HomeMy WebLinkAboutRS1- Redevelopment Agency REL"VELOPMENT AGENCY.Rh.JUEST FOR t,JMMISSION/COUNCIL AG v ION
From: Glenda Saul , Executive Director Subject: BOND ISSUES - CENTRAL CITY NORTH
REFUNDING AND 1988 BOND ISSUES
_,it: Redevelopment Agency
Date:
January 28, 1988
Synopsis of Previous Commission/Council action:
November 15, 1982 - Resolution 4413 authorizing the issuance of $6,300,000 Central
City North Tax Allocation Bonds .
March 23, 1987 - Adjourned to 3-30-87 to discuss financing Central City North
and Southeast Industrial Park.
March 30, 1987 - Resolution 87-105 authorized setting the public hearing to
consider refunding of Central City North, 1982 Issue.
March 30, 1987 - Resolution 5001 authorized preparation of documents for refunding
Central City North 1982 Issue.
(Synopsis of Previous Action Continued)
Recommended motion: (COMMUNITY DEVELOPMENT COMMISSION)
A. MOVE TO ADOPT A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO, DIRECTING PUBLICATION OF NOTICES TO SELL AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $3,500,000 OF TAX ALLOCATION BONDS WITH RESPECT
TO THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA.
(MAYOR AND COMMON COUNCIL)
B. Move to set a public hearing, February 15, 1988 at 9:00 A.M. , in connection with
the issuance by the Redevelopment Agency of the City of San Bernardino of
certain Tax Allocation Refunding Bonds in the principal amount of approximately
$7,400,000 in connection with the Refunding of the Agency' s previously issued
Central City North Redevelopment Project Area, Tax Allocation Bonds, Issue of
1982.
Signature
Contact person: Glenda Saul , Executive Director Phone: 383-5081
Supporting data attached: Yes Ward:
FUNDING REQUIREMENTS: Amount: $ Project: CCN
No adverse Impact on City: Date:_ February 1 , 1988
f -icil Notes:
SYNOPSIS OF PREVIOUS COMMISSION/COUNCIL ACTION CONTINUED:
March 30, 1987 - Resolution 5003 provided for the sale of $3,500,000 Central
City North Bonds .
March 30, 1987 - Resolution 5005 authorized an agreement with Miller and
Schroeder Municipals for Investment Bankinn Services,
refunding Central City North 1982.
March 30, 1987 - Resolution 5007 authorized an agreement with Miller and
Schroeder Municipals for Financial Consultant Services,
Central City North 1987.
April 20, 1987 - Public hearing open and closed. Items continued at the call
of the Chairman.
December 2, 1987 - Bond financing workshop - Central City North and Southeast
Industrial Park.
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C17 OF SAN BERNARDI'L 3 - REQUE, r FOR COUNCIL AC7 _JN
STAFF REPORT
On March 30, 1987, Jeff Kinsell and Tim Sabo met with the Commission
to discuss , in a workshop setting, the refinancing of our current
Central City North (CCN) and Southeast Industrial Park (SEIP) bonds,
as well as new money issues. The Commission adopted the appropriate
resolutions , setting forth the necessary hearing for the issues and
entered into an agreement with Miller and Schroeder Municipals for
each of these issues. y
On April 20, 1987 (Public Hearing) , Mr. Jeff Kinsell reported to the
full Commission that he could not advise the sale of the issues
because of a drastic increase in the interest rates. The Commission
continued the items at the call of the Chairman.
On December 2, 1987, Mr. Jeff Kinsell presented to the full
Commission, at a bond workshop, the analysis regarding the potential
savings on refunding certain bond issues — principally Central City
North and Southeast Industrial Park. At that Time, Mr. Kinsell
informed the Commission that the interest rates were still high, but
that the Commission should be prepared to act quickly if the
interest rates decrease and, thus, make the bond issues feasible.
Staff has recently been advised that the market is once again
favorable and that we should proceed. Attached are copies of the
IF A
Staff Reports for the March 30, 1987 and the April 20, 1987 meetings
summarizing the issues.
0789A
75-0264
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REDEVELOPMENT AGENCY-REQUEST FOR COMMSION/COUNCIL ACTION
STAFF REPORT
On March 23, 1987 the Commission and Council adjourned to March 30, 19870 to
review financings of the Agency.
