HomeMy WebLinkAboutR11-Economic Development Agency
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RlOUIS'l FOI COIMISSIO./COUllCIL ACTIO.
From:
KEImE'lH J. HENDERSON
Executive Director
Subject:
Central City Projects
Subordinate Boud
Date: October 03, 1991
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SvnoDsI. of Prevloua Cn..l..fGDICnnn~il/C~i~te. Aetianl.l:
On September 16, 1991 the Joint Powers Financing Authority, Mayor and
Common Council and Community Development Commission approved certain
resolutions which allowed solely for the refunding of senior lien tax
allocation bonda in an amount not to exceed the principal amount of
$23,000,000 and a aubordinate lien new money tax allocation boud issue
in a not to exceed principal amount of $5,800,000 with the subordinate
lien bond documenta to be submitted to the Commission on October 7, 1991
for final approval.
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Ree~andaA Matlanl.\!
(MaWlr -,.,. c~ COI1ll,.ll \
Mll'lIO. A: RESOLUTION or TIll MAYOR AND COMMON COUNCIL or THE CITY or
SAlt BERNARDINO, CALIFORNIA, APPROVING TIll ISSUANCE OF NOT TO
EXCEED $5,800,000 SAN BERNARDINO JOIR'l POWERS FINANCING
AUTHORITY, SUBORDINATED TAX ALLOCATION BONDS, 1991 SERIES B
(CER'lRAL CITY MERGED PROJECT) AND TIll BORROWING BY THE
REDBVBLOPMER'l AGENCY or TIll CITY OF SAN BERNARDINO OF THE
PROCEEDS THEREFROM PURSUART TO A CERTAIN LOAN AGREBMER'l.
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(MOTIONS COR'lINUBD TO lUX'l PAGI...)
~DSO.
IZecuti.e Director
Adminiatrator
Contact Person(s):
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rAft HmulAr.01l
Phone I
5081
Project Area(s)I
Central City
Ward(s) I
Two (2)
Supporting Data Attached:
Stall ReDort: Resolutions
FUNDING REQUIREMER'lSI Amount: i 5.800.000
Source: Tax Aile. Bond.
Budget AuthoritYI
Comat..ianlCaaneil .at..:
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I'.JBllablOlanr
COIMISSIO. MElTING AGUIlA
lIeeting Date: 10/07/1991
Aaenlla It. ltIDberl ~
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DBVBLOPIIIft DIP~ 1IQUIS'l POI COMIb:SSION/COtlllCQCTION
Central Cit7 SllborlliDate IloIIdII
October 03, 1991
Pale I'1aber -2-
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Reeo_-.ndf!d lID~tOD.(.\ Cant:inulld...
(C-ftv Develo_t r.--tsaionl
MOTION B:
RESOLUTION OF THB COMMUlttTY DEVELOPMEnT COMMISSION OF THB
CITY OF SAW BEIl1U.RDINO, CALIFORNIA, APPROVING THE ISSUANCE
OF NOT TO EXCEED $5,800,000 SAW BEIl1U.RDINO JOInT POWERS
FINANCING AUTHORITY, SUBORDINATED TAX ALLOCATION BONDS, 1991
SERIES B (CEnTRAL CITY MERGED PROJECT) AND THB BORROWING BY
THB REDEVELOPMEnT AGENCY OF THE CITY OF SAW BERNARDINO OF
THB PROCEEDS THBREFROM PURSUAnT TO A CERTAIK LOAN AGREEMEnT.
(JOID~ Paver. pfwunlleiJIM .lD~horttv\
MOTION C:
RESOLUTION OF THB JOInT POWERS FINANCING AUTHORITY
AUTHORIZIRQ THB ISSUAWCE OF NOT TO EXCEED $5,800,000 SAW
BERNARDINO JOInT POWERS FIlWfCIRQ AUTHORITY, SUBORDINATED
TAX ALLOCATION BONDS, 1991 SERIES B (CEnTRAL CITY MERGED
PROJECT), APPROVING THB FORM OF LEGAL DOCUMEnTS RELATED
THBRETO AND AUTHORIZIRQ AND DIRECTING PREPARATION, EXECUTION
AND DELIVERY OF THB FINAL FORMS THBREOF.
