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CI'IC OF SAN BERNARDlcp - REQUI()T FOR COUNCIL AC'C))N
From: CRAIG A. GRAVES, Ci ty Treasurer REC'O. _ AIfM'rr.=~"'FRefundi ng of Assessment Di stri ct #961
. - Bonds - Tri-City Project
Dept: City Treasurer 1986 OCT -9 PM 2: 29
Date: October 8, 1986
Synopsis of Previous Council action:
October 1, 1984 - Mayor and Common Council adopt Resolution of Intention for Assessment
District #961
March 19, 1986 - Mayor and Common Council authorizes the Issuance and Sale of Bonds,
approves Bond Purchase Contract and awards Bonds
July 20, 1986 - Authorizes execution of Regional Facilities Agreement with Rancon
Realty Funds IV and V and Redevelopment Agency for Tri-City Project
October 6, 1986 - Authorizes execution of agreement as Agency to accept land for Fire
Station
Recommended motion:
ADOPT RESOLUTIONS
Contact person:
Craig A. Graves
Phone:
b221
FUNDING REQUIREMENTS:
Amount: not to exceed
$15,000,000.00
Ward: Third
Source: Bond proceeds
Finance: dtJ.tl. C;( /.
y .
Supporting data attached:
Yes
Council Notes:
75-0262
Agenda Item No.
/3
CI,o OF SAN BERNARDIO - REQUIOT FOR COUNCIL AC~N
STAFF REPORT
The attached resolutions declare the city's intention to
refund Assessment District 1961 and to authorize the execu-
tion of agreements for Bond Counsel, Underwriter and Assess-
ment Engineer. The Bond Counsel would be Timothy J. Sabo,
the underwriter, Miller and Schroeder Municipals and the
Assessment Engineer, C M Engineering. The City has worked
with all three of these firms in the past.
Assessment District 1961 was originally formed for the
acquisition and construction of infrastructure under the
1913/1915 Bond Act. The area is adjacent to Hospitality Lane
in the old Tri-City Airport area. It was originally known as
Park Centre until Rancon Realty bought the major portion of
the project and renamed it Tri-City Corporate Center.
In the interim, since the sale of the bonds, interest
rates have moved dramatically downward offering an opportun-
ity for the City to refund the bonds and lower the annual
debt service to the respective property owners. Rancon also
has worked out a regional facilities agreement with the City
and the Redevelopment Agency that include a freeway offramp,
fire station site, landscaping the Waterman median, and the
refinancing of Assessment District 1961.
The adoption of these resolutions will allow staff and
the consultants to move forward with the refunding.
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08/07/86
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DEC~ING ITS
INTENTION TO REFUND ALL OUTSTANDING BONDS OF THE
$13,400,000 CITY OF SAN BERNARDINO, IMPROVEMENT
BONDS, ASSESSMENT DISTRICT NO. 961, SERIES 1985
(PARK CENTRE), PURSUANT TO THE REFUNDING ACT OF
1984 FOR 1915 IMPROVEMENT ACT BONDS
WHEREAS, pursuant to Resolution No. 84-551 of the Mayor and
Common Council of the City of San Bernardino, California (the "Mayor
and Common Council"), dated December 17, 1984, entitled:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS
INTENTION TO ORDER THE ACQUISITION AND
INSTALLATION OF CERTAIN IMPROVEMENTS WITHIN A
PORTION OF THE CITY DESIGNATED "ASSESSMENT
DISTRICT NO. 961"; DESCRIBING THE LOCATION OF THE
IMPROVEMENTS; DESCRIBING THE AREA TO BE BENEFITED
BY THE ACQUISITION AND INSTALLATION OF THE
IMPROVEMENTS; DESCRIBING THE BONDS TO BE ISSUED
TO REPRESENT UNPAID ASSESSMENTS; PROVIDING FOR
THE DISPOSITION OF SURPLUS REMAINING IN THE
IMPROVEMENT FUND; DIRECTING THE ENGINEER OF WORK
TO PREPARE AND PRESENT HIS REPORT IN THE FORM AND
MANNER DESCRIBED IN ORDINANCE NO. 3902 AND THE
MUNICIPAL IMPROVEMENT ACT OF 1913, DIVISION 12 OF
THE STREETS AND HIGHWAYS CODE OF CALIFORNIA; AND
MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS
IN CONNECTION THEREWITH
the City of San Bernardino, California (the "City"), initiated
procedures for the formation of Assessment District No. 961 (the
"District") pursuant to the Ordinances hereinafter referred to and
under the provisions of the Munici pal Improvement Act of 1913, as
amended (California Streets and Highways Code Section 10000,
et seq.) (the "1913 Act"), and in said Resolution No. 84-551, the
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Mayor and Common Council also declared its intention to issue bonds
(the "1985 Bonds") in connection with the public improvements to be
acquired and constructed for the benefit of lands located within
said District pursuant to the provisions of the Improvement Bond Act
of 1915, as amended (Streets and Highways Code Section 8500,
