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HomeMy WebLinkAboutRS01-Redevelopment Agency u o o o Redevelopment Agency . City of San Bernardino 300 Ncnh "D" s-r. Fuunh Floor . Sill BemIrdino, Co1ifcmia 92418 (714) 384.S081 FAX (714) 888-9413 PrIde ~ ~- SIeveD H. Dukett Executive DirecIOr SEPTEMBER 28, 1989 APPROVE FINAL FINANCING PLAN IN CONNECTION HITH CERTAIN TAX ALLOCATION REFUNDING BONDS Synoosis of Previous Commission/Council/Committee Action: 08-21-89 Mayor and Common Council, Community Development Commission and Joint Powers Authority approved certain financings. 09-18-89 Mayor and Common Council, Community Development Commission and Joint Powers Authority continued approval of final documents to 09-25-89. 09-25-89 Mayor and common Council, Community Development Commission and Joint Powers Authority continued final approval to 09-27-89. 09-27-89 Mayor and common Council, Community Development Commission and Joint Powers Authority continued final approval to 10-02-89. o Recommended Motion: (COMMUNITY DEVELOPMENT COMMISSION) a) RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING THE FINAL FINANCING PLAN IN CONNECTION HITH CERTAIN TAX ALLOCATION REFUNDING BONDS. (JOINT POHERS FINANCING AUTHORITY) b) RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY APPROVING THE FINAL FINANCING PLAN IN CONNECTION HITH CERTAIN TAX ALLOCATION REFUNDING BONDS. Supporting data attached: Yes FUNDING REQUIREMENTS: N/A o Commission Notes: Ward: All Project: All SO: kp : 1421 S Agenda of: October 2, 1989 Item No. RS - } ~ ~ . o o o SBE00097C-128/3197S/1w 09/28/89 0315 RESOLUTION NO, RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING THE FINAL FINANCING PLAN IN CONNECTION WITH CERTAIN TAX ALLOCATION REFUNDING BONDS WHEREAS, the City of San Bernardino ("City") and the Redevelopment Agency of the City of San Bernardino ("Agency") have heretofore entered into a Joint Exercise of Powers Agreement establishing the San Bernardino Joint Powers Authority ("Authority") for the purpose of issuing its bonds to be used to make loans to any of its.members to finance public capital improvements and refinance existing obligations of such members; and 0 WHEREAS, the Authority, by adoption of its Resolution No. JPFA-3 on August 21, 1989 (the "Resolution"), has previously authorized the issuance of the San Bernardino Joint Powers Financing Authority, Tax Allocation Refunding Bonds, 1989 Series A (State Co lIege Proj ect No, 4) (the "Tax Allocation Refunding Bonds"); and WHEREAS, by adoption of its Resolution No. 5205 on September 25, 1989, the Agency has previously approved a financing plan in connection with the Tax Allocation Refunding Bonds as described herein as Exhibit "A". WHEREAS, certain Federal tax issues concerning the applicability of the Internal Revenue Code of 1986. as amended (the c:> "Code"), to the issuance of the Tax Allocation Refunding Bonds - 1 - - o o c:J require the restructuring of the transaction as described in Exhibit "B" hereto. 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. Approval of Fina 1 Financinq PI an. The Cornrnission hereby approves the financing plan as attached hereto as Exhibit "B", The Cornrnission hereby approves the amendment of the Indenture and the Loan Agreement (as defined in the Resolution), and such other documents deemed necessary or advisable by Agency Counsel whose consent thereto shall be conclusive evidence of such approval, o Section 2, Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. The foregoing resolution is hereby approved this day of , 19 By: Chairman of the Cornrnunity Development Cornrnission of the City of San Bernardino By: Secretary of the Cornrnunity Development Cornrnission of the City of San Bernardino c:> Approved as to form and legal content: By: Agency Counsel - 2 - o o o I, Development Resolution adopted Commission below, and o o SECRETARY'S CERTIFICATE OF ADOPTION AND AUTHENTICATION Secretary of the Community Commission, DO HEREBY CERTIFY that the attached is a true and correct copy of Resolution No. ,19 ,by the Community Development of the City of San Bernardino, by the vote set forth that said Resolution has not been amended or repealed. COMMISSION MEMBERS ESTHER R, ESTRADA JACK REILLY JESS FLORES MICHAEL MAUDSLEY TOM MINOR VALERIE POPE-LUDLAM NORINE