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10- Economic Development
D E E L O P M E N T D E P A R T M d N T OF THE CITY OF SAP BERN ARDIWO REQUEST FOR COMMISSION/COUNCIL ACTION From: KENNETH J. HENDERSON Subject: SOUTHEAST INDUSTRIAL Executive Director PARK BOND REFUNDING Date: April 15, 1993 ------- ---------------------------------------------------------------- Synopsis of Previous Commission/Council/Committee Action(s): On February 4, 1993, the Redevelopment Committee recommended approval of refunding the Southeast Industrial Park Bonds, Issues of 1981 and 1985. ---------------------------------------------- ----------- Recommended Motion(s): (Joint Powers Financing Authority) MOTION A: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $7,500,000 SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA), APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL FORMS THEREOF (Motions Continued to Next Page...) V"ul� A istrator KENNET J. HB ERSOP Executive Director ------------------------------------------------------------------------------- Contact Person(s): Ken Henderson/Barbara Lindseth Phone: 5081 Project Area(s): Southeast Industrial Park (SEIP) Ward(s): 1 3 Supporting Data Attached: Staff Report: Proposal: Resolutions FUNDING REQUIREMENTS: Amount: $ N/A Source: N/A Budget Authority: N/A ----------------------------------------- ---- -------------- Commission/Council Notes: - ------------------------------------------------ ------------------- KJH:BJL:lag:1169E COMMISSION MEETING AGENDA Meeting Date: 4/19/1993 Agenda Item Number:__ 4 REQUEST FOR COMMISSION/COUNCIL ACTION Southeast Industrial Park Bond Refunding April 15, 1993 Page Number -2- Recommended Motion(s) Continued: (Mayor and Common Council) MOTION B: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED $7,500,000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT (Community Development Commission) MOTION C: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,500,000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION AND DELIVER OF THE FORMS THEREOF. -------------------------------- ---------------------------- KJH:BJL:lag:1169E COMMISSION MEETING AGENDA Meeting Date: 4/19/1993 /� Agenda Item Number: ' D E V E L O P M E N T D E P A R T M E N T OF THE CITY OF SAM BERNARDINO STAFF REPORT Southeast Industrial Park Bond Refunding An analysis has been received from Miller and Schroeder Financial, Inc. , whereby, at current interest rates, the Southeast Industrial Park Tax Increment Bonds, Issue of 1981 and 1985, can be refunded at an approximate debt service savings of $200,000 per year. The proposed new issue would be for a principal amount of $7,250,000 with coupon rates ranging from 3.5% to 6.25%. The 1981 bond issue is currently outstanding in the amount of $4,590,000 with coupon rates ranging from 9.5% to 10.0%, and the 1985 bond issue is currently outstanding in the amount of $1,875,000 with coupon rates ranging from 8.25% to 8.3%. The proposed new issue would mature March 1, 2015 (which is the current maturity date of the 1981 and 1985 issues), and the estimated costs associated with issuance would be as follows: Underwriter's Discount - $141,375; Costs of Issuance - $80,000; and, Bond Insurance - $85,850.37. No funds would be remitted to the Agency, and the increase in bond debt would be used to fund the escrow and debt service accounts. Based upon the attached debt service analysis, the Redevelopment Committee on February 4, 1993 recommended to the Community Development Commission approval of this item. Staff recommends adoption of the attached resolutions. KENNETH J. HE ERSON, Executive Director Development Department ------------------------------------------------------------------------------ KJH:BJL:lag:1169E COMMISSION MEETING AGENDA Meeting Date: 4/19/1993 Agenda Item Number: la- Toll Free(800)5424288 Miller &Schroeder Financial,Inc. 505 Lomas Santa Fe Drive-Suite 100•P.O.Boa 946•Solana Beach,California 92075-0814•(619)481.5894 January 26, 1993 rFCONO&TIC Mr.Tim Steinhaus Economic Developpment A envcyy CITY OF SAN BERNAR151NO 201 North"E" Street,Third Floor San Bernardino,California 92401.1507 — Dear Tim, The Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area has outstanding a tax allocation issue of 1981 and 1985. Assuming today's"AAA"rates, a refunding of these issues to the 2015 maturity date produces savings of nearly $200,000 per year. Enclosed are schedules that show the sources and uses and debt service on the refunding Woes. Upon approval, this refunding can be completed in 45 to 60 days. Please let me know if you need any further information. Sincerely, MILLER ,&�SSCH�fR�OE/D�ER FINANCIAL INC, Rhonda M. Connolly 0 Financial Consultant RMC:kks ID02 F{ndyV A.-U.f dh.MAn .-p HnM60t11tn•Sup Diep A.•U.Pnr"bco Ana•Sr.P,"i•COIV"IFW /a M•m6a.dd•Seau•vW Haectlm CatAMh 0 0 RDA OF THE CITY OF SAN BERNARDINO SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA REFUNDING 1961 A AND 1985 TA BONDS ISSUE OF 1993 SOURCES AND USES Dated 4/01/1993 Delivery 4/01/1993 Par An t of Bonds............................... S7,250,000.00 Transfers from Prior Issue DSH Funds.............. 625,000.00 Total Sources 118,075,000.00 Total Undervrlter Fs Discount (1.950X)............. $141,375.00 Costs of lssuance................................. 80,000.00 Gross Bond Insurance Premium...................... 85,850.37 Deposit to Debt Service Reserve Fund (DSRF)....... 602,477.50 Deposit to Escrow Fund............................ 7,160.786.32 Contingency....................................... 4,510.81 Total Us" 56,075,000.00 _ Miller S ScAroedsr Firmcial FILE s SSSECOMR Public Morita 1/25/1993 11.11 PM /O RDA OF THE CITY OF BAN BERNARDINO BOUTNEAST INDUSTRIAL PARR REDEVELOPMENT PROJECT AREA REFUNDING 1161 A AND 1985 TA BONDS ISSUE OF 1993 DEBT SERVICE BCNEWLE DATE PRINCIPAL Cc" INTEREST DOT SERVICE 3/01/19% 215,000.00 3.50000% 384,571.46 599,571.46 3/01/1995 190,000.00 4.00000% 412,007. 602,007.50 3/01/1996 195,060.00 4.S0D00k 404,407.50 599,407.50 3/01/1947.. 205,000.00 4.750001 395.632.50 600,63230 a !"qd'215,000.00':z:_.5.000OOY.. '�... SBS,69S.00;a1:;.xi�;600,095.00.`. 