BACKGROUND
Mr. Jeff Kinsell of Miller b Schroeder Municipals and Mr. Tim Sabo of Sabo
Deitsch will be present on March 30, 1987 to discuss with you in a workshop
setting the following proposed bond issues.
Refinancings - Due to the lower interest rates that are now achievable,
financial consultant is recommending consideration of refunding our 1982
Central City North (CCN) bonds as well as our 1983 Southeast Industrial Park
(SEIP) bonds.
It is estimated that we could achieve a 025,000 total debt service savings
on CCN and f 1,800,000 on SEIP.
New Money Issues - Public Improvements - Recently, public improvement
projects have come to light that we feel should be considered at this time. -
Southeast Industrial Park - "E" Street Bridge - The Commerce Center area has
grown from virtually undeveloped land seven years ago to the fastest growing
area of our city.
Over the past several years new development in this area has increased by 00
million and has created an estimated 3,600 new jobs. Twenty-six acreas still
remain undeveloped. Other than by freeway, the main access to this
ever-growing area is along "E" Street. The entry and exit to this area is by
way of a 36-foot wide bridge across the Santa Ana River. The continual
growth of the area, as well as the "E" Street corridor to the north of the
bridge, is such that the existing facility will not service existing needs,
let alone potential growth. A need exists for an additional bridge over the
Santa Ana River. The Engineering Department is currently soliciting
proposals for a traffic/signalization study for this area. It is feared that
traffic congestion could become so great that it could discourage continual
growth and enjoyment of the area.
Our financial consultant recommends that we seek whatever additional money we
can from this project area. Our tax increment projections appear to
substantiate that we could sell an issue for approximately $3,500,000. Net
proceeds could be used to finance the bridge.
O10OH/RMM
3/30/87
AMYMOPMENT AGENCY-REQUEST FOR COIII MMSION/COUNCIL ACTION
STAFF REPORT
Central City North - Streetscape - Recent discussions have been held to
Initiate a Main Street Revitalization Program for downtown. We recommend
that the Agency provide the streetscape public improvements for this
project. Bond Council and Financial Consultant are recommending a
not-to-exceed issuance of 0,500,000. This could be reduced upon final
analysis.
Bond Council has prepared the appropriate resolutions for your adoption if ats-
the conclusion of the workshop you have determined that staff should
proceed. The resolutions before you are summarized below:
Refundings
-- Authorization by City to set the TEFRA hearing for April 20, 1987.
-- Authorization by Commission appointing bond counsel and underwriter,
authorizing preparation of the preliminary official statement and bond
purchase agreement.
-- The Resolution of Issuance approving all the formal documents will be
considered following the April 20, 1987, TEFRA hearing. Closing of the
two refunding issues is anticipated for the end of April 1987.
New Money Issues
-- Resolutions of the Commission providing for the sale- authorizing the
publication of Notice of Sale and offering documents.
-- It is anticipated that the sale will be set for May 7, 1987, requiring
the May 4, 1987, meeting to be adjourned to May 7. It is anticipated
that this issue could close in mid-May.
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H/RMM
3/30/87
RELaidVELOPMENT AGENCY-Rki.OIlEST FOR COMMISSION/COUNCIL ACTION
STAFF REPORT
Staff is recommending the adoption of the attached resolutions which will enable the
the sale of $3,500,000 bonds for the Central City North Project Area.
BACKGROUND
On March 30, 1987, the Council and Commission met in a workshop setting to discuss the
sale of "New Money" bonds for the the Central City North Project Area to provide for
public improvement projects. Recent discussions have been held to initiate a Main
Street Revitalization Program for downtown. We recommend that the Agency provide the
streetscape public improvements for this project.
The resolutions before you accomplish the following official actions:
a. City approval of issuance by the Agency of the bonds.
b. Agency authorization of the issuance.
c. Agency approval and authorization to execute the following documents with
amendments thereto prior to execution, upon approval of such amendments by Bond
Counsel and Agency Counsel:
Fiscal Agent Agreement between the Agency and Security Pacific National Bank.
Preliminary Official Statement prepared by Financial Consultant and Bond
Counsel.
The Notice Inviting Bids has been published. Bids are to be received by 11:00 a.m. in
the office of the Bond Counsel on Thursday, May 14, 1987. The Commission meeting of
May 11, 1987, will need to be adjourned to May 14, 1987, at 2:00 p.m. to award the
bonds. It is anticipated that the issue will close the last week in May 1987.
