency.
6
7 NOW, THEREFORE, BE IT RESOLVED BY THE ~YOR AND COMMON
8 COUNCIL OP THE CITY OP SAN BERNARDINO AS FOLLOWS:
9
10 SECTION 1. The City Council hereby acknowledqe.
11 that the Aqenc:y has an obliqation to quaranty 92. on of any
12 indebtedne.. incurred by the Authority created throuqh the
13 issuance of the Note. in a principal amount of not to exceed
14 Seven Million Five Hundred Thousand ($7,500,000) in accordance
15 with the terms of the Joint Powers Aqre_ent as previously
16 approved by the Aqenc:y, toqether with any amendments thereto and
17 may be required to make payment in such amount in the event other
18 fundinq source. are not available.
19
20
21
22
23
24
25 SECTION 3. The City Council has reviewed the
26 Aqenc:y'. findinq. and determination. a. to the benefits to the
27 Aqenc:y'. own project area. of assistinq in the financinq to be
28 undertaken by the Authority and the City Council hereby concurs
SECTION 2. The City Council hereby approve. the
actions of the Aqenc:y in connection with the issuance of the
Note. by the Authority on behalf of the IVDA in order to
impl_ent the provision. of the IVDA'. Redevelopment Plan.
- 3 -
0 0
1 in such findinqs and determinations a~ set forth in the Aqency's
0 2 Resolution which sets forth such findinqs and determinations.
3 1/1
4 /II
5 /II
6 /II
7 /II
8 /II
9 /II
10 /II
11 /II
12 /II
13 /II
14 /II
0 15 /II
16 /II
17 /II
18 /II
19 /II
20 /II
21 /II
22 /II
23 /II
24 /II
25 /II
26 /II
27 /II
0 28 /II
- 4 -
-~
(>
o
o
o
o
1 RESOLUTION or THE MAYOR AND COMMON COUNCIL or THE CITY or SAN
BERNARDINO ACKNOWLEDGING THE. PAYMENTS TO BE MADE BY THE
2 REDEVELOPMENT AGENCY or THE CITY or SAN BERNARDINO IN CONNECTION
WITH THE ISSUANCE or TAX ALLOCATION NOTES BY THE
3 SAN BERNARDINO/COLTON/LOMA LINDA JOINT POWERS FINANCING At1THORITY
4
5 the date of its adoption.
6
7
8 adopted by the Mayor and Co_on Council of the City of
9 San Bernardino at a
10 thereof, held on the
11 1991, by the following vote, to wit:
12
Council Me~r.:
13
14
15
16
17
18
19
20 day of
21
22
23 Approved as to fo1'll and legal content:
JAMES r. PENMAN
24 City Attorney
25 By: /A,AlA*;M/2J..J
26~
27
28
SECTION 4.
This Resolution shall take effect upon
I HEREBY CERTIFY that the foregoing Resolution was duly
meeting
day of
,
AIU
lfAU.
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAt1DSLEY
MINOR
POPE-Lt1DLAM
MILLER
City Clerk
The foregoing resolution is hereby approved this
, 1991.
Mayor of the City of
San Bernardino
- 5 -
-~.
......~
o
o
o
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
I STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
2 CITY OF SAN BERNARDINO )
3 I, City Clerk ot the City ot
San Bernardino, DO HEREBY CERTIFY that the toreqoinq and attached
4 copy ot Mayor and Common Council ot the City ot San Bernardino
Resolution No. is a tull, true and correct copy ot that
5 now on tile in this ottice.
6
7
8
9
10
II
12
13
IN WITNESS WHEREOF, I have hereunto set my hand
attixed the otticial .eal ot the Mayor and Common Council ot
City of San Bernardino this day ot
1991.
and
the
,
City Clerk
City ot San Bernardino
1
Q 2
3
4
5
6
7 Item:
8
9
o
10
11
12
Action to
13 be Taken:
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO
AGENDA
October 7, 1991
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OF SAN BERNARDINO APPROVING THE TERMS AND
CONDITIONS OF A CERTAIN BOND FINANCING TO BE UNDERTAKEN
BY THE SAIf BERNARDINO/COLTON/LOMA LINDA JOINT POWERS
FINANCING AUTHORITY IN CONNECTION WITH THE
IMPLEMENTATION OF THE REDEVELOPMENT PLAN FOR THE INLAND
VALLEY DEVELOPMENT PROJECT AND MAKING CERTAIN FINDINGS
AND ACICNOWLEOOING THEIR GUARANTY WITH RESPECT THERETO
Adopt Resolution.