3/01/1994 225,000:00 5.15000% 375,145.00 600,145.00 3/01/2000 235,000.0.0 5.300%II 363,557.50 S%,557.50 3/01/2001 250,000.00 5.45000% 351,102.40 601,102.50 3/0 /am 2655,000.00 .,5.60000% 337,477.50 602,477.50 3/01%2003a:'a".i`275.000.08%;r", s.75000%: ':.".X32 2,637:SO:"y.�Z?Vi€:597,637.50 . 3/01/2004 295.000.00. 5.90000% 306,825.00 601,625.00 3/01/2005 310,000.00 6.00000% 289,420.00 599.420.00 3/01/2006 330,QOd.00 6.05000% 270,820.00 600,620.00 �.}/01/2007,' X56,000,00. .�6.I.000PX ,,250,855,00 600,855.00 .. 3/011a d k'370.0dD.0O:� :: :.i4O0b% 3/01/2004 395,000.00 6.15000 206,750.00 601.750.00 3/01/2049 420,000.00 6.20000% 182,467.50 602,457.50 3/01/2011 445,000.00 6.2000OX 156,417.60 601,417.50 ,p yO11201,2 ,470,000.00.,, 6.20000% 123,541734 �3/Of/tOf3'�SOO,Ob.Q.00�.5'^,"`6.25006%a��99,68t.S0;ka£r' 599,687.50`£ 3/01/2014 530,0 WX 00.00 6.250 68,437.50 598,437.50 3/01/2015 565,000.00 6.25000% 35,312.50 600,312.50 TOTAL 7,250,000.00 5,957,748.% 13,207,748.96 Miler S Schroeder Financial FILE a SKECOMR Public Fire ce 1/25/1993 11:11 PM YIELD STATISTICS Accrued interest frm 04/01/1993 to 04/01/1993... - Average life...................................... 13.554 TEARS Bond Years........................................ 98,265.83 Average Coupm.................................... 6.0528896% Net Interest Cost (NIC)........................... 6.2067595% Bond Yield for Arbitrage Purpom................. 6.1596613% True Interest Cost (TIC).......................... 6.24997561 Effective Interest Cost (RIC)..;.................. 6.5263026% /O REDEVELOPMENT AGENCY OF TNF CITY OF SAN BEMMINO, CALIFORNIA SOUTHEAST MISTRIAL PARK REDEVELOPMENT PROJECT AREA TA BONDS, 15511E of 1985 DEBT SERVICE SCHENU DATE PRINCIPAL COUPON INTEREST DEBT SERVICE 3/01/1993 25,000.00 8.25000% 77,741.28 102,741.25 3/01/19% 25,000.00 8.25000% 153,420.00 173,420.00 3/01/1995 30,000.00 8.25000 151,357.50 181,357.50 3/01/1996 35,060.00 8.25000% 148,882.50 183.802.30 zk,3/01[1997.:z":r1�:33,000.00?'.. 8.25000% ,:.:.•.:..113.995.00.':^•:i :'180.995:00.., 3/01/1998 40,000.00 8.25000% 143,107.50 183,107.30 3/01/1999 45,000.00 8.25000% 139.807.50 184,807.50 3/01/2000 $0,000.00 8.25000% 136,095.00 186,095.00 .,,3/01/2001 50,000.00 8.300002 131,970.00 „131,970.00 >'.3i01/2002 'ix?I 55.000:00 6.30000%. •.._._127,820.GO;.x:' :: 182,820.ow : 3/01/2003 60,DOD.00 8.30000% 123,255.00 183,255.00 3/01/2044 73,DO0.00 8,30000% 118,275.00 186,275.00 3/0112003 75,000.00 8.30000% 112,465.60 187,465.00 3101/200$ 60 000,00 8.30000% ,1D6.240.00 .. .106.240.00. '90,`DOD.00:7-t.30000k.7'*�:..99,".6dri.".1'x189,600.10`3` 3/01/2008 100,D00.00 8.30000% 92,130.00 192,130.00 — 3/01/2009 110.000.00 8.30000% 83,830.00 193.830.00 3/01/2010 120,000.00 8.30060% 74,700.00 194,700.60 3/0112011 830D6o% .. . 64,740.00 194,740.00 193,1/36'06 m 3/01/2013 . 155.000.00 8.30000% 42,330.00 197,330..00 3/01/2014 170,600.00 8.30000% 29.465.00 199,463.00 3/01/201$ 185,600.00 8.30000% 15,355.00 200,355.00 TOTAL 1,875,000.00 2,372,331.25 4,247,531.25 Miter f Schroeder Finerctat FILE a SBSE85 "tic Finance 1/24/1993 10:50 PM YIELD STATISTICS Accrued Interest fron 09/01/1992 to 09/01/1992... Average Life...................................... 15.249 YEARS Bad Years........................................ 28,592.50 Average Coupon.................................... 8.2977398% Net interest Cost (NIC)........................... 8.2977398% Bad Yield for Arbitrage Purposes................. 8.2966399% True Interest Cost (TIC).......................... 8.2966399% Effective Interest Cost (EIC)..................... 8.2966399% 10 ov jlha l qpl b4f SGvJ(C,- aRMRaa REDEVELOPMENT AM" OF THE CITY OF . SAM BERNARDINO, CALIFORNIA SOUTHEAST INDUSTRIAL PARK REDEVELOPMEMI PROJECT ARE to REFUNDI11 BONDS, ISSUE OF 1981 SERIES A DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST DEBT SERVICE 3/01/I993 165,000.00 9.50000% 228,152.50 393,152.50 3/01/1991 180,000.00 9.60000% 440,630.00 620,630.00 3/0111995 200,000.00 9.70000% 423,350.00 623,350.00 3101/1996 220,000.00 9.75000%. 403,950.00 623,950.00 ".3/Oi/t997�:�'7;:240, .00 -10.000001 382.500.00-.,kl',672,500.00. 3/011179Q1 265,ODO.00 10.00000% 358,500.00 623,500.00 3/01/1999 290,006.00 10.00000% 332,000.00 622,000.00 3/01/2000 320,DOO.00 10.00000% 303,000.00 623,000.00 3101/2001 350 000.00 10.00D00% 271,000.00 621,000.00 VIV01/200F:;i"`."" 385;000.00, 10.00000% 236,000.00:t'%`•, 621,DDO.00 3/01/2003 425,000.00 10.00000% 197,500.00 622,500.00 3/01/2004 470,D00.00 10.00000% 15S,000.00 625,000.00 3/01/2005 515,000.00 10.00000% 108,000.00 623,000.00 3/01/2OD6 565,000.00 10.00000% 56,500.00 621,500.00 _ TOTAL 4,590,000.00 - 3,896,082.50 8,186,082.50 — Hiller 8 Schroeder Financial FILE • SRSESI Public Firm" 1121/1993 10:50 PM YIELD STATISTICS Accrued Interest from 09101/1992 to 09/01/1992... - Average Life...................................... 8.199 YEARS Bond Teen........................................ 39,010.00 Average Coupon.................................... 9.9873943% Not interest Cat (MIC)........................... 9.9873943% Bond Yield for Arbitrage Purposes................. 9.96248491 True Interest Cat (TIC).......................... 9.9824849% Effective interest Cat (EIC)..................... 9.9824849% /O 0 1 2 SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY 3 AGEND 4 5 April 19, 1993 6 Item: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS 7 FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $7,500, 000 SAN BERNARDINO JOINT 8 POWERS FINANCING AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST 9 INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA) , APPROVING THE FORM OF LEGAL DOCUMENTS RELATED to THERETO AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL 11 FORMS THEREOF 12 13 Action to be Taken: Adopt Resolution. 14 15 Certified copy of Resolution to be returned to Sabo & Green, A 16 Professional Corporation. 17 18 19 20 21 22. 