D'B:lab:Oll"
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COBIISSION IIII'rIlIG AGDDA
Reetia& Date: 10/07/1991
A&8IIda It. wa.ber: -LL
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DBVBLOPIIBrT DBPAIlTIIBB"f
or TBB CIn or SAIl IIBDAIlDIIO
STAR UPOft
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Cll!ll~r.l Cin Praieeta SubGrdinatlOll Band.
B.~b."nnd
The City of San Bernardino (the "City"), the Development Department
(Redevelopment Agency) of the City of San Bernardino (the "AIl!ncy") and
the San Bernardino Joint Powera Financing Authority (the "Authority") on
September 16, 1991, previously approved the issuance by the San
Bernardino Joint Powers Financing Authority of not to exceed $23,000,0000
San Bernardino Joint Power. Financing Authority Tax Allocation Refunding
Bond., 1991 Series A (Central City Merged Project) (the "Bonda"), and the
loan of ths proceeds therefroll to the Developmant Department of the City
of San Bernardino to accomplish this refunding program.
&"-lvaia
The following motion was approved on September 16, 1991:
"That Aaeada It. ......r U. 6B an4 6C b. approved sole17 a.
refunding .cor li_ tu allocation bonds 1B an _mt not to
ezcsed the prlBclpa1 _t of $23,000.000 an4 a .ubordiBate lien
1lllV MDq tu allocation bond Isne 1B a not to ezceed principal
_t of $5.100.000 with the subordlnat. lien bond doc_ts to
b. s~tted to the C~sslon for fiBel approval. to
Th. final principal amount of the Refunding Bonds wa. determined to be
$22,765,000 an4 the closing is scheduled for October Ith an4 9th, 1991.
The closing date for the Subordinate Bond will prObably occur by the end
of October, 1991.
The Subordinate Bonds in the principal amount of $4,800,000 to provide
approximately $4,800,000 net proceeds ss a new money portion. The new
money portion 1& avanable to the Department in part froll the debt
service savina. realized upon the refunding taking place and in part from
the arowth in tax increment revenues that have occurred over the past
several years. The additional annual debt service amount is
approximately $400,000, with approximately $1,860,000 per year to be paid
on the 1991 Refunding Bonds. Anticipated tax increment revenues for
1991/1992 are approximately $2,900,000, which leaves the Department with
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COIIIISSIOII 1'IUX15 AGDDA
lIe.ting Dat.: 10/0711991
Aaeada It. l'uUer: -1.L-
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DBVBLOPMIft DIP~ SUI'J' RIPORr
Central City Suborclillate BoIuIa
October 2, 1991
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approximately $600,000 surp1ua for the current fiecal year to fund the
current Lov and Moderate Income Houaina Fund requirement of $580,000.
The Subordillated Bonds will be issued as aa tax exempt Obligations, and
the Commission vill b. required to expend such bond proceeda in
accordance with applicable federal tax laws and California Redevelopment
law.
Ree..........t:ioa.
Staff recommenda adoption of the attached Resolutiona.
AZ>I.1I1IA~~~O., lneutiTe Director
Deye10llllent Deperment
VII: lab: 01171
COIIIISSIO. IIIftIIl; AGIlQ)A
"e.tina Det.: 10/07/1991
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THB CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING THB ISSUANCB OF NOT TO EXCEED
$5,800,000 SAN BERNARDINO JOINT POWERS
AUTHORITY, SUBORDINATED TAX ALLOCATION
BONDS, 1991 SERIES B (CENTRAL CITY MERGED
PROJECT) AND THE BORROWING BY THE
REDEVELOPMENT AGENCY OF THB CITY OF SAN
BERNARDINO OF THB PROCEEDS THEREFROM
PURSUANT TO A CERTAIN LOAN AGREEMENT
WHEREAS, the City of San Bernardino is a charter city
"City"), duly orqanized and existinq under and. pursuant to
provisions of the Constitution of the State of California;
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13 WHEREAS, the Community Development Commission of the
14 City of San Bernardino (the "Commission") is the qoverninq body
15 which acts on behalf of the Redevelopment Aqency of the City of
16 San Bernardino (the "Aqency"), a redevelopment aqency (a public
17 body, corporate and politic) duly created and eXistinq pursuant
18 to the Community Redevelopment Law (Part 1 of Division 24,
19 commencinq with Section 33000) of the Health and Safety Code of
20 the State of California (the "Community Redevelopment Law"); and
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22 WHEREAS, the City and the Aqency have heretofore
23 entered into a Joint Exercise of Powers Aqreement establishinq
24 the San Bernardino Joint Powers Authority (the "Authority") for
25 the purpose of issuinq bonds to be used to make loans to finance
26publia capital improvements; and
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1 WHEREAS, the Aqency desires to borrow money from the