et seq.) (the "1915 Act"); and
WHEREAS, pursuant to the adoption of Resolution No. 84-551
the Mayor and Common Council initiated assessment proceedings for
the District and directed the preparation of the Engineer's Report
by the City Engineer which included, among other items, the actual
cost of improvements to be acquired and the estimated cost of
improvements to be constructed and the assessment for each parcel to
be benefitted within the District; and
WHEREAS, the Mayor and Common Council have heretofore
adopted Ordinance No. 3902, as amended by Ordinance No. MC-426 on
January 7,
1985,
and Ordinance No. MC-442 on March 19,
1985
(collectively, the "Ordinance"), which Ordinance modified certain of
the provisions of and procedures prescribed by the 1913 Act and the
1915 Act insofar as they relate to assessment district formation,
assessment proceedings and the issuance of Bonds by the City; and
WHEREAS, the Mayor and Common Council have caused to be
prepared, modified and confirmed an Engineer's Report for the
District, as modified after confirmation by Mayor and Common Council
Resolution No. 85-44 which was adopted on January 28, 1985 (the
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"Engineer's Report"), in accordance with the Ordinances and the 1913
Act and a copy of said Engineer's Report is on file in the office of
the City Clerk; and
WHEREAS,
the
Engineer's
Report
entitled
"City
of
San Bernardino, Engineer's Report and Related Documents, Assessment
District No. 961. Park Centre Properties, Rancho Consultants Realty
Fund IV" has been filed with the City Clerk and approved by the
Mayor and Common Council. pursuant to the provisions of the Special
Assessment Investigation Limitation and Majority Protest Act of
1931; and
WHEREAS. the Mayor and Common Counc il have adopted
Resolution No. 85-44, dated January 28. 1985, entitled:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO ORDERING CHANGES AND
MODIFICATIONS TO ENGINEER'S REPORT, MODIFYING
ASSESSMENT, CONFIRMING ASSESSMENT AS MODIFIED.
ORDERING THE IMPROVEMENTS AND ORDERING
RECORDATION OF ASSESSMENT DIAGRAM AND NOTICE OF
ASSESSMENT
in connection with the District; and
WHEREAS.
pursuant
to
said Resolution No. 85-44,
the
Superintendent of Streets has recorded an assessment roll and other
documents in connection with the formation of the District; and
WHEREAS. pursuant to the adoption of Resolution No. 85-117
the Mayor and Common Council approved the modified Engineer's Report
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by the City Engineer, amended the Resolution of Intention, reduced
the amount of the assessments, which reduction was necessary as a
consequence of the elimination of certain improvements, and approved
such amendments to the Resolution of Intention; and
WHEREAS, pursuant to said Resolution No. 85-117, the City
Clerk. has recorded a notice of amended as",essment with the County
Recorder of San Bernardino County and the Superintendent of Streets
has recorded an amended assessment roll and other documents as
necessary as a result of the modification of the assessment; and
WHEREAS, the Mayor and Common Council have taken such other
necessary or appropriate action in connection with the construction
of the improvements, the levy and collection of the assessments and
related matters and amendments to documents, reports and resolutions
in connection with the District, including without limitation, the
adoption of Resolution No. 85-118, dated March 19, 1985, entitled:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO APPROVING THE BOND
PURCHASE CONTRACT AND AWARDING BONDS
; and
WHEREAS, the Mayor and Common Council have heretofore
adopted Resolution No. 85-116 (the "1985 Resolution of Issuance"),
authorizing the issuance and sale of the $13,400,000 City of
San Bernardino,
Improvement Honds, Assessment District No. 961,
Series 1985 (Park Centre) (the "1985 Bonds"); and
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WHEREAS. the 1985 Bonds are dated as of March 1. 1985. bear
interest at the rates . are in the principal amounts and mature in
the amounts and the years as stated below:
Principal
Amount
Maturity Date
(March 1)
$ 230,000.00
250,000.00
275,000,00
300,000.00
330,000.00
360,000.00
400,000.00
440,000.00
485,000.00
535,000.00
590.000.00
655,000.00
720,000.00
800.000.00
890.000.00
985.000.00
1.095.000.00
1.215,000.00
1,350,000.00
1,495,000.00
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
and
WHEREAS, the 1985 Bonds are subject to redemption on any
