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HomeMy WebLinkAboutR22- Economic Development Agency ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel SUBJECT: SALE OF 701 NORTH"E"STREET Executive Director AND POLICE STATION 1995 `)/{A� CERTIFICATES OF PARTICIPATION DATE: February 5, 1999 ORI1r1 j/����Yh L --------------------------------------- Synopsis of Previous Commission/Council/Committee Action(s): See attached Staff Report. Recommended Motion(s): (San Bernardino Joint Powers Financine Authority) MOTION A: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Community Development Commission) MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Motion(s)Continued to Next Page...) Contact Person(s): Gary Van Osdel/ Phone: 5081 Project Area(s) Ward(s): Supporting Data Attached: ® Staff Report©Resolution(s)0 Agreement(s)/Contract(s)0 Map(s)0 Letter/Memo FUNDING REQUIREMENTS Amount: $ Source: Budget Authority: SIGNATURE: i Gary el,Executiv irector Eco lic Development Agency Commission/Council Notes: GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number: R2 CIO(%- O9 1 -14S A REQUEST FOR COMMISSION/COUNCIL ACTION 701 Certificates of Participation Febniary 5, 1999 Page Number-2- --------------------------------------------------------------------------------------------------------------------- Recommended Motion(s) Continued: (Mayor and Common Council) MOTION C: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE$6,300,000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 1 GVO:Iag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number: - ECONOMIC DEVELOPMENT AGENCY STAFF REPORT --------------------------------------------------------------------------------------------------------------------- Sale of 701 North"E" Street and Police Station 1995 Certificates of Participation The Redevelopment Agency of the City of San Bernardino has decided to sell a building located at 701 North"E" Street, San Bernardino, California. It was discovered during escrow that said building was inadvertently included in the legal description of the Police Station site in connection with the $6,300,000 Certificates of Participation(1995 Police Station Project) (the "COPS"). Thus,the Site and Facility Lease and Lease Agreement prepared for the COPS financing are recorded against the 701 North"E" Street property. The Trust Agreement for the COPS provides that the Trust Agreement and any related documents may be amended without approval of the certificate holders to modify the legal description of the property to add or delete property to reflect accurately the description of the parcels intended to be included. In order to remove the 701 North"E" Street property from the legal description, staff recommends amending the legal descriptions attached to the Lease Agreement, Site and Facility Lease and Assignment Agreement relating to the COPS. ary)%n Osdel,Execu ' e Director Ecajz6mic Development Agency --------------—----------—------------------------------------------------------------------------------------------------------------- GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number: R.2a 1 RESOLUTION NO. J-45 2 �OpY3 4 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6, 300, 000 5 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 6 7 WHEREAS, the City of San Bernardino (the "City") and the 8 Redevelopment Agency of the City of San Bernardino (the "Agency") 9 entered into a Joint Exercise of Powers Agreement establishing the 10 San Bernardino Joint Powers Financing Authority (the "Authority") 11 for the purpose, among other things, of issuing debt to be used to 12 make loans to finance certain activities of the City and the 13 Agency; and 14 15 WHEREAS, in 1995, the Agency leased certain property to 16 the Authority to be used as a Police Station and adjacent parking 17 structure pursuant to a certain Site and Facility Lease dated as of 18 April 1, 1995 (the "Site and Facility Lease") ; and 19 20 WHEREAS, the Authority then leased said property to the 21 City pursuant to that certain Lease Agreement dated as of April 1, 22 1995 (the "Lease Agreement") ; and - 23 24 WHEREAS, the Authority and U. S . Bank Trust National 25 Association formerly known as First Trust of California National 26 Association, as trustee (the "Trustee") entered into a Trust 27 Agreement (the "Trust Agreement") in