2 Authority for the purpose of undertakinq redevelopment activities
3 in accordance with the Community Redevelopment Law; and
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5 WHEREAS, the Authority proposes at this time to issue
6 its San Bernardino Joint Powers Authority, SUbordinated Tax
7 Allocation Bonds, 1991 Series B (Central City Merqed Project)
8 (the "Bonds") for the purpose of providinq funds to make a
9 certain loan (the "Loan") to the Aqency in a total principal
10 amount not to exceed $5,800,000 to undertake certain
11 redevelopment projects; and
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13 WHEREAS, the Loan will be made by the Authority to the
14 Aqency pursuant to that certain Loan Aqreement which shall be
15 entered into by and amonq the Aqency, the Authority and Security
16 Pacific National Bank, as trustee (the "Trustee"), the form of
17 which is presently on file with the Secretary of the Aqency (the
18 "Loan Aqreement"); and
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20 WHEREAS, pursuant to the Community Redevelopment Law,
21 the Aqency has the power and authority to borrow moneys for the
22 purpose of fundinq certain public improve.ents and redevelopment
23 activities in its redevelopment project areas within the City;
24 and
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26 WHEREAS, the Mayor and Common Council have previously
27 considered the terms of the transaction as contemplated herein
28 and, in the pUblic interests of the City, desire at this time to
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1 approve the term. ot said tran.action and related documents
2 necessary theretor.
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4 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
5 COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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7 SECTION 1. Determinations. The Mayor and Common
8 Council here~y tind and determine that the issuance ot the Bonds
9 ~y the Authority will result in signiticant pu~lic ~enetits, ~y
10 ena~linq the Aqency to undertake redevelopment projects and
11 activities within it. Central City Redevelopment Project which in
12 turn will assist in the elimination ot ~lighting conditions and
13 cause demonstra~le savings in any and all ot the following:
14 ettective interest rates, ~nd preparation, ~ond underwriting or
15 ~ond issuance cost..
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17 SECTION Z. A'O'Orova1 of the Authoritv Bonds. The
18 Mayor and Common Council here~ approve the issuance ~y the
19 Authority ot it. Bond. in a total principal amount ot not to
20 exceed $5,800,000 tor the purpo.e ot providinq tunds to make the
21 Loan to the Agency in a total principal amount of not to exceed
22 $5,800,000 to ena~le the Agency to undertake certain
23 redevelopment projects and activities in accordance with the
24 provision. of the Community Redevelopment Law. The Mayor and
25 Common Council here~y further approve the Loan by the Authority
26 to the Agency and the ~rrowinq of tunds ~y the Agency pursuant
27 thereto for the purpose ot undertakinq the redevelopment projects
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1 as contemplated herein, pursuant to the terms ot the Loan
2 Aqreement.
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4 SECTION 3. Official Actions. The Mayor and Common
5 Council, the City Clerk, and any and all other officers ot the
6 City are hereby authorized and directed, tor and in the name and
7 on behalt ot the City, to do any and all thinqs and to take any
8 and all actions, includinq execution and delivery ot any and all
9 assiqnments, certiticates, requisitions, aqreements, notices,
10 consents, warrants and other documents which they, or any ot
11 them, may dee. necessary or advisable in connection with the
12 execution and delivery ot the Bonds and the borrowinq by the
13 Aqency ot the proceeds derived theretrom pursuant to the Loan
14 Aqreement and any related closinq documents, as required, and the
15 consummation ot the transaction described herein and therein.
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Approved as to f01"lll and leqal
25 JAMES F. PENMAH
City Attorney
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27 BY/~~
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RESOLUTION OP THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED
$5,800,000 SAN BERNARDINO JOINT POWERS AUTHORITY, SUBORDINATED
TAX ALLOCATION BONDS, 1991 SERIES B (CENTRAL CITY MERGED PROJECT)
AND THB BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO OP THE PROCEEDS THEREFROM PURSUANT TO A CERTAIN LOAN
AGREEMENT
SECTION 4.
Effective Date.
