Loading...
HomeMy WebLinkAboutR02-Redevelopment Agency c... (., (.I ~ REDEVELOPMENT AGENCY -REQUEST FOR COMMISSION/COUNCIL ACTION Subject: REDEVELOPMENT PLAN ADMENDMENT - STATE BILL 690 m: Glenda Saul, Executive Director '- Dept: Redevelopment Agency Date: November 10, 1986 Synopsis of Previous Commission/Council action: 7-21-86 2-24-65 4-27-70 8-6-73 2-17-76 5-3-76 5-3-76 6-21-76 Ordinance 2233 adopted Redevelopment Plan-Meadowbrook Ordinance 2649 adopted Redevelopment Plan-Central City Ordinance 3067 adopted Redevelopment Plan-State College Ordinance 3366 adopted Redevelopment Plan-Central City North Ordinance 3553 adopted Redevelopment Plan-Central City West Ordinance 3571 adopted Redevelopment Plan-Central City East Ordinance 3572 adopted Redevelopment Plan-Central City South Ordinance 3583 adopted Redevelopment Plan-Southeast Industrial Park Recommended motion: (MAYOR AND COMMON COUNCIL) ...... --. PIRST READING OP THE POLLOWDfG ORDINANCES: a) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE MEADOWBROOK PARK REDEVELOPMENT PROJECT (MEADOWBROOK PROJECT NO.1) b) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY PROJECT NO. 1. c) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE STATE COLLEGE REDEVELOPMENT PROJECT NO.4. Continued on Next Page ( ..?" ~ f-..-7~L-cv ,'?\i---c. ,'--A-1'~ / Signatu re Contact person: ~, O"~~ Sonl nr C:~T"l,.h.~ T /"'l11r!pr Phone: 383-5081 Ward: 1st, Jra, 5th, etA Project: M/CC, SC, CCN, CCW, CCE, CCS, SElP Date: 11 17 86 Supporting data attached: YJ;'~ Amount: $ FUNDING REQUIREMENTS: }JJ f. No adverse I mpact on City: .... ~ncil Notes: f<2 Agenda Item No, l - "" - v . ., ....... Glenda Saul, Executive Director REDEVELOPMENT PLAN AMENDMENT STATE BIll. 690 November 17, 1986 Recommended Motion: (Continued from page 1) (MAYOR AllD COKHON COUNCIL) d) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT. e) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY WEST REDEVELOPMENT PROJECT. f) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDI 0 , CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY EAST REDEVELOPMENT PROJECT. '"'< ........ g) MOVE TO ADOPT ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY SOUTH REDEVELOPMENT PROJECT. h) MOVE TO ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT. ... 0597R 0597R/SL 11-17-86 - CI{w/ OF SAN BERNARDI::O - REQUI:'T FOR COUNCIL ACT"::)N STAFF REPORT Senate Bill 690 was approved by the Governor September 16, 1985 and filed with the Secretary of State September 17, 1985. SB690 provides that all projects adopted prior to October 1, 1976 require adoption of an ordinance by December 31, 1986 amending the plans. The ordinance amending the plan must specify a limitation of the amount of tax increment which may be derived by the agency, a time limit on when the Agency may incur debt, and a time limit (not to exceed 12 years) on the use of the Agency's power of eminent domain. PROPOSED ORDINANCES The ordinances attached meet the requirements of SB690. It is proposed that the first reading be held on November 17, 1986 and the final reading and adoption take place on December 8, 1986. The Redevelopment Committee has reviewed the proposed action and recommends approval. Below Is a summary of the ordinances with key data set fourth. * MAXIMUM TIME LIMIT TIME LIMIT OUTSTANDING FOR FOR EXERCISE DEBT AT ANY INCURRING DEBT OF EMINENT DOMAIN : 1"-- PROJECT AREA ANY ONE TIME (15 YEARS) (12 YEARS) a. Meadowbrook $25,000,000.00 Jan 2002 Jan 1999 b. Central City $15,000,000.00 Jan 2002 Jan 1999 c. State College $60,000,000.00 Jan 2002 Jan 1999 d. Central City North $40,000,000.00 Jan 2002 Jan 1999 e. Central Ctiy West $ 5,000,000.00 Jan 2002 Jan 1999 f. Central City East $25,000,000.00 Jan 2002 Jan 1999 g. Central City South $30,000,000.00 Jan 2002 Jan 1999 h. Southeast Indust. Park $60,000,000.00 Jan 2002 Jan 1999 * The limitation to the amount of tax increment which may be derived by the Agency is that amount needed to service the debt. 0597R 7~0264 0597R/SL 11-17-86 ~... c '"' ~C;. t ,... - '-' J c t ! : ~ II ~ I" .t] i j ~ f ~ ~ I i Jill ~ 11 ~ { ~ ~ ~ 1 1! 1.111,.1 ~! I!',i 1.'j 1 1_ !~l~!o] ];1 !2ji 111] l~~ti ~ 1~ J I~ It~~ilii ]J:;t~iill~~i I~ 11 i ~ ~ l~ ; ~ ~ i i !lhl1~1H1 iH !}! Uu 1 ~ ~j li5 " "i J ]fl" ;~I!!~ 1 II i Ii JlI111)5) ~ l !! :1 ~ 'iJil i iljj~ltii~111j~i !li~ll ~1- ~1~~ ii (!al~1 ~Jl-Ui~ JJ~1 !lil~ ~jlJ ~i.~~ ~-t ll::~ i1 ~~H~~!!Ji!lll~~ 1 !!~il~ ~ ~~~i ,,- < ~X\\ OF S4', ~" ., fl.. "\; ".......... <;.... ~ ~\ . ',. '..,". .:a.... (\" ~ ~ \ . ,,!Q ,'" ;e...::>=: ...., (", ,. ~- CI I'"':. ""' ..0 ~ ,..'\ .' ~ ~v ~ 0'0 1],1]a3~ ..r. . , ~.....; r-~ .;I:: IioI I '5 _ .. '. .Ii l'Oil -- l~i .1 ~ "--" . ~ '; .n. Hi i~ i - '! ~ 1 Hj !J. li~~ J~I -.r !~i III i. J ~~ ~ - '-J - -' ~ , o /~, {.-,'- . '- .Jj 'Ii.! JJ!.! 1 J!~ '!i I.!Jl!iJ! '!ll ~jll't!tol1 tJS !~~r'~"n :Sl! fis i it ( ;lIil-s If 11tirllj: ii i1.~:ii;~~~ Iii i I] i 1~ j li~t f j ili]c if11i! j.!lJ. ~1=1! !i:U !~ll !tx J.!~l ! 11 .!1-.r-i -I] "t.!l [a.-If ~1.~"E::~:~ 191 ~!lj ~!J Ji -!~J ~~ I Jl1)!,! !~Ji!=d!ji~; ill t li~:~ll [~ !t~i if S ~1i~'!ll 111~j~~~ii!~ ! !l~ '! lii~-ll !!l. ~ l.il;!i!~ ~~ .:Jsl i ~ilil:~P-!! I ~~j ~-1i.ill li ~ j~~il-:~u ~l~~li ~t.i-I~:15~.~ .. ':2 111 ! 0 ~l- !.-t"~ -J'.!,Q.i - lIi,!~~&~11. .& i i 11:: - 1 j.:!. ~ Ii .5 ~ Ii I to ~ 1 ~ ! U i I&. is ~.h.:: '; ~i! Jwm~HI Jilm~!HiUNHj; t~h~~iEm \.,.- It .I.,i:: < '! ~ t < l ~I ox <" ~.. t ~ " i 1....... :- ~ .: ': d - j'E ]; ; ~;a i . ., 'l; i :: :.: = w 'I ~ c. . -12 . t' -:! 'f'l ! - k - ~ ' :.I . - := _ -s i' - oA -= 11 ~ . '! ... ~ - - :& ::.-"'C... .:"': - ~ ~:'H:::~'t~..!l~ II ['~E ~e-01 ~ ~~ a= i:;,:;~';; .f~1 ~~ ~=~~;;i;i ;;i ~ ~ ~7 _ "QIiI_ "=-~ .Ia.;~ .. __=-=Ja; ,,~.!-: "'5;..:.::. ::::v.: ~Ja.:.~;.:. - -- I" '-" llU38 .... , . , .... '. ... far v- . III .. ..A. .... .... ........ ... - ....",. --. .. _ __ ...... tI__ ... _ ... - -- .. - ......... - -- -.. -... - ,,-".. - - _ _ _lot""" v_ All" '''1. ......,,). c. ., . at. . I ..... CMI" ~ ) ... "'-, _ U..... IJI 1:&..... Ill. o. . c.u.1'III. " .) - DAL'I1I AND SAFETY CODE u.- _ '" UD.. ~...........,..,. r:wt'*IlIFI'I Ifl ..... tI f Ill>>. ~ ~ _ lor _...._ " "" .. '. .... ....,.. m. ~ .., _ 01 COMIllll- ~ ... ..