order to cause the execution 28 and delivery of certain Certificates of Participation entitled - 1 - J-45 I Certificates of Participation (1995 Police Station Project) in the 2 aggregate amount of $6, 300, 000 (the "Certificates") ; and 3 4 WHEREAS, the payments under the Lease Agreement were 5 assigned to the Trustee pursuant to the Trust Agreement and an 6 Assignment Agreement dated as of April 1, 1995 between the 7 Authority and the Trustee (the "Assignment Agreement") ; and 8 9 WHEREAS, the Site and Facility Lease, the Lease Agreement 10 and the Assignment Agreement (collectively the "Bond Documents") 11 each contain legal descriptions of the property which is the 12 subject of the Site and Facility Lease and the Lease Agreement; and 13 14 WHEREAS, the legal description of the property 15 inadvertently included a parcel adjacent to the police station 16 building and the parking structure; and 17 18 WHEREAS, the Authority, Agency and City now desire to 19 correct the legal description to delete the parcel which was 20 incorrectly added to the legal description; and 21 22 WHEREAS, Section 10 . 01 of the Trust Agreement provides 23 that the Trust Agreeement and the Bond Documents may be amended "to 24 modify the legal description of the Site (as therein defined) to 25 conform to the requirements of title insurance or otherwise to add 26 or delete property descriptions to reflect accurately the 27 description of the parcels intended to be included therein. " 28 - 2 - J-45 1 NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS FINANCING 2 AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS : 3 4 Section 1 . Recitals . The Recitals contained herein 5 are true and correct and are incorporated herein by reference . 6 Section 2 . Approval of Final Form of Bond Documents . 7 The Authority hereby approves the form of Bond Documents presently 8 on file with the Secretary together with any changes therein or 9 additions thereto as may be approved by the Chairman or Executive 10 Director. The Authority hereby further authorizes and directs that 11 the form of Bond Documents presently on file with the Secretary be 12 converted into the final form thereof, together with such changes 13 or modifications as deemed necessary or desirable by the Chairman 14 or Executive Director of the Authority upon the recommendation of 15 Bond Counsel . The Chairman, Executive Director or such other 16 authorized officer of the Authority is hereby authorized and 17 directed to execute and deliver, and the Secretary or Assistant 18 Secretary is hereby authorized and directed to attest to, the final 19 forms of the Bond Documents when the same have been prepared and 20 such execution and delivery shall be deemed to be conclusive 21 evidence of the approval thereof. 22 Section 3 . Official Action. The Chairman, Executive 23 Director, Secretary, Bond Counsel and any and all other officers of 24 the Authority are hereby authorized and directed, for and in the 25 name and on behalf of the Authority, to do any and all things and 26 take any and all actions, necessary to cause the amendments to the 27 Bond Documents and the recording of the corrected legal 28 descriptions thereto. - 3 - J-45 1 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6, 300, 000 2 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 3 Section 4 . This Resolution shall take effect upon the 4 date of its adoption. 5 6 I HEREBY CERTIFY that the foregoing Resolution was duly 7 adopted by the San Bernardino Joint Powers Financing Authority at 8 an adjourned regular meeting thereof, held on thel5th day of 9 February, 1999, by the following vote, to wit: 10 11 Council : AYES NAYS ABSTAIN ABSENT 12 ESTRADA % LIEN x 13 McGINNIS x SCHNETZ x 14 DEVLIN x ANDERSON g 15 MILLER x 16 17 Se6retary 18 The foregoing resolution is hereby approved this j�day 19 of February, 1999 . 