Certitied copy of Resolution to be returned to Sabo , Green, A
protessional Corporation.
S88OIOIIJIDOC/22
UWII91l1llO
o
o
o
o
1
2
3
4
5
6
7
8
9
10 "City"), is a municipal corporation and a charter city duly
11
12
13
RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
APPROVING THE TERMS AND CONDITIONS OF A
CERTAIN BOND FINANCING TO BE UNDERTAKEN BY
THB SAN BERNARDINO/COLTON/LOMA LINDA JOINT
POWERS FINANCING AUTHORITY IN CONNECTION
WITH THB IMPLEMENTATION OF THE REDEVELOPMENT
PLAN FOR THB INLAND VALLEY DEVELOPMENT
PROJECT AND MAKING CERTAIN FINDINGS AND
ACKNOWLEDGING THEIR GUARANTY WITH RESPECT
THERETO
WHEREAS, the City of San Bernardino, California (the
created and existing pursuant to the Constitution and the laws of
the State of California; and
14
WHEREAS, the COllllllunity Development COllllllission of the
o
15 City of San Bernardino (the "Collllllission") on behalf of the
16 Redevelopment Agency of the City of San Bernardino (the
17 "Agency"), is a redevelopment agency, a public body, corporate
18 and politic of the State of California, orqanized and existinq
19 pursuant to the cOllllllUnity Redevelopment Law (Part 1 of Division
20 24) cOllllllencinq with Section 33000 of the Health and Safety Cod.
21 of the State of california (the "Act"); and
22
23 WHEREAS, the Inland Valley Development Aqency (the
24 "IVDA") is a joint powers authority which was formed for the
25 purpos.. of causinq the redevelopment of Norton Air Force Base
26 and certain areas in proximity thereto in accordance with the
27 provision. of Health and Safety Code Section 33320.5; and
28
o
- 1 -
o
o
o
o 0
1 WHEREAS, the Redevelopment Plan for the Inland Valley
2 Redevelopment Project (the "Redevelopment Plan"), approved and
3 adopted by the IVDA, include. within it. redevelopment project
4 area certain territory located within the municipal boundaries of
5 the City of San Bernardino; and
6
7 WHEREAS, the Agency in conjunction with the
8 Redevelopment Agency of the city of Loma Linda and the
9 Redevelopment Agency of the City of Colton has approved the
10 formation of a joint power. financing authority (the "AUthority")
11 in order to a..i.t in the funding of the activities of the IVDA
12 in it. impl_entation of the Redevelopment Plan; and
13
14 WHEREAS, the Agency ha. entered into a certain Joint
15 Exerci.e of Power. Aqre_ent (the "Joint Power. Agreement") by
16 and among the Agency, the Redevelopment Agency of the City of
17 Colton and the Redevelopment Agency of the city of Loma Linda
18 pertaining to the funding of certain activities of the IVDA, a
19 copy of which Joint Power. Aqre_ent is on file with the Agency
20 Secretary; and
21
22 WHEREAS, the Authority ha. de_ed it desirable to is.ue
23 tax allocation note. (the "Note..) in a principal amount not to
24 exceed Seven Million Five Hundred Thou.and Dollars ($7,500,000),
25 for the purpose. of as.isting the IVDA in implementing the
26 provi.ion. of the Redevelopment Plan; and
27
28
- 2 -
o
o
o
1 WHEREAS, pursuant to Health and Safety Code
2 Section 33650 t:b. Ag.ncy may, in connection with the issuance at
3 bond., .x.rcis. certain powers granted to a redevelopment agency
4 as pr.scribed by Healt:b and Saf.ty Cod. Section 33651 through and
5 including 33659; and
6
7 WHEREAS, Healt:b and Safety Code Sect:io,n 33651 permits
8 th. Ag.ncy to pledg. all or any part at its revenues to which its
9 right. t:b.n .xist or may t:b.r.aft.r com. into existence; and
10
11 WHEREAS, th. Ag.ncy at t:bi. time deem. it desirable to
12 approve t:b. terms of t:b. Not. financing a. more tully describ.d
13 in t:bi. Resolution anet to acknowledge t:b. obligat:ions at th.
