HomeMy WebLinkAboutR24- Economic Development Agency ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM: Maggie Pacheco,Director SUBJECT: PUBLIC HEARING-CALIFORNIA
Housing&Community Development STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY
DATE: February 3, 1999 (CSCDA)REQUEST TO ISSUE
MULTI-FAMILY MORTGAGE
REVENUE BONDS FOR THE
WATERMAN APARTMENTS
ORI U I NA L LOCATED AT 2634 COPPER LANE,
SAN BERNARDINO
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Svnonsis of Previous Commission/Council/Committee Action(s):
On June 1, 1988,the City of San Bernardino executed a Joint Powers Agreement by and between the City and the
California Statewide Communities Development Authority(CSCDA)for the purpose of facilitating the issuance of
mortgage revenue bonds for multifamily housing development.
Recommended Motion(s):
OPEN PUBLIC HEARING
CLOSE PUBLIC HEARING
(Mayor and Common CounciD
MOTION: ADOPT A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING
REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE WATERMAN APARTMENTS LOCATED AT 2634 COPPER LANE,
SAN BERNARDINO.
Contact Person(s): Gary Van Osdel/ Maggie Pacheco Phone: 5081
Project Area(s) Ward(s): Three(3)
Supporting Data Attached: ® Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) O Map(s)0 Letter/Memo
FUNDING REQUIREMENTS Amount: $ N/A Source: N/A
Budget Authority: N/A
SIGNATURE: - QLGJ
Gar�VqvOsdel,Executive Dr or Maggie Pacheco,Director
Econ is Development Ag cy Housing&Community Development
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Commission/Council Notes:
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MP:lag:99-02-15 Waterman Apts COMMISSION MEETING AGENDA
Meeting Date: 02/15/1999
Agenda Item Number: �F211
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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Reauest to Issue Multi-Family Mortgage Revenue Bonds-Waterman Apartments
The California Statewide Communities Development Authority(the"Authority")is authorized pursuant
to California Government Code and the terms of an Amended and Restated Joint Exercise of Powers
Agreement,dated June 1,1988, Section 9,by and between the City of San Bernardino and the Authority
(the"Agreement'),to issue revenue bonds in order to facilitate the development or rehabilitation of multi-
family rental housing projects(see attached Agreement). Presently, staff understands that over 148
California cities and 40 districts or agencies of some type are program participants under this joint powers
arrangement which includes the City of San Bernardino.
The Authority is authorized by the Agreement to issue bonds,notes,certificates of participation,or other
evidences of indebtedness in order to promote economic development, including the provision and
maintenance of multifamily housing. However, in order for the Authority to issue bonds the financing
must be authorized by the governing body of the jurisdiction in which the Project is situated in.
In accordance with the provisions of the Agreement,the Authority has requested that the City conduct the
public hearing,required by federal law,to allow the Authority to issue multi-family housing revenue
bonds in the principal amount of not to exceed$5 million,on behalf of Copper Lane Partners,L.P.and
Bertnam Development Partners, L.L.C. (the"Borrower")for the 128 unit apartment complex located at
2634 Copper Lane, San Bernardino(the"Property"). Bertnam has closed and renovated approximately
1,600 apartments in the last 36 months representing about$110,000,000 in completed real estate value
throughout southern and northern California. The Borrower intends to invest and own the Property over
an extended period of time i.e.,20 years.
It is important to note that the bonds,together with the interest and premium thereon do not constitute a
debt of the City,or pledge of the faith and credit of the City or the Agency. The Agreement further states
that the Authority is a separate entity, separate and apart from the City,and its debts, liabilities and
obligations are not obligation of the City or the Agency(see Section 8). In the case of this Project,the
real estate and project revenue will be used to secure the indebtedness issued by the Authority. Again,the
public hearing is being held in order to fulfill the federal tax requirements pursuant to Section 147(f)of
the Internal Revenue Code of 1986.
RECOMMENDATION:
Based on the foregoing, it is recommended that the Mayor and Common Council adopt the attached
Resolution authorizing the Authority to issue bonds in an amount not to exceed$5 million.
Maggie P co,Director
Housing& Community Development
MP:lag:99-02-15 Waterman Apts COMMISSION MEETING AGENDA
Meeting Date: 02/15/1999
Agenda Item Number:
COO
1 RESOLUTION NO.
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
3 CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
4 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE WATERMAN APARTMENTS LOCATED AT
5 2634 COPPER LANE, SAN BERNARDINO,CALIFORNIA
6
7
6 WHEREAS,the California Statewide Communities Development Authority (the
9 "Authority") is authorized pursuant to the provisions of California Government Code Section
10 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement,
11 dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of
12 California, including the City of San Bernardino (the"City', to issue revenue bonds in
13 accordance with Chapter 7 of Part 5 of Division 31 of the California Health and Safety Code for
14 the purpose of financing multifamily rental housing projects; and
15 WHEREAS, Copper Lane Partners, L.P. (collectively, with any related entity, the
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16 `Borrower") has requested that the Authority issue multifamily housing revenues bonds in an
17 aggregate principal amount not to exceed$5,000,000 (the "Bonds") for the purpose of providing
18 financing for the acquisition and rehabilitation of a 128-unit multifamily residential rental project
19 located at 2634 Copper Lane, San Bernardino, California and generally known as the Waterman
20 Apartments; and
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21 WHEREAS, the Bonds will be "private activity bonds" for purposes of the Internal
22 Revenue Code of 1986 (the"Code"); and
23 WHEREAS, pursuant to Section 147(f) of the code, prior to their issuance,private
24 activity bonds are required to be approved by the "applicable elected representative"of the
25 governmental units on whose behalf such bonds are expected to be issued and by a governmental
26 unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
27 located, after a public hearing held following reasonable public notice; and
2s
1 L0�09
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I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTIFAMILY
2 HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE WATERMAN
3 APARTMENTS LOCATED AT 2634 COPPER LANE, SAN BERNARDINO,
CALIFORNIA
4
5
6 WHEREAS, there has been published at least 14 days prior to the date hereof, in a
7 newspaper of general circulation within the City, a notice that a public hearing regarding the
Bonds would be held on the date hereof; and
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9 WHEREAS, such public hearing was conducted on said date by the City Council, at which
10 time an opportunity was provided to interested parties to present arguments both for and against
the issuance of the Bonds; and
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12 WHEREAS, the members of the Mayor and Common Council (this "Council") are the
13 applicable elected representatives of the City; and
14 WHEREAS, it is intended that this resolution shall constitute the approval of the issuance
15 of the Bonds, required by Section 147(f) of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
16
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
17
Section 1. The above recitals are true and correct.
18
19 Section 2. The Mayor and Common Council hereby approves the issuance of the Bonds
20 by the Authority. It is the purpose and intent of the Mayor and Common Council that this
21 resolution constitute approval of the Bonds for the purposes of(a) Section 147(f) of the Code by
22 the applicable elected representative of the governmental unit having jurisdiction over the area in
23 which the project is located, in accordance with said Section 147(f), and (b) Section 9 of the
Agreement.
24
Section 3. The officers of the City are hereby authorized and directed, jointly and
25
severally, to do any and all things and to execute and deliver any and all documents that they deem
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necessary or advisable in order to carry out, give effect to and comply with the terms and intent
27
of this resolution and the financing approved hereby.
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2
I RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO APPROVING THE ISSUANCE OF MULTIFAMILY
2 HOUSING REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE WATERMAN
3 APARTMENTS LOCATED AT 2634 COPPER LANE, SAN BERNARDINO,
CALIFORNIA
4
5 Section 4. The City Clerk of the City shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
6
Ana Marie del Rio, Esq.
7 Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
8 400 Sansome Street
San Francisco, California 94111
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3
1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
2 CITY OF SAN BERNARDINO APPROVING THE ISSUANCE OF
MULTIFAMILY HOUSING REVENUE BONDS BY THE
3 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY FOR THE WATERMAN APARTMENTS LOCATED AT
4 2634 COPPER LANE, SAN BERNARDINO, CALIFORNIA
s
6 I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and
7 Common Council of the City of San Bernardino at a meeting thereof,held
8 on the day of 1999, by the following vote to wit:
9
10 COUNCILMEMBERS: Ayes Nays Abstain Absent
11 ESTRADA
12 LIEN
13 MCGINNIS
14 SCHNETZ
is DEVLIN
16 ANDERSON
17 MILLER _
is
19
City Clerk
20
21 The foregoing resolution is hereby approved this day of
22 1999.
23
24 Judith Valles,Mayor
City of San Bernardino
25 Approved as to form and Legal Content;
26 James F. Pe an, City Atto ey
27
BY;
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AMENDED AND RESTATED
JOINT EXERCISE OF POWERS AGREEMENT
RELATING TO THE CALIFORNIA STATEWIDE COMMRJNITIES
DEVELOPMENT AUTHORITY
THIS AGREEMENT, dated as of June 1, 1988 , by and
among the parties executing this Agreement (all such parties ,
except those which have withdrawn in accordance with Section
13 hereof, being herein referred to as the "Program
Participants' ) :
WITHESSET14
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WHEREAS, pursuant to Title 1, Division 7, Chapter 5
of the Government Code of the State of California (the 'Joint
Exercise of Powers Act') , two or more public agencies may by
agreement jointly exercise any power common to the contracting
parties; and
WHEREAS, each of the Program Participants is a
'public agency' as that term is defined in Section 6500 of the
Government Code of the State of California, and
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WHEREAS, each of the Program Participants is
empowered to promote economic development, including, without
limitation, the promotion of opportunities for the creation or
retention of employment, the stimulation of economic activity,
and the increase of the tax base, within its boundaries; and
WHEREAS, a public entity established pursuant to
the Joint Exercise of Powers Act is empowered to issue
industrial development bonds pursuant to the California
Industrial Development Financing Act (Title 10 (commencing
with Section 91500 of the Government Code of the State of
California) ) (the 'Act" ) and to otherwise undertake financing
programs under the Joint Exercise of Powers Act or other
applicable provisions of law to promote economic development
through the issuance of bonds, notes, or other evidences of
;.ndebtedness, or certificates of participation in leases or
other agreements (all such instruments being herein
collectively referred to as -Bonds') ; and
jWHEREAS, in order to promote economic development
within the State of California, the County Supervisors
Association of California ( 'CSAC' ) , together with the
California Manufacturers Association, has established the
Bonds for Industry program ( the "Program") .