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0161H/SL/RMM
4/20/87
F
REDEVELOPMENT AGENCY-RLQUEST FOR CZMMISSION/COUNCIL ACTION
a
STAFF REPORT
Staff is recommending the adoption of the attached resolutions which will enable the
refunding of the Central City North 1982 Bond Issue of $6,300,000.
BACKGROUND
On March 30, 1987, the Council and Commission met in a workshop setting to discuss
various financing of the Agency. The Council authorized setting a public hearing to
consider the refunding of the Central City North 1982 bonds in the amount of
$6,300,000.
Due to the lower interest rates that are now achievable, the financial consultant has
estimated that a $725,000 total debt service savings could be achived by refunidng the
issue.
The resolutions before you accomplish the following official actions:
a. Approve the issuance by the Agency of $7,400,000 in bonds to refund the 1982 Issue.
b. Authorize the issuance.
c. Approve and authorize the execution of the following documents and provide for
amendments thereto prior to execution, upon approval of Bond Counsel and Agency
Counsel:
t Fiscal Agent Agreement between the Agency and Security Pacific National Bank.
Escrow Agreement between the Agency and Security Pacific as the Fiscal Agency
and the Escrow Bank.
Bond Purchase Agreement between the Agency and Miller and Schroeder
Municipals wherein Miller and Schroeder promises to buy the bonds.
Preliminary Official Statement prepared by the Underwriter and the Bond
Counsel.
Closing of this issue is anticipated for the end of April 1987.
(C
O100H/SL/RMM
4/20/87
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SBE00089-3/2315S/gg
01/28/88
$3,500,000
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA
TAX ALLOCATION BONDS
ISSUE OF 1988
Tentative Action Schedule
Date Action
March 30, 1987 Redevelopment Agency of the City of
San Bernardino meets and adopts:
1. Resolution of Sale
(without Notice of Intention and Notice
Inviting Bids and Bid Form).
March 30, 1987 Bond Counsel notifies California Debt
Advisory Committee.
February 1, 1988 Redevelopment Agency of the City of
San-Bernardino meets and adopts:
1. Resolution directing the publication of
certain notices.
February 1, 1988 Notice of Intention to Sell Bonds published
in The Bond Buyer.
February 2, 1988 Bond Counsel submits Bond Form to Jeffries
Banknote.
February 5, 1988 City Clerk publishes Notice of Intention in
The Sun.
February 15, 1988 Redevelopment Agency of the City of
San Bernardino meets and adopts:
1. Resolution of Issuance.
2. Resolution Approving Further Amendments
to Resolution of Issuance.
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X
February 15, 1988 Mayor and Common Council meet and adopt:
1. Resolution Approving Issuance of Bonds by
Agency.
February 18, 1988 Bid Opening at Security Pacific National
11:00 A.M. Bank.
February 18, 1988 Agency meets and adopts:
2:00 P.M.
1. Resolution Awarding Bonds. a
February 19, 1988 Final OK to print Bonds.
March 3, 1988 Closing for the Bonds at Sabo & Deitsch.
Delivery of definitive Bonds.
/2298S
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SBE00085-10/2301S/gg
01/28/88
$7,400,000
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA
TAX ALLOCATION REFUNDING BONDS
ISSUE OF 1988
Tentative Action Schedule LL
March 27, 1987 Bond Counsel notifies California Debt
Advisory Committee.
March 30, 1987 Mayor and Common Council Meet and Adopt:
1. Resolution Setting a Public Hearing
March 30, 1987 Agency Meets and Adopts:
1. Resolution Appointing Bond Counsel and
Underwriter, Authorizing Preparation of
Bond Purchase Agreement and Preliminary
Official Statement in Connection with
the Issuance and Sale of Bonds
April 3, 1987 Notice of Public Hearing published by City
Clerk in The Sun.
April 20, 1987 Mayor and Common Council hold TEFRA hearing
in connection with issuance of Bonds (all
items continued).
February 1, 1988 Notice of Public Hearing published by City
Clerk in The Sun.
February 2, 1988 Bond Counsel submits Bond Form to printer.
February 15, 1988 Mayor and Common Council hold TEFRA hearing
(upon motion) in connection with issuance of
Bonds.
February 15, 1988 Mayor and Common Council Meet and Adopt:
1. Resolution Making Certain Findings and
Determinations.