20 / 1 , 21 Judith Valles, Chairperson 22 San E/�rnardino Joint Powers Financing Authority 23 24 Approved as to form and legal content: 25 2 By: 7 26 thority Counsel 27 28 - 4 - J-45 SBEO/0001/DOC/3436 1/29/99 agc AMENDMENT TO ASSIGNMENT AGREEMENT THIS AMENDMENT TO ASSIGNMENT AGREEMENT is made and entered into as of February 1, 1999, by and between the SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY, a joint powers authority organized and existing under the laws of the State of California (the "Authority") and U.S . BANK TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee") : W I T N E S S E T H: WHEREAS, the City of San Bernardino (the "City") and the Redevelopment Agency of the City of San Bernardino (the "Agency") entered into a Joint Exercise of Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (the "Authority") for the purpose, among other things, of assisting in the financing of certain activities of the City and the Agency; and WHEREAS, in 1995, the Agency leased certain property to the Authority to be used as a Police Station and adjacent parking structure pursuant to a certain Site and Facility Lease dated as of April 1, 1995 (the "Site and Facility Lease") ; and WHEREAS, the Authority then leased said property to the City pursuant to that certain Lease Agreement dated as of April 1, 1995 (the "Lease Agreement") ; and WHEREAS, the Authority and U. S . Bank Trust National Association formerly known as First Trust of California National Association, as trustee (the "Trustee") entered into a Trust Agreement (the "Trust Agreement") in order to cause the execution and delivery of certain Certificates of Participation entitled Certificates of Participation (1995 Police Station Project) in the aggregate amount of $6, 300, 000 (the "Certificates") ; and WHEREAS, the payments under the Lease Agreement were assigned to the Trustee pursuant to the Trust Agreement and an Assignment Agreement dated as of April 1, 1995 between the Authority and the Trustee (the "Assignment Agreement").; and WHEREAS, the Site and Facility Lease, the Lease Agreement and the Assignment Agreement (collectively the "Bond Documents") 1 J-45 each contain legal descriptions of the property which is the subject of the Site and Facility Lease and the Lease Agreement; and WHEREAS, the legal description of the property inadvertently included a parcel adjacent to the police station building and the parking structure; and WHEREAS, the Authority, Agency and City now desire to correct the legal description to delete the parcel which was incorrectly added to the legal description; and WHEREAS, Section 10 . 01 of the Trust Agreement provides that the Trust Agreement and the Bond Documents may be amended "to modify the legal description of the Site (as therein defined) to conform to the requirements of title insurance or otherwise to add or delete property descriptions to reflect accurately the description of the parcels intended to be included therein. " NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto do hereby agree, as follows : Section 1 . Recitals . The Recitals contained herein are true and correct and are incorporated herein by this reference. i Section 2 . Amended Description. The Assignment Agreement is hereby amended to delete the legal description contained on Exhibit "A" and to replace said legal description with the legal description attached hereto as Exhibit A. Section 3 . Full Force of Assignment Agreement. Other than as herein provided all provisions of the Assignment Agreement shall remain in full force and effect . Section 4 . Governing Law. This Amendment to Assignment Agreement shall be construed and governed in accordance with the laws of the State of California. 2 J-45 IN WITNESS WHEREOF, the San Bernardino Joint Powers Authority and the U. S . BANK TRUST NATIONAL ASSOCIATION, , have caused this Amendment to Assignment Agreement to be signed by their respective officers, all as of the day and year first above written. SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY By: Chairperson ATTEST: By: Secretary U.S . BANK TRUST NATIONAL ASSOCIATION, as Trustee By: Its Authorized Officer ATTEST: By: Assistant Secretary 3 J-45 EXHIBIT "A" [Legal Description] EXHIBIT "A" 4 SBEO/0001/DOC/3939 2/9/99 td AMENDMENT TO SITE AND FACILITY LEASE THIS AMENDMENT TO SITE AND FACILITY LEASE is made and entered into as of February 1, 1999, by and between the SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY, a joint powers authority organized and existing under the laws of the State of California (the "Authority") and the REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, a public body corporate and politic duly organized and existing under the laws of the State of California (the "Agency") : W I T N E S S E T H: WHEREAS, the City of San Bernardino (the "City") and the Redevelopment Agency