March 1 or September 1 in advance of maturity upon giving sixty (60)
days' prior notice and upon payment of the principal amount thereof
and interest accrued thereon to the date of redemption. plus a
redemption premium not to exceed five percent (5%) of the principal
amount so called for redemption prior to maturity as provided in the
1915 Act and the above cited Resolutions providing for the issuance
of the 1985 Bonds; and
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WHEREAS, various owners of the lands .located within the
District have requested the City to initiate the appropriate
proceedings for the refunding of the 1985 Bonds in order to
facilitate the development of said lands within the District; and
WHEREAS, the Mayor and Common Council by the adoption of
this Resolution of Intention deem it to be in the public interest,
convenience and necessity to initiate proceedings pursuant to the
Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and
Highways Code Section 9500, et seq.) (the "1984 Act") for the
refunding of the 1985 Bonds together with the levy of a reassessment
on the property included within the District for the purpose of
paying the debt service requirements on the refunding bonds and
refinancing the indebtedness of the 1985 Bonds by the issuance of
such refunding bonds (the "Bonds") pursuant to the 1984 Act.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1.
The Mayor and Common Council hereby find and
determine that the public interest, convenience and necessity
require the initiation of proceedings pursuant to the 1984 Act for
the refunding of the 1985 Bonds together with the levy of a
reassessment on the property included within the District for the
purpose of refunding the 1985 Bonds and providing for the issuance
of the Bonds pursuant to the 1984 Act.
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Section 2.
o 0
The Mayor and Common
o
Council hereby declare
the intent of the City to refund the 1985 Bonds and to levy the
reassessment as security for the Bonds.
Proceedings for the
refunding of the 1985 Bonds. the levy of a reassessment upon the
lands included within the District. and the issuance of the Bonds
are hereby initiated pursuant to Section 9520 of the 1984 Act and
this Resolution of Intention,
Section 3.
In accordance with the provisions of the
.1984 Act. all of the 1985 Bonds outstanding as of the date hereof
are to be refunded and the exterior boundaries of the District shall
be those boundaries fixed by said resolutions confirming said
Engineer's Report on file with the City Clerk for the proceedings
relative to the issuance of the 1985 Bonds.
Section 4.
The property assessed in connection with the
acquisition and construction of the improvements for the benefits of
lands located within the District shall be the property to be
reassessed for the purpose of paying the debt service on the
refunding bonds and refinancing the indebtedness of the 1985 Bonds.
Section 5.
It is intended that the City shall issue the
Bonds for the financing of the District pursuant to Section 9602 of
the 1984 Act in a principal amount of not to exceed fifteen million
dollars ($15,000,000).
The final principal amount of the Bonds
shall be equal to the total principal amount of the reassessment as
approved and confirmed by the Mayor and Common Council pursuant to
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Section 9525 of the 1984 Act. The Bonds shall be issued as fully
registered Bonds in the denomination of $5,000 or any integral
multiple thereof and shall be numbered in consecutive numerical
order from one (1) upwards. The Bonds shall be dated the date of
the recording of the reassessment pursuant to Section 9536 of the
1984 Act and shall bear interest from that date at the rates and
shall mature in the amounts and on the dat~s as shall be set forth
in a bond purchase agreement as provided by the Underwriter for the
Bonds.
Interest on the Bonds shall be payable semiannually on
March 2 and September 2 of each year. commencing March 2, 1987.
Principal of and interest on the Bonds shall be payable at the
office of the City Treasurer or as otherwise set forth in the
subsequent proceeding relating to the issuance of the Bonds. The
Bonds shall bear interest at the rate or rates per annum to be
established by resolution of the Mayor and Common Council upon the
sale of the Bonds; provided, however, that the maximum rate or rates
of interest on the Bonds shall not exceed twelve percent (12%) per
annum.
