Resolution No. 2026-080
Resolution No. 2026-080
June 17, 2026
RESOLUTION NO. 2026-080
RESOLUTION OF THE MAYOR AND CITY COUNCIL OF
THE CITY OF SAN BERNARDINO, CALIFORNIA,
AUTHORIZING THE ISSUANCE OF BONDS OF
COMMUNITY FACILITIES DISTRICT NO. 20 22-2 (PALM)
OF THE CITY OF SAN BERNARDINO, COUNTY OF SAN
BERNARDINO, STATE OF CALIFORNIA DESIGNATED
2026 SPECIAL TAX BONDS, APPOINTING FISCAL
AGENT, APPROVING FISCAL AGENT AGREEMENT AND
PURCHASE CONTRACT AND AUTHORIZING
NEGOTIATION OF TERMS OF THE SALE OF SAID
BONDS, APPROVING PRELIMINARY OFFICIAL
STATEMENT AND AUTHORIZING PREPARATION OF
FINAL OFFICIAL STATEMENT AND APPROVING
CONTINUING DISCLOSURE CERTIFICATE
WHEREAS, Community Facilities District 2022-2 (Palm) of the City of San Bernardino, County of San Bernardino, State of California (the “District”) was established on October 5, 2022, by adoption by the City Council (the “City Council”) of the City of San Bernardino (the “City”) of Resolution No. 2022-212; and
WHEREAS, on October 5, 2022, the City Council also adopted Resolution No. 2022-213 determining the necessity for the District to incur bonded indebtedness in an aggregate principal amount not to exceed $4,000,000; and
WHEREAS, on October 5, 2022 , consolidated special elections were held within the District and there was submitted to the qualified voters of the District, among other propositions, the proposition of whether a bonded indebtedness in an aggregate principal amount not to exceed $4,000,000 should be incurred by and for the District for the purpose of financing certain public facilities for the benefit of the District (the “Facilities”), and more than two-thirds of the votes cast in said consolidated special elections were cast in favor of incurring such bonded indebtedness, and the District was thereby authorized to issue bonds in an aggregate principal amount not to exceed $4,000,000 for the purposes set forth in said proposition; and WHEREAS, the City Council has determined that it is necessary that bonds of the District designated “Community Facilities District No. 2022-2 (Palm) of the City of San Bernardino 2026 Special Tax Bonds” be issued in an aggregate principal amount, which shall not exceed $3,200,000 (the “Bonds”) to finance all or a portion of the costs of the acquisition , design or construction of the Facilities; and
WHEREAS, payment of the principal of and interest on the Bonds will be secured by special taxes to be levied on parcels of taxable property in the District (the “Special Taxes”); and WHEREAS, pursuant to Section 53345.8 of the California Government Code, the City Council, as the legislative body of the District, may sell bonds of the District only if it determines Resolution No. 2026-080
Resolution No. 2026-080
June 17, 2026
prior to the sale of such bonds that the value of the real property that would be subject to the Special Tax to pay debt service on the bonds will be at least three (3) times the principal amount of the bonds to be sold and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Mello -Roos Community Facilities Act of 1982 (Section 53311, et seq., of the California Government Code) on property within the District or a special assessment levied on property within the District; and
WHEREAS, the appraised value of the taxable property within the District, based upon the appraisal prepared by Integra Realty Resources (the “Appraiser”), and as set forth in the report of the Appraiser dated May 15, 2026 (the “Appraisal”), is $66,487,772 as of April 15, 2026 date of value; and
WHEREAS, if the Bonds are issued and sold in an aggregate princip al amount that does not exceed $4,000,000, the appraised value of the taxable property in the District, as set forth in the Appraisal, will be more than three (3) times such principal amount of the Bonds, and there are no other special tax or assessment bonds of the District; and WHEREAS, there has been presented to the City Council a form of Purchase Contract (the “Purchase Contract”) whereby Hilltop Securities, Inc. (the “Underwriter”) has offered to purchase the Bonds from the City, and a form of Preliminary Official Statement relating to the Bonds; and WHEREAS, there has also been presented to the City Council a form of Fiscal Agent Agreement (the “Fiscal Agent Agreement”) with respect to the Bonds to be executed and delivered by the City and U.S. Bank Trust Company, National Association , as fiscal agent (the “Fiscal Agent”), whereby the Fiscal Agent will authenticate and deliver the Bonds and perform certain other duties; and
WHEREAS, there has also been presented to the City Council a form of Continuing Disclosure Certificate to be executed and delivered by the City, for the benefit of the owners of the Bonds and in order to assist the Underwriter in complying with Rule 15c2 -12(b)(5) of the Securities and Exchange Commission, as amended (the “Rule”); and WHEREAS, the City Council has considered the forms of the Fiscal Agent Agreement, the Continuing Disclosure Certificate, the Purchase Contract and the Preliminary Official Statement, and has determined that it is in the best interest of the owners of property in and the future residents of the District that the City Council authorize the issuance and sale of the Bonds and the execution and delivery of said agreements and approve and au thorize the distribution of the Preliminary Official Statement subject to the conditions hereinafter contained; and WHEREAS, Section 5852.1 of the Government Code of the State of California (“Section 5852.1”) provides that the City Council obtain from an underwriter, financial advisor or private lender and disclose, in a meeting open to the public, prior to authorization of the issuance of the Bonds, good faith estimates of: (a) the true interest cost of the Bonds, (b) the finance charge of the Bonds, meaning the sum of all fees and charges paid to third parties, (c) the amount of proceeds of the Bonds received less the finance charge described above and any reserves or capitalized interest paid or funded with proceeds of the Bonds and (d) the sum total of all debt service Resolution No. 2026-080
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June 17, 2026
payments on the Bonds calculated to the final maturity of the Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Bonds; and WHEREAS, in accordance with Section 5852.1, the City Council has obtained such good faith estimates from Urban Futures, Incorporated , the City’s municipal advisor (the “Municipal Advisor”), and such estimates are disclosed in Exhibit A attached hereto; and WHEREAS, the City Council wishes at this time to authorize all proceedings relating to the issuance and sale of the Bonds and all other agreements and documents relating thereto.
BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
SECTION 1. Findings. The City Council finds (a) that the preceding recitals are true and correct, (b) that the sale of the Bonds at private sale, without advertising for bids, will result in a lower overall cost to the District, and (c) that if the Bonds are issued and sold in an aggregate principal amount that does not exceed $3,200,000, the value of the parcels of real property within the District, which will be subject to the levy of the Special Taxes to pay the principal of and interest on the Bonds, based on the appraised value of such parcels as determined by the Appraiser and as set forth in the Appraisal, i.e., $66,487,772, will be more than three (3) times the principal amount of such Bonds and all other outstanding bonds that are secured by special taxes that are to be levied on such parcels or special assessments that have been levied on such parcels.
SECTION 2. Authorization of the Issuance of the Bonds . The City Council authorizes the issuance and sale of the Bonds in an aggregate principal amount which shall not exceed $3,200,000. The Mayor, the Mayor Pro Tem, the City Manager and the Finance Director (each an “Authorized Representative”) are each authorized and directed to take all steps and actions which are necessary to accomplish the issuance, sale and delivery of the Bonds pursuant to the authorization given by and the conditions specified in this resolu tion. The Mayor and the City Clerk of the City are authorized to execute the Bonds for and on behalf of the City and the District by their manual or facsimile signatures. The Bonds shall be dated as of their date of delivery pursuant to the Purchase Contract.
SECTION 3. Approval of Fiscal Agent Agreement. The form of Fiscal Agent Agreement which provides generally for (i) the authentication and delivery by the Fiscal Agent of the Bonds, (ii) the establishment and administration by the Fiscal Agent of certain funds and accounts for the benefit of the City and the owners of the Bonds, (iii) the payment by the Fiscal Agent of the principal of and interest on the Bonds from the Special Tax Revenues (as defined therein), and (iv) the performance of other duties by the Fiscal Agent, is approved in the form provided to the City Council at the meeting at which this resolution is adopted, and the Authorized Representatives are each individually authorized to execute and deliver, on behalf of the City, such Fiscal Agent Agreement with respect to the Bonds.
SECTION 4. Approval of Preliminary Official Statement; Preparation of Final Official Statement. The Preliminary Official Statement is approved, and the Authorized Representatives are each individually authorized to consent to and assist in the preparation of such modifications Resolution No. 2026-080
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June 17, 2026
thereto as may be specified by Best Best & Krieger LLP, bond counsel and disclosure counsel to the City (“Bond Counsel”), and the Municipal Advisor. The Authorized Representatives are each individually authorized to determine, with the assistance of Bond Counsel and the Municipal Advisor when the Preliminary Official Statement is to be deemed final within the meaning of the Rule and to deliver a certificate to that effect to the Underwriter. The Underwriter is authorized to distribute the Preliminary Official Statement as approved hereby, or as modified with the consent of the City Manager or the Finance Director, or to prospective purchasers of the Bonds. The Authorized Representatives and the Municipal Advisor are each authorized to participate in the preparation of the Final Official Statement, based on the Preliminary Official Statement, and such modifications thereto as may be agreed to by Bond Counsel , the Municipal Advisor and the Underwriter. The Authorized Representatives are each authorized to sign the Final Official Statement on behalf of the City and the District.
SECTION 5. Appointment of Professionals . The City Council hereby authorizes and approves the following professionals to provide services in connection with the issuance of the Bonds and authorizes the Director of Administrative Services to enter into engagement agreements thereto:
(a) Fiscal Agent. U.S. Bank Trust Company, National Association is appointed as Fiscal Agent pursuant to the Fiscal Agent Agreement and to take any and all action provided therein to be taken by the Fiscal Agent;
(b) Municipal Advisor . Urban Futures, Incorporated is hereby appointed to provide municipal advisory services;
(c) Bond Counsel and Disclosure Counsel. Best Best & Krieger LLP is hereby appointed as bond and disclosure counsel in connection with the issuance of the Bonds; and (d) Special Tax Consultant. Spicer Consulting Group, LLC is hereby appointed as Special Tax Consultant in connection with the issuance of the Bonds.