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WHEREAS, in furtherance of the Program, certain
California counties (collectively, the ' Initial Participants')
have entered into that certain Joint Exercise of Powers
Agreement dated as of November la, 1987 (the - Initial
Agreement' ) , pursuant to which the California Counties
Industrial Development Authority has been established as a
separate entity under the Joint Exercise of Powers Act for the
Purposes and with the powers specified in the Initial
Agreement ; and
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WHEREAS, the League of California Cities ( 'LCC")
has determined to join as a sponsor of the Program and to
actively participate in the administration of the Authority;
and
WHEREAS, the Initial Participants have determined
to specifically authorize the Authority to issue Bonds
pursuant to Article 2 of the Joint Exercise of Powers Act
( 'Article 2') and Article 4 of the Joint Exercise of Powers
Act ( 'Article 4') , as well as may be authorized by the Act or
other applicable law; and
WHEREAS, the Initial Participants desire to rename
the California Counties Industrial Development Authority to
better reflect the additional sponsorship of the Program; and
WHEREAS, each of the Initial Participants has
determined that it is in the public interest of the citizens
within its boundaries, and to the benefit of such Initial
Participant and the area and persons served by such Initial
Participant, to amend and restate in its entirety the Initial
Agreement in order to implement the provisions set forth
above; and
WHEREAS, it is the desire of the Program
Participants to use a public entity established pursuant to
the Joint Exercise of Powers Act to undertake projects within
their respective jurisdictions that may be financed with Bonds
issued pursuant to the Act, Article 2, Article 4, or other
applicable provisions of law; and
WE30MM, the projects undertaken will result in
significant public benefits, including those public benefits
set forth in Section 91502 . 1 of the Act, an increased level of
economic activity, or an increased tax base, and will
therefore serve and be of benefit to the inhabitants of the
jurisdictions of the Program Participants;
NOW, THEREFORE, the Program Participants , for and
in consideration of the mutual promises and agreements herein
contained, do agree to amend and restate the Initial Agreement
in its entirety to provide as follows:
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Section I. Purpose.
This Agreement is made pursuant to the provisions of
the Joint Exercise of Powers Act, relating to the joint
exercise of powers common to public agencies , in this case
being the Program Participants . The Program Participants each
possess the powers referred to in the recitals hereof . The
purpose of this Agreement is to establish an agency for, and
with the purpose of, issuing Bonds to finance projects within
the territorial limits of the Program Participants pursuant to
the Act, Article 2, Article 4 , or other applicable provisions
of law; provided, however that nothing in this Agreement shall
be construed as a limitation on the rights of the Program
Participants to pursue economic development outside of this
Agreement, including the rights to issue Bonds through
industrial development authorities under the Act, or as
otherwise permitted by law.
Within the various jurisdictions of the Program
Participants such purpose will be accomplished and said powers
exercised in the manner hereinafter set forth.
Section 2. TA=.
This Agreement shall become effective in accordance
with Section 18 as of the date hereof and shall continue in
full force and effect for a period of forty (40) years from
the date hereof, or until such time as it is terminated in
writing by all the Program Participants; provided, however,
that this Agreement shall not terminate or be terminated until
the date on which all Bonds or other indebtedness issued or
caused to be issued by the Authority shall have been retired,
or full provision shall have been made for their retirement,
including interest until their retirement date.
Section 3. Authoritv'.
A. CREATION AND POWERS OF AUTHORITY.
(1) Pursuant to the Joint Exercise of Powers Act, there
is hereby created a public entity to be known as the
'California Statewide Comnunities Development Authority' (the
"Authority') , and said Authority shall be a public entity
separate and apart from the Program Participants. Its debts,
liabilities and obligations do not constitute debts,
liabilities or obligations of any party to this Agreement .
B. COMMISSION.
The Authority shall be administered by a Commission
(the 'Commission•) which shall consist of seven members, each
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serving in his or her individual capacity as a member of the
Commission. The Commission shall be the administering agency
of this Agreement, and, as such, shall be vested with the
powers set forth herein , and shall execute and administer this
Agreement in accordance with the purposes and functions
provided herein.