The Bonds shall be executed on behalf of the City by the
manual or facsimile signature of the Mayor of the City or such other
authorized executive officer of the City and by the manual or
facsimile signature of the City Treasurer and shall be attested by
the manual or facsimile signature of the City Clerk, and the seal of
the City shall be impressed, imprinted or reproduced thereon.
Section 6.
The Mayor and Common Council hereby set a
public hearing for the refunding of the 1985 Bonds on Decemner 8,
198~ in the regular meeting place of the Mayor and Common Council,
being the Mayor and Common Council Chambers, City Hall, in
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accordance
with
.0 . h
the notlce .whlc
o 0
shall be provided to the City
Clerk, and such notice to be given in the manner and in form as
required pursuant to the terms of Section 9527 of the 1984 Act.
Section 7.
The Mayor and Common Council hereby direct
the City Engineer or such other qualified person retained or
employed pursuant to Section 9506 of the lSa4 Act to prepare and to
file with the City Clerk a written report in accordance with
Section 9523 of the 1984 Act (the "Report") which Report shall
include, among other items, the following:
(a) a schedule of the total unpaid principal of and
interest on the 1985 Bonds;
(b) the
total
estimated
principal
amount
of
the
reassessment and the aggregate principal amount of the
Bonds, including interest payable thereon at the
maximum interest rate, together wi th an est imate of
all costs and expenses in connection with said
reassessment and the issuance of the Bonds;
(c) the record of the Auditor (as defined in Streets and
Highways
Code
Section 8509)
for
the
original
assessments kept pursuant to Section 8682 of the
California Streets and Highways Code;
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accordance
with
o
the notice .which
o
shall be provided to the
o
City
Clerk, and such notice to be given in the manner and in form as
required pursuant to the terms of Section 9527 of the 1984 Act.
Section 7.
The Mayor and Common Council hereby direct
the City Engineer or such other qualified person retained or
employed pursuant to Section 9506 of the lSa4 Act to prepare and to
file with the City Clerk a written report in accordance with
Section 9523 of the 1984 Act (the "Report") which Report shall
include, among other items, the following:
(a) a schedule of the total unpaid principal of and
interest on the 1985 Bonds;
( b ) the
total
estimated
principal
amount
of
the
reassessment and the aggregate principal amount of the
Bonds, including interest payable thereon at the
maximum interest rate, together with an estimate of
all costs and expenses in connection with said
reassessment and the issuance of the Bonds;
(c) the record of the Auditor (as defined in Streets and
Highways
Code
Section 8509)
for
the
original
assessments kept pursuant to Section 8682 of the
California Streets and Highways Code;
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(d) the estimated amount of each reassessment together
with a proposed Auditor's record for the reassessment;
and
(e) a reassessment diagram showing the District and the
boundaries and dimensions of the subdivisions of land
within the District.
The City Engineer is directed to initiate such other
reports or studies as may be necessary or appropriate in connection
with the reassessment of the District or as required pursuant to the
1984 Act.
Section 8.
The City Clerk is hereby directed to present
the Report to the Mayor and Common Council for consideration,
modification, correction or confirmation at such time as said Report
is filed with the City Clerk as provided in Section 7 above.
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Section 9.
This Resolution shall take effect upon
adoption.
I HEREBY CERTIFY that
adopted by the Mayor and
San Bernardino at a
held on the day of
the following vote, to wit:
the foregoing resolution was duly
Common Council of the City of
meeting thereof,
, 1986, by
AYES:
Council Members
NAYS:
ABSENT :
City Clerk
day of
The foregoing resolution is hereby approved this
, 1986.
Mayor of the City of
San Bernardino
Approved as to form:
~/.~
~ ~i ty 'Attorney
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss
CITY OF SAN BERNARDINO )
I. SHAUNA CLARK. City Clerk in and for
San Bernardino. DO HEREBY CERTIFY that the foregoing
copy of San Bernardino City Resolution No.
true and correct copy of that now on file in this office.
the City of
and attached
is a full.
IN WITNESS WHEREOF. I have hereunto set my hand and affixed
the official seal of the City of San Bernardino this day of
. 1986.
City Clerk