HomeMy WebLinkAboutRS02-City Treasurer
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Subject:
C~ificate of particiPation~r
Fire Station .and Equipment
From:
~raig A. Graves
City Treasurer
City Treasurer
Dept:
DatC)
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SeptemBer 2tf,-; 1986
!;ynopsis of Previous Council action:
December 16, 1985 - Mayor and Common Council directed the City
Administrator and City Treasurer to develop a fin~ncinq plan fora
new fire station, fire equipment, computer dispatch system and a
new telephone system.
January 8, 1986 - Mayor 'and Common Council authorized the selection
of a consultant to develop an RFP for a telephone system for City
Hall.
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March 17, 1986 - Mayor and,Common Council approved ass~ssment
district for construction of fire station and acquisition of fire
equipment.
SEE ATTACHED SHEET FOR CONTINUATION
Recommended motion:
(MAYOR; AND COMMON COUNCIL ACTION)
a. RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE crn OF SAN BERNARDINO PROVIDING
FOR THE SALE OF NOT TO EXCEED $2,875,000 PRINCIPAL AMOUNT OF CERTIFICATES OF
- PARTICIPATION (CITY OF SAN BERNARDINO 1986 PROJECTS)
Ob.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE. CITY OF SAN BERNARDINO AUTHORIZING
EXECUTION AND DELIVERY BY THE CITY OF LEASE AGREEMENT, TRUST AGREEMENT AND AGENCY
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 ~N AN AMouNT NOT TO EXCEED $2,875,000
Contact person: Craig A. Graves
Supporting data attached: Under Seperate Cover
Phone: 5221
FUNDING REQUIREMENTS:
Amount: $2.875.000
Ward: Third and First
Sou~: Assessment District and
General fund startina in FY 87-88
NO FUNDING REQUIRED FOR FY 87-88
Finance:
co~ Notes:
.0262
Agenda Item No
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SYNOPSIS OF PREVIOUS COUNCIL ACTION CONTINUED:
April 21, 19a6 - Mayor and Common Council approved coptract
for computer aided dispatch system.
May 5, 1986 - Approved contract for arcitect on new fire
station.
July 7, 1986 - Mayor and Common Council continue approval of resolutions
because of questions concerning fire station site
July 23, 1986 - Community Deveopment Commission approve agreement with
Rancon that includes acquisition of fire station site
Septew~er 8, 1986 - Mayor and common Council table resoltuions until
final questions on fire station site are resolved
September 23, 1986 - Mayor and Common Council receive preliminary soils
report of fire station site
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CITY OF SAN BERNARDINO
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- REQUEST FOR COUNCIL ACTION
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STAFF REPORT
REDEVELOPMENT AGENCY /
SUPPLEMENTAL STAFF REPORT
The City resolutions before you provide for the following:
a) Resolution providing for aa1e:
- Provide for invitationS to bid
- Publication of Notice of Sale
- Approvea form of official statement
- Acknowledgment that financial consultant has given notice that
it intenda to bid.
- Bids to be open November 6, 1986 at 11:00 a.m.
Security Pacific Baak, Los Angeles
()
b) Resolution authorizing execution and delivery of:
- Lease agreement between Redevelop1llent Agency (Lessor) and City
(Lessee).
Trust Agreement between Security Pacific National Bank
(Trustee), Redevelopment Agency and City.
Agency agreement between Redevelopment Agency and City, wherein
parties appoint City as agent for construction, installation etc.
Assignment Agreement between Redevelopment Agency and Security
Pacific - Provides for assignment by trustee of Agency's
interest under the lease.
The resolution further appoints the trustee and authorizes the issuance
of the certificates.
The Agency will not approve the execution of these documents until
November 3, 1986 after a duly held public hearing.
It will be necessary on November 3, 1986 to continue the meeting to
November 6, 1986 to award the bid. The bids will be opened at 11:00 a.m.
on November 6, 1986 in Los Angeles.
Craig Graves and Bond Counsel will be present October 6, 1986 to respond
to any questions you may have.
~M
G1e a Saul, Executive Director
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Attached are the documents included for the Certificates
of Participation that will finance the new Fire Station in
the Tri-City area. The certificates will be approximately
$2,875,000.00. They will allow for the construction of the
fire station, acquisition of a fire engine and paramedic
squad, the acquisition of the computer aided dispatch and
fire alert system and the new telephone system for City Hall.
On the telephone system, these funds will replace the tempor-
ary financing through GTEL that was approved so the purchase
of the system could be expedited.
The certificates have been structured so there will be
no impact on the budget for FY 86-87. Presently, the Archit-
ect has been hired and is working on the plans for the
station. The Redevelopment Agency has reached an agreement
on the land. The computer aided dispatch system is in the
design phase.
The Redevelopment Agency will act as owners of the
projects and will authorize the City to be its agents. The
deposition hearing for leasing the items to the City will be
set for November 3, 1986. The sale of the bonds is set for
Thursday, November 6, 1986 at 11:00 a.m. in Los Angeles. A
City Council meeting needs to be scheduled for that afternoon
to award the bid. At the end of ten years the City will take
ownership of all of the projects.
Attached are the resolutions that need to be approved.
The resolutions include the execution of the various agree-
ments between the City, the Agency and Security Pacific
National Bank for the delivery, issuance and administration
of the certificates. Another resolution authorizes providing
for the sale of the certificates including the publication of
notice and official statements.