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HomeMy WebLinkAboutRS2- Redevelopment Agency REDIMMELOPMENT AGENCY-RLQUEST FOR WMMISSION/COUNCIL AC a ION From: Glenda Saul , Executive Director Subject: BOND ISSUES - SOUTHEAST INDUSTRIAL PARK REFUNDING AND 1988 BOND ISSUES V,pt: Redevelopment Agency Date: January 28, 1988 Synopsis of Previous Commission/Council action: October 11 , 1983 - Resolution 4537 authorizing the issuance of $11 ,000,000 Southeast Industrial Park Bonds. March 23, 1987 - Adjourned to 3-30-87 to discuss financing Central City North and Southeast Industrial Park. March 30, 1987 - Resolution 87-106 authorized setting the public hearing to consider refunding of Southeast Industrial Park, 1983. March 30, 1987 - Resolution 5002 authorized preparation of documents for refunding Southeast Industrial Park 1983. (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 SOUTHEAST INDUSTRIAL PARK 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 $13,125,000 in connection with the refunding of the Agency' s previously issued Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983. Signature Contact person: Glenda Saul , Executive Director Phone: 383-5081 Supporting data attached: Yes Ward: FUNDING REQUIREMENTS: Amount: $ Project: SEIP No adverse Impact on City: Date: February 1 , 1988 r -icil Notes: Annnrin Itom fain R-S , SYNOPSIS OF PREVIOUS COMMISSION/COUNCIL_ ACTION CONTINUED: March 30, 1987 - Resolution 5004 provided for the sale of $3,500,000 Southeast Industrial Park Bonds. March 30, 1987 - Resolution 5006 authorized an agreement with Miller and Schroeder Municipals for Investment Banking Services, refunding Southeast Industrial Park Bonds, Issue 1983. March 30, 1987 - Resolution 5008 authorized an agreement with Miller and Schroeder Municipals for Financial Consultant Services, Southeast Industrial Park Bonds 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. CIT' OF SAN BERNARDI") - REQUE'^T FOR COUNCIL ACT IN 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 . 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 Staff Reports for the March 30, 1987 and the April 20, 1987 meetings Iv summarizing the issues. 0790A 75-0264 REDEVELOPMENT AGENCY-REQUEST FOR COMMISSION/COUNCIL ACTION STAFF REPORT On March 23, 1987 the Commission and Council adjourned to March 30, 19879 to review financings of the Agency. BACKGROUND Mr. Jeff Kinsell of Miller & 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 (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 33,500,000. Net proceeds could be used to finance the bridge. O10OH/RMM 3/30/87 t -R VELOPMENT AGENCY-Fth U=ST FOR CVIN MSION/COUNCIL ACTION i ' 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 redu bed upon final analysis. _ Bond Council has prepared the appropriate resolutions for your adoption if at#- the conclusion of the workshop you have determined that staff should proceed. The resolutions before you are summarized below: Refundings i -- 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 1 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. r New Money Issues -- Resolutions of the Commission providing for the sale, authorizing the publication of Notice of Sale and offering documents. i - -- 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. 0100H/RMM 3/30/87 k e t IE MVELOMENT AGENCY-REQUEST FOR COMMISSION/COUNCIL ACTION r STAFF REPORT Staff is recommending the adoption of the attached resolutions which will enable the sale of 0,500,000 bonds for the Southeast Industrial Park Redevelopment Project. BACKGROUND On March 30, 1987, the Council and Commission met in a workshop setting to discuss the sale of "New Money" bonds for the Southeast Industrial Park Project Area to provide for public improvement projects. Over the past several years new development in the Commerce Center area of the Southeast Industrial Park has increased by $90 million and has created an estimated 3,600 new jobs. Twenty-six acres 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 con- tinual 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 along potential growth. A need exists for an additional bridge over the Santa Ana River. The Engineering Department is currently soliciting proposals for a traffic/signal- ization 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. 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, 1.987. 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 the issue will close the last week in May 1987. 1 0164H/SL/RMM 4/20/87 EDE'VELOPMENT AGENCY-R UEST FOR COMMISSION/COUNCIL ACTION STAFF REPORT Staff is recommending the adoption of the attached resolutions which will enable the refunding of the Southeast Industrial Park, J11,000,000, Issue of 1983. 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 Southeast Industrial :Park 1983 bonds in the amount of $11,000,000. Due to the lower interest rates that are now achievable, the financial consultant has estimated that a $1,800,000 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 $13,125,000 in bonds to refund the 1983-Issue. 'A b. Authorize the issuance. a 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: 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. t 0163H/SL/RMM 4/20/87 SBE00088-2/2298S/gg 01/28/88 $3,500,000 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO SOUTHEAST INDUSTRIAL PARK 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: I. Resolution directing the puulication 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. - 1 - 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. February 19, 1988 Final OK to print Bonds. March 3, 1988 Closing for the Bonds at Sabo & Deitsch. Delivery of definitive Bonds. /2298S - 2 - SBE00086-11/2314S/gg 01/28/88 $13,125,000 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA TAX ALLOCATION REFUNDING BONDS ISSUE OF 1987 Tentative Action Schedule 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 Moor and Common Council Meet and Adopt: 1. Resolution Making Certain Findings and Determinations. - 1 - February 15, 1988 Agency Meets and Adopts: I. 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. /2314S — 2 — SBEO0088-9/28005/jln 01/25/88 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 SOUTHEAST INDUSTRIAL PARK 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 "Southeast Industrial Park Redevelopment Project Area" has been adopted and approved by Ordinance No . 3583 of the City of San Bernardino, California (the "City" ) , which became effective on July 24 , 1976 (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 - 1 - 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 Southeast Industrial Park Redevelopment Project Area (the "Project Area" ) ; and WHEREAS, the Agency has , by its Resolution No . 5004 , authorized the sale of the "Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park 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 - 9 - ao.._...................�..��........._�..,.._ YYYYY�YYYYYYYYiYYY1i- 4 Financial Consultant and Bond Counsel to the Agency, is hereby 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. 3 - Section 4 . Official Statement Authorized. The Agency hereby authorizes, ' to be furnished to prospective bidders for said 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 - 4 - 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 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 tQ,. 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. 5 - 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 6 - 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 I_I VALERIE POPE-LUDLAM NORINE MILLER DATED: 1988 . Glenda Saul, Secretary of the Community Development Commission of the City of San Bernardino SEAL SBEO0088/2800S 7 - SBE00088-4/2306S/sf 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 SOUTHEAST INDUSTRIAL PARK 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, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Bonds , Issue of 1988 (the "Bonds" ) until 1:1 : 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 EXHIBIT A NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAID 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 $13 , 125, 000 IN CONNECTION WITH THE REFUNDING OF THE AGENCY' S PREVIOUSLY ISSUED SOUTHEAST INDUSTRIAL PARK REDEVELOPMENT PROJECT AREA, TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1983 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 $11, 000, 000 Redevelopment Agency of the City of San Bernardino, Southeast Industrial Park Redevelopment Project Area, Tax Allocation Refunding Bonds, Issue of 1983 (the "Prior Bonds") . The Prior Bonds were issued pursuant -o Resolution No. 4537, adopted on October 11, 1983 , to assist in the financing of the Southeast Industrial Park 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 $13, 125,000, 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 $13 , 125, 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 $13, 125, 000 in furtherance of the Project may attend A-1 { 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 February, 1988 . /s/ Shawna Clark City Clerk of the City of San Bernardino, California To be published in The Sun. /2797S APAk A-2