-. - " ~.'Of')' "....,. IWrl ...... ... .... *" ,.....,. ...... ... hi.. .-n. .. -'-' ... '" '!lift y......I"I Act: fII ,,,). kat,,- '97I.L_..llI.f I.~ w. . IIID.1 PI'I... ~ l Jf,Iler. ...... _I....... 4. ............1 .... _ --r lIlo ..._' .... lit ,~ .. Soelioa 11I70 ahaIl aIao eonlain: OJ' A 1iIBiIa_ _ lIlo ......... of dolIon of _ whidI _, be cImdod and a1locatad to 1M ..............1 ......, ..........1 _. ru. ah&JI _ be cImdod aDd .ha1Inot be IIlocatad to thl ....llap..nl......, ~ .1IdI ~ ..-pt '" .......a.al 0' lht rocIovllopmlnl plan. III 4 .. IiIail _ lIlo IIlabIilhiDl of .....,...- "', aDd iIldtbladMu to r_ in wholo or in ,ut lIlo .......,... JII'IIiII<L SudI...... 11I-- . Mob*- _, be ..paid onr . ptnod ., .. ..... .... .... __ IiIIliL No........ -.. ~ 10 be ..paid frvm luch , - "- of _ aIlaII be~"'" .......... '" lIlo......, ~ ...... _ IillulaliGn. Such __ ..... _, be ~ oa/J '" . ~ I of lIlo ..............1 plul. ell 4 ... IlIall. _ .. ...... 11 ,w.. for - _...1 01 ........1 doIIIain ...-.linllto ...... ........1) wilIliIllllo ....jocl_ SudI.. IiIIliIaliOll .., be GlftIIad -I)' bJ _nclmonl "'... .....'hl-. I....... 'No __ aIlaII IfIfIl1 oa/J .. ............1 projacla ,. wbidl a IIaaI ....tIopnonl pI&n ia ..... ...._ 10 Aftida I (..........me wIlll Soelioa 11II01 oIlIIiI ct.pcer .. or attar Octobtr 1. IJ7I. . . : CMdad'", ....1".. Co lIlT. p. a&. . 6.1 . -.a. ........, ...... ., ...".., *-" ...v..-1aI ~ -' on. ..............1 ...., aIlaIIlIDd a ... of .._.-". .. ..... aftlNd lUiBI ...lilJ. u ..,.. .. Soelioa III6U. aDd a """ of a dnft ...........r=w ' rwport III ..... affIct.d tuinr etitJ aM tho fIacaI ___ __, if _ ia __ . ill -....... wilIIlht pnmaiona IIlIlo Calif..... Eo..~ ,....taI QaaIiIJ Act. Dmaioe 1 loa ' willi Soclioa 210001 of lht MIit ...... c.do, aM .....Ia_ aoIopcId ..........1 dIontll. f. dIt ....1 . rllCll ..vitw _-' ia __ ilia dnft _"""'-tal iInI*' rwpor\ aIlaII '" _I III lht rllCll ",now _- '11 prior" tho __, or al tho __ ...., lllal tho .....Iopmonl plan ia Mnl to lht .......... ,...... 01 tM ftMa1 rwriIw ...ua. punaat 10 SectioII ~... CMdad ., ....111&. Co Ill, P. -. . 6.1 . -.a. ... ~., 1laa1"" Co lIlT. .. -. 1 I . --.J. ...... .. ....-a -... It ilia .... wL~ lIlo 1M - of...... bel'lp&ld ill wlIola or..,aft "-1hO an-lio. of _ ....... .. IeelioII alTO. lIlo ... aIlaIIlIlabIIIIo a .... . lIlo _ of boMod indol>t>> ::':::'~.=i:_ =~~=::-"':~l. ~lIlo"'" niI~. ah&JI CUIW .,'....1t'II, Co lIlT. p..... t.) . -..&. '. .. ..... ... __ ., ... . .... ......:.: IIMI... c.I Jfel ... dIaa . ..... of 11II __ wIlIaIl .,. aIIoeaYd .. lIlo ......, parlUlftI to Soctio. alTO aIlaII be Mad '" lIlo apllC7 for lho ,..".... of .....in( aDd impro'rinr lht eommunity'l ...,., II low. aM ~ Ilouaiar aftllabla al aftordalllt ""..in( 0011. u doflMd bJ .... 10011.1. 10 ...- aM faalIiaa of low ..... ICI........... doflatd ia Soctio. IOOU. and ::1.:.... .... Ila.,~ liII. .. ..,.. .. 1eelioII10101. IIIlIau - of tho followioC rlDltin(a ia 0.&::..4 , - to ....... . -~_ ., _._..._,' I c ~.... \_.,i - '-' c.. o - - \wi - SBEOOI-161/2027S/k1 11/06/86 ORDINANCE NO, AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE STATE COLLEGE REDEVELOPMENT PROJECT NO. 4 WHEREAS, by Ordinance No, 3067 adopted on April 27, 1970, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the State College Redevelopment Project No, 4 (the "Redevelopment Plan"); and WHEREAS, Health and Safety Code Section 33333.4 requires that every legislative body which adopted a final redevelopment plan prior to October 1, 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333.2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise and Safety Code required by Health Sections 33333,2 and 33333.4, and it is now reasonable and appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions, NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS: - 1 - c - o :) '-' .. Section 1. Subsection 2 of Section "D" of the ~ Redevelopment Plan is hereby amended by adding thereto Paragraph "f" to read in its entirety as follows: "f, The Agency may acquire real and personal property for purposes of this Plan in the manner and to the extent permitted by the Community Redevelopment Law of the State of California, Health and Safety Code Section 33000, et seq, The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this provision of Paragraph "f" was adopted as part of this Plan," Section 2, Section "E" of the Redevelopment Plan is hereby amended by renumbering Sections 2 and 3 to become Subsections 4 and 5, respectively, and by adding new Subsections 2 ~'-... \....oj and 3 to read in their entirety as follows: "2. Time Limit on Establishinq Loans, Advances and Indebtedness ... No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection 2 was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit. Such time limitation may be extended only by amendment of this Plan, The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq" of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the Redevelopment Project, shall not exceed the sum of sixty million dollars ($60,000,000) without an amendment of this Plan," - 2 - c - ""'" o o - 3. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency ~ ,-.", C' c a, A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known, Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan, The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection 2 of this Section "E" in any fiscal year shall be a figure der i ved by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph "b" below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"). As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial parity Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term par i ty Bonds; (4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans. notes. contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds - 3 - c .... . ~ b, e, ,.