14 Agency wit:b resp.ct t:bereto; and
15
16 WHEREAS, t:b. Agency d.... it d..irabl. to make certain
17 finding. and d.t.rminations t:bat funding t:b. activities of t:b.
18 IVDA will be of b.n.fit to th. Agency and its exist:ing
19 red.velopm.nt project ar.a. to t:b. extent t:bat it will enhance
20 redev.lop..nt activities wit:bin t:bo.. portions of the City of
21 San Bernardino which are located within t:be IVDA's Project Area
22 which in turn will create employment opportunities and enhance
23 economic d.velopm.nt in t:b. existing red.velopment project area.
24 of th. Ag.ncy which are in proximity to t:be IVDA Project Area.
25
26 NOW, THEREFORE, THB COMMtlNITY DEVELOPMENT COMMISSION
27 ACTING ON BEHALP OP THB REDEVELOPMENT AGENCY OF THE CITY OF
28 SAN BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
o
o
- 3 -
--~
o
o
o
o
o
1 Section 1. The Aqency hereby acknowledqes the
2 current obliqation that it has incurred to guaranty, and to pay
3 if and when necessary, 92.08' of the principal of, redemption
4 premiUII, if any, and interest on the indebtedness of the
5 Authority created throuqh the issuance of the Notes in a
6 principal amount of not to exceed Seven Million Five Hundred.
7 Thousand Dollars $7,500,000 in accordance with the terms of the
8 Joint Powers Aqreement as previously approved by the Aqency
9 toqether with amendments thereto.
10
11 Section 2. The Aqency aqrees that its percentaqe
12 guaranty, a. .et forth hereinabove, is based. upon and.
13 approximately equal to the percentaqe of the assessed value of
14 land and. improvement. that the City of San Bernardino has
15 consented to havinq the IVDA include within the Project Area
16 which i. subject to the IVDA'. Redevelopment Plan (the "Project
17 Arean) .
18
19 Section 3. The Aqency also aqree. that its
20 obliqation with respect to the repayment of it. portion of the
21 principal of, redemption premiUII, if any, and interest on the
22 indebtedne.. created tbrouqh the issuance of the Notes will be
23 limited. to the extent that it may be required to pay only its
24 proportionate share, ba.ed upon its percentaqe guaranty, of all
25 intere.t payment. due on the Note. as of April 1, 1995 and
26 thereafter all principal and intere.t due a. of October 1, 1995.
27
28
- 4 -
-..... .
-~.
o
o
o
o
o
1 Section 4. The Aqency aqrees to pay its
2 proportionate share of the principal of, redemption premium, if
3 any, and interest on the indeDtedness created DY the Notes as
4 hereinabove descriDed or to partiCipate in any refinancinq of the
5 Note. a. may De undertaken DY the Authority to extend the
6 maturity date thereof, as deemed necessary DY the Authority, DUt
7 only in the event that the IVDA is either leqally or financially
8 unaDle to cause repayment to the Authority in order to pay any
9 deDt service due and owinq with respect to the Notes.
10
11 Section !5. The Aqency acJcnowledqes that the holders
12 of the Note. will De purcha.inq the Note. in reliance upon the
13 Aqency'. adoption of this Resolution in furtherance of the
14 commitment of the Aqency as contained in the Joint Powers
15 Aqreement to pay its pro rata share of the prinCipal of,
16 redemption pre.ium, if any, and interest on the Notes as the same
17 Deco.e due and payable.
18
19 Section 5. The Aqency further aqree. to undertake
20 any and all additional action. that may De deemed neces.ary at
21 such time a. the Aqency is required to pay its pro rata share of
22 the deDt service on the Note., includinq, Dut not limited to,
23 makinq findinq. and determination. a. to any benefits to the
24 exi.tinq redevelopment project area. of the Aqency which are
25 currently Denefitted or a. may De Denefitted in the future DY the
26 u.e of the proceed. of the Not.. by the IVDA.
27
28
- !5 -
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
o
o
Sect:.ion 7.
The Aqency acknowledqes that its
oDliqations under the Joint Powers Aqreement do not create any
enCWlll:lrance on any existinq funds of the Aqency, Dut shall at all
times De deemed a sUDordinated and continqent indeDtedness of the
Aqency. The oDliqations incurred DY the Aqency under the Joint
Powers Aqreement shall always De SUDordinated to any and all
other eXistinq or future oDliqations of the Aqency until such
time as the Authority requests payments to De made DY the Aqency
for the indeDtedness represented DY the Notes.