The findings and
dete1"lllinations herein shall be final and conclusive. This
Resolution shall take effect upon the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a meetinq
thereof, held on the
day of
,
1991, by the followinq vote, to wit:
Council Members:
AXU
BAn
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
City Clerk
The foreqoinq resolution is hereby approved this
day of , 1991.
Mayor of the City of
San Bernardino
content:
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STATE OP CALIFORNIA )
COUNTY OP SAN BERNARDINO) ss
CITY OP SAN BERNARDINO )
I, City Clerk of the City of San
Bernardino, DO HEREBY CERTIFY that the foreqoinq and attached
copy of Mayor and Common Council of the City of San Bernardino
ResoJution No. i. a fUll, true and correct copy of that
now on file in this oftice.
IN WITNESS WHEREOP, I have hereunto set my hand and
affixed the official seal of the Mayor and Common Council of the
Ci ty of San Bernardino this day of ,
1991.
City Clerk
City of San Bernardino
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RESOLUTION NO.
RESOLUTION OP THE COMMUNITY DEVELOPMENT COMMISSION OF
THE CITY OP SAN BERNARDINO, AUTHORIZING, ON BEHALF OP
THE REDEVELOPMENT AGENCY OP THE CITY OF SAN BERNARDINO,
THE BORROWING OP FUNDS FROM THE SAN BERNARDINO JOINT
POWERS PINANCING AUTHORITY IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT OP NOT TO EXCEED $5,800,000 TO
UNDERTAKE CERTAIN REDEVELOPMENT PROJECTS
WHEREAS, the City of San Bernardino is a charter city
(the "City"), duly orqanized and existinq under and pursuant to
9 the provisions of the Constitution of the State of California;
10 and
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12 WHEREAS, the Community Development Commission of the
13 City of San Bernardino (the "Commission") is the qoverninq body
14 which acts on behalf of the Redevelopment Aqency of the City of
15 San Bernardino (the "Aqency"), a redevelopment aqency (a public
16 body, corporate and politic) duly created and eXistinq pursuant
17 to the Community Redevelopment Law (Part 1 of Division 24,
18 commencinq with Section 33000) of the Health and Safety Code of
19 the State of California (the "Community Redevelopment Law"); and
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21 WHEREAS, the City and the Aqency have heretofore
22 entered into a Joint Exerci.e of Powers Aqreement establishinq
23 the San Bernardino Joint Powers Authority (the "Authority") for
24 the purpose of issuinq bonds to be used to make loans in order to
25 finance pUblic capital improvements; and
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27 WHEREAS, the Authority proposes at this time to issue
28 its not to exceed $5,800,000 San Bernardino Joint Powers
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1 Authority, Subordinated Tax Allocation Bonds, 1991 Series B
2 (Central City Merqed Project) (the "Bonds"), to make a loan (the
3 "Loan") to the Aq.ncy in a total principal amount of not to
4 exc.ed $5,800,000 in order to enable the Aqency to undertake
5 certain r.developm.nt projects and activities in accordance with
6 the provisions ot the Community Red.velopment Law; and
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8 WHEREAS, the Loan to the Aqency from the Authority
9 shall b. mad. pursuant to and in accordanc. with that certain
10 Loan Aqr._.nt which shall b. ent.red into by and amonq the
11 Aqency, the Authority and s.curity Pacific National Bank, as
12 trustee (th. ..Trust....), the torm of which has been prepared and
13 is presently on tile with the S.cr.tary ot the Commission (the
14 "Loan Aqreem.nt..); and
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16 WHEREAS, Miller , Schro.der Financial, Inc., as
17 prosp.ctive und.rwrit.r ot the Bonds (th. "Underwrit.r") has
18 intormed the Authority that it intends to submit an offer to
19 purchas. the Bonds and shall caus. to b. prepared a Preliminary
20 Ofticial Stat_.nt and an Otticial Statem.nt relatinq to such
21 Bonds as may b. necessary in the sale and marketinq of the Bonds,
22 the tora ot which Preliminary Otticial Statem.nt is presently on
23 file with the Secretary of the Authority; and
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WHEREAS, the Aq.ncy is authorized pursuant to Section
33601 ot the H.alth and sat.ty Cod. ot the Stat. ot California to
borrow mon.ys tor red.v.lopm.nt purpos.s; and
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WHEREAS, the Commission deems it desirable to approve
the borrowinq by the Aqency ot a certain amount representinq
proceeds ot the sale ot the Bonds under the Loan Aqreement tor
the purpose ot undertakinq redevelopment projects and activities
in accordance with the Community Redevelopment Law; and
WHEREAS, the Commission has considered the terms ot the
transaction as contemplated herein and desires at this time to
approve the terms ot said transaction in the public interests ot
the Aqency.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION
ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Determina~ions. The Commission hereby
tinds and determine. that the issuance ot the Bonds by the
Authority will re.ult in siqniticant public benetits by enablinq
the Aqency to undertake redevelopment projects and activities
within it. Central City Redevelopment Project which in turn will
assi.t in the elimination ot bliqhtinq conditions and cause
demonstrable savinqs in any and allot the tollowinq: ettective
interest rates, bond preparation, bond underwritinq or bond
issuance costs.
