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COUNCIL ACTION CORRESPONDENCE
To
Craig Graves
City Treasurer
August 20, 1986
Subject
Date
Lease Agreements
Meeting Date Augus t 18, 1986
Agenda Item No. 33
Action
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Resolution of the Mayor and Common Council of the City of San Bernardin
authorizing execution and delivery by the City of Lease Agreement,
Ground Lease Agreement, Agency Agreement, Trust Agreement and Assign~
ment Agreement with respect to the issuance and sale of Certificates
of Participation (City of San Bernardino 1986 projects), appointing
trustee and authorizing issuance of such Certificates in an amount
not to exceed $2,875,000.00 was .QQ..Y).t,,t!lUed tQS~p.temQer 8. 1986.as
negotiations on the fire station property are not finalized.
SC:pn
City Administrator
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..&lAUNA CLARK
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO AUTHORIZING
EXECUTION AND DELIVERY BY THE CITY OF LEASE
AGREEMENT, GROUND LEASE AGREEMENT, AGENCY
AGREEMENT, TRUST AGREEMENT AND ASSIGNMENT
AGREEMENT WITH RESPECT TO THE IS$UANCE AND
SALE OF CERTIFICATES OF PARTICIPATION (CITY
OF SAN BeRNARDINO 1986 PROJECTS), APPOINTING
TRUSTEE AND AUTHORIZING ISSUANCE OF SUCH
CERTIFICATES IN AN AMOUNT NOT TO EXCEED
$2,875,000
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WHEREAS, the Mayor and Common Coun~il of the City of San
Bernardino. (the "City") have determined that it is in the best
interests of the City and its citizens tha~ the City participate
in the financing of the acquisition, construction and installation
13 of a fire station designated Park Centre Fire Station on certain
14 land to be acquired by the Redevelopment Agency of the City of San
Bernardino (the "Agency") through the execution and delivery b.y
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16 the Trustee hereinafter named of Certificates of Participation in
17 a principal amount which shall not exceed $2,875,000 which will be
18 designated Certificates of Participation (qity of San Bernardino
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1986 Projects) (the "Certificates"); and
WHEREAS,
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in order to accompliish the acquisition,
construction and installation of said improvements and equipment
and the execution, delivery and sale of the Certificates, it is
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necessary that the City enter into the Lease Agreement, the Trust
24 Agreement, the Ground Lease Agreement and the Agency Agreement,
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hereinafter more particularly described, apd that certain other
action be taken and authorized;
NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE MAYOR
AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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1.
The agreements entitled "Lease Agreement," "Ground
2 Lease Agreement" and "Agency Agreement" to be entered into by and
3 between the City of San Bernardino and the Agency, dated as of
4 July 15, 1986, which provide generally for (i) the construction
5 and installation of the Park Centre Fire Station and the
6 acquisition and installation of said equipment by the City, as
7 agent of the Agency, with the proceeds of the Certificates,
8 (H) the leasing by the Agency to the City of the completed
9 improvements to the Park Centre Fire Station and the site where it
10 will be located, and said equipment, as installed, and (Hi) the
11 payment by the City to the Agency of Lease Payments in amounts
12 which will be sufficient to pay the principal and interest owing
13 on the Certificates in each year following the completion of the
14 acquisition, construction and installation of said improvements,
15 fire station and equipment, are hereby approved, and the Mayor and
16 City Clerk, are hereby authorized to execute, acknowledge and
17 deliver said agreements on behalf of the City.
18 2. The agreement entitled "Trust Agreement" to be
19 entered into by and among the City, the Agency and Security
20 Pacific National Bank, as Trustee (the "Trustee"), dated as of
21 July 15, 1986, which provides generally for (i) the execution and
22 elivery by the Trustee of the Certificates, (H) the
23 establishment and maintenance by the Trustee of certain funds for
24 the benefit of the City and the owners of the Certificates, and
25 (Hi) the performance of other duties by the Trustee, is hereby
26 approved and the Mayor and City Clerk are hereby authorized to
27 execute, acknowledge and deliver said agreement on behalf of the
28 City.
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1 3.
2 entered into
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The agreement entitled "Assignment Agreement" to be
by and between the Agency and the Trustee, dated as
3 of July 15, 1986, which provides for the assignment by the Agency
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to the Trustee of
all
the Agency's
rights
urtder
the Lease
5 Agreement, is hereby approved.
4.
The approval of said agreements given hereby shall
apply to any modification or amendment of any of said agreements
which is specified and approved by Special Counsel to the City and
the City Treasurer as being necessary to carry out the provisions
thereof and the authorizations contained in this resolution and
approved as to form by the City Attorney.
5.
Security Pacific National Bank is hereby appointed
13 as Trustee pursuant to the Trust Agreement, to take any and all
14 action provided therein to be taken by the Trustee, and is .further
15 designated and appointed as paying agent for the Certificates.
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6.
The form of the Certificates as set forth in the
Trust Agreement is hereby approved, and Security Pacific National
Bank, as Trustee, is hereby authorized to execute and deliver the
19 Certificates in an aggregate principal amount which shall not
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exceed $2,875,000, subject to an award of the sale thereof by this
Ci ty Council, and to apply and expend the proceeds thereof as
22 specified in the Trust Agreement; provided that the Financial
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Consultant and City Treasurer are hereby authorized to determine
the final aggregate principal amount of the Certificates to be
executed and delivered based on their determination of the amount
needed to finance the cost of the acquisition of the real property
and improvements to be acquired, the cost of the construction of
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the Park Centre Fire Station and the cost of the acquisition and
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installation of said equipment.
7. The Mayor, City Clerk, City Treasurer or any other
authorized staff member or authorized public official ar~ hereby
authorized to take any and all action which is qirected by Special
Counsel to the City with respect to the execution, acknowledgement
and delivery of the aforementioned agreements and the execution,
delivery and sale of the Certificates, including but not limited
to purchasing municipal bond insurance, which in the opinion of
said Special Counsel is necessary in order for the authorizations
and direction provided in this resolution to be carried out.
8. This Resolution shall take effect upon adoption.
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
BernaqUno at a
meeting thereof, held on the
, 1986, by the following vote, to wit:
day of
AYES:
Council Members
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NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this day
, 1986.
Mayor of the City of
San Bernardino
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1 Approved as to form:
2 . J/t~~ 1C 6:~
City Attorney Y .
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STATE OF CALIFORNIA
COUNTY OF SAN BERNARDINO
CITY OF SAN BERNARDINO
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4 I, SHAUNA CLARK, City Clerk in and f9r the City of San
5 Bernardino, DO HEREBY CERTIFY that the foregoing and attached copy
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of San Bernardino City 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 City of San Bernardino this
10 day of
, 1986.
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City Clerk
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