MILLER DATED: [SEAL] SBE00097C-128/3197S Check Appropriate Box YEAS NAYS ABSENT ABSTAIN [] 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 1=1 I=j , 1989. Secretary of the Community Development Commission of the City of San Bernardino - 3 - o o EXHIBIT "A" o APPLICATION OF PROCEEDS UNDER FINANCING PLAN APPROVED SEPTEMBER 25, 1989 (A) Application of Proceeds of the Tax Allocation Refunding Bonds, Upon delivery of the Tax Allocation Refunding Bonds, the proceeds of the Tax Allocation Refunding Bonds (exclusive of accrued interest and underwri ter' s discount) were to be used as follows: (1) $3,626,585,86 was to be applied to the current refunding of the 1985 Certificates; (2) $4,440,234,23 was to be applied to the advance refunding of the 1981 Bonds; (3) $5,197,113.55 was to be applied to the advanced refunding of the 1983 Bonds; (4) $278,799,03 was to be applied for Costs of Issuance; (5) $1,545,800 was to be applied for the Reserve Fund. (B) Application of 1981 Prior Proceeds. The 1981 Prior Proceeds in the amount of $774,842 were to be paid to the Trustee Oand (i) $770,498,02 was to be applied to the advance refunding of the 1981 Bonds; (ii) $4,343,98 was to be applied for Costs of Issuance, (C) Application of 1983 Prior Proceeds, The 1983 Prior Proceeds in the amount of $1,177,055 were to be paid to the Trustee and (i) $1,174,086,31 was to be applied to the advance refunding of the 1983 Bonds; (ii) $2,968.69 was to be applied for costs of issuance. (D) Application of Amounts on Deposit in the Tax Allocation Special Fund. Moneys in the State COllege Project No.4 Special Fund were to be paid to the Trustee in an amount equal to $7,144,512 and were to be transferred to the Agency to be used for any lawful purpose of the Agency. o o o o EXHIBIT -BM APPLICATION OF PROCEEDS UNDER FINANCING PLAN TO BE APPROVED ~~ation of Proceeds. !.All. Applicat ion of Proceeds of the Bonds. Upon del i very of tme~ on the Closing Date, the Trustee shall deposit the proc~"'11ows: - $ is to be applied to the advanced r"'.-i" 1 . of the 1981 Bonds; - ~.$- is to be applied to the advanced r ~'(( n. of the 1983 Bonds; .' $- is to be applied for Costs of Issuance; o (~ $-1,S45.800 is to be applied to the Reserve Fund; _ $- is to be applied to the Redevelopment Fund" the Loan Agreement, .. A~pliC'ation of 1981 Prior Proceeds. The 1981 Prior Proceeds :...__ amount of $774,842 are to be paid to the Trustee and (i) $770.498.02 is to be applied to the advance refunding of the 1981 Bonds; (ii) $4,343,98 is to be applied for Costs of Issuance (Q Application of 1983 Prior Proceeds. The 1983 Prior Proceeds ill tile amount of $1,177,055 are to be paid to the Trustee and (i) $1,174,086.31 is to be applied to the advance refunding of the 1983 Bonds; (ii) $2.968.69 is to be applied for costs of issuance. (D) APplication of Amounts on Deposit in the Tax Allocation saecial Fund. The State College Project No.4 Special Fund in the .mOunt of $7,144,512 shall be paid to the Trustee and applied as fOllOWS: ( i) $3,626,585,86 shall be used to current refund the 1985 certificates, 0 (ii) $ shall be used to advance refund the 1981 Bond', (Hi) $ sha 11 be used to advance refund the 1983 Bon4'- (iv) $ shall be transferred to the Agency to be used tor any lawful purpose of the Agency. o o o o o SBE00097C-129/3199S/1w 09/28/89 0315 RESOLUTION NO. RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY APPROVING THE FINAL FINANCING PLAN IN CONNECTION WITH CERTAIN TAX ALLOCATION REFUNDING BONDS WHEREAS, the City of San Bernardino (RCityR) and the Redevelopment Agency of the Ci ty of San Bernardino (R AgencyR) have heretofore entered into a Joint Exercise of Powers Agreement establishing the San Bernardino Joint Powers Authority (RAuthorityR) for the purpose of issuing its bonds to be used to make loans to any of its members to finance public capital improvements and refinance existing obligations of such members; and WHEREAS, the Authority, by adoption of its Resolution No. JPFA-3 on August 21, 1989 (the RResolutionR) has previously authorized the issuance of the San Bernardino Joint Powers Financing Authori ty, Tax Allocation Refunding Bonds, 1989 Series A (State COllege Project NO.4) (the RTax Allocation Refunding BondsR); and WHEREAS, the Authority, by adoption of