23 24 25 See010117 o n 4113193 930 26 27 28 /d ® 4 1 RESOLUTION NO. 2 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS 3 FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $7,500,000 SAN BERNARDINO JOINT 4 POWERS FINANCING AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST 5 INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA) , APPROVING THE FORM OF LEGAL DOCUMENTS RELATED 6 THERETO AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL 7 FORMS THEREOF 8 WHEREAS, the City of San Bernardino (the "City") and 9 the Redevelopment Agency of the City of San Bernardino (the 10 „Agency") have heretofore entered into a Joint Exercise of Powers 11 Agreement establishing the San Bernardino Joint Powers Financing 12 Authority he "Authority")y ( y ) for the purpose of issuing its bonds 13 to be used to make loans to any of its members to finance public 14 capital improvements; and 15 16 WHEREAS, the Agency has previously issued its 17 $5, 600, 000 Redevelopment Agency of the City of San Bernardino, 18 Southeast Industrial Park Redevelopment Project Area, Tax 19 Allocation Refunding Bonds, Issue of 1981 (Series A) (the 111981 20 Bonds") and its $2,000, 000 Redevelopment Agency of the City of 21 San Bernardino, Southeast Industrial Park Redevelopment Project 22 Area, Tax Allocation Bonds, Issue of 1985 (the "1985 Bonds") ; and 23 24 WHEREAS, the Agency desires to borrow money for the 25 purpose of refunding the 1981 Bonds and 1985 Bonds; and 26 27 a 28 - 1 - /O a 1 WHEREAS, the Authority proposes at this time to issue 2 its San Bernardino Joint Powers Financing Authority Tax 3 Allocation Refunding Bonds, Issue of 1993 (Southeast Industrial 4 Park Redevelopment Project Area) (the "Bonds") pursuant to the 5 Marks-Roos Local Bond Pooling Act of 1985, codified at 6 Section 6584, et sec. , of the California Government Code (the 7 "Marks-Roos Act") , and pursuant to a certain Indenture of Trust 8 to be dated as of March 1, 1993 (the "Indenture") , by and between 9 the Authority and Bank of America National Trust and Savings 10 Association, as trustee (the "Trustee") , a form of which is 11 presently on file with the Secretary of the Authority; and 12 13 WHEREAS, the proceeds of the Bonds will be loaned to 14 the Agency pursuant to and in accordance with a certain Loan 15 Agreement which shall be dated as of March 1, 1993 (the "Loan 16 Agreement") , by and between the Authority, the Agency and the 17 Trustee, a form of which is presently on file with the Secretary 18 of the Authority; and 19 20 WHEREAS, the Authority proposes to secure the Bonds 21 with a pledge of revenues and an assignment of its rights under 22 the Loan Agreement as further provided in the Loan Agreement; and 23 24 WHEREAS, the Agency has previously issued its 25 $12,215,000 Southeast Industrial Park Redevelopment Project Area, 26 Tax Allocation Refunding Bonds, Issue of 1988 (the 11$12, 215,000 27 Issue of 198811) ; and 28 - 2 - /O 0 4 1 WHEREAS, the Agency has previously issued its 2 $1,750, 000 Southeast Industrial Park Redevelopment Project Area, 3 Tax Allocation Bonds, Issue of 1988 (the "$1,750,000 Issue of 4 198811) ; and 5 6 WHEREAS, the Authority has previously issued its 7 $5,700, 000 Tax Allocation Bonds, 1990 Series F (Southeast 8 Industrial Park Redevelopment Project) (the "$5,700, 000 Issue of 9 199011) ; and 10 11 WHEREAS, the Bonds shall be on parity with the 12 $12,215,000 Issue of 1988, the $1,750, 000 Issue of 1988 and the 13 $5,700,000 Issue of 1990; and 14 15 WHEREAS, Miller & Schroeder Financial, Inc. , as 16 prospective underwriter of the Bonds (the "Underwriter") has 17 informed the Authority that it intends to submit an offer to 18 purchase the Bonds and shall cause to be prepared a Preliminary 19 Official Statement and an Official Statement relating to such 20 Bonds, as may be necessary in the sale and marketing of the 21 Bonds, a form of which is presently on file with the Secretary of 22 the Authority; and 23 24 WHEREAS, the Board has duly considered such transaction 25 and desires at this time to approve said transaction in the 26 public interests of the Authority; 27 28 3 / O I NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS 2 FINANCING AUTHORITY DOES HEREBY RESOLVE, DETERMINE AND ORDER AS 3 FOLLOWS: 4 5 Section 1. Findings and Determinations. Pursuant to 6 the Marks-Roos Act, the Board hereby finds and determines that 7 the issuance of the Bonds will result in savings in effective 8 interest rates, bond preparation, bond underwriting and/or bond 9 issuance costs and thereby will result in significant public 10 benefits to its members within the contemplation of Section 6586 11 of the Marks-Roos Act. 12 13 Section 2. Issuance of the Bonds; Approval of Form of 14 Indenture: Authorization for the Preparation of Final Forms 15 Thereof. The Board hereby authorizes the issuance of the Bonds 16 under and pursuant to the Marks-Roos Act and the Indenture in the 17 principal amount of not to exceed $7, 500,000 and the preparation 18 of certain financing documents related thereto which are 19 necessary to carry out the issuance of the Bonds and the loan of 20 proceeds therefrom to the Agency. The Board hereby approves the 21 form of Indenture as presently on file with the Secretary of the 22 Authority with such changes thereto as may be approved by the 23 Chairman of the Authority and as necessary to incorporate the 24 principal amount, interest rate, maturity and redemption dates 25 and such other terms and conditions with respect to the Bonds 26 when such terms and conditions have been ascertained. The Board 27 hereby further authorizes and directs that the form of Indenture 28 presently on file with the Secretary be converted into the final - 4 - /d 0 O 1 form of Indenture, authorizing the issuance of the Bonds together 2 with such changes or modifications as deemed necessary or 3 desirable by the Chairman of the Authority upon the 4 recommendation of Bond Counsel or as requested by any municipal 5 bond rating agency or municipal bond insurance company. The 6 Chairman, Vice-Chairman or such other authorized officer of the 7 Authority is hereby authorized and directed to execute and 8 deliver, and the Secretary or Assistant Secretary is hereby 9 authorized and directed to attest to, the final form of Indenture 10 when the same has been prepared for and in the name of the 11 Authority, and such execution and delivery shall be deemed to be 12 conclusive evidence of the approval thereof. The Board hereby 13 authorizes the delivery and performance of the Indenture. 14 15 Section 3. Approval of Final Form of Loan Agreement. 