~ ......... - '-' - o . - ...., already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon, The principal amount of tax allocation bonded indebtedness applicable to the Redevelopment project issued pursuant to Section 33640, et seq., of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project shall be limited to sixty million dollars ($60,000,000) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the 1,75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of sixty million dollars ($60,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which 'shall be available to the Agency," I - 4 - c ~ ~ '"" - ..., ~ c Section 3, Within fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated in the City of San Bernardino, This Ordinance shall take effect thirty (30) days following the date of adoption hereof. I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Common Counci 1 of the Ci ty of San Bernardino at a regular meeting thereof, held on the day of , 1986, by the following vote, to wit: AYES: Members ,...." \..., NOES: Members ABSENT: Members ABSTAIN : Members City Clerk The foregoing Ordinance is hereby approved this day of , 1986, Mayor of the City of San Bernardino Approved as to form: c f.,>' Ci ty Attorney /202 . ..~~,,,/J# - 5 - ~ c - - J v V SBEOOl-154/2015S/kl 11/06/86 C ORDINANCE NO, AN ORDINANCE OF THE CITY OF SAN BERNARDINO. CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT WHEREAS. by Ordinance No, 3583 adopted on June 21, 1976, the Mayor and Common Council of the City of San Bernardino. California, duly adopted the Redevelopment Plan for the Southeast Industrial Park Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, Health and Safety Code Section 33333.4 requires that every legislative body which adopted a final redevelopment plan prior to October 1. 1976 that does not contain certain provisions o otherwise required by Health and Safety Code Section 33333.2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code Sections 33333.2 and 33333,4. and it is now reasonable and appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions, NOW, THEREFORE. THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO ORDAIN AS FOLLOWS: c - 1 - c 0- .... c - c o - v -... "'" Section 1. Subsection "A" Section IV the of of Redevelopment Plan is hereby amended by adding thereto Paragraph 3 to read in its entirety as follows: "3, Time Limit for Commencement of Eminent Domain The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this Paragraph 3 was adopted as part of this Plan." Section 2. Section VI of the Redevelopment Plan is hereby amended by adding thereto Subsections "D" and "E" to read in their entirety as follows: D. Time Limit on Establishinq Loans, Advances and Indebtedness No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection. "D" was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit, Such time limitation may be extended only by amendment of this Plan, The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq., of the Health and Safety Code) to be repaid in whole or in part from such allocation of taxes, which can be outstanding at one time, shall not exceed the sum of sixty million dollars ($60,000,000) without an amendment of this Plan, E, Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency 1. A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar - 2 - c c - '" o (j value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known, Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan, The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection "B" of this Section VI in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph 2 below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"), As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (I) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial pari ty Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term parity Bonds; (4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon, o c - 3 - o 2, o t""':'\ ~. o - " ...., o ...., The principal amount of tax allocation bonded indebtedness issued pursuant to Section 33640, et ~" of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Proj ect, shall be limited to sixty million dollars ($60,000,000) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the 1,75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of sixty million dollars. ($60,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency. " Section 3, wi thin fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least c - 4 - o o o - -- '- c ,... '-' o - \,., once in a newspaper of general circulation published and circulated in the City of San Bernardino, This Ordinance shall take effect thirty (30) days following the date of adoption hereof. I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and COlTUllon Council of the City of San Bernardino at a regular meeting thereof, held on the day of . 1986. by the following vote. to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City Clerk The foregoing Ordinance is hereby approved this day of . 1986. Mayor of the City of San Bernardino Approved as to form: /,;.- .; , .' V~< ~ City Attorney " _. I'" .~ /2015S - 5 - o ,.... ,.., o o SBEOOl-157/2022S/kl 11/06/86 o ORDINANCE NO, AN ORDINANCE OF THE CITY OF SAN BERNARDINO. CALIFORNIA. AMENDING THE REDEVELOPMENT PLAN FOR THE MEADOWBROOK PARK REDEVELOPMENT PROJECT (MEADOWBROOK PROJECT NO.1) WHEREAS. by Ordinance No, 2233 adopted on July 21, 1958, the Mayor and Common Council of the City of San Bernardino, California. duly adopted the Redevelopment Plan for the Meadowbrook Park Redevelopment Project (the "Redevelopment Plan") . as subsequently amended; and WHEREAS. pursuant to Health and Safety Code Section 33476. the Meadowbrook Park Redevelopment Project (also referred to as the o "Meadowbrook Proj ect No.1" ) was merged wi th the Centr al City. Central City South and Central City East Redevelopment Projects; and WHEREAS. Health and Safety Code Section 33333,4 requires that every legislative body which adopted a final redevelopment plan prior to October 1. 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333,2 shall adopt an ordinance on or before December 31. 