of the City of San Bernardino (the "Agency") entered into a Joint Exercise of Powers Agreement establishing the San Bernardino Joint Powers Financing Authority (the "Authority") for the purpose, among other things, of assisting in the financing © of certain activities of the City and the Agency; and WHEREAS, in 1995, the Agency leased certain property to the Authority to be used as a Police Station and adjacent parking structure pursuant to a certain Site and Facility Lease dated as of April 1, 1995 (the "Site and Facility Lease") ; and WHEREAS, the Authority then leased said property to the City pursuant to that certain Lease Agreement dated as of April 1, 1995 (the "Lease Agreement") ; and WHEREAS, the Authority and U.S. Bank Trust National Association formerly known as First Trust of California National Association, as trustee (the "Trustee") entered into a Trust Agreement (the "Trust Agreement") in order to cause the execution and delivery of certain Certificates of Participation entitled Certificates of Participation (1995 Police Station Project) in the aggregate amount of $6, 300, 000 (the "Certificates") ; and WHEREAS, the payments under the Lease Agreement were assigned to the Trustee pursuant to the Trust Agreement and an Assignment Agreement dated as of April 1, 1995 between the Authority and the Trustee (the "Assignment Agreement") ; and ® 1 WHEREAS, the Site and Facility Lease, the Lease Agreement and the Assignment Agreement (collectively the "Bond Documents") each contain legal descriptions of the property which is the subject of the Site and Facility Lease and the Lease Agreement; and WHEREAS, the legal description of the property inadvertently included a parcel adjacent to the police station building and the parking structure; and WHEREAS, the Authority, Agency and City now desire to correct the legal description to delete the parcel which was incorrectly added to the legal description; and WHEREAS, Section 10.01 of the Trust Agreement provides that the Trust Agreement and the Bond Documents may be amended "to modify the legal description of the Site (as therein defined) to conform to the requirements of title insurance or otherwise to add or delete property descriptions to reflect accurately the description of the parcels intended to be included therein." NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto do hereby ^ agree, as follows : Section 1 . Recitals. The Recitals contained herein are true and correct and are incorporated herein by this reference. Section 2 . Amended Description. The Site and Facility Lease is hereby amended to delete the legal description contained on Exhibit "A" and to replace said legal description with the legal description attached hereto as Exhibit A. Section 3 . Full Force of Site and Fa il ; y Lease. Other than as herein provided all provisions of the Site and Facility Lease shall remain in full force and effect. Section 4 . Notices. All written notices to be given under this Amendment to Site and Facility Lease shall be given in accordance with Section 15 of the Site and Facility Lease. Section 5 . Governing Law. This Amendment to Site and Facility Lease shall be construed and governed in accordance with the laws of the State of California. 2 [� IN WITNESS WHEREOF, the San Bernardino Joint Powers Authority and the Redevelopment Agency of the City of San Bernardino, have caused this Amendment to Site and Facility Lease to be signed by their respective officers, all as of the day and year first above written. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: Chairperson ATTEST: By: City Clerk SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY By: Chairperson ATTEST: By: Secretary 3 EXHIBIT "A" [Legal Description] EXHIBIT "A" 4 i j C I T Y OF S A N B E R N A R D I N O INTEROFFICE MEMORANDUM i CITY CLERK' S OFFICE I i DATE: February 22, 1999 1 TO: Ann Harris, Director of Busines Recruitment, Retention Revitalization FROM: Josie Alvarez, Account Clerk III/Liens SUBJECT: Transmittal for signature - Res J-45 COPIES: file ------------------------------------------------------------------ Attached are the following: Original documents authorizing amendment to Assignment Agreement between the San Bernardino Joint Powers Financing Authority and U. S. Bank Trust National Association. Please obtain signatures where indicated on all copies. Please