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February 15, 1988 Agency Meets and Adopts:
1. Resolution of Issuance
2. Resolution Authorizing Further
Amendments to Resolution of Issuance,
Authorizing Final Bond Purchase
Agreement, Fiscal Agent Agreement and
Escrow Agreement.
February 16, 1988 Final OK to print Bonds.
March 1, 1988 Agency executes Bond Purchase Agreement.
March 1, 1988 Closing at Offices of Sabo & Deitsch.
Delivery of definitive Bonds.
/23015
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SBEO0089-9/2799S/jln
1/25/88
RESOLUTION NO.
A RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO,
DIRECTING PUBLICATION OF NOTICES TO SELL AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$3 , 500 , 000 OF TAX ALLOCATION BONDS WITH RESPECT
TO THE CENTRAL CITY NORTH REDEVELOPMENT PROJECT
AREA
WHEREAS, the Community Development Commission of the City
of San Bernardino (the "Community Development Commission" ) is taking
action for the Redevelopment Agency of the City of San Bernardino
(the "Agency" ) , a redevelopment agency (a public body, corporate and
politic) , duly created, established and authorized to transact
business and exercise its powers, all under and pursuant to the
Community Redevelopment Law (Part 1 of Division 24 (commencing with
Section 33000 of the Health and Safety Code of the State of
California) (the "Law" ) , and the powers of the Agency include the
power to issue bonds, notes or other forms of indebtedness for any
of its corporate purposes ; and
WHEREAS, the Redevelopment Plan for redevelopment project
known and designated as the "Central City North Redevelopment
Project Area" has been adopted and approved by Ordinance No. 3366 of
the City of San Bernardino, California (the "City") , which became
effective on September 10, 1973 (the "Redevelopment Plan" ) , and all
requirements of law for and precedent to the adoption and approval
of the Redevelopment Plan have been duly complied with; and
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e
WHEREAS, the Agency shall hereafter adopt its resolution
approving and providing for the issuance of certain tax allocation
bonds for the corporate purposes of the Agency to aid in the
financing of a Redevelopment Project known as the Central City North
Redevelopment Project Area (the "Project Area" ) ; and
WHEREAS, the Agency has, by its Resolution No. 5003 ,
authorized the sale of the "Redevelopment Agency of the City of
San Bernardino, Central City North Redevelopment Project Area, Tax
Allocation Bonds, Issue of 1988" , in an aggregate principal amount
not to exceed $3 , 500, 000 (the "Bonds") as shall be authorized by the
appropriate Resolution of Issuance of the Agency; and
WHEREAS, the Agency deems it necessary at this time to
authorize the Agency Staff to prepare and publish the appropriate
form of the Notice Inviting Bids and Notice of Intention to Sell
Bonds and to take certain other actions in connection therewith, as
shall be further authorized by the Resolution of Issuance of the
Agency.
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION ACTING
ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. Notice of Intention to Sell Bonds and Notice
Inviting Bids . The Executive Director, with the assistance of the
Financial Consultant and Bond Counsel to the Agency, is hereby
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authorized and directed to prepare the Notice of Intention to Sell
Bonds and the Notice Inviting Bids and the Bid Form for the purchase
of the Bonds . The date set for receipt of bids for the sale of said
Bonds shall be February 18, 1988, or shall be continued from week to
week on each Thursday thereafter until a bid acceptable to the
Agency is received.
Section 2 . Publication of Notice of Intention to Sell
Bonds . The Secretary of the Agency shall cause the Notice of
Intention to Sell Bonds, in a form as shall be approved by the
Executive Director, to be published in The Sun, a newspaper
published and of general circulation in the City of San Bernardino,
California, by at least one (1) insertion and at least five (5) days
prior to said date set for the receipt of bids for said Bonds . The
Secretary of the Agency shall also cause the appropriate form of
Notice of Intention to Sell Bonds, in a form as shall be approved by
the Executive Director, to be published in The Bond Buyer, a
financial publication generally circulated throughout the State by
at least one (1) insertion at least fifteen (15) days prior to said
date set for the receipt of bids for said Bonds .
Section 3 . Terms and Conditions of Sale. The terms and
conditions of the offering and sale of the Bonds shall be specified
in said Notice Inviting Bids .