its Resolution No, JPFA-4 on September 25, 1989, has previously approved a financing plan in connection with the Tax Allocation Refunding Bonds as described herein as Exhibit RAR, WHEREAS, certain Federal tax issues concerning the applicability of the Internal Revenue Code of 1986, as amended (the - 1 - o o o Lb. .III. a o o MCodeM), to the issuance of the Tax Allocation Refunding Bonds require the restructuring of the transaction as described in Exhibit MBM hereto. NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. ADDroval of Final Financina Plan. The Board hereby approves the financing plan as attached hereto as Exhibit MBM, The Board hereby approves the amendment of the Indenture and the Loan Agreement (as defined in the Resolution) and such other documents deemed necessary or advisable by Authority Counsel whose consent thereto shall be conclusive evidence of such approval, Section 2. Effective Date. This Resolution shall take effect from and after its passage and adoption. The foregoing resolution is hereby approved this day of , 19_. By: Chairman of the San Bernardino Joint Powers Financing Authority Approved as to form and legal content: By: Authority Counsel SBE00097C-l29/3l99S - 2 - o o o - o EXHIBIT "A" o APPLICATION OF PROCEEDS UNDER FINANCING PLAN APPROVED SEPTEMBER 25, 1989 (A) ADDlication of Proceeds of the Tax Allocation Refundina Bonds. Upon delivery of the Tax Allocation Refunding Bonds, the proceeds of the Tax Allocation Refunding Bonds (exclusive of accrued interest and underwriter's discount) were to be used as follows: (1) $3,626,585.86 was to be applied to the current refunding of the 1985 Certificates; (2) $4,440,234.23 was to be applied to the advance refunding of the 1981 Bonds; (3) $5,197,113.55 was to be applied to the advanced refunding of the 1983 Bonds; (4) $278,799,03 was to be applied for Costs of Issuance; (5) $1,545,800 was to be applied for the Reserve Fund. (B) ADDlication of 1981 Prior Proceeds. The 1981 Prior Proceeds in the amount of $774,842 were to be paid to the Trustee and (i) $770,498.02 was to be applied to the advance refunding of the 1981 Bonds; (ii) $4,343.98 was to be applied for Costs of Issuance, (C) ADDlication of 1983 Prior Proceeds, The 1983 Prior Proceeds in the amount of $1,177,055 were to be paid to the Trustee and (i) $1,174,086.31 was to be applied to the advance refunding of the 1983 Bonds; (ii) $2,968.69 was to be applied for costs of issuance, (D) ADDlication of Amounts on DeDosit in the Tax Allocatio~ SDecial Fund, Moneys in the State College Project No, 4 Special Fund were to be paid to the Trustee in an amount equal to $7,144,512 and were to be transferred to the Agency to be used for any lawful purpose of the Agency. J! 11 .I. 11_ . Ll - o o EXHIBIT -B- o APPLICATION OF PROCEEDS UNDER FINANCING PLAN TO BE APPROVED ADDlication of Proceeds. (A) ADDlication of Proceeds of the Bonds. Upon delivery of the Bonds on the Closing Date, the Trustee shall deposit the proceeds as follows: (1) $ is to be applied to the advanced redemption of the 1981 Bonds; (2) $ is to be applied to the advanced redemption of the 1983 Bonds; (3) $ is to be applied for Costs of Issuance; (4) $1,545,800 is to be applied to the Reserve Fund; (5) $ is to be applied to the Redevelopment Fund under the Loan Agreement. o (B) ADDlication of 1981 Prior Proceeds. The 1981 Prior Proceeds in the amount of $774,842 are to be paid to the Trustee and (i) $770,498.02 is to be applied to the advance refunding of the 1981 Bonds; (ii) $4,343,98 is to be applied for Costs of Issuance (C) ADDlication of 1983 Prior Proceeds. The 1983 Prior Proceeds in the amount of $1,177,055 are to be paid to the Trustee and (i) $1,174,086,31 is to be applied to the advance refunding of the 1983 Bonds; (ii) $2,968,69 is to be applied for costs of issuance, (D) ADDlication of Amounts on DeDosit in the Tax Allocation SDecial Fund, The State College Project No.4 Special Fund in the amount of $7,144,512 shall be paid to the Trustee' and applied as follows: (i) $3,626,5B5.86 shall be used to current refund the 1985 Certificates. (H) $ shall be used to advance refund the 1981 Bonds, (Hi) $ shall be used to advance refund the 0 1983 Bonds, (iv) $ shall be transferred to the Agency to be used for any lawful purpose of the Agency.