HomeMy WebLinkAboutR10- Economic Development ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
REQUEST FOR COMMISSION/COUNCIL ACTION
From: Barbara J. Lindseth Subject: POLICE STATION CERTIFICATES
Acting Director OF PARTICIPATION
Date: March 15, 1995
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Synopsis of Previous Commission/Council/Committee Action(s):
On May 16, 1994, the Community Development Commission approved the
issuance of a not-to-exceed $10,000,000 San Bernardino Joint Powers
Authority, Tax Allocation Bond, Issue of 1994 for the Central Police
Facility.
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Recommended Motion(s):
(Mayor and Common Council)
MOTION A: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING THAT CERTAIN LEASE IN AN
AMOUNT NOT TO EXCEED $6,300,000 IN CONNECTION WITH THE SALE
AND DELIVERY OF CERTIFICATES OF PARTICIPATION, APPROVING THE
FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND
DIRECTING PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF.
(San Bernardino Joint Powers Financing Authority)
MOTION B: RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY APPROVING THE SALE AND DELIVERY OF NOT TO EXCEED
$6,300,000 CERTIFICATES OF PARTICIPATION ON BEHALF OF THE
CITY OF SAN BERNARDINO, APPROVING THE FORM OF LEGAL DOCUMENTS
RELATED THERETO AND AUTHORIZING AND DIRECTING PREPARATION,
EXECUTION AND DELIVERY OF THE FINAL FORMS THEREOF.
Administrator Barbara J. Lindseth
Acting Director
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Contact Person(s) : Tim Steinhaus/Barbara Lindseth Phone: 5081
Project Area(s) : Central City North (CCN) Ward(s) : First
Supporting Data Attached: Staff Report; Resolutions; Agreements (on file)
FUNDING REQUIREMENTS: Amount: $6,300,000 Source: Bond Proceeds
Budget Authority: N/A
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Commission/Council Notes:
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BJL:2041A COMMISSION MEETING AGENDA
Meeting Date: 3/20/1995
Agenda Item Number R/0
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
STAFF REPORT
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Police Station Certificates of Participation
Background:
On May 16, 1995, the Mayor and Common Council and the Community
Development Commission approved the issuance of not to exceed
$10,000,000 Joint Powers Financing Authority Tax Allocation Bonds for
the central police facility, and approved the borrowing of said bond
proceeds. The purpose was to provide funds to enable City acquisition
and construction of a new police facility. At that time, the City
indicated that it would be able to contribute approximately $5,000,000
to the construction of the police facility through a separate bond
issue.
In order for the City to continue the financing of the Police Station
construction, it has been proposed that the San Bernardino Joint Powers
Financing Authority (the "Authority") provide for the execution and
delivery of certificates of participation.
The transaction is structured to provide for the lease of the site and
police station facility by the City to the Authority pursuant to a Site
and Facility Lease (the "Site and Facility Lease"), and the lease back
of said site and police station facility to the Authority pursuant to a
Lease Agreement by and between the Authority and the City (the "Lease
Agreement") .
Recommendation:
Staff recommends that the City and the Authority authorize the
foregoing transaction by approval of the form motions.
Barbara Lindseth
Acting Director
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BJL:2041A COMMISSION MEETING AGENDA
Meeting Date: 3/20/1995
Agenda Item Number:
i�
1 SBEO\0123\DOC\10
3\13\95 315 law
2 RESOLUTION NO. 1-24
3 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS
FINANCING AUTHORITY APPROVING THE SALE AND
4 DELIVERY OF NOT TO EXCEED $6, 300, 000 CERTIFICATES
OF PARTICIPATION ON BEHALF OF THE CITY OF SAN
5 BERNARDINO, APPROVING THE FORM OF LEGAL DOCUMENTS
RELATED THERETO AND AUTHORIZING AND DIRECTING
6 PREPARATION, EXECUTION AND DELIVERY OF THE FINAL
FORMS THEREOF
7
8 WHEREAS, the San Bernardino Joint Powers Financing
9 Authority (the "Authority") is a joint powers authority organized
10 and existing under Article 1, Chapter 5, Division 7, Title 1 of
11 the Government Code (commencing with Section 6500) and has full
12 right, power and authority to purchase, sell and lease both
13 personal and real property to assist the City of San Bernardino
14 (the "City") in the financing of capital projects; and
15
16 WHEREAS, the City is a municipal corporation and
17 charter city duly organized and existing under and pursuant to
18 the Constitution and laws of the State of California and has full
19 legal right, power and authority under provisions of the
20 California Government Code, particularly Chapter 5 of Part 2 of
21 Division 3 of Title 4 thereof as found at Section 37350 et sea.
22 (the "Act") , to purchase, sell and lease both personal and real
23 property for the common benefit and as is necessary or proper for
24 municipal purposes; and
25
26 WHEREAS, the City has requested that the Authority
27 assist the City in the financing of a police station to be
28 located within the City; and
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1 WHEREAS, pursuant to a Site and Facility Lease (the
2 "Site and Facility Lease") , the City would lease to the Authority
3 certain property situated in the City (the "Site") and that
4 certain facility to be constructed on the Site (the "Facility") ;
5 and
6
7 WHEREAS, the Authority would lease the Site and
8 Facility (the "Project") back to the City pursuant to a Lease
9 Agreement by and between the Authority and the City (the "Lease
10 Agreement") , and assign its right to receive lease payments under
11 the Lease Agreement to a trustee pursuant to an Assignment
12 Agreement by and between the Authority and a trustee; and
13
14 WHEREAS, the Authority deems it advisable and proposes
15 at this time to provide for the sale and delivery of not to
16 exceed $6, 300, 000 Certificates of Participation (1995 Police
17 Station Project) (the "Certificates of Participation") in order
18 for the Authority to assist the City in the construction of the
19 Project; and
20
21 WHEREAS, Miller & Schroeder Financial, Inc. , as
22 prospective underwriter of the Certificates of Participation (the
23 "Underwriter") has informed the City that it intends to submit an
24 offer to purchase the Certificates of Participation; and
25
26 WHEREAS, the Authority has duly considered the
27 aforementioned transactions and documentation and seeks at this
28
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1 time to approve said transactions and documentation in the public
2 interests of the Authority and the City.
3
4 NOW, THEREFORE, THE SAN BERNARDINO JOINT POWERS
5 FINANCING AUTHORITY DOES HEREBY FIND, RESOLVE, DETERMINE AND
6 ORDER AS FOLLOWS:
7
8 Section 1. Sale and Delivery of the Certificates of
9 Participation; Approval of Form of Trust Agreement; Authorization
10 and Direction of Preparation of Final Form Thereof. The
11 Authority hereby authorizes the sale and delivery of the
12 Certificates of Participation under and pursuant to the Act and
13 the trust agreement on file with the Authority Secretary (the
14 "Trust Agreement") in the principal amount not to exceed
15 $6, 300, 000 and the preparation of certain financing documents
16 related thereto which are necessary to carry out the sale and
17 delivery of the Certificates of Participation by the Authority.
18 The Authority hereby approves the form of Trust Agreement as
19 presently on file with the Authority Secretary with such changes
20 thereto as may be approved by Counsel to the Authority or Special
21 Counsel and as necessary to incorporate such other terms and
22 conditions with respect to the Certificates of Participation when
23 such terms and conditions have been ascertained. The Authority
24 hereby further authorizes and directs that the form of Trust
25 Agreement presently on file with- the Authority Secretary be
26 converted into the final form of Trust Agreement, authorizing the
27 sale and delivery of the Certificates of Participation together
28 with such changes or modifications as deemed necessary or
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1 desirable by Counsel to the Authority or Special Counsel. The
2 Chairman, Vice-Chairman, Executive Director, Administrator or
3 such other authorized officer of the Authority is hereby
4 authorized and directed to execute and deliver, and the Authority
5 Secretary is hereby authorized and directed to attest to, the
6 final form of the Trust Agreement when the same has been prepared
7 for and in the name of the Authority, and such execution and
8 delivery shall be deemed to be conclusive evidence of the
9 approval thereof. The Authority hereby authorizes the delivery
10 and performance of the Trust Agreement.