Four members of the Commission shall be appointed by
the governing body of CSAC and three members of the Commission
shall be appointed by the governing body of LCC. Initial
members of the Commission shall serve a term ending June 1,
1991. Successors to such members shall be selected in the
manner in which the respective initial member was selected and
shall serve a term of three years. Any appointment to fill an
unexpired term, however, shall be for such unexpired term.
The term of office specified above shall be applicable unless
the term of office of the respective member is terminated as
hereinafter provided, and provided that the term of any member
shall not expire until a successor thereto has been appointed
as provided herein.
Each of CSAC and LCC may appoint an alternate member
of the Commission for each member of the Commission which it
appoints. Such alternate member may act as a member of the
Commission in place of and during the absence or disability of
such regularly appointed member. All references in this
Agreement to any member of the Commission shall be deemed to
refer to and include the applicable alternate member when so
acting in place of a regularly appointed member.
Each member or alternate member of the Commission
may be removed and replaced at any time by the governing body
by which such member was appointed. Any individual , including
any member of the governing body or staff of CSAC or LCC,
shall be eligible to serve as a member or alternate member of
the Commission.
Members and alternate members of the Commission
shall not receive any compensation for serving as such but
shall be entitled to reimbursement for any expenses actually
incurred in connection with serving as a member or alternate
member, if the Commission shall determine that such expenses
shall be reimbursed and there are unencumbered funds available
for such purpose.
C. OFFICERS; DUTIES; OFFICIAL BONDS.
The Commission shall elect a Chair , a vice-Chair ,
and a Secretary of the Authority from among its members to
serve for such term as shall be determined by the Commission
The Commission shall appoint one or more of its officers or
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employees to serve as treasurer, auditor, and controller of
the Authority (the "Treasurer') pursuant to Section 6505 . 6 of
the Joint Exercise of Powers Act to serve for such term as
shall be determined by the Commission.
Subject to the applicable provisions of any
resolution, indenture or other instrument or proceeding
authorizing or securing bonds (each such resolution,
indenture, instrument and proceeding being herein referred to
as an ^Indenture' ) providing for a trustee or other fiscal
agent , the Treasurer is designated as the depositary of the
Authority to have custody of all money of the Authority, from
whatever source derived.
The Treasurer of the Authority shall have the
powers , duties and responsibilities specified in
Section 6505 . 5 of the Joint Exercise of Powers Act .
The Treasurer of the Authority is designated as the
public officer or person who has charge of, handles, or has
access to any property of the Authority, and such officer
shall file an official bond with the Secretary of the
Authority in the amount specified by resolution of the
Commission but in no event less than $1, 000 . If and to the
extent permitted by law, any such officer may satisfy this
requirement by filing an official bond in at least said amount
obtained in connection with another public office.
The Commission shall have the
power to appoint such
other officers and employees as it may deem necessary and to
retain independent counsel, consultants and accountants.
The Commission shall have the power, by resolution,
to the extent permitted by the Joint Exercise of Powers Act or
any other applicable law, to delegate any of its functions to
one or more of the members of the Commission or officers or
agents of the Authority and to cause any of said members,
officers or agents to take any actions and execute any
documents or instruments for and in the name and on behalf of
the Commission or the Authority.
O. MEETINGS OF THE COKKISSION.
(1) Regular Meetings .
The Commission shall provide for its regular
meetings ; provided, however, it shall hold at least one
regular meeting each year. The date, hour and place of the
- holding of the regular meetings shall be fixed by resolution
of the Commission and a copy of such resolution shall be file,J
with each party hereto.
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(2) special Meetinas .
Special meetings of the Commission may be called in
accordance with the provisions of Section 54956 of the
Government Code of the State of California_
( 3 ) Ralph M. Brown Act .
All meetings of the Commission, including , without
limitation, regular, adjourned regular, special, and adjourned
special meetings shall be called, noticed, held and conducted
•I in accordance with the provisions of the Ralph M. Brown Act
(commencing with Section 54950 of the Government code of the
i State of California) .
(4) Minutes.
The Secretary of the Authority shall cause to be
kept minutes of the regular, adjourned regular, special, and
adjourned special meetings of the Commission and shall, as
soon as possible after each meeting, cause a copy of the
minutes to be forwarded to each member of the Commission.
(5) Qupx=
A majority of the members of the Commission which
includes at least one member appointed by the governing body
of each of CSAC and LCC shall constitute a quorum for the
transaction of business. No action may be taken by the
Commission except upon the affirmative vote of a majority of
the members of the Commission which includes at least one
member appointed by the governing body of each of CSAC and
LCC, except that less than a quorum may adjourn a meeting to
another time and place.
itE. RULES AND REGULATIONS.
The Authority may adopt, from time to time, by
resolution of the Commission such rules and regulations for
the conduct of its meetings and affairs as may be required.
Section 4. Powers.