1986 which contains such provisions; and WHEREAS. the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code o Sections 33333.2 and 33333,4. and it is now reasonable and - 1 - o o o o o ...... v o appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions. NOW, THEREFORE, THE MAYOR ANn COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS: Section 1. Subsection 1 of Section "n" of the Redevelopment Plan is hereby amended by adding thereto Subparagraph "b" to read in its entirety as follows: "b. The Agency may acquire real and personal property for purposes of this Plan in the manner and to the extent permitted by the Community Redevelopment Law of the State of California, Health and Safety Code Section 33000, et seq. The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this Subparagraph "b" was adopted as part of this Plan." Section 2. Section "E" of the Redevelopment Plan is hereby amended by renumbering Subsections 2 and 3 to become Subsections 4 and 5, respectively, and by adding new Subsections 2 and 3 to read in their entirety as follows: "2, Time Limit on Establishinq Loans, Advances and Indebtedness No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection 2 was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or - 2 - o c o o indebtedness may be repaid over a period of time longer than such time limit. Such time limitation may be extended only by amendment of this Plan, The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq" of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), shall not exceed the sum of ninety-five million dollars ($95,000,000) without an amendment of this Plan. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Meadowbrook Park Redevelopment Project (Meadowbrook Project No.1) as set forth above, which can be outstanding at anyone time, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan. o o 3. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency a, o A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known. Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection 2 of this Section "E" in any fiscal year shall be a figure der i ved by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph "b" below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1,75 ("coverage"), As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: - 3 - o o o o v o o (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial parity Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term parity Bonds; (4) any .other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon, b. The principal amount of tax allocation bonded indebtedness applicable to the merged Meadowbrook/Central City, Central City East and Central Ci ty South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), issued pursuant to Section 33640, et seq" of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and Ci ty and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (as merged pursuant to Health and Safety Code Section 33476) shall be limited to ninety-five million dollars ($95,000,000) if and to the extent the same is serviceable - 4 - o - \", o () ~. V solely from tax allocations, applying to such tax allocations the 1.75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of ninety-five million dollars ($95,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency, In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment proj ects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Meadowbrook Park Redevelopment Project (Meadowbrook Project No, 1) as set forth in this Paragraph "b" which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan. " o Section 3, wi thin fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated o in the City of San Bernardino. This Ordinance shall take effect thirty (30) days following the date of adoption hereof, - 5 - 0 c 0 0 I HEREBY CERTIFY that the foregoing Ordinance was duly 0 adopted by the Mayor and Conunon Council of the City of San Bernardino at a regular meeting thereof, held on the day of , 1986, by the following vote, to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City Clerk o The foregoing Ordinance is hereby approved this day of , 1986, Mayor of the City of San Bernardino Approved as to form: tfZ/ /1,/1--0 .':_~~ ,": ..~~,-_'/7"1-/l:::'.~::;/', " City Attorney /2022S o - 6 - o o - v o SBEOOI-156/2019S/ak 11/06/86 o ORD INANCE NO, AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY EAST REDEVELOPMENT PROJECT WHEREAS, by Ordinance No, 3571 adopted on May 3, 1976, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the Central City East Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, pursuant to Health and Safety Code Section 33476, the Central City East Redevelopment Project was merged with the Meadowbrook/Central City and Central City South Redevelopment .---\ U Projects; and WHEREAS, Health and Safety Code Section 33333,4 requires that every legislative body which adopted a final redevelopment plan prior to October 1. 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333,2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code Sections 33333.2 and 33333,4, and it is now reasonable and o - 1 - '-" F~ "-' .... '- .- <... c - - "'" -.J appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO ORDAIN AS FOLLOWS: Section 1, Subsection "A" of Section IV of the Redevelopment Plan is hereby amended by adding thereto Paragraph 3 to read in its entirety as follows: "3. Time Limit for Commencement of Eminent Domain The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this Paragraph 3 was adopted as part of this Plan." Section 2. Section VI of the Redevelopment Plan is hereby amended by adding thereto Subsections "D" and "E" to read in their entirety as follows: "D. Time Limit on Establ i shinq Loans, Advances and Indebtedness No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection "D" was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date, Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit, Such time limitation may be extended only by amendment of this Plan. The principal amount of bonded - 2 - c - \.or o - '-' indebtedness (issued pursuant to Section 33640, et seq., of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), shall not exceed the sum of ninety-five million dollars ($95,000,000) without an amendment of this Plan. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Central City East Redevelopment proj ect as set forth above, which can be outstanding at anyone time, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan. .. E. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency 1""":1 '-' '- 1. A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known. Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection "B" of this Section VI in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph 2 below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"). As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum - 3 - c - ,.., r'':';.. '- ~ ........ c ~ - o,J sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial pari ty Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term par i ty Bonds; ( 4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon, 2. The principal amount of tax allocation bonded indebtedness applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), issued pursuant to Section 33640, et gg" of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the merged Meadowbrook/Centr a I Ci ty , Central City East and Central City South Redevelopment Proj ects (as merged pursuant to Health and Safety Code Section 33476) shall be limited to ninety-five million dollars ($95,000,000) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the 1,75 coverage test - 4 - -. -' - c o - ~ ...J ~ ~ as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of ninety-five million dollars ($95,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Central City East Redevelopment Project as set forth in this Paragraph 2 which can be outstanding at any one time and payable in whole or in part from tax allocations attributable to the Redevelopment Project, shall not exceed the sum of twenty-five million dollars ($25,000,000) without an amendment of this Plan," . '-' ,..;;;.,. '-' Section 3. Within fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated ,.... '- in the City of San Bernardino. This Ordinance shall take effect thirty (30) days following the date of adoption hereof, - 5 - '" ... '-" ~ '-' - '" .- .. adopted ". '- c ~ I HEREBY CERTIFY that the foregoing Ordinance was duly by the Mayor and Council the of Common San Bernardino at a regular meeting thereof. held on the of . 1986. by the following vote, to 'wit: of AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City of day City Clerk The foregoing Ordinance is hereby approved this . 1986. Approved as to form: {/2 . //./7 r /' /" '.J..'.. ../ ,:.{.~,<:,' :..... . /' -./.. ~.." ......;..... i' City Attorney /2019S day Mayor of the City of San Bernardino - 6 - - '-' G . . ...... c o - ~ o SBEOOI-155/2018S/kl 11/06/86 ORDINANCE NO. AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY SOUTH REDEVELOPMENT PROJECT WHEREAS, by Ordinance No. 3572 adopted on May 3, 1976, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the Central City South Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, pursuant to Health and Safety Code Section 33476, the Central City South Redevelopment Project was merged with the Meadowbrook/Central City and Central City East Redevelopment Projects; and WHEREAS, Health and Safety Code Section 33333,4 requires that every legislative body which adopted a final redevelopment plan prior to October 1, 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333.2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code Sections 33333,2 and 33333,4, and it is now reasonable and - 1 - - ~ f-~ . ""-' v c o c - v appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions, NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO ORDAIN AS FOLLOWS: Section 1, Subsection "A" the Section IV of of Redevelopment Plan is hereby amended by adding thereto Paragraph 3 to read in its entirety as follows: "3. Time Limit for Commencement of Eminent Domain The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this Paragraph 3 was adopted as part of this Plan." Section 2. Section VI of the Redevelopment Plan is hereby amended by adding thereto Subsections "D" and "E" to read in their entirety as follows: "D. Time Limit on Establishinq Loans, Advances and Indebtedness - No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (IS) years following the effective date of the Ordinance pursuant to which this Subsection "D" was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit. Such time limitation may be extended only by amendment of this Plan. The principal amount of bonded - 2 - indebtedness (is0ed pursuant 0 Section 33640, et seq" of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Proj ects (which were merged pursuant to Health and Safety Code Section 33476), shall not exceed the sum of ninety-five million dollars ($95,000,000) without an amendment of this Plan. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Central City South Redevelopment Project as set forth above, which can be outstanding at anyone time, shall not exceed the sum of thirty million dollars ($30,000,000) without an amendment of this Plan, c .- ~ o E. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency o - ...... 1. A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known, Taxes shall not be divided and shall not be allocated to. the Agency beyond such limitation, except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection "B" of this Section VI in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph 2 below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"). As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum - 3 - c c p;:;. '-' c - - ...., :> - v sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial parity Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term par i ty Bonds; ( 4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon. 2. The principal amount of tax allocat ion bonded indebtedness applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), issued pursuant to Section 33640, et seq., of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and Ci ty and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (as merged pursuant to Health and Safety Code Section 33476) shall be limited to ninety-five million dollars ($95,OOO,OOO) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the I, 75 coverage test - 4 - c c - ~ :) c 1"'::'....' C' as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of ninety-five million dollars ($95,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency, In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Sect