16 The Board hereby approves the form of Loan Agreement presently on 17 file with the Secretary together with any changes therein or 18 additions thereto as may be approved by the Chairman and as 19 necessary to incorporate the principal amount, interest rate, 20 maturity, prepayment dates and such other terms and conditions 21 when such terms and conditions have been ascertained. The Board 22 hereby further authorizes and directs that the form of Loan 23 Agreement presently on file with the Secretary be converted into 24 the final form of Loan Agreement, together with such changes or 25 modifications as deemed necessary or desirable by the Chairman of 26 the Authority upon the recommendation of Bond Counsel or as may 27 be requested by any municipal bond rating agency or municipal 28 bond insurance company. The Chairman, Vice-Chairman or such - 5 - /D ® 4 1 other authorized officer of the Authority is hereby authorized 2 and directed to execute and deliver, and the Secretary or 3 Assistant Secretary is hereby authorized and directed to attest 4 to, the final form of the Loan Agreement when the same has been 5 prepared and such execution and delivery shall be deemed to be 6 conclusive evidence of the approval thereof. The Board hereby 7 authorizes the delivery and performance of the Loan Agreement. 8 9 Section 4. Sale of the Bonds. The Board hereby 10 approves the sale of the Bonds by negotiated purchase with the 11 Underwriter, pursuant to that certain Bond Purchase Agreement to 12 be prepared and as shall be provided by the Underwriter prior to 13 the time of purchase of the Bonds (the "Purchase Agreement") , and 14 the sale of the Bonds pursuant to the Purchase Agreement is 15 hereby approved. The Board hereby further authorizes a form of 16 Purchase Agreement as presently on file with the Secretary, 17 together with any changes therein or additions thereto approved 18 by the Chairman or an authorized representative of the Chairman, 19 and as necessary to incorporate the principal amount, the 20 interest rate, the purchase price and such other terms and 21 conditions when such terms and conditions have been ascertained. 22 The Board hereby authorizes and directs the Underwriter to cause 23 the preparation of the final Purchase Agreement of which such 24 terms are a part, and the Chairman, the Vice-Chairman or such 25 other authorized officer of the Authority is hereby authorized 26 and directed to evidence the Authority's acceptance of the offer 27 made by the Purchase Agreement by executing and delivering the 28 Purchase Agreement in said form as on file with such changes 6 - /O 0 0 1 therein as the officer or the officers executing the same may 2 approve, such approval to be conclusively evidenced by the 3 execution and delivery thereof. 4 5 Section 5. Official Statement. The Board hereby 6 approves the form of the Preliminary Official Statement presently 7 on file with the Secretary. The Board further authorizes the 8 preparation and distribution of a Preliminary Official Statement 9 as shall be necessary or required in connection with the sale of 10 the Bonds to prospective purchasers thereof. The Board hereby 11 authorizes and directs that the Preliminary Official Statement be 12 converted to a final Official Statement together with such 13 changes or modifications as deemed desirable or necessary in the 14 sale and marketing of the Bonds and as approved by the Chairman, 15 upon the recommendation of Bond Counsel and the Underwriter. The 16 Board hereby authorizes distribution of the Preliminary Official 17 Statement and the final Official Statement by the Underwriter 18 when the same have been prepared. The Chairman is hereby 19 authorized and directed to execute the final form of said 20 Official Statement in the name and on behalf of the Authority and 21 to deliver the same to the Underwriter upon execution thereof, 22 together with the changes or modifications approved by the 23 Chairman. Execution of said final Official Statement shall be 24 conclusive evidence of approval thereof, including any such 25 changes and additions. 26 27 Section 6. Official Action. The Chairman, the 28 Secretary, the Authority Counsel and any and all other officers 7 - /O 4 1 of the Authority are hereby authorized and directed, for and in 2 the name and on behalf of the Authority, to do any and all things 3 and take any and all actions, including execution and delivery of 4 any and all assignments, certificates, requisitions, agreements, 5 notices, consents, instruments of conveyance, warrants and other 6 documents, which they, or any of them, may deem necessary or 7 advisable in order to consummate the lawful issuance and sale of 8 the Bonds as described herein, including, but not limited to, the 9 submission of any and all documents to any municipal bond rating 10 agency and any municipal bond insurance companies and the I1 distribution of the Preliminary Official Statement to any 12 prospective purchasers when the same shall become available for 13 distribution. Whenever in this Resolution any officer of the 14 Authority is authorized to execute or countersign any document or 15 take any action, such execution, countersigning or action may be 16 taken on behalf of such officer by any person designated by such 17 officer to act on his or her behalf in the case such officer 18 shall be absent or unavailable. The Board hereby appoints its 19 Chairman as agent of the Authority for purposes of executing any 20 and all documents and instruments which any officer of the 21 Authority is authorized to execute hereunder. 22 23 The Board hereby acknowledges that, in connection with 24 the authorization of the issuance of the Bonds hereunder and 25 under the Indenture, a form of which is presently on file with 26 the Secretary of the Authority, the Underwriter has submitted the 27 proposed bond transaction to certain municipal bond insurance 28 companies for consideration in connection with the issuance of 8 - /o © 0 1 municipal bond insurance policies insuring payment of the 2 principal of and interest on the Bonds and to certain municipal 3 bond rating agencies for consideration in connection with the 4 rating of the Bonds. 5 6 The Board hereby authorizes the payment of all costs of 7 issuance in connection with the issuance of the Bonds including 8 all legal fees of Bond Counsel, special tax counsel, bond 9 printing, Trustee fees, and any rating agency fees and bond 10 insurance premiums. Bills for all such items shall be submitted 11 to and approved by the Executive Director of the Agency. 