The Authority shall have any and all powers relating
to economic development authorized by law to each of the
i parties hereto and separately to the public entity herein
created, including, without limitation, the promotion of
opportunities for the creation and retention of employment .
the stimulation of economic activity, and the increase of the
tax base, within the jurisdictions of such parties . Such
powers shall include the common powers specified in this
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Agreement and may be exercised in the manner and according to
the method provided in this Agreement. All such powers common
to the parties are specified as powers of the Authority. The
Authority is hereby authorized to do all acts necessary for
the exercise of such powers, including, but not limited to,
any or all of the following: to make and enter into
contracts; to employ agents and employees ; to acquire,
construct , provide for maintenance and operation of, or
maintain and operate, any buildings, works or improvements; to
acquire, hold or dispose of property wherever located; to
incur debts , liabilities or obligations; to receive gifts ,
contributions and donations of property, funds , services and
other forms of assistance from persons, firms , corporations
and any governmental entity; to sue and be sued in its own
name; and generally to do any and all things necessary or
convenient to the promotion of economic development, including
without limitation the promotion of opportunities for the
creation or retention of employment, the stimulation of
economic activity, and the increase of the tax base, all as
herein contemplated. without limiting the generality of the
foregoing, the Authority may issue or cause to be issued
banded and other indebtedness , and pledge any property or
revenues as security to the extent permitted under the Joint
Exercise of Powers Act, including Article 2 and Article 4 , the
Act or any other applicable provision of law.
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The manner in which the Authority shall exercise its
powers and perform its duties is and shall be subject to the
restrictions upon the manner in which a California county
could exercise such powers and perform such duties until a
California general law city shall become a Program
Participant, at which time it shall be subject to the
restrictions upon the manner in which a California general law
city could exercise such powers and perform such duties. The
manner in which the Authority shall exercise its powers and
perform its duties shall not be subject to any restrictions
j applicable to the manner in which any other public agency
could exercise such powers or perform such duties, whether
such agency is a party to this Agreement or not .
Section S. Fiscal Year.
For the purposes of this Agreement, the term 'Fiscal
Year• shall mean the fiscal year as established from time to
time by the Authority, being, at the date of this Agreement,
the period from July 1 to and including the following June 30 ,
except for the first Fiscal Year which shall be the period
from the date of thin Agreement to June 30, 1^88 .
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Section 6. Qigposi ion of Assets.
At the end of the term hereof or upon the earlier
termination of this Agreement as set forth in Section 2
hereof , after payment of all expenses and liabilities of the
Authority, all property of the Authority both real and
personal shall automatically vest in the Program Participants
and shall thereafter remain the sole property of the Program
Participants ; provided, however, that any surplus money on
hand shall be returned in proportion to the contributions made
by the Program Participants .
Section 7. Bonds .
The Authority shall issue Bonds for the purpose of
exercising its powers and raising the funds necessary to carry
out its purposes under this Agreement. Said Bonds may, at the
discretion of Authority, be issued in series.
The services of bond counsel, financing consultants
and other consultants and advisors working on the projects
and/or their financing shall be used by the Authority. The
fees and expenses of such counsel, consultants, advisors, and
the expenses of CSAC, LCC, and the Commission shall be paid
from the proceeds of the Bonds or any other unencumbered funds
of the Authority available for such purpose.
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Section B. Bonds Only Limited and Special
Oblivatienn of Authority.
The Bonds, together with the interest and premium,
if any, thereon, shall not be deemed to constitute a debt of
any Program Participant, CSAC, or LCC or pledge of the faith
and credit of the Program Participants, CSAC, LCC, or the
Authority. The Bonds shall be only special obligations of the
Authority, and the Authority shall under no circumstances be
obligated to pay the Bonds or the respective project coats
except from revenues and other funds pledged therefor.
Neither the Program Participants, CSAC, LCC, nor the Authority
shall be obligated to pay the principal of, premium, if any,
or interest on the Bonds, or other coats incidental thereto,
except from the revenues and funds pledged therefor, and
neither the faith and credit nor the taxing power of the
Program Participants nor the faith and credit of CSAC, LCC, or
the Authority shall be pledged to the payment of the principal
of , premium, if any, or interest on the Bonds nor shall the
Ircgram Participants, CSAC, LCC, or the Authority in any
manner be obligated to make any appropriation for such payment .
No covenant or agreement contained in any Bond or
Indenture shall be deemed to be a covenant or agreement of any
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member of the Commission, or any officer, agent or employee of
the Authority in his individual capacity and neither the
Commission of the Authority nor any officer thereof executing
the Bonds shall be liable personally on any Bond or be subject
to any personal liability or accountability by reason of the
issuance of any Bonds .
Section 9. Local Approval.
A copy of the application for financing of a project
shall be filed by the Authority with the Program Participant
in whose jurisdiction the project is to be located. The
Authority shall not issue Bonds with respect to any project
unless the governing body of the Program Participant in whose
jurisdiction the project is to be located, or its duly
authorized designee, shall approve, conditionally or
unconditionally, the project, including the issuance of Bonds
therefor. Action to approve or disapprove a project shall be
taken within 45 days of the filing with the Program
Participant . Certification of approval or disapproval shall
be made by the clerk of the governing body of the Program
Participant, or by such other officer as may be designated by
the applicable Program Participant, to the Authority.