return the executed original to the City Clerk' s office as soon as possible, to my attention. Be advised that the resolution and agreement will null and void if it is not executed within sixty (60) days - April 16, 1999 . If you have any questions, please do not hesitate to contact me at ex. 3114 . Thank you. Rachel Clark City Clerk By Josie Alvarez I hereby aac�knowleQdge receipt of the above mentioned documents . Signed: /y�11 11,(JlJya�lC c Date : Resolution/memo contracts i i ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel SUBJECT: SALE OF 701 NORTH"E"STREET Executive Director AND POLICE STATION 1995 CERTIFICATES OF PARTICIPATION DATE: February 5, 1999 ' Synopsis of Previous Commission/Council/Committee Actions) C�Op� See attached Staff Report. Recommended Motion(s): (San Bernardino Joint Powers Financing Authority) MOTION A: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE 56,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Community Development Commission) MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Motion(s)Continued to Next Page...) Contact Person(s): Gary Van Osdel/ Phone: 5081 Project Area(s) Ward(s): Supporting Data Attached: © Staff Report I@ Resolution(s)®Agreement(s)/Contract(s)❑Map(s)❑Letter/Memo FUNDING REQUIREMENTS Amount: 5 Source: /7 Budget Authority: SIGNATURE: Gary el,Executive vector Eco is Development gency Commission/Council Notes: GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Q C qq 3 Agenda Item Number: .Z REQUEST FOR COMMISSION/COUNCIL ACTION 701 Certificates of Participation February 5, 1999 Page Number-2- --------------------------------------------------------------------------------------------------------------------- Recommended Motion(s) Continued: (Mayor and Common Council) MOTION C: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) ---------------------------—-------------------------------–---–----–--------–-----–--------------–------------------------------- GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number: • ECONOMIC DEVELOPMENT AGENCY STAFF REPORT -------------------------------------------------------------------------------------------------------------------- Sale of 701 North"E" Street and Police Station 1995 Certificates of Participation The Redevelopment Agency of the City of San Bernardino has decided to sell a building located at 701 North"E" Street, San Bernardino, California. It was discovered during escrow that said building was inadvertently included in the legal description of the Police Station site in connection with the $6,300,000 Certificates of Participation (1995 Police Station Project) (the "COPS"). Thus,the Site and Facility Lease and Lease Agreement prepared for the COPS financing are recorded against the 701 North"E" Street property. The Trust Agreement for the COPS provides that the Trust Agreement and any related documents may be amended without approval of the certificate holders to modify the legal description of the property to add or delete property to reflect accurately the description of the parcels intended to be included. In order to remove the 701 North"E" Street property from the legal description, staff recommends amending the legal descriptions attached to the Lease Agreement, Site and Facility Lease and Assignment Agreement relating to the COPS. ary V n Osdel, Execu ' e Director Eco mic Developmen Agency -----—------—--------—----—--------—------—-----------—---—----—----—-----------—--------------------------------—--------- GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number. .ZZ 1 RESOLUTION NO. 2 3 4 RESOLUTION- OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING 5 AMENDMENT TO BOND DOCUMENTS FOR THE $6, 300, 000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 6 7 WHEREAS, the City of San Bernardino (the "City") and the 8 Redevelopment Agency of the City of San Bernardino (the "Agency") 9 entered into a Joint Exercise of Powers Agreement establishing the 10 San Bernardino Joint Powers Financing Authority (the "Authority") 11 for the purpose, among other things, of issuing debt to be used to 12 make loans to finance certain activities of the City and the 13 Agency; and 14 15 WHEREAS, in 1995, the Agency leased certain property to 16 the Authority to be used as a Police Station and adjacent parking 17 structure pursuant to a certain Site and Facility Lease