ion 33416, then the principal amount of bonded indebtedness applicable to the Central City South Redevelopment Project as set forth in this Paragraph 2 which can be outstanding at any one time and payable in whole or in part from tax allocations attributable to the Redevelopment proj ect, shall not exceed the sum of thirty million dollars ($30,000,000) without an amendment of this Plan," Section 3. Within fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated in the City of San Bernardino. This Ordinance shall take effect C thirty (30) days following the date of adoption hereof, - 5 - c ;:;;: c c c c o - ...., I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Common Council of the City of San Bernardino at a regular meeting thereof, held on the day of , 1986, by the following vote, to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City Clerk The foregoing Ordinance is hereby approved this of , 1986, Approved as to form: /"~ ..' ~"'./ .'.".': ,- .' .. /", " . Ci Y A-;1:'~~';~; ,- . , . - ~ /2018S day Mayor of the City of San Bernardino - 6 - - '- ~ "-') - ~ c c o " v SBEOOl-158/2024S/nb 11/06/86 ORD INANCE NO, AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY PROJECT NO, 1 WHEREAS, by Ordinance No, 2649 adopted on February 23, 1965, as amended by Ordinance No. 3059 dated March 17, 1970, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the Central City Project No, 1 (the "Redevelopment Plan"); and WHEREAS, pursuant to Health and Safety Code Section 33476, the Central City Project No.1 was merged with the Central City South, Central City East and Meadowbrook Park (Meadowbrook Project No, 1) Redevelopment Projects; and WHEREAS, Health and Safety Code Section 33333,4 requires that every legislative body which adopted a final redevelopment plan prior to October 1, 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333,2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code Sections 33333,2 and 33333.4, and it is now reasonable and - 1 - c - \J o o " appropriate for the Mayor and Common Council to amend the "" Redevelopment Plan to include such provisions, NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS: Section 1. Section "H" of the Redevelopment Plan is hereby amended by adding at the end thereof a new paragraph to read in its entirety as follows: r' \.." "The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this subparagraph was adopted as part of this Plan." Section 2, Section "C" of the Redevelopment Plan is hereby amended by adding new Subsections 6 and 7 to read in their entirety as follows: "6. Time Limit on Establ i shinq Loans, Advances and Indebtedness No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection 6 was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or - ~ - 2 - c c o - ...., indebtedness may be repaid over a period of time longer than such time limit, Such time limitation may be extended only by amendment of this Plan. The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq" of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), shall not exceed the sum of ninety-five million dollars ($95,000,000) without an amendment of this Plan. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Central City proj ect No, 1 as set forth above, which can be outstanding at any one time, shall not exceed the sum of fifteen million dollars ($l5,OOO,000) without an amendment of this Plan. c c. 7. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency a. ,.... '-' A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known. Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection 6 of this Section "C" in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph "b" below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1,75 ("coverage"). As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: - 3 - c - '- r..:;:;;:. l., b. c o o - - (I) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial pari ty Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term parity Bonds; (4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term par i ty Bonds already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon, The principal amount of tax allocation bonded indebtedness applicable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (which were merged pursuant to Health and Safety Code Section 33476), issued pursuant to Section 33640, et ~" of the Health and Safety Code. exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and Ci ty and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the merged Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects (as merged pursuant to Health and Safety Code Section 33476) shall be limited to ninety-five million dollars ($95,OOO,OOO) if and to the extent the same is serviceable - 4 - c R, L, c c solely from<:)tax allocatii:fs, applying to such tax allocations the 1.75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of ninety-five million dollars ($95,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency. In the event that the Meadowbrook/Central City, Central City East and Central City South Redevelopment Projects for any reason hereafter no longer remain merged as provided in Health and Safety Code Section 33476, then the principal amount of bonded indebtedness applicable to the Central City Project No, 1 as set forth in this Paragraph "b" which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project, shall not exceed the sum of fifteen million dollars ($15,000,000) without an amendment of this Plan." o Section 3, Within fifteen (15) days after its passage, the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated in the City of San Bernardino, This Ordinance shall take effect thirty (30) days following the date of adoption hereof. - 5 - c (;;.0., \..., ... ~ -- - c ....... v :> - ...., I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Common Council of the City of San Bernardino at a regular meeting thereof, held on the day of . 1986. by the following vote, to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City Clerk The foregoing Ordinance is hereby approved this of . 1986. Approved as to form: /,f~-;"', , ~ .