Section 10. Accounts and Reports.
All funds of the Authority shall be strictly
accounted for. The Authority shall establish and maintain
such funds and accounts as may be required by good accounting
Practice and by any provision of any Indenture (to the extent
such duties are not assigned to a trustee of Bonds) . The
books and records of the Authority shall be open to inspection
at all reasonable times by each Program Participant .
The Treasurer of the Authority shall cause an
independent audit to be made of the books of accounts and
financial records of the Agency by a certified public
accountant or public accountant in compliance with the
provisions of Section 6505 of the Joint Exercise of Powers
Act. In each case the minimum requirements of the audit shall
be those prescribed by the State Controller for special
districts under Section 26909 of the Government Code of the
State of California and shall conform to generally accepted
auditing standards . When such an audit of accounts and
records is made by a certified public accountant or public
accountant, a report thereof shall be filed as public records
with each Program Participant and also with the county auditor
of each county in which a Program Participant is located.
Such report shall be filed within 12 months of the end of the
Fiscal Year or Years under examination.
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Any costs of the audit , including contracts with, or
employment of, certified public accountants or public
!� accountants in making an audit pursuant to this Section, shall
be borne by the Authority and shall be a charge against any
unencumbered funds of the Authority available for that purpose.
In any Fiscal Year the Commission may, by resolution
adopted by unanimous vote, replace the annual special audit
with an audit covering a two-year period.
The Treasurer of the Authority, within 120 days
after the close of each Fiscal Year, shall give a complete
written report of all financial activities for such Fiscal
Year to each of the Program Participants to the extent such
activities are not covered by the reports of the trustees for
the Bonds. The trustee appointed under each Indenture shall
establish suitable funds, furnish financial reports and
provide suitable accounting procedures to carry out the
provisions of said Indenture. said trustee may be given such
duties in said Indenture as may be desirable to carry out this
Agreement .
Section 11. ninda.
Subject to the applicable provisions of each
Indenture, which may provide for a trustee to receive, have
custody of and disburse Authority funds, the Treasurer of the
Authority shall receive, have the custody of and disburse
Authority funds pursuant to the accounting procedures
developed under Section 10 hereof, and shell make the
disbursements required by this Agreement or otherwise
necessary to carry out any of the provisions or purposes of
this Agreement.
Section 12. maces.
Notices and other communications hereunder to the
Program Participants shall be sufficient if delivered to the
clerk of the governing body of each Program Participant.
Section 13. withdrawal and Addition of Parties.
A Program Participant may withdraw from this
Agreement upon written notice to the Commission; provided,
however, that no such withdrawal shall result in the
dissolution of the Authority so long as any Bonds remain
ouLstanding under an Indenture. Any such withdrawal shall to
effective only upon receipt of the notice of withdrawal by the
Commission which shall acknowledge receipt of such notice of
withdrawal in writing and shall file such notice as an
amendment to this Agreement effective upon such filing.
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Qualifying public agencies may be added as parties
to this Agreement and become Program Participants upon: ( i)
the filing by such public agency of an executed counterpart of
this Agreement, together with a certified copy of the
resolution of the governing body of such public agency
approving this Agreement and the execution and delivery
hereof ; and ( ii) adoption of a resolution of the Commission
approving the addition of such public agency as a Program
Participant. Upon satisfaction of such conditions , the
Commission shall file such executed counterpart of this
Agreement as an amendment hereto, effective upon such filing .
Section 14 . Indemnification.
To the full extent permitted by law, the Commission
may authorize indemnification by the Authority of any person
who is or was a member or alternate member of the Commission,
or an officer, employee or other agent of the Authority, and
who was or is a party or is threatened to be made a party to a
proceeding by reason of the fact that such person is or was
such a member or alternate member of the Commission, or an
officer, employee or other agent of the Authority, against
expenses, judgments, fines, settlements and other amounts
actually and reasonably incurred in connection with such
proceeding, if such person acted in good faith and in a manner
such person reasonably believed to be in the best interests of
the Authority and, in the case of a criminal proceeding, had
no reasonable cause to believe the conduct of such person was
unlawful and, in the case of an action by or in the right of
the Authority, acted with such care, including reasonable
inquir y, as an ordinarily prudent person in a like position
i
would use under similar circumstances.
Section 15. Contributions and Advances.
Contributions or advances of public funds and of the
use of personnel, equipment or property may be made to the
Authority by the parties hereto for any of the purposes of
this Agreement. Payment of public funds may be made to defray
the cost of any such contribution. Any such advance may be
I made subject to repayment, and in such case shall be repaid,
in the manner agreed upon by the Authority and the party
making such advance at the time of such advance.
Section 16. Immunities.