dated as of 18 April 1, 1995 (the "Site and Facility Lease") ; and 19 20 WHEREAS, the Authority then leased said property to the 21 City pursuant to that certain Lease Agreement dated as of April 1, 22 1995 (the "Lease Agreement") ; and 23 24 WHEREAS, the Authority and U. S . Bank Trust National 25 Association formerly known as First Trust of California National 26 Association, as trustee (the "Trustee") entered into a Trust 27 Agreement (the "Trust Agreement") in order to cause the execution 28 and delivery of certain Certificates of Participation entitled - 1 - I Certificates of Participation (1995 Police Station Project) in the 2 aggregate amount of $6, 300, 000 (the "Certificates") ; and 3 4 WHEREAS, the payments under the Lease Agreement were 5 assigned to the Trustee pursuant to the Trust Agreement and an 6 Assignment Agreement dated as of April 1, 1995 between the 7 Authority and the Trustee (the "Assignment Agreement") ; and 8 9 WHEREAS, the Site and Facility Lease, the Lease Agreement 10 and the Assignment Agreement (collectively the "Bond Documents") 11 each contain legal descriptions of the property which is the 12 subject of the Site and Facility Lease and the Lease Agreement; and 13 14 WHEREAS, the legal description of the property 15 inadvertently included a parcel adjacent to the police station 16 building and the parking structure; and 17 18 WHEREAS, the Authority, Agency and City now desire to 19 correct the legal description to delete the parcel which was 20 incorrectly added to the legal description; and 21 22 WHEREAS, Section 10 . 01 of the Trust Agreement provides 23 that the Trust Agreement and the Bond Documents may be amended "to 24 modify the legal description of the Site (as therein defined) to 25 conform to the requirements of title insurance or otherwise to add 26 or delete property descriptions to reflect accurately the 27 description of the parcels intended to be included therein." 28 2 - I NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION, 2 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF 3 SAN BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS 4 FOLLOWS: 5 Section 1 . Recitals . The Recitals contained herein 6 are true and correct and are incorporated herein by reference. 7 8 Section 2. Approval of Final Form of Bond Documents. 9 The Agency hereby approves the form of Bond Documents presently on 10 file with the Secretary together with any changes therein or 11 additions thereto as may be approved by the Chairman or Executive 12 Director. The Agency hereby further authorizes and directs that 13 the form of Bond Documents presently on file with the Secretary be 14 converted into the final form thereof, together with such changes 15 or modifications as deemed necessary or desirable by the Chairman 16 or Executive Director of the Agency upon the recommendation of Bond 17 Counsel . The Chairman, Executive Director or such other authorized 18 officer of the Agency is hereby authorized and directed to execute 19 and deliver, and the Secretary or Assistant Secretary is hereby 20 authorized and directed to attest to, the final forms of the Bond 21 Documents when the same have been prepared and such execution and 22 delivery shall be deemed to be conclusive evidence of the approval 23 thereof. 24 25 Section 3 . Official Action. The Chairman, Executive 26 Director, Secretary, Bond Counsel and any and all other officers of 27 the Agency are hereby authorized and directed, for and in the name 28 and on behalf of the Agency, to do any and all things and take any - 3 - I and all actions, necessary to cause the amendments to the Bond 2 Documents and the recording of the corrected legal descriptions 3 thereto. 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 4 - I RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING 2 AMENDMENT TO BOND DOCUMENTS FOR THE $6, 300, 000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 3 4 S ion 4 . This Resolution shall take effect upon the 5 date of its adoption. 6 7 I HEREBY CERTIFY that the foregoing Resolution was duly 8 adopted by the Community Development Commission of the City of 9 San Bernardino at an adjourned regular meeting thereof, held on the 10 day of February, 1999, by the following vote, to wit: 11 Commission Members : AYES NAYS ABSTAIN ABSENT ESTRADA 12 LIEN McGINNIS _ 13 SCHNETZ DEVLIN _ 14 ANDERSON MILLER 15 16 Secretary 17 The foregoing resolution is hereby approved this 18 day of February, 1999 . 