Section 4 . Official Statement Authorized. The Agency
hereby authorizes, to be furnished to prospective bidders for said
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,
Bonds and to the successful bidder, a Preliminary Official Statement
as prepared by the Financial Consultant with the approval of the
Executive Director, Agency Counsel and Bond Counsel or such other
appropriate offering documents as shall be prepared by the Financial
Consultant with the approval of the Executive Director, Agency
Counsel and Bond Counsel substantially in the form of offering
documents previously used by the Agency for prior tax allocation
financings . The Agency hereby approves the completion of the
Preliminary Official Statement by the inclusion and/or addition of
certain dates and other factual information together with such
changes, modifications and deletions as shall be deemed appropriate,
necessary or desirable by the Executive Director, Agency Counsel and
Bond Counsel and as required to convert the same to a Final Official
Statement .
Section 5 . Furnishing of Notice Inviting Bids and
Official Statement . The Secretary of the Agency and the Financial
Consultant are hereby authorized and directed to cause to be
furnished to prospective bidders a reasonable number of copies of
the Notice Inviting Bids (including the Bid Form) and a reasonable
number of copies of the Preliminary Official Statement or such other
appropriate offering documents .
Section 6 . General Authorization. The Financial
Consultant and/or Bond Counsel are hereby authorized and directed to
open the bids at 11: 00 a .m. on February 18, 1988, at such place as
shall be specified in said Notice Inviting Bids and to present the
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same to the Agency for consideration. The Financial Consultant
and/or Bond Counsel are hereby authorized and directed to receive
and record the receipt of all bids made pursuant to said Notice
Inviting Bids, to cause said bids to be examined for compliance with
said Notice Inviting Bids, to cause computations to be made as to
which bidder has bid the lowest net interest cost to the Agency and
to present such bids to the Agency as provided in said Notice
Inviting Bids, along with the report as to the foregoing and any
other matters deemed pertinent to the award of the Bonds and the
proceedings for the issuance thereof .
Pursuant to Government Code Section 53691(c) (2) , the Agency
hereby expressly consents to the submitting of a bid or bids for the
sale of the Bonds as set forth in said Notice Inviting Bids by
Miller & Schroeder Financial, Inc . , as the Financial Consultant to
the Agency, notwithstanding the financial advisory relationship of
the Financial Consultant to the Agency as was previously authorized
and approved by the Agency.
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Section 7. Effective Date. This Resolution shall take
effect upon adoption.
The foregoing resolution is hereby approved this day
of , 19
By:
Chairman of the
Community Development Commission
of the City of San Bernardino
By:
Secretary of the
Community Development Commission
of the City of San Bernardino
Approved as to form and legal content :
Sabo & Deitsch
A Professional Corporation
By:
Interim Agency Counsel
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SECRETARY'S CERTIFICATE
OF
ADOPTION AND AUTHENTICATION
I, GLENDA SAUL, Secretary of the Community Development
Commission, DO HEREBY CERTIFY that the attached Resolution is a true
and correct copy of Resolution No . adopted
19 by the Community Development Commission
of the City of San Bernardino, by the vote set forth below, and that
said Resolution has not been amended or repealed.
Check Appropriate Box
COMMISSION MEMBERS YEAS NAYS ABSENT ABSTAIN
ESTHER R. ESTRADA
JACK REILLY
JESS FLORES
MICHAEL MAUDSLEY
TOM MINOR
VALERIE POPE-LUDLAM
NORINE MILLER
DATED: 1988 .
Glenda Saul, Secretary of the
Community Development Commission
of the City of San Bernardino
[SEAL]
SBEO0089/2799S
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SBEO0089-8/2454S/dh
01/25/88
NOTICE OF INTENTION TO SELL BONDS
In an Approximate Aggregate Principal Amount Equal To
$3 , 500, 000
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA
TAX ALLOCATION BONDS
ISSUE OF 1988
The Redevelopment Agency of the City of San Bernardino (the
"Agency") intends to receive sealed bids for the above-referenced
$3 , 500, 000 Redevelopment Agency of the City of San Bernardino,
Central City North Redevelopment Project Area, Tax Allocation Bonds,
Issue of 1988 (the "Bonds" ) until 11: 00 a .m. on Thursday,
February 18, 1988 , and continued from week to week on each Thursday
thereafter until a bid acceptable to the Agency is received, at the
offices of Security Pacific National Bank, Corporate Services
Division, 333 South Beaudry Avenue, 24th Floor, Conference Room C,
Los Angeles , California 90017 . The Bonds in an approximate
aggregate principal amount equal to $3 , 500, 000 will be issued as
fully registered Bonds in denominations of $5, 000 or any integral
multiple thereof, shall be dated as of March 1, 1988, and shall
mature on March 1, in the years and in the amounts set forth in the
Resolution of Issuance. The Bonds shall bear interest at the rate
or rates per annum to be fixed upon the sale thereof, but not to
exceed twelve percent (12%) per annum payable on each March 1 and
September 1, commencing on September 1, 1988, and shall be offered
for sale at a price equal to not less than ninety-five percent ( 95%)
of the principal amount thereof . In the event that the aggregate
principal amount of the Bonds is decreased to an amount which is
less than $3 , 500, 000, the principal amount for each such maturity as
set forth in the Resolution of Issuance of the Agency shall be
adjusted downward in proportion to the reduction in the aggregate
principal amount of Bonds issued by the Agency such that there shall
be a level debt service on the Bonds .