S.et:.ian 8.
The Aqency hereDY approves the terms and
conditions of the Note financinq as descriDed Delow and
authorizes the Aqency Chairman and Secretary to execute any such
documents and take such actions as may De necessary in order to
implement the issuance of the Notes.
Principal Amount:
Not to exceed $7,500,000
Not to exceed at
Interest Rate:
Maturity Date:
Date Interest Pirst
Potentially Payable
By Aqency:
OctoDer 1, 1995
April 1, 1994
Saet:ion 9.
The Aqency hereDY acknowledq.s that it
has previously authorized and funded a loan of $46,040 to the
AUthority for the purpose of thereDY pe1'lllittinq the Authority to
fund. suilar loan fro. the Authority to the IVDA, and that such
loan and transfer of funds was a leqally permissiDle transaction
and the Aqency declares its intent to undertake similar
- 6 -
o
o 0
1 transaction., or to adopt such other financinq alternatives a.
2 may be available to the Aqency, to fulfill its financial
3 obliqation. pur.uant to the Joint Power. Aqreement.
4
5 Section 10. The Aqency aqree. to take such actions
6 as may be neces.ary to authorize by official action of the Aqency
7 any payment. that may be required in support of the quaranty by
8 the Aqency of the principal of, redemption premium, if any, or
9 interest on the obliqation. to be issued by the Authority.
10
U Section 11. The Aqency find. and determine. that the
12 fundinq of the activities of the IVDA will be of benefit to the
13 Aqency and it. existinq redevelopment project area. because it is
14 anticipated that the proceeds qenerated throuqh the issuance of
15 the Notes will be expended by the IVDA on projects within the
16 IVDA's Project Are. which encompasses portions of the city of
17 San Bernardino and to the extent the IVDA's Project Are. is
18 redeveloped, such redevelopment will create a qreater economic
19 base in the reqion which will consequently create employment
20 opportunities for resident. and occupants of San Bernardino's
21 existinq redevelopment project area. and enhance development
22 opportunities within such redevelopment project areas throuqh the
23 creation of qreater economic activity and the elimination of
24 bliqhtinq conditions.
25 1/1
26 1/ I
27 1/1
28 1/1
o
o
- 7 -
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
o
o
RESOLtlTION OP THE COMMUNITY DEVELOPMENT COMMISSION OP THE CITY OP
SAN BERNARDINO APPROVING THE TERMS AND CONDITIONS OF A CERTAIN
BOND PINANCING TO BE UNDERTAlCEN BY THE SAN BERNARDINO/COLTON/LOMA
LINDA JOINT POWERS PINANCING AtlTHORITY IN CONNECTION WITH THE
IMPLEMENTATION OP THE REDEVELOPMENT PLAN FOR THE INLAND VALLEY
DEVELOPMENT PROJECT AND HAICING CERTAIN FINDINGS AND ACKNOWLEDGING
THEIR GUARANTY WITH RESPECT THERETO
Sec'tion 12.
This Resolution shall take ettect upon
the date ot its adoption.
I HEREBY CERTIPY that the toreqoinq Resolution was duly
adopted by the Community Development Commission ot the City ot
San Bernardino at a
meetinq
thereot, held on the
day ot
,
1991, by the tOllowinq vote, to wit:
Commission M.~bar.:
AIIi
IIUi
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
-
-
-
-
-
-
day ot
Secretary
The toreqoinq resolution is hereby approved this
, 1991.
Approved as to
tona and 1eqa1 content:
W. R. Holcomb, Chairman
Community Development
Commission ot the
City ot San Bernardino
By:
- 8 -
o
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
o
o
o
o
STATE OP CALIFORNIA )
COUNTY OP SAN BERNARDINO) s.
CITY OF SAN BERNARDINO )
I, Secretary of the Community
Cevelopment COlllllli..ion of the City of San Bernardino, DO HERBBY
CERTIFY that the foregoing and attached copy of COllllllunity
Cevelop.ent COlllllli..ion of the City of San Bernardino Re.olution
No. i. a full, true and correct copy of that now on
file in thi. office.
IN WITNESS WHEREOP, I have hereunto set my hand and
affixed the official seal of the COllllllunity Cevelopment COllllllission
of the City of San Bernardino this day of
, 1991.
Secretary of the
COllllllunity Cevelopment COlllllli..ion
of the City of San Bernardino
--~