11
12 Section 2 . Approval of Final Forms of Site and
13 Facility Lease and Lease Agreement. The Authority hereby
14 approves the forms of Site and Facility Lease and Lease Agreement
15 presently on file with the Authority Secretary together with any
16 changes therein or additions thereto as may be approved by the
17 Counsel to the Authority or Special Counsel. The Authority
18 hereby further authorizes and directs that the forms of Site and
19 Facility Lease and Lease Agreement presently on file with the
20 Authority Secretary be converted into the final forms thereof,
21 together with such changes or modifications as deemed necessary
22 or desirable by Counsel to the Agency or Special Counsel. The
23 Chairman, Vice-Chairman, Administrator, Executive Director or
24 such other authorized officer of the Authority is hereby
25 authorized and directed to execute and deliver, and the Authority
26 Secretary is hereby authorized and directed to attest to, the
27 final forms of the Site and Facility Lease and Lease Agreement
28 when the same have been prepared and such execution and delivery
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I shall be deemed to be conclusive evidence of the approval
2 thereof. The Authority hereby authorizes the delivery and
3 performance of the Site and Facility Lease and the Lease
4 Agreement.
5
6 Section 3 . Sale of the Certificates of
7 Participation. The Authority hereby approves the sale of the
8 Certificates of Participation by negotiated purchase with the
9 Underwriter, pursuant to the purchase agreement prepared by the
I
10 Underwriter and on file with the Authority Secretary (the
it "Purchase Agreement") , and the sale of the Certificates of
12 Participation pursuant to the Purchase Agreement is hereby
13 approved. The Authority hereby further approves the form of
14 Purchase Agreement as presently on file with the Authority
15 Secretary, together with any changes therein or additions thereto
16 approved by Counsel to the Authority or Special Counsel, and as
17 necessary to incorporate such other terms and conditions when
18 such terms and conditions have been ascertained. The Authority
19 hereby authorizes and directs the Underwriter to cause the
20 preparation of the final Purchase Agreement of which such terms
21 are a part, and the Chairman, Vice-Chairman, Administrator,
22 Executive Director or such other authorized officer of the
23 Authority is hereby authorized and directed to evidence the
24 Authority's acceptance of the offer made_ by the Purchase
25 Agreement by executing and delivering the Purchase Agreement in
26 said form as on file with such changes therein as the officer or
27 the officers executing the same may approve, such approval to be
28 conclusively evidenced by the execution and delivery thereof.
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1 Section 4 . Official Action. The ChaijL-man, Vice-
2 Chairman, Administrator, Executive Director, Secretary, Counsel
3 to the Authority, Special Counsel any and all other officers of
4 the Authority are hereby authorized and directed, for and in the
5 name and on behalf of the Authority, to do any and all things and
6 take any and all actions, including execution and delivery of any
7 and all assignments, certificates, requisitions, agreements,
8 notices, consents, instruments of conveyance, warrants and other
9 documents, which they, or any of them, may deem necessary or
10 advisable in order to consummate the lawful sale and delivery of
ii the Certificates of Participation as described herein. Whenever
12 in this Resolution any officer of the Authority is authorized to
13 execute or countersign any document or take any action, such
14 execution, countersigning or action may be taken on behalf of
15 such officer by any person designated by such officer to act on
16 his or her behalf in the case such officer shall be absent or
17 unavailable. The Authority hereby appoints its Chairman, Vice-
18 Chairman, Administrator and Executive Director as agents of the
19 Authority for purposes of executing any and all documents and
20 instruments which any officer of the Authority is authorized to
21 execute hereunder.
22
23
24
25
26
27
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1 RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY
PROVING THE SALE AND DELIVERY OF NOT TO EXCEED $6, 300, 000
2 CERTIFICATES OF PARTICIPATION ON BEHALF OF THE CITY OF SAN
BERNARDINO, APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO
3 AND AUTHORIZING AND DIRECTING PREPARATION, EXECUTION AND DELIVERY
OF THE FINAL FORMS THEREOF
4
Section 5. Effective Date. The findings and
5
determinations herein shall be final and conclusive. This
6
Resolution shall take effect upon the date of its adoption.
7
I HEREBY CERTIFY that the foregoing Resolution was duly
8 adopted by the San Bernardino Joint Powers Financing Authority at
9 a special meeting thereof, held on the day of ,
10 1995, by the following vote, to wit:
11
12 AYES: Members
13
14 NAYS:
15 ABSENT:
16
17 Secretary
18 The foregoing resolution is hereby approved this
19 day of , 1995.
20 Tom Minor, Chairman
21 San Bernardino Joint Powers
Financing Authority
22 Approved as to form and legal content:
23
By:
24 Authorit ounsel
25
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