Sect.ion 2.
Autl\orizat.ioft of Loan: ~Dnr~val o~ Loan
AareemAnt. The Commission hereby authorizes and approves the
Loan to be made to the Aqency by the Authority in the total
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1 principal amount of not to exceed $5,800,000 pursuant to and in
2 accordance with the terms of the Loan Aqreement for the purpose
3 of undertakinq redevelopment projects. The Commission hereby
4 approve. the form of the Loan Aqre_ent as presently on file with
5 the Secretary of the Commission, toqether with any chanqes
6 therein or additions thereto as may be approved by the Chairman
7 and as necessary to incorporate the principal amount, interest
8 rate, maturity and prepayment dates, pledqe of security
9 thereunder and such other terms and conditions when such terms
10 and condition. have been ascertained. The Commission hereby
11 further authorizes and directs that the form of the Loan
12 Aqreement be converted into the final form of the Loan Aqreement.
13 The Chairman, Vice-Chairman or such other members of the
14 Commission are hereby authorized and directed to execute and
15 deliver, and the Secretary or Assistant Secretary is hereby
16 authorized and directed to attest to and affix the seal of the
17 Commission to, the final form of the Loan Aqreement when the same
18 has been prepared for and in the name of and on behalf of the
19 Aqency and such execution and delivery shall be deemed to be
20 conclusive evidence of the approval thereof. The proceed. of the
21 Loan shall be applied by the Aqency to undertake the
22 redevelopment projects. The Commission hereby authorizes the
23 delivery and performance of the terms of the Loan Aqreement.
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Section 3. Official Actions. The Chairman, Vice-
. Chainaan and other m~r. of the Commi.sion, the secretary,
As.i.tant Secretary, the Executive Director of the Aqency, Aqency
Counsel and any and all other melllber. and officers of the
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1 Commis.ion and the Aqency are hereby authorized and directed, for
2 and in the name and on behalf of the Aq.ncy, to do any and all
3 thinq. and to take any and all actions, includinq execution and
4 delivery of any and all as.ignment., certificates, requisition.,
5 aqr....nt., notices, cons.nts, instrum.nts of conveyance,
6 warrant. and other document. which they, or any of them, may deem
7 nece.sary or advisable in connection with the execution and
8 delivery of the Loan Aqreement and the consummation of the
9 transactions de.cribed herein and therein.
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adopted by the Community Development Commission ot the City ot
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1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT
2 AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM
THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL
3 AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $5,800,000 TO
UNDERTAXB CERTAIN REDEVELOPMENT PROJECTS
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Section 4.
Effective Date.
The findings and
determinations shall be tinal and conclusive.
This Resolution
shall take ettect trom and atter the date ot its passage and
adoption.
I HEREBY CERTIFY that the toregoing Resolution was duly
San Bernardino at a
meeting
thereot, held on the
day ot
,
1991, by the tollowing vote, to wit:
Commi..ion Members:
AUi
HAD
ABSTAIN
ABSENT
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
Secretary
The toregoing resolution i. hereby approved this
day ot , 1991.
W. R.Holcomb, Chairman
community Development Commission
ot the City ot San Bernardino
Approved as to torm and legal content:
By:
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I STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OP SAN BERNARDINO )
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I, Secretary of the Community
Development Commission of the City of San Bernardino, DO HEREBY
CERTIFY that the foreqoinq and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. is a full, true and correct copy of that now on
file in this Office.
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 ot
, 1991.
Secretary of the
Community Development
Commission of the City of San
Bernardino
S8IlllIOIIIIDOCIt
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RESOLUTION NO.
RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF
NOT TO EXCEED $5,800,000 SAN BERNARDINO JOINT
POWERS FINANCING AUTHORITY, SUBORDINATED TAX
ALLOCATION BONDS, 1991 SERIES B (CENTRAL CITY
MERGED PROJECT), 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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9 the R.c:lev.lopm.nt Aq.ncy of the City of San Bernarc:lino (the
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WHEREAS, the City of San Bernarc:lino (the "City") anc:l
"Aq.ncy") have h.retofor. .ntereel into a Joint Exercise of Powers
Aqreement establishinq the San Bernarc:lino Joint Powers Financinq ,
Authority (th. "Authority") for the purpose of issuinq bonc:ls to
be usec:l to make loans to financ. public capital improvements; anc:l
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15 WHEREAS, the Aqency c:le.ir.. to borrow money from the
16 Authority for the purpo.. of unc:lertakinq rec:lev.lopment activities
17 in accorc:lanc. with the Community Rec:lev.lopment Law; anc:l
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19 WHEREAS, the Authority propos.s at this time to issue
20 its San B.rnarc:lino Joint Pow.r. Financinq Authority, Suborc:linatec:l
21 Tax Allocation Bonc:l., 1991 Series B (C.ntral City Merqec:l Project)
22 (the "Bonc:l.") pursuant to the Marks-Roos Local Bonc:l Poolinq Act
23 of 1985, coc:lifiec:l at S.ction 6584, At AIQ., of the California
24 Governm.nt Coc:l. (th. "Marks-Roos Act"), anc:l pursuant to that
25 certain Inc:l.ntur. of Tru.t which shall be enterec:l into by anc:l
26 betw.en the Authority anc:l Security Pacific National Bank, as
27 trust.. (th. ..Tru.t....), the form of which i. presently on file
28 with the Secretary of the Authority (th. "Inc:lenture"); anc:l
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1 WHEREAS, the proceed. of the Bonds will be loaned to
2 the Agency pursuant to and in accordance with that certain Loan
3 Agre_ent which shall be entered into by and among the Authority,
4 the Agency and the Trustee, the form of which is presently on
5 file with the Secretary of the Authority (the "Loan Agreement") ;
6 and
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8 WHEREAS, the Bond. shall be secured by tax increment
9 revenue. of the Central City Merged Project Area pursuant to the
10 Loan Aqre_ent and a pledge of money. in the funds and accounts
11 e.tabli.hed by the Indenture; and
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13 WHEREAS, Miller , Schroeder Financial, Inc., as
14 prospective underwriter of the Bond. (the "Underwriter") has
15 informed the Authority that it intend. to submit an offer to
16 purchase the Bonds and shall cause to be prepared a Preliminary
17 Official Stat_ent and an Official Stat_ent relating to such
18 Bonds, as may be necessary in the sale and marketing of the
19 Bonds, the form of which Preliminary Ofticial Statement is
20 presently on file with the Secretary of the Authority; and
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WHEREAS, the Authority has considered the terms of the
transaction a. contemplated herein and desire. at this time to
approve the terms of said transaction in the public interests of
the Authority.
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1 NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS
2 FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
3 FOLLOWS:
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5 Seetlo" 1. Pindina. and Determinations. Pursuant: to