All of the privileges and immunities from
liabilities, exemptions from laws , ordinances and rules, all
pension, relief, disability, workers ' compensation, and other
benefits which apply to the activity of officers , agents or
employees of Program Participants when performing their
i tt
respective functions within the territorial limits of their
respective public agencies , shall apply to them to the same
degree and extent while engaged as members of the Commission
or otherwise as an officer, agent or other representative of
the Authority or while engaged in the performance of any of
their functions or duties extraterritorially under the
provisions of this Agreement .
Section 17. Amendments.
Except as provided in Section 13 above, this
Agreement shall not be amended, modified, or altered except by
a written instrument duly executed by each of the Program
Participants.
Section 18. HffeCt YAJU ..
This Agreement shall become effective and be in full
force and effect and a legal, valid and binding obligation of
each of the Program Participants at 9:00 a.m. , California
time, on the date that the Commission shall have received from
each of the Initial Participants an executed counterpart of
this Agreement, together with a certified copy of a resolution
of the governing body of each such Initial Participant
approving this Agreement and the execution and delivery hereof .
Section 19. Partial Invalidity.
If any one or more of the terms, provisions,
promises, covenants or conditions of this Agreement shall to
any extent be adjudged invalid, unenforceable, void or
voidable for any reason whatsoever by a court of competent
jurisdiction, each and all of the remaining terms, provisions ,
promises, covenants and conditions of this Agreement shall not
be affected thereby, and shall be valid and enforceable to the
j fullest extent permitted by law.
section 20. SnceeaAQre.
i
This agreement shall be binding upon and shall inure
to the benefit of the successors of the parties hereto.
Except to the extent expressly provided herein, no party may
assign any right or obligation hereunder without the consent
of the other parties.
Section 21. Miscellaneous.
This Agreement may be executed in several
counterparts, each of which shall be an original and all of
which shall constitute but one and the same instrument .
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The section headings herein are for convenience only
and are not to be construed as modifying or governing the
language in the section referred to .
wherever in this Agreement any consent or approval
is required, the same shall not be unreasonably withheld.
This Agreement is made in the State of California,
under the Constitution and laws of such state and is to be so
i
construed.
This Agreement is the complete and exclusive
statement of the agreement among the parties hereto, which
supersedes and merges all prior proposals, understandings, and
other agreements, including, without limitation, the Initial
Agreement, whether oral, written, or implied in conduct,
between and among the parties relating to the subject matter
of this Agreement.
IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed and attested by their proper
officers thereunto duly authorized, and their official seals
to be hereto affixed, as of the day and year first above
written.
Program Participant:
CITY OF SAN BERNARDINO
(SEAL] Bv��F7i%Z 11
I
Name: Tom Minor
Title: Mayor
ATfES
gy
Name: Rachel Clark
Title: City Clerk
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379h5
FEB-04-99 07:44 909 384 5135 P.04 R-573 Jab-324
FROM: Economic De. Agency FAX NO. 1 909 384 5135 02-04-99 07:45A P .04
ATTACHMENT A
AMENDMENT TO A JOINT POWERS AGREEMENT
FOR THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
270 PARTICIPANTS AS OF June 9, 1999
CUUS n Tat
City of Agoura Hills City of Cypress
City of Alhambra Town of Danville
City of Albany City of Davis
City of Altascadero City of Dos Palos
City of Anaheim City of El Cajon
City of Arcadia City of El Centro
City of Auburn City of Emeryville
City of Avalon City of Encinitas
City of Azusa City of Escondido
City of Bakersfield City of Etna
City of Banning City of Eureka
City of Beaumont City of Fairfield
City of Bell City of Folsom
City of Benicia City of Fresno
City of Berkeley City of Fountain Valley
City of Brea City of Fullerton
City of Brentwood City of Glendora
City of Buena Park City of Grass Valley
City of Burbank City of Gridley
City of Burlingame City of Hanford
City of Campbell City of Hawaiian Gardens
City of California City City of Hercules
City of Canyon Lake City of Hollister
City of Carlsbad City of Huntington Beach
City of Carson City of Huntington Park
City of Cathedral City City of Industry
City of Ceres City of Inglewood
City of Chula Vista City of Ione
City of Chowchilla City of Irvine
City of Citrus Heights City of La Mesa
City of Claremont City of La Palma
City of Clearlake City of Laguna Beach
City of Clovis City of Laguna Hills
City of Commerce City Lake Forest
City of Corcoran City of Lakeport
City of Corona City of Lakewood