12 / / / 13 / / / 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 9 - /O ...r...�..� 0 1 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $7, 500, 000 SAN 2 BERNARDINO JOINT POWERS FINANCING AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK 3 REDEVELOPMENT PROJECT) , APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING PREPARATION, 4 EXECUTION AND DELIVERY OF THE FINAL FORMS THEREOF 5 Section 7 . Effective Date: Subject to Agency Approval. 6 This Resolution shall take effect from and after its Passage and 7 adoption. This Resolution shall be subject in all respects to 8 the approval by the Agency of the execution and delivery of the 9 Loan Agreement and to the issuance of the Bonds by the Authority. 10 I HEREBY CERTIFY that the foregoing Resolution was duly 11 adopted by the San Bernardino Joint Powers Financing Authority at 12 a special meeting thereof, held on the day of 13 1993, by the following vote, to wit: 14 AYES: Members 15 16 NAYS: 17 ABSENT: 18 19 Secretary 20 The foregoing resolution is hereby 9 9 y this 21 -- day of , 1993 . 22 ----- W.R. Holcomb, Chairman 23 San Bernardino Joint Powers Financing Authority 24 Approved as to form and legal content: 6 BY: /Author it ounse1 27 28 - 10 - /0 I STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss 2 CITY OF SAN BERNARDINO ) 3 I Secretary of the San Bernardino Joint Powers Financing Authority, DO HEREBY 4 CERTIFY that the foregoing and attached copy of San Bernardino Joint Powers Financing Authority Resolution No. is a 5 full, true and correct copy of that now on file in t- his office. 6 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the San Bernardino Joint Powers 7 Financing Authority this day of 1993. 8 9 Secretary 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 /G1 1 2 MAYOR AND COMMON COUNCIL OF THE 3 CITY OF SAN BERNARDINO, CALIFORNIA 4 AGENDA 5 April 19, 1993 6 Item., RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE 7 CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED $7,500,000 8 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 9 (SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA) AND THE BORROWING BY THE REDEVELOPMENT 10 AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN 11 AGREEMENT 12 Action to 13 be Taken: Adopt Resolution. 14 15 Certified copy of Resolution to be returned to Sabo & Green, A 16 Professional Corporation. 17 18 19 20 21 22 23 24 25 SBeoi01171 06 4/13/93930 26 27 28 /a 0 1 RESOLUTION NO. 2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL 3 OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED 4 $7, 500, 000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK 5 REDEVELOPMENT PROJECT AREA) AND THE BORROWING BY THE REDEVELOPMENT AGENCY OF THE 6 CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN 7 AGREEMENT 8 9 WHEREAS, the Redevelopment Agency of the City of San 10 Bernardino (the "Agency") is a redevelopment agency (a public 11 body, corporate and politic) duly created and existing pursuant 12 to the Community Redevelopment Law (Part 1 of Division 24, 13 commencing with Section 33000) of the Health and Safety Code of 14 the State of California (the "Community Redevelopment Law") ; and 15 16 WHEREAS, the City of San Bernardino (the "City") and 17 the Agency have heretofore entered into a Joint Exercise of 18 Powers Agreement establishing the San Bernardino Joint Powers 19 Authority (the "Authority") for the purpose of issuing its bonds 20 to be used to make loans to any of its members to finance public 21 capital improvements; and 22 23 WHEREAS, the Agency has previously issued its 24 $5, 600,000 Redevelopment Agency of the City of San Bernardino, 25 Southeast Industrial Park Redevelopment Project Area, Tax 26 Allocation Refunding Bonds, Issue of 1981 (Series A) (the 111981 27 Bonds") and its $2, 000, 000 Redevelopment Agency of the City of 28 - 1 - �O 1 San Bernardino, Southeast Industrial Park Redevelopment Project 2 Area, Tax Allocation Bonds, Issue of 1985 (the "1985 Bonds") ; and 3 4 WHEREAS, the Agency desires to borrow money for the 5 purpose of refunding the 1981 Bonds and 1985 Bonds; and 6 7 WHEREAS, the Authority proposes at this time to issue 8 its San Bernardino Joint Powers Authority Tax Allocation 9 Refunding Bonds, Issue of 1993 (Southeast Industrial Park 10 Redevelopment Project Area) (the "Bonds") for the purpose of 11 providing funds to make a certain loan (the "Loan") to the Agency 12 in a total principal amount not to exceed $7, 500, 000 to refund 13 the 1981 Bonds and 1985 Bonds; and 14 15 WHEREAS, the Loan will be made by the Authority to the 16 Agency pursuant to that certain Loan Agreement which shall be 17 dated as of March 1, 1993 (the "Loan Agreement") , by and among 18 the Agency, the Authority and Bank of America, National Trust and 19 Savings Association, as trustee (the "Trustee") , a form of which 20 is presently on file with the Secretary of the Agency; and 21 22 WHEREAS, pursuant to the Community Redevelopment Law, 23 the Agency has the power and authority to borrow moneys for the 24 purpose of funding redevelopment activities or refunding prior 25 obligations of the Agency incurred therefor; and 26 27 28 2 - �O I WHEREAS, the Agency has previously issued its 2 $12,215, 000 Southeast Industrial Park Redevelopment Project Area, 3 Tax Allocation Refunding Bonds, Issue of 1988 (the "$12,215, 000 4 Issue of 1988") ; and 5 6 WHEREAS, the Agency has previously issued its 7 $1,750, 000 Southeast Industrial Park Redevelopment Project Area, 8 Tax Allocation Bonds, Issue of 1988 (the "$1,750, 000 Issue of 9 1988") ; and 10 11 WHEREAS, the Authority has previously issued its 12 $5,700,000 Tax Allocation Bonds, 1990 Series F (Southeast 13 Industrial Park Redevelopment Project) (the 11$5, 700, 000 Issue of 14 1990") ; and 15 16 WHEREAS, the Bonds shall be on parity with the $12 ,215, 000 17 Issue of 1988, the $1,750, 000 Issue of 1988 and the $5,700, 000 18 Issue of 1990; and 19 20 WHEREAS, the Mayor and common Council have duly 21 considered such transaction and documentation and desire at this 22 time to approve said transaction and documentation in the public 23 interests of the City; 24 25 NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON 26 COUNCIL OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: 27 28 3 - 14 I SECTION 1. Approval of the Authority Bonds. The 2 Mayor and Common Council hereby approve the issuance by the 3 Authority of its Bonds in a total principal amount of not to 4 exceed $7, 500, 000 for the purpose of providing funds to make a 5 certain loan (the "Loan") to the Agency in a total principal 6 amount of not to exceed $7,500, 000 to refund the 1981 Bonds and 7 1985 Bonds. The Mayor and Common Council hereby further approve 8 the Loan to the Agency and the borrowing of funds by the Agency 9 for the purpose of refunding the 1981 Bonds and 1985 Bonds, 10 pursuant to the terms of the Loan Agreement to be entered into by 11 the Agency. 