6 the Marks-Roo. Act, the Authority hereby tinds and determines
7 that the issuance ot the Bonds will assist in the elimination ot
8 bliqhtinq conditions and cause savinqs in effective interest
9 rates, bond preparation, bond underwritinq and/or bond issuance
10 costs and thereby will result in siqniticant pUblic benetits to
11 its member. within the contemplation ot Section 6586 ot the
12 Marks-Roos Act.
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14 Section 2. Il!!Isuanca ot the Bonda: ~Dnroval of Form of
15 Ind.nt:ur.: Au~orizat:ion and Direction of PrAnara1:1on ot Final
16 Forms Thereof. The Authority hereby authorize. the issuance ot
17 the Bond. under and pursuant to the Mark.-Roo. Act and the
18 Indenture in the principal amount ot not to exceed $5,800,000 and
19 the preparation ot certain tinancinq document. related thereto
20 which are nece..ary to carry out the issuance ot the Bond. and
21 the loan ot proceeds therefroa to the Aqency. The Authority
22 hereby approve. the torm ot Indenture as presently on tile with
23 the Secretary ot the Authority with such chanqe. thereto as may
24 be approved by the Chairman of the Authority and a. necessary to
25 incorporate the principal amount, interest rate, maturity and
26 redemption date. and such other terms and condition. with respect
27 to the Bond. when such terms and conditions have been
28 ascertained. The Authority hereby turther authorizes and directs
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1 that the form of Indenture presently on file with the Secretary
2 be converted into the final form of Indenture, authorizinq the
3 issuance of the Bonds toqether with such chanqes or modifications
4 as de_84 necessary or desirable by the Chairman of the Authority
5 upon the recommendation of Sabo , Green, a PrOfessional
6 Corporation ("Bond Counsel"). The Chairman, Vice-Chairman or
7 such other authorized officer of the Authority is hereby
8 authorized and directed to execute and deliver, and the Secretary
9 or Assistant Secretary is hereby authorized and directed to
10 attest to, the final form of the Indenture when the same has been
11 prepared for and in the name of the Authority, and such execution
12 and delivery shall be de_ed to be conclusive evidence of the
13 approval thereof. The Authority hereby authorizes the delivery
14 and performance of the obliqation under the Indenture.
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]6 s.etion 3. ADDroval ot Final Form of Loan Aareement:.
17 The Authority hereby approves the form of Loan Aqreement
18 presently on file with the Secretary toqether with any chanqes
19 therein or additions thereto as may be approved by the Chairman
20 and as necessary to incorporate the principal amount, interest
21 rate, maturity and prepayment dates, pledqe of security
22 thereunder and such other terms and conditions when such terms
23 and conditions have been ascertained. The Authority hereby
24 further authorizes and directs that the form of Loan Aqreement
25 presently on file with the secretary be converted into the final
26 form of Loan Aqreement, toqether with such chanqes or
27 modifications as de_84 necessary or desirable by the Chairman of
28 the Authority upon the recommendation of Bond Counsel. The
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1 Chairman, Vice-Chairman or such other authorized officer of the
2 Authority is hereby authorized and directed to execute and
3 deliver, and the Secretary or Assistant Secretary is hereby
4 authorized and directed to attest to, the final form of the Loan
5 Agreement when the same has been prepared and such execution and
6 delivery shall be deemed to be conclusive evidence of the
7 approval thereof. The Authority hereby authorizes the delivery
8 and performance of the Loan Aqreement.
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10 Section 4. Sale at the Bonds. The Authority hereby
11 approves the sale of the Bonds by negotiated purchase with the
12 Underwriter, pursuant to that certain Bond Purchase Aqreement to
13 be prepared and as shall be provided by the Underwriter prior to
14 the time of purchase of the Bonds (the "Purchase Aqreement"), and
15 the sale of the Bonds pursuant to the Purchase Aqreement is
16 hereby approved. The Authority hereby further authorizes a fora
17 of Purchase Agreement as presently on file with the Secretary,
18 toqether with any chanqe. therein or additions thereto approved
19 by the Chairman or an authorized repre.entative of the Chairman,
20 and a. necessary to incorporate the principal amount, the
21 interest rate, the purchase price and such other terms and
22 conditions when such terms and conditions have been ascertained.
23 The Authority hereby authorizes and directs the Underwriter to
24 cause the preparation of the final Purchase Agreement of which
25 such terms are a part, and the Chairman, the Vice-Chairman or
26 such other authorized officer of the Authority is hereby
27 authorized and directed to evidence the Authority'S acceptance of
28 the offer made by the Purchase Agre_ent by executinq and
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1 deliverinq the Purchase Aqreement in said form as on file with
2 such chanqe. therein a. the officer or the officers executinq the
3 same may approve, such approval to be conclusively evidenced by
4 the execution and delivery thereof.