City of Cotati City of Lancaster
City of Cudahy City of Lathrop
FEB-04-99 07:44 909 384 5135 P.05 R-573 Job-324
FROM: Economic Dev Agency FAX NO. : 909 384 5135 02-04-99 07:458 P.05
City of Lincoln City of Redlands
City of Lindsay City of Rialto
City of Livingston City of Richmond
City of Lodi City of Riverside
City of Lompoc City ofRohnert Park
City of Long Beach City of Roseville
City of Los Angeles City of Sacramento
City of Los Banos City of Salinas
City of Lynwood Town of San Anselmo
City of Madera City of San Bernardino
City of Manteca City of San Bruno
City of Marysville City of San Buenaventura
City of Maywood City of San Diego
City of Merced City of San Crabriel
City of Millbrae City of San Jose
City of Mission Viejo City of San Juan Capistrano
City of Modesto City of San Luis Obispo
City of Monterey City of San Marcos
City of Monterey Park City of Sanger
Town of Moraga City of Santa Clarita
City of Moreno Valley City of Santa Cruz
City of Morgan Hill City of Santa Fc Springs
City of Mountain View City of Santa Maria
City of National City City of Santa Monica
City of Norwalk City of Santa Paula
City of Novato City of Santa Rosa
City of Oakland City of Sausalito
City of Oceanside City of Seal Beach
City of Orange City of Seaside
City of Oroville City of Selma
City of Oxnard City of Southgate
City of Pacifica City of South Lake Tahoe
City of Palmdale City of Stockton
City of Palos Verdes Estates City of Suisun
City of Paramount City of Thousand Oaks
City of Pasadena City of Torrance
City of Patterson Town of Truckee
City of Petaluma City of Turlock
City of Pinole City of Twentyaine Palms
City of Pittsburg City of Union City
City of Placerville City of Upland
City of Pleasanton City of vacavillc
City of Pleasant Hill City of Vallejo
City of Pomona City of Visalia
City of Porterville City of Vista
City of Poway City of Watsonville
City of Redding City of West Covina
DOCSLAI 79091.1
Page 2 of 4
FEB-04-99 07:44 909 384 5135 P108 R-573 Job-324
FROM Econonic Dev Agency FAX NO. : 909 384 5135 02-04-99 07:45A P.06
City of west Sacramento Tehama County
City of Whittier Trinity County
City of Woodland Tulare County
Ventura County
COUNTIES (_471 Yolo County
Yuba County
Alameda County
Butte County gISTRICTS (451
Calaveras County American River Fire Protection District
Colusa County Apple Valley Fire Protection District
Contra Costa County Armona Community Services District
Del Norte County Big Bear City Community
El Dorado County Services District
Glenn County Bolinas Community Public Utility District
Humboldt County Bostonia Fire Protection District
Imperial County Cardiff Sanitation District
Inyo County Chino Valley Independent Fire District
Kern County Crest Fire Protection District
Kings County Davis Joint Unified School District
Lake County Diablo Water District
Lassen County Encinitas Fire Protection District
Los Angeles County Encinitas Sanitary District
Madera County Hamilton Branch Community Services
Mariposa County District
Mendocino County Hilmar County Water District
Merced County Idyllwild Fire Protection District
Modoc County Irish Beach Water District
Monterey County June Lake Public Utility District
Napa County Keyes Community services District
Nevada County Lake County Service Area No. 20
Orange County Lakeside Fire Protection District
Placer County Lakeside Irrigation District
Riverside County Los Trancos County Water District
Sacramento County Madera County Maintenance District No. 1 -
San Bernardino County Hidden Lakes Estates
San Diego County Meeks Bay fire Protection District
San Joaquin County Mid Carmel Valley Fire Protection District
San Mateo County Millview County Water District
Santa Barbara County North County Fire Protection District
Santa Clara County Oceano Community Services District
Santa Cruz County Paradise Irrigation District
Sierra County Peninsula Library System
Siskiyou County Rancho Cucamonga Fire Protection District
Solar County San Bernardino County Service Area No. 70
Sonoma County San Diego Rural Fire Protection District
Stanislaus County San Lorenzo Valley Water District
Sutter County
ooCSLV:790n.1
Page 3 of 4
Page 4 of 4
5° } C I T Y O F
�(in Bernardino
a.
R A C H E L C L A R K
C I T Y C L E R K
February 22, 1999
Ms . Ana Marie del Rio, Esq.
Orrick, Herrington & Sutcliffe LLP
Old Federal Reserve Bank Building
400 Sansone Street
San Francisco, CA 94111
Dear Ms Del Rio:
Enclosed please find certified copy of Resolution No. 1999-32
adopted February 15, 1999 by the Mayor and Common Council of the
City of San Bernardino.
The City Clerk' s office was order to forward the certified copy to
you pursuant to Section of said document .
If you have any questions, please contact the undersigned at (909)
384-5102 .
Sincerely,
De ' e Alva
De rez /
City Clerk l\J,
enclosure
P . O. R 0 2 t 2 1 1 S A N B E R N A R O I N 0 . C A 6 2 1 0 2
3 0 0 N O R T H O S T R E E T 'S A N 0 E R N A R D I N 0 .
C A L I F O 11 N I A 9 2 4 1 0 0 0 0 1 ( 1 0 1) 2 1 4 - 5 0 0 2
( 1 0 1 ) 2 1 4 - S 1 0 2 F A X - (1 0 1 ) 2 1 A .S 1 5 0
T 0 O,T T Y - ( 9 0 0) 2 1 4 -S S 4 0