-' ! V ..... - . ... Ci ty At'torney ,,' ; r /2022S day Mayor of the City of San Bernardino - 6 - c o c - -- -- c ,.... v o c SBEOOl-160/2026S/kl 11/06/86 ORD !NANCE NO. AN ORDINANCE OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY WEST REDEVELOPMENT PROJECT WHEREAS, by Ordinance No. 3553 adopted on February 17, 1973, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the Central City West Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, Health and Safety Code Section 33333.4 requires that every legislative body which adopted a final redevelopment plan prior to October 1, 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333.2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS, the Redevelopment Plan does not contain certain provisions otherwise Code required by Health and Safety Sections 33333.2 and 33333.4, and it is now reasonable and appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO ORDAIN AS FOLLOWS: - 1 - -.. - - c - ....... - 'oJ o c Section 1, Subsection 1 of Section liD" of the Redevelopment Plan is hereby amended by adding thereto Paragraph "d" to read in its entirety as follows: "d, The Agency may acquire real and personal property for purposes of this Plan in the manner and to the extent permitted by the Community Redevelopment Law of the State of California, Health and Safety Code Section 33000, et seq, The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this Paragraph "d" was adopted as part of this Plan." Section 2, Section "E" of the Redevelopment Plan is hereby amended by renumbering Subsections 2 through 6 to become Subsections 4 through 8, respectively, and by adding new <:) Subsections 2 and 3 to read in their entirety as follows: "2. Time Limit on Establishinq Loans, Advances and Indebtedness c No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection 2 was adopted as part of this Plan, o~ of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit. Such time limitation may be extended only by amendment of this Plan, The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq" of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the Redevelopment Project, shall not exceed the sum of five million dollars ($5,000,000) without an amendment of this Plan," - 2 - c c ~ - - '"' o - v 3. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency ().-, " c a. A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known, Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation. except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to subsection 2 of this Section "E" in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph "b" below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"), As used herein. maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial parity Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term par i ty Bonds; (4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans. notes. contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation. the amount of term Bonds and term par i ty Bonds - 3 - c c r;;" l., c ....... v o - ...J already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon. b. The principal amount of tax allocation bonded indebtedness applicable to the Redevelopment Project issued pursuant to Section 33640, et seq" of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other similar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project shall be limited to five million dollars ($5,000,000) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the 1,75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of five mi 11 ion dollars ($5,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocat ions which shall be available to the Agency." - 4 - c ...-~ . , \wi c - -- _. - c ~ - v ,... v Section 3, Within fifteen (15) days after its passage. the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated in the Ci ty of San Bernardino. This Ordinance shall take effect thirty (30) days following the date of adoption hereof, I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Common Counc i I of the City of San Bernardino at a regular meeting thereof, held on the day of , 1986, by the following vote, to wit: AYES: Members NOES: Members ABSENT: Members ABSTAIN: Members City Clerk The foregoing Ordinance is hereby approved this day of , 1986. Mayor of the City of San Bernardino Approved as to form: City Attorney /2025S - 5 - c r-. l." c -- c ~ - v - v SBE001-159/2025S/kl 11/06/86 ORDINANCE NO. AN ORDINANCE OF THE CITY OF SAN BERNARDINO. CALIFORNIA. AMENDING THE REDEVELOPMENT PLAN FOR THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT WHEREAS. by Ordinance No. 3366 adopted on August 6. 1973, the Mayor and Common Council of the City of San Bernardino, California, duly adopted the Redevelopment Plan for the Central City North Redevelopment Project (the "Redevelopment Plan"); and WHEREAS. Health and Safety Code Section 33333,4 requires that every legislative body which adopted a final redevelopment plan prior to October 1, 1976 that does not contain certain provisions otherwise required by Health and Safety Code Section 33333.2 shall adopt an ordinance on or before December 31, 1986 which contains such provisions; and WHEREAS. the Redevelopment Plan does not contain certain provisions otherwise required by Health and Safety Code Sections 33333.2 and 33333.4, and it is now reasonable and appropriate for the Mayor and Common Council to amend the Redevelopment Plan to include such provisions. NOW. THEREFORE. THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA. DO ORDAIN AS FOLLOWS: - 1 - c o --. ~ - c - v o ~ Section 1, Paragraph "f" of Subsection 1 of Section "D" of the Redevelopment Plan is hereby amended by adding thereto the following: "The Agency may acquire real and personal property for purposes of this Plan in the manner and to the extent permitted by the Community Redevelopment Law of the State of California, Health and Safety Code Section 33000, et seq, The Agency shall not commence any proceeding to acquire property by eminent domain pursuant to this Plan later than twelve (12) years following the effective date of the Ordinance pursuant to which this provision of Paragraph "f" was adopted as part of this Plan." Section 2. Section "E" of the Redevelopment Plan is hereby amended