Copies of the Notice Inviting Bids , together with the Bid
Form and copies of the Official Statement to be issued in connection
with the sale of the Bonds, may be obtained from either the Agency
or the Financial Consultant to the Agency, Miller & Schroeder
Financial , Inc. , 505 Lomas Santa Fe Drive, Suite 100 , Solana Beach,
California 92075 .
Dated: February 1, 1988
/s/Glenda Saul
Executive Director of the
Redevelopment Agency of the
City of San Bernardino
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EXHIBIT A
NOTICE OF PUBLIC HEARING BY THE CITY COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, FOR THE ISSUANCE BY THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO OF
CERTAIN TAX ALLOCATION REFUNDING BONDS IN THE PRINCIPAL
AMOUNT OF APPROXIMATELY $7, 400, 000 IN CONNECTION WITH THE
REFUNDING OF THE AGENCY'S PREVIOUSLY ISSUED CENTRAL CITY
NORTH REDEVELOPMENT PROJECT AREA, TAX ALLOCATION BONDS,
ISSUE OF 1982
NOTICE IS HEREBY GIVEN that a public hearing shall be
conducted by the Mayor and Common Council of the City of San
Bernardino, California (the "Mayor and Common Council") , on Monday,
February 15, 1988, at the hour of 9 : 00 A.M. , in the Council
Chambers, City Hall, 300 North "D" Street, San Bernardino,
California 92418, for the purpose as hereinafter set forth.
The purpose of said public hearing to be held in accordance
with Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code") , is to consider the issuance by the Redevelopment
Agency of the City of San Bernardino (the "Agency") of certain tax
allocation refunding bonds for the purpose of financing a
"redevelopment activity" within the meaning of Section 33678 of the
Health and Safety Code of the State of California by means of
advance refunding the $6, 300, 000 Redevelopment Agency of the City of
San Bernardino, Central City North Redevelopment Project Area, Tax
Allocation Bonds, Issue of 1982 (the "Prior Bonds" ) . The Prior
Bonds were issued pursuant to Resolution No. 4412, adopted on
November 15, 1982, to assist in the financing of the Central City
North Redevelopment Project Area (the "Project") .
The Agency intends to issue its tax allocation refunding
bonds pursuant to the Community Redevelopment Law (Health and Safety
Code Section 33000, et seg. ) (the "Law") and the Government Code
Section 53580, et seq. (the "Refunding Bond Law") , in the aggregate
principal amount currently estimated to be approximately $7,400, 000,
the proceeds of which will be used to advance refund the Prior Bonds
and to pay certain costs of issuance including certain financing,
legal and miscellaneous expenses and contingencies . The Agency
intends to issue its refunding bonds pursuant to the Law and the
Refunding Bond Law in an amount presently estimated to be
approximately $7, 400, 000 for the advance refunding of the Prior
Bonds without any liability being incurred by the City of San
Bernardino, California, or the Agency in connection with the
issuance of said refunding bonds of the Agency.
All persons interested in the subject matter and the public
purposes and public benefits and the issuance by the Agency of its
tax allocation refunding bonds in an estimated principal amount of
approximately $7,400, 000 in furtherance of the Project may attend
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such hearing at the time and on the date as above set forth and/or
file their written comments thereto.
NOTICE GIVEN as of this day of 1988 .
/s/ Shauna Clark
City Clerk of the City of
San Bernardino, California
To be published in The Sun.
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