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REDEVELOPIENT AGBNCY-REQUBST FOR ~/COUNClL ACTION
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GLENDA SAUL
Subject: AMENDMENT TO ORDINANCE NO. 3815
CONCERNING BOND TRUSTEES
Redevelopment Agency
Date: July 16, 1986
Synopsis of Pravious Commission/Council action:
In June, 1985, the Mayor and Common Council issued multifamily mortgage revenue
bonds in the amount of $9,350,00 (series 1985) for Fredericks Development
(Pumalo Palms).
Recommsnded motion:
(MAYOR AND COMMON COUNCIL)
o FIRST READING:
ORDINANCE OF THE CITY OF SAN BERNARDINO AMENDING ORDINANCE NO. 3815 RELATING
TO THE FINANCING OR PROJECTS FOR THE ENCOURAGING OF INCREASED EMPLOYMENT WITHIN
THE CITY.
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Signature
Contact person:
GLENDA SAUL/KEN HENDERSON
Phone: 383-5081
Supporting date attached:
YES/STAFF REPORT
Ward:
1-7
FUNDING REQUIREMENTS:
Amount: $ N/A
Project:
Oats:
ALL
No adverse Impact on City:
OCil Notes:
July 21, 1986
Agenda Item No. ~ I
, CI10 OF SAN BERNARDIQ) - REQUE()T FOR COUNCIL ACQ)N
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75-0264
STAFF REPORT
In June, 1986, the Mayor and Common Council authorized the issuance of
multifamily mortgage revenue bonds in the amount of $9.3S0,OOO (series 1985)
for Fredericks Development (Pumalo Palms). Ordinance No. 381S requires trust
companies or banks having powers of a trust company be within the State of
Califomia. This particular requirement has caused Fredericks a number
problelDS inaslllUch as the original trustee was an out-of-state company.
To temporarily remedy the situation. an in-state company has been operating as
interim trustee for the Pumalo PallDS project until such time as the Mayor and
Common Council considered an amendment to Ordinance No. 381S. The amendment
would specifically allow trust companies or banks having powers of a trust
company either within or outside the State of Cal1fomia to act as a trustee
for the purposes of municipal financings.
Staff recommends adoption of the amendment to Ordinance No. 381S which would
authorize out-of-state trustes for the purposes of municipal financings.
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ORDINANCE NO.
ORDINANCE OF THE CITY OF SAN BERNARDINO AMENDING ORDINANCE NO. 381S
RELATING TO THE FINANCING OF PROJECTS FOR THE ENCOURAGING OF INCREASED
EMPLOYMENT WITHIN THE CITY.
THE MAYOR AND COMMON COUNCIL OF THE CITY SAN BERNARDINO DO ORDAIN AS
FOLLOWS:
SECTION 1. Amendment. The first sentence of Section lS of Ordinance
7 No. 381S shall be amended to read as follows:
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In the discretion of the City, sny Bonds issued under the
provisions of this Ordinance may be secured by indenture
provisions in the Resolution of Issuance by and between the City
and a corporate trustee or trustees, which may be any trust
company or bank having the powers of a trust company within or
outside of the State and the Resolution of Issuance may contain
such provisions which are customarily found in indentures,
including. without limitation. the provisions hereinafter set
forth.
Section 2. Effective Ilste and Publication. Within fifteen (lS) days
15 after its passage. the City Clerk shall cause this Ordinance to be published
16 at least once in a newspaper of general circulation published and circulated
17 in the City of San Bernardino. This Ordinance shall take effect thirty (30)
18 days following the date of adoption hereof.
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I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the
20 Mayor and COlDlDOn Council of the City of San Bernardino at a regular meeting
21 thereof, held on the
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day of
, 1986, by the following vote,
AYES:
Council Members
NAYS:
ABSENT :
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ABSTAIN:
City Clerk
The foregoing Ordinance is hereby approved this
. 1986.
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8 Approved aa to form:
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Mayor of the City of
San Bernardino
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