19 20 Judith Valles, Chairperson Community Development Commission 21 of the City of San Bernardino 22 Approved / - to form and '1 gal content: 23 By: '�.. 24 Agency Counsel 25 26 27 28 5 - i ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel SUBJECT: SALE OF 701 NORTH"E"STREET Executive Director AND POLICE STATION 1995 CERTIFICATES OF PARTICIPATION DATE: February 5, 1999 Synopsis of Previous Commission/Council/Committee Action(s): 00FT See attached Staff Report. Recommended Motion(s): (San Bernardino Joint Powers Financine Authority) MOTION A: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Community Development Commission) MOTION B: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) (Motion(s)Continued to Next Paee...I Contact Person(s): Gary Van Osdel/ Phone: 5081 Project Area(s) Ward(s): Supporting Data Attached: ® Staff Report©Resolution(s)®Agreement(s)/Contract(s)O Map(s)O Letter/Memo FUNDING REQUIREMENTS Amount: $ Source: 7 Budget Authority: SIGNATURE: ;ary V s l,Executi irector v Ec Development ncy Commission/Council Notes: --------------------------------------------°°------------------------------------------------------------------------------------- GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 qc�3 0 Agenda Item Number: 'eu LIZ e. 06-3 REQUEST FOR COMMISSION/COUNCIL ACTION 701 Certificates of Participation February 5, 1999 Page Number-2- -------------------------------------------------------------------------------------------------------------------- Recommended Motion(s) Continued: (Mayor and Common Council) MOTION C: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE $6,300,000 CERTIFICATES OF PARTICIPATION(1995 POLICE STATION PROJECT) .....------...—......--------------—-------------—--------------------—---—--------—-----—------------------------------------- GVO:lag:99-02-15 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/1511999 Agenda Item Number: ECONOMIC DEVELOPMENT AGENCY STAFF REPORT Sale of 701 North "E" Street and Police Station 1995 Certificates of Participation The Redevelopment Agency of the City of San Bernardino has decided to sell a building located at 701 North"E" Street, San Bernardino, California. It was discovered during escrow that said building was inadvertently included in the legal description of the Police Station site in connection with the $6,300,000 Certificates of Participation(1995 Police Station Project) (the "COPS"). Thus,the Site and Facility Lease and Lease Agreement prepared for the COPS financing are recorded against the 701 North"E" Street property. The Trust Agreement for the COPS provides that the Trust Agreement and any related documents may be amended without approval of the certificate holders to modify the legal description of the property to add or delete property to reflect accurately the description of the parcels intended to be included. In order to remove the 701 North"E" Street property from the legal description, staff recommends amending the legal descriptions attached to the Lease Agreement, Site and Facility Lease and Assignment Agreement relating to the COPS. Zee 4Ecominc Osdel,Execu ' e Director Developmen Agency i — — -------------- --------—--------—---------—-----------------------------------------------------------------—----------- GVO:lag:99-02-I5 Sale of 701 Cert COMMISSION MEETING AGENDA Meeting Date: 02/15/1999 Agenda Item Number: 2a i { 1 RESOLUTION NO. 1999-30 2 3 COPY 4 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE 5 $6, 300, 000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 6 7 WHEREAS, the City of San Bernardino (the "City") and the 8 Redevelopment Agency of the City of San Bernardino (the "Agency") 9 entered into a Joint Exercise of Powers Agreement establishing the 10 San Bernardino Joint Powers Financing Authority (the "Authority") 11 for the purpose, among other things, of issuing debt to be used to 12 make loans to finance certain activities of the City and the 13 Agency; and 14 15 WHEREAS, in 1995, the Agency leased certain property to 16 the Authority to be used as a Police Station and adjacent parking 17 structure pursuant to a certain Site and Facility Lease dated as of 18 April 1, 1995 (the "Site and Facility Lease") ; and 19 20 WHEREAS, the Authority then leased