SECTION 6. Sale of Bonds; Purchase Contract. The City Council approves and authorizes the issuance and sale of the Bonds by negotiation with the Underwriter pursuant to the Purchase Contract between the City and the Underwriter in the form presented to the City Council at the meeting at which this re solution is adopted, together with any changes therein or additions thereto which are deemed advisable by the Authorized Representatives upon consultation with Bond Counsel and the Municipal Advisor. The Authorized Repre sentatives are each authorized and directed to execute and deliver the final form of the Purchase Contract on behalf of the City and the District upon the submission of an offer by the Underwriter to purchase the Bonds, which offer is acceptable to the City Manager and is consistent with the requirements of this resolution; provided that the true interest cost on the Bonds shall not exceed six percent ( 6.00%) the Underwriter’s discount for the purchase of the Bonds shall not be greater than one and thirty/one hundred percent (1.30%) (exclusive of original issue discount) of the aggregate principal amount of the Bonds; and the last maturity of the Bonds shall be paid and redeemed no later than September 1, 2056. When the City Manager has negotiated the Purchase Contract with the Underwriter within the parameters specified above and when the other terms and conditions of the Purchase Contract Resolution No. 2026-080
Resolution No. 2026-080
June 17, 2026
are satisfactory to the City Manager or the Finance Director or Deputy Finance Director and Bond Counsel, the City Manager or the Finance Director or Deputy Finance Director is authorized to execute and deliver the Purchase Contract to the Underwriter on behalf of the City and the District.
SECTION 7. Accountability Measures . Pursuant to Section 53410 of the California Government Code, the issuance of and sale of the Bonds is subject to the following accountability measures:
(a) The proceeds of the Bonds shall be applied only for the specific purposes identified in the propositions regarding the authorization of the District incurring bonded indebtedness which the qualified electors of the District approved in the election held on October 5, 2022;
(b) Except as otherwise provided in the Fiscal Agent Agreement, the proceeds of the sale of the Bonds shall be deposited in the funds and accounts established pursuant to the Fiscal Agent Agreement and the proceeds deposited in each such fund or account shall be expended as provided in the Fiscal Agent Agreement with respect to each such fund or account; and
(c) The Finance Director or Deputy Finance Director shall file a report with the City Counc il at least once in each calendar year, beginning in 20 26, which shall contain the information required by Section 53411 of the California Government Code with respect to the expenditure of the proceeds of the sale of the Bonds and the status of the construction and acquisition of the public facilities comprising the Project (as defined in the Fiscal Agent Agreement).
SECTION 8. Findings Regarding the Levy and Rates of Special Taxes. The City Council finds that the City will covenant in the Fiscal Agent Agreement, for the benefit of the owners of the Bonds, that it will not initiate proceedings under the Mello-Roos Community Facilities Act of 1982 to reduce the Maximum Special Tax rat es on then existing Developed Property (as defined in the Fiscal Agent Agreement) in the District below the amounts which are necessary to provide Special Tax Revenues in an amount equal to estimated Administrative Expenses for the then current Fiscal Year plus an amount equal to one hundred ten percent (110%) of Maximum Annual Debt Service on the Outstanding Bonds . The City Council further finds and determines that any reduction or limitation of the Special Tax rates below the Maximum Rates would interfere with the timely retirement of the Bonds.
SECTION 9. Approval of Continuing Disclosure Certificate. The Continuing Disclosure Certificate is approved in the form submitted to the City Council at the meeting at which this resolution is adopted, and the City Manager or the Finance Director or Deputy Finance Director is authorized to execute and deliver said certificate on behalf of the City.
SECTION 10. Modifications. The approval of the Fiscal Agent Agreement, the Continuing Disclosure Certificate and the Purchase Contract given by this resolution shall apply to any modification or amendment of any of said agreements which is agreed upon and approved by Bond Counsel, the Municipal Advisor and the City Manager or the Finance Director or Deputy Resolution No. 2026-080
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June 17, 2026
Finance Director as being necessary to carry out the provisions thereof and the authorization and direction provided in this resolution.
SECTION 11. Further Action. The Authorized Representatives are authorized to take any and all action which is directed by Bond Counsel with respect to the execution and delivery of the Fiscal Agent Agreement, the Continuing Disclosure Certificate and the Purchase Contract and the issuance, sale and delivery of the Bonds, which in the opinion of Bond Counsel is necessary in order for the authorization and direction provided in this resolution to be carried out.
SECTION 12. Conditions of Approval. The approvals, authorization and direction given by this resolution are conditioned upon the satisfaction of the requirements of Section 6 hereof with respect to the issuance and sale of the Bonds. The officers of the City designated above shall not take any action with respect to the execution and delivery of the