12 13 SECTION 2 . Official Actions. The Mayor and Common 14 Council, the City Clerk, and any and all other officers of the 15 City are hereby authorized and directed, for and in the name and 16 on behalf of the City, to do any and all things and to take any 17 and all actions, including execution and delivery of any and all 18 assignments, certificates, requisitions, agreements, notices, 19 consents, warrants and other documents which they, or any of 20 them, may deem necessary or advisable in connection with the 21 execution and delivery of the Bonds and the borrowing by the 22 Agency of the proceeds derived therefrom pursuant to the Loan 23 Agreement and any related closing documents, as required, and the 24 consummation of the transaction described herein and therein. 25 26 27 28 4 D © 0 1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN 2 BERNARDINO, CALIFORNIA, APPROVING THE ISSUANCE OF NOT TO EXCEED $7, 500, 000 SAN BERNARDINO JOINT POWERS AUTHORITY TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993 (SOUTHEAST INDUSTRIAL PARK 3 REDEVELOPMENT PROJECT AREA) AND THE BORROWING BY THE 4 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT 5 SECTION 3 . Effective Date. The findings and 6 determinations herein shall be final and conclusive. This 7 Resolution shall take effect upon the date of its adoption. 8 9 I HEREBY CERTIFY that the foregoing Resolution was duly 10 adopted by the Mayor and Common Council of the City of 11 San Bernardino at a meeting 12 thereof, held on the day of 13 1993 , by the following vote, to wit: 14 Council Members: AYES NAYS ABSTAIN ABSENT 15 ESTRADA REILLY 16 HERNANDEZ MAUDSLEY 17 MINOR POPE-LUDLAM 18 MILLER 19 20 City Clerk The foregoing resolution is hereby approved this 21 day of 1993 . 22 23 Mayor of the City 0f San Bernardino 24 Approved as to form and legal content: JAMES F. PENMAN 25 City Attorney 26 BY: SBEO�j111%WoC16 27 28 5 - /D O O 1 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss 2 CITY OF SAN BERNARDINO ) 3 1, City Clerk of the City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached 4 copy of Mayor and Common Council of the City of San Bernardino Resolution No. is a full, true and correct copy of that 5 now on file in th�is office. 6 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Mayor and Common Council of the 7 City of San Bernardino this day of 1993. 8 9 10 City Clerk City of San Bernardino 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 �O 1 2 COMMUNITY DEVELOPMENT COMMISSION CITY OF SAN BERNARDINO, CALIFORNIA 3 AGENDA 4 5 April 19, 1993 6 Item: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF 7 THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, 8 THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE 9 PRINCIPAL AMOUNT OF NOT TO EXCEED $7, 500, 000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING 10 THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION 11 AND DELIVERY OF THE FORMS THEREOF 12 13 Action to be Taken: Adopt Resolution. 14 15 Certified copy of Resolution to be returned to Sabo & Green, A 16 Professional Corporation. 17 18 19 20 21 22 23 24 25 26 SBM/0117moCa 4/13/93930 27 28 /O 0 0 1 RESOLUTION NO. 2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF 3 THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, 4 THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL AGGREGATE 5 PRINCIPAL AMOUNT OF NOT TO EXCEED $7,500, 000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING 6 THE FORM OF CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION 7 AND DELIVERY OF THE FORMS THEREOF 8 WHEREAS, the City of San Bernardino (the "City") and 9 the Redevelopment Agency of the City of San Bernardino (the 10 „Agency") have heretofore entered into a Joint Exercise of Powers 11 Agreement establishing the San Bernardino Joint Powers Authority 12 (the "Authority") for the purpose of issuing its bonds to be used 13 to make loans to any of its members to finance public capital 14 improvements; and 15 16 WHEREAS, the Agency has previously issued its 17 7 $5, 600, 000 Redevelopment Agency of the City of San Bernardino, 18 Southeast Industrial Park Redevelopment Project Area, Tax 19 Allocation Refunding Bonds, Issue of 1981 (Series A) (the 111981 20 Bonds") and the $2 , 000, 000 Redevelopment Agency of the City of 21 San Bernardino, Southeast Industrial Park Redevelopment Project 22 Area, Tax Allocation Bonds, Issue of 1985 (the 111985 Bonds") ; and 23 24 WHEREAS, the Agency desires to borrow money from the 25 Authority for the purpose of refunding the 1981 Bonds and 1985 26 Bonds; and 27 28 - 1 - o a 1 WHEREAS, the Authority proposes at this time to issue 2 its not to exceed $7, 500, 000 San Bernardino Joint Powers 3 Authority, Tax Allocation Refunding Bonds, Issue of 1993 4 (Southeast Industrial Park Redevelopment Project Area) (the 5 "Bonds") to make a loan (the "Loan") to the Agency in a total 6 principal amount of not to exceed $7,500, 000 to refund the 1981 7 Bonds and the 1985 Bonds; and 8 9 WHEREAS, the Loan to the Agency from the Authority 10 shall be made pursuant to and in accordance with a certain Loan 11 Agreement which shall be dated as of March 1, 1993 (the "Loan 12 Agreement") , by and among the Agency, the Authority and Bank of 13 America National Trust and Savings Association, as trustee (the 14 "Trustee") , a form of which has been prepared and is presently on 15 file with the