5
6 Section 5. Otticial Statement. The Authority
7 hereby approve. the form ot the Preliminary Ofticial Statement
8 pre.ently on file with the Secretary. The Authority turther
9 authorize. the preparation and distribution of a Preliminary
10 Official Statement a. shall be necessary or required in
11 connection with the sale of the Bond. to prospective purchasers
12 thereof. The Authority hereby authorize. and directs that the
13 Preliminary Official Statement be converted to a tinal Otficial
14 Statement toqether with such chanqe. or modifications as deemed
15 de.irable or nece..ary in the sale and marketinq of the Bond. and
16 a. approved by the Chairman, upon the recommendation of Bond
17 Counsel and the Underwriter. The Authority hereby authorize.
18 di.tribution of the Preliminary Ofticial statement and the final
19 Otticial Statement by the Underwriter when the same have been
20 prepared. The Chairman is hereby authorized and directed to
21 execute the tinal form of said Official Statement in the name and
22 on behalf of the Authority and to deliver the same to the
23 Underwriter upon execution thereof, together with the change. or
24 modification. approved by the Chairman. Execution ot said tinal
25 Official Statement shall be conclu.ive evidence ot approval
26 thereof, includinq any sucb cbanqe. and addition..
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1 Section 6. Official Action. The Chairman, th.
2 Secr.tary, Bond Couns.l and any and all other officers of th.
3 Authority are hereby authoriz.d and directed, for and in the name
4 and on b.half of th. Authority, to do any and all things and tak.
5 any and all actions, including ex.cution and delivery of any and
6 all assignm.nt., c.rtificate., r.qui.itions, agreements, notices,
7 consent., instruments of conv.yanc., warrants and other
8 docum.nts, which they, or any of them, may deem necessary or
9 advisable in ord.r to con.ummat. th. lawtul issuance and sale ot
10 th. Bond. a. d.scribed h.r.in, including th. distribution ot th.
11 Pr.liminary Otticial stat.m.nt to any prosp.ctiv. purchasers wh.n
12 th. sam. .hall become available tor distribution. When.v.r in
13 this Resolution any ottic.r ot the Authority is authorized to
14 .x.cute or count.rsign any document or take any action, such
15 ex.cution, count.rsigning or action may b. tak.n on behalt ot
16 such ottic.r by any p.rson designat.d by such ottic.r to act on
17 hi. or h.r behalt in the case such ottic.r shall be abs.nt or
18 unavailabl.. Th. Authority her.by appoints its Chairman as agent
19 ot th. Authority tor purpos.. ot .x.cuting any and all docum.nt.
20 and instrum.nt. which any ottic.r ot th. Authority is authorized
21 to ex.cute h.r.und.r.
22
23 The Authority h.r.by authoriz.. the paym.nt ot all
24 cost. of is.uance in conn.ction with th. is.uanc. of th. Bond.
25 inCluding all l.gal t... of Bond Coun.el, special tax counsel,
26 bond printing and Tru.t.. t.... Bills tor all such item. shall
27 be .ubaitt.d to and approved by th. Ex.cutiv. Director of the
28 Ag.ncy.
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1 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,800,000 SAN
2 BERNARDINO JOINT POWERS FINANCING AUTHORITY, SUBORDINATED TAX
ALLOCATION BONDS, 1991 SERIES B (CENTRAL CITY MERGED PROJECT),
3 APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND
AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF
4 THE FINAL FORMS THEREOF
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the approv.l by the Aqency of the execution and d.livery of the
9
Sae1:ion 7. Eff.~i V. Oat.: SUQj Bet. to Aoeftcv ADDroval.
Thi. Re.olution .hall take effect from .nd aft.r it. p....q. and
adoption.
Thi. Re.olution .hall be .ubject in all resp.ct. to
10
Loan Aqreement and to the issu.nce of the Bonds by the Authority.
I HEREBY CERTIFY that the foreqoinq Resolution was duly
11
adopted by the San Bern.rdino Joint Powers Fin.ncinq Authority at
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a speci.l meetinq th.reof, held on the ____ day of
,
1991, by the followinq vote, to wit:
AYES:
Members
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25 Approved .. to form and l.q.l
26 By: .4.__~~~.~~
27 ~~~
SIIlllIOIIIIDOCIIO
28
NAYS:
ABSENT:
S.cretary
The foreqoinq re.olution is hereby approved this
d.y of , 1991.
W.R. Holcomb, Chairman
San Bern.rdino Joint Powers
Fin.ncinq Authority
content:
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
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I, Secretary of the
San Bernardino Joint POwers Financinq Authority, DO HEREBY
CERTIFY that the foreqoinq and attached copy of San Bernardino
Joint Powers Financinq Authority Resolution No. is a
full, true and correct copy of that now on file in this office.
IN WITNESS WHEREOF,
affixed the official seal of
Financinq Authority this
I have hereunto set my hand and
the San Bernardino Joint Powers
day of , 1991.
Secretary