said property to the 21 City pursuant to that certain Lease Agreement dated as of April 1, 22 1995 (the "Lease Agreement") ; and 23 24 WHEREAS, the Authority and U. S . Bank Trust National 25 Association formerly known as First Trust of California National 26 Association, as trustee (the "Trustee") entered into a Trust 27 Agreement (the "Trust Agreement") in order to cause the execution 28 and delivery of certain Certificates of Participation entitled - 1 - 1999-30 I Certificates of Participation (1995 Police Station Project) in the 2 aggregate amount of $6, 300, 000 (the "Certificates") ; and 3 4 WHEREAS, the payments under the Lease Agreement were 5 assigned to the Trustee pursuant to the Trust Agreement and an 6 Assignment Agreement dated as of April 1, 1995 between the 7 Authority and the Trustee (the "Assignment Agreement") ; and 8 9 WHEREAS, the Site and Facility Lease, the Lease 10 Agreement, and the Assignment Agreement (collectively the "Bond 11 Documents") each contain legal descriptions of the property which 12 is the subject of the Site and Facility Lease and the Lease 13 Agreement; and 14 15 WHEREAS, the legal description of the property 16 inadvertently included a parcel adjacent to the police station 17 building and the parking structure; and 18 19 WHEREAS, the Authority, Agency and City now desire to 20 correct the legal description to delete the parcel which was 21 incorrectly added to the legal description; and 22 23 WHEREAS, Section 10 . 01 of the Trust Agreement provides 24 that the Trust Agreement and the Bond Documents may be amended "to 25 modify the legal description of the Site (as therein defined) to 26 conform to the requirements of title insurance or otherwise to add 27 or delete property descriptions to reflect accurately the 28 description of the parcels intended to be included therein. " - 2 - 1999-30 1 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY 2 OF SAN BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS 3 FOLLOWS: 4 Section 1 . Recitals . The Recitals contained herein 5 are true and correct and are incorporated herein by reference. 6 Section 2 . Approval of final Form of Bond Documents . 7 The City hereby approves the form of Bond Documents presently on 8 file with the Secretary together with any changes therein or 9 additions thereto as may be approved by the Mayor or Administrator. 10 The City hereby further authorizes and directs that the form of 11 Bond Documents presently on file with the City Clerk be converted 12 into the final form thereof, together with such changes or 13 modifications as deemed necessary or desirable by the Mayor or 14 Administrator of the City upon the recommendation of Bond Counsel. 15 The Mayor, Administrator or such other authorized officer of the 16 City is hereby authorized and directed to execute and deliver, and 17 the City Clerk or Assistant City Clerk is hereby authorized and 18 directed to attest to, the final forms of the Bond Documents when 19 the same have been prepared and such execution and delivery shall 20 be deemed to be conclusive evidence of the approval thereof. 21 Section 3 . Official Action. The Mayor, 22 Administrator, City Clerk, Bond Counsel and any and all other 23 officers of the City are hereby authorized and directed, for and in 24 the name and on behalf of the City, to do any and all things and 25 take any and all actions, necessary to cause the amendments to the 26 Bond Documents and the recording of the corrected legal 27 descriptions thereto. 28 - 3 - 98-30 Y - Y RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING AMENDMENT TO BOND DOCUMENTS FOR THE 2 $6, 300, 000 CERTIFICATES OF PARTICIPATION (1995 POLICE STATION PROJECT) 3 4 Section 4 . This Resolution shall take effect upon the 5 date of its adoption. 6 7 I HEREBY CERTIFY that the foregoing Resolution was duly 8 adopted by the Mayor and Common Council of the City of 9 San Bernardino at a joint regular meeting thereof, 10 held on the 15th day of February 1999, by the 11 following vote, to wit : 12 Council : AYES NAYS ABSTAIN ABSENT ESTRADA % 13 LIEN McGINNIS �- 14 SCHNETZ DEVLIN % 15 ANDERSON % MILLER % 16 17 18 Cit Clerk The foregoing resolution is hereby approved this 19 day of February 1999 . .� 20 21 Judith Valles, Mayor City�f San Bernardino 22 23 Approved as to form and legal content : 24 By: tea+,. ., 25 ty Attorney 26 27 28 - 4 -