Secretary of the Commission; and 16 17 WHEREAS, the Agency has previously issued its 18 $12,215, 000 Southeast Industrial Park Redevelopment Project Area, 19 Tax Allocation Refunding Bonds, Issue of 1988 (the "$12,215, 000 20 Issue of 198811) ; and 21 22 WHEREAS, the Agency has previously issued its 23 $1,750, 000 Southeast Industrial Park Redevelopment Project Area, 24 Tax Allocation Bonds, Issue of 1988 (the "$1, 750, 000 Issue of 25 1988") ; and 26 27 WHEREAS, the Authority has previously issued its 28 $5,700, 000 Tax Allocation Bonds, 1990 Series F (Southeast 2 - I Industrial Park Redevelopment Project) (the 11$5, 700, 000 Issue of 2 199011) ; and 3 4 WHEREAS, the Bonds shall be on parity with the 5 $12 , 215,000 Issue of 1988, the $1,750, 000 Issue of 1988 and the 6 $5,700, 000 Issue of 1990; and 8 WHEREAS, Miller & Schroeder Financial, Inc. , as 9 prospective underwriter of the Bonds (the "Underwriter") has 10 informed the Authority that it intends to submit an offer to 11 purchase the Bonds and shall cause to be prepared a Preliminary 12 Official Statement and an Official Statement relating to such 13 Bonds as may be necessary in the sale and marketing of the Bonds, 14 a form of which is presently on file with the Secretary of the 15 Authority; and 16 17 WHEREAS, the Agency is authorized pursuant to Section 18 33601 of the Health and Safety Code of the State of California to 19 borrow moneys for redevelopment purposes; and 20 21 WHEREAS, the Commission has determined to approve the 22 borrowing by the Agency of a certain amount representing proceeds 23 of the sale of the Bonds under the Loan Agreement for the purpose 24 of refunding the 1981 Bonds and the 1985 Bonds; and 25 26 WHEREAS, the Commission has duly considered such 27 transaction and wishes at this time to approve said transaction 28 in the public interests of the Agency; 3 - /O I NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION 2 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN 3 BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: 4 5 Section 1. Determinations. The Commission hereby 6 finds and determines that the issuance of the Bonds by the 7 Authority will result in significant public benefits, consisting 8 of demonstrable savings in any and all of the following: 9 effective interest rates, bond preparation, bond underwriting or 10 bond issuance costs. 11 12 Section 2 . Authorization of Loan; Approval of Loan 13 Agreement. The Commission hereby authorizes and approves the 14 Loan to be made to the Agency by the Authority in the total 15 principal amount of not to exceed $7, 500, 000 pursuant to and in 16 accordance with the terms of the Loan Agreement for the purpose 17 of refunding the 1981 Bonds and the 1985 Bonds. The Commission 18 hereby acknowledges that the loan shall be on parity with the 19 loans made pursuant to the $5, 700, 000 Issue of 1990, $12, 215, 000 20 Issue of 1988 and the $1, 750, 000 Issue of 1988. The Commission 21 hereby approves the form of the Loan Agreement as presently on 22 file with the Secretary of the Commission, together with any 23 changes therein or additions thereto as may be approved by the 24 Chairman and as necessary to incorporate the principal amount, 25 interest rate, maturity and prepayment dates and such other terms 26 and conditions when such terms and conditions have been 27 ascertained. The Commission hereby further authorizes and 28 directs that the form of the Loan Agreement be converted into the 4 - /O 0 1 final form of the Loan Agreement. The Chairman, Vice-Chairman or 2 such other members of the Commission are hereby authorized and 3 directed to execute and deliver, and the Secretary or Assistant 4 Secretary is hereby authorized and directed to attest to and 5 affix the seal of the Commission to, the final form of the Loan 6 Agreement when the same has been prepared for and in the name of 7 and on behalf of the Agency and such execution and delivery shall 8 be deemed to be conclusive evidence of the approval thereof. The 9 proceeds of the Loan shall be applied by the Agency to refund the io 1981 Bonds and the 1985 Bonds. The Commission hereby authorizes 11 the delivery and performance of the Loan Agreement. 12 13 Section 3 . Official Actions. The Chairman, Vice- 14 Chairman and other members of the Commission, the Secretary, 15 Assistant Secretary, counsel to the Commission, the Executive 16 Director of the Agency, Agency Counsel and any and all other 17 members and officers of the Commission and the Agency are hereby i8 authorized and directed, for and in the name and on behalf of the 19 Agency, to do any and all things and to take any and all actions, 20 including execution and delivery of any and all assignments, 21 certificates, requisitions, agreements, notices, consents, 22 instruments of conveyance, warrants and other documents which 23 they, or any of them, may deem necessary or advisable in 24 connection with the execution and delivery of the Loan Agreement 25 and the consummation of the transaction described therein. 26 27 The Commission hereby acknowledges that, in connection 28 with the authorization of the issuance of the Bonds by the 5 - Al Q 1 Authority pursuant to the Indenture, a form of which is presently 2 on file with the Secretary of the Authority, the Underwriter has 3 submitted the proposed bond transaction to certain municipal bond 4 insurance companies for consideration in connection with the 5 issuance of municipal bond insurance policies insuring payment of 6 the principal of and interest on the Bonds and to certain 7 municipal bond rating agencies for consideration in connection 8 with the rating of the Bonds. 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 6 - /D t'� C 1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AUTHORIZING, ON BEHALF OF THE REDEVELOPMENT 2 AGENCY OF THE CITY OF SAN BERNARDINO, THE BORROWING OF FUNDS FROM THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY IN A TOTAL 3 AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $7, 500, 000 TO REFUND CERTAIN OUTSTANDING TAX ALLOCATION BONDS, AUTHORIZING THE FORM OF 4 CERTAIN LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND DIRECTING THE PREPARATION, EXECUTION AND DELIVERY OF THE FORMS 5 THEREOF 6 Section 4 . Effective Date. This Resolution shall 7 take effect from and after the date of its passage and adoption. 