by adding new Subsections 2 and 3 to read in their entirety as follows: "2. Time Limit on Establi shinq Loans, Advances and Indebtedness No loan, advance or indebtedness to be repaid from allocations of taxes and established or incurred by the Agency to finance, in whole or in part, the Redevelopment Project shall be established or incurred after fifteen (15) years following the effective date of the Ordinance pursuant to which this Subsection 2 was adopted as part of this Plan, or of the ordinance approving the last amendment to this Plan and extending such date. Such loan, advance or indebtedness may be repaid over a period of time longer than such time limit, Such time limi tation may be extended only by amendment of this Plan, The principal amount of bonded indebtedness (issued pursuant to Section 33640, et seq., of the Health and Safety Code) to be repaid in whole or in part from such allocations of taxes, and which can be outstanding at one time, as applicable to the Redevelopment Project, shall not exceed the sum of forty million dollars ($40,000,000) without an amendment of this Plan," - 2 - - c c ~1 \..... c -- ~ -. \.... '" v ~ 3. Limitation on Number of Dollars of Taxes Which May Be Divided and Allocated to Aqency a. A limitation on the number of dollars of taxes which may be divided and allocated to the Agency need not be specified as a dollar value limitation so long as a limitation does in fact exist to enable the Agency to reasonably determine a limitation on such amounts when certain financial variables are known. Taxes shall not be divided and shall not be allocated to the Agency beyond such limitation, except by amendment of this Plan. The dollar amount of taxes which may be divided and allocated to the Agency ("tax allocations") pursuant to Subsection 2 of this Section "E" in any fiscal year shall be a figure derived by multiplying the maximum annual debt service (as hereinafter defined) on those forms of indebtedness as further provided in Paragraph "b" below and payable from the tax increment revenues attributable to the Redevelopment Project by a factor of 1.75 ("coverage"). As used herein, maximum annual debt service means the largest of the sums obtained for any fiscal year after the computation is made by totaling the following for each such fiscal year: (1) the principal amount of all serial Bonds and serial parity Bonds payable in such fiscal year; and (2) the amount of minimum sinking fund payments; (3) the interest which would be due during such fiscal year on the aggregate principal amount of Bonds and parity Bonds which would be outstanding in such fiscal year if the Bonds and parity Bonds outstanding on the date of such computation were to mature or be redeemed in accordance with the maturity schedule or schedules for the serial Bonds and serial pari ty Bonds and the schedule or schedules of minimum sinking fund payments for term Bonds and term parity Bonds; (4) any other optional or mandatory call and redemption of bonds; and (5) the principal and interest due and payable in each fiscal year of the agency with respect to loans, notes, contractual obligations or other forms of indebtedness payable to third parties either in whole or in part from the tax allocations. At the time and for the purpose of making such computation, the amount of term Bonds and term parity Bonds - 3 - -- c - v - "'-" :> c already retired in advance of the above-mentioned schedule or schedules shall be deducted pro rata from the remaining amounts thereon. ~ V b. ,The principal amount of tax allocation bonded indebtedness applicable to the Redevelopment Project issued pursuant to Section 33640, et ~., of the Health and Safety Code, exclusive of (i) sales and use tax revenue bonds or other simi lar bonded indebtedness or contractual obligations, (ii) other Agency subordinated contractual obligations payable from tax allocations and, (iii) other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations, which can be outstanding at anyone time and payable in whole or in part from tax allocations attributable to the Redevelopment Project shall be limited to forty million dollars ($40,000,000) if and to the extent the same is serviceable solely from tax allocations, applying to such tax allocations the 1.75 coverage test as set forth above to so determine the total amount of tax allocations to be allocated to the Agency for the debt service requirements on such tax allocation bonded indebtedness issued pursuant to said Section 33640 in addition to that amount required for the repayment of principal and interest on such other Agency subordinated contractual obligations payable from tax allocations and other forms of indebtedness and City and/or Agency indebtedness payable from tax allocations; provided, however, that if other sources of payment are lawfully combined with tax allocations, there shall be no limit as to the amount of bonded indebtedness serviceable from such other source of funds, except as to that portion of the total tax allocation bonded indebtedness which is attributable to being serviced from tax allocations which shall not at anyone time exceed such figure of forty million dollars ($40,000,000) principal amount outstanding as set forth above applying the same coverage test to determine the total amount of tax allocations which shall be available to the Agency, .. c - 4 - - - c - 'oJ ~ :> c Section 3, Within fifteen (15) days after its passage. the City Clerk shall cause this Ordinance to be published at least once in a newspaper of general circulation published and circulated in the City of San Bernardino. This Ordinance shall take effect thirty (30) days following the date of adoption hereof, I HEREBY CERTIFY that the foregoing Ordinance was duly adopted by the Mayor and Conunon Council of the City of San Bernardino at a regular meeting thereof, held on the day of , 1986, by the following vote, to wit: AYES: Members (C;~ ....; l., NOES: Members ABSENT: Members ABSTAIN: Members City Clerk The foregoing Ordinance is hereby approved this day of , 1986. Mayor of the City of San Bernardino Approved as to form: c .....', ti:,/.- ....... J ,r r-"..:. .... City Attorney /2025S /'1 r .- ~ " - 5 -