8 9 I HEREBY CERTIFY that the foregoing Resolution was duly 10 adopted by the Community Development Commission of the City of 11 San Bernardino at a meeting 12 thereof, held on the day of 13 1993, by the following vote, to wit: 14 Commission Members: AYES NAYS ABSTAIN ABSENT 15 ESTRADA REILLY — 16 HERNANDEZ — MAUDSLEY — 17 MINOR — POPE-LUDLAM — 18 MILLER 19 20 Secretary 21 The foregoing resolution is hereby approved this day of 1993 . 22 23 W. R. Holcomb, Chairman 24 Community Development Commission of the City of San Bernardino 25 Approved as to form and legal content: 26 J 27 By' Agency C9dnsel 28 7 - n © 0 1 STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) ss 2 CITY OF SAN BERNARDINO ) 3 I, Secretary of the Community Development Commission of the C1ty of San Bernardino, DO HEREBY 4 CERTIFY that the foregoing and attached copy of Community Development commission of the City of San Bernardino Resolution 5 No. is a full, true and correct copy of that now on file in— this office. 6 IN WITNESS WHEREOF, I have hereunto set my hand and 7 affixed the official seal of the Community Development Commission of the City of San Bernardino this day of 8 1993 . 9 10 Secretary of the Community Development 11 Commission of the City of San Bernardino 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 - a - /O Q1 Dpopp ee GG ooGG oo aao pq} �. 1 M HNNO�HONM�II�IA IN N�N�„Y��'O B1?? �S � cl u OS,s Sii; m,oWsn. N'N� YO i; :$ 1 8�R85�888$$�88�H888�88 mat �g��s � sQpryaea��s��,���A��,�•�RAMS�s�Qs�q a � K��°l � NpVJ�I�N.p��.I!NNJJP l�!JJy�y//N�N11CV� ONNM�NN I��ntinN e � C� 3M W F W •.iJ y�VJ<JiJVVY] nl� l� l�� OSr i ME H°9844H8$388828888. 1; 8 9? m�MYsM�bp eMst�ppPN M�r� ���pp ��yy�MMEyygy,�^6^3p1 F m R d qp m�m d}p 0��0�P P PP P Pk Y u rli 4� Ss THE ebdf0 Y LL n w �j p ���Mfff 1 BNN�N1f�SH�HHSSOHOVSHG� a . R Kp � OA nA iR O O O O 1f1 _ �� �s�� �« � ���g Nix i � mmm19.�°amm3mmdm�mmri I��yS~tH 6 gHg SRR O 81 sOs HOEEOq5�eHE gHg gag lH gaQ pOp�ggQOQ QB S Oy�pp Nil Ir®a� � 538 �3a3P5gS2r�oi55�82f 57S � � sY�c7 _ m Va OW M HHOj.ISHOS� OSHH H , y1 Hjgg� g J W� �S S���MI�1�t�a��u�i HiPi � qMP PPPP Wag � g losses l s' Hee eeso a Oe o0 0 0 e MpMp VpVp11.�pppp ppp MO y�p �V O O O O}7 0 R O O p tl O O p � • M\MMM�$lMMM\Ma]TII M\M M`M` n ; ' ` U a . V G YY `iC r ia� id RDA OF THE CITY OF RAN RERRARDIBO SQOAEAST INOMTRIAL FARM REDEVELOPMENT PROXCT AREA RENROIAS 1961 A AND 1963 TA NORDC ISSOE OF 1993 (ROT LEVEL DOT SFRVICE) Kul SERVICE SCMMLR DATE PRINCIPAL CO" t*TME.TT uEST NERVICE 3/0111994 360,000.00 z.aswo% 366,250.00 746,250.00 3/0111995 390,000.00 3.5000OA 355,420.00 745,420.00 3/0111996 400,000.00 3.60000% 341,770,00 761,770,00 3/01/1997 420,1100_00 4.150002 376,570.00 746,570.00 �r'►•/01f'1996'rISRR•�A55,000.atl;..; 290,217.5 ,217,S0.!f 3/01/1999 655,000.00 4.550003 290,217.50 745,217,50 3/01(3/00 475,000.00 4.750005 269,515.00 744,515.OQ 3/01/7001 493,000.00 4.9000Q1: 246,952.50 741.912.50 3/01/2002 520,000.00 5.00000% 222, WAO 742,697.50 53/01/2004 �%"J550L000.0a r:�5i6Y500%:i'';' ,196'.159'7. 377t5b1.'•: 3/01/2004 575,000.00 5.300018 166.372.50 743,377.50 0 610,000.00 545000% 137,697.50 747,697.50 W AO06 640000.00 5.55000% 16.6'62.50 744,652.50 3/p1/20Q7 105,990.60 5.60000% 69 132.50 174 t 50 Ti U01/2000:'.,�;i 5e1 Is 000'•.00.".1±6 769 0 0 01 7: arr.50;".;� :i1Y8' .9n 3/OI/Za9 715,000,00 S.B50001t �•' 57,057.50 � 172,677.5(1 3/01/2610 )25,000.00 5.650000 50,310.00 175,310.00 3/01/2911 130.000.00 5.115000( 42,997.50 172.997.50 01 12 140,000.00 SAM= 5...443�.92.50 175,392.50 .ta ISS1000..OGI.'^.6AdMOM •:+vs,rza:1l1a, In.no.00 3/0172014 155,000.00 5.650009[ ' 16,720.00 775,720.00 3/0112015 167,,000.00 5.650000. 9,652.50 174,652.50 TOTAL 7,535,000.00 - 3,709.1150_00 11,244,1150.00 Miller 6 Schroeder FirwouleL FILE . USEME rWlie FineV:e 4/19/1993 12:14 FR YIELD STATISTICS Acorue3 Interest tram 03/01/1993 to 03/01/1995... 61,041.67 A.xrW Life...................................... 9.322 TURN Bard Teere........................................ 70,245A0 A~BW reopen.................................... S.2Nt301zx Net Interest List (NEC)........................... 5.42611220 Sad Yield for Arbitrwo Purpece,......... 5.6325064 True Interest Cost (TIC).......................... 5.4257616% Effective Interest Cot 4EIC)..................... 7.6202316% 3 �c � 2 RDA OF THE CITY OF SAN BERNARDINO SOIBREAST IXDUSTRIAL PARK REDEVELOPS¢NT PROJECT AREA REFu1F1[HD +981 A ARM 1985 TA BONDS ISSUE OF 1993 (LEVEL PENT WEVIC0 DEBT SERVICE COWARISON RO+ 5/01!1943 DATE DEBT SERVICE PRIOR PA SAVIWR 3101/1994 591,M.00 799,050.00 207,165,00 3/01/1945 591,185.00 804,707-50 213,522.50 31101/1996 594,010.00 !07,032.50 213,022.50 3/01/1947 590,00.00 803,495.00 212,655.00 1•A:Y.'3m/lg 8i ",7.15'.00 W807.50/; 5,102.50•w-,"t 3/01/+ 591,715.00 006,807.50 2+5,112,50 srot/a1MM 54/,7es,00 e04,195.1)0 21e,3+1.Db 3101/2111 588,910.00 1182,970.00 214,060.00 3101/2002 591,171.00 803,820.01 212,650.DO :•3761/ZQ03;,:ri^'iSS ,4 85.'DO•r:a'',..813,275,00':w:.4:•220.�5.00�i;t ..= srot/2o04 392,4�i.00 813,275.00 120,790,00 3/01/2005 591.320.00 810,467.00 219,145.00 3/01/2006 500.8L0.00 807,740.00 218.1160.00 3/0112R07 591 287 so 164 AM.00 (4�0e0�607.50) ..�`• .'S39lIt d106:i.•��P9:�.'IW7,�S0;',�+...i89��,'850'1iD ®48,f�0:'SO)�y).: 3!0112009 m 589,220.00 193.830.00 (393,390.00) 3/01/2010 591,112,50 W4,700,00 (3%,412.50) 7/01/,2011 591,542.50 194,740.00 (396,80230) 3/Di/2012 590 %10.00 193,950.00 (396,560.00) /01 074 r50,765.0A�!'�'� 465.0 (3%,76 .. 3/OT/2014 543,76$.00 199,468.00 (394,390.00) 3/01!2015 592,766.00 200.357.00 (392,495.00) TOTAL 13,009,925.00 12.237,720,00 (771.205.00) H1llOr L S himader Financial FILE c MUCO 1 Pu6lf0 Fl[V9mta 4/19/1993 12:15 PN GROSS PRESENT VALUE DEBT SERVICE SAVING X6",,476.76 Otherl enefita.................................... - Depssit to Debt Servtee Fud...................... 65,314.17 Amount released from Prior Issue OSR Funds........ - Other Costs....................................... - C9sh Caltrihuti en...............I................. - Trwafers fray Prier Issue 0961 Service Fund...... - NET PRESENT VALUE EEFI7 5729,790.93 Savings M a % of nehm bond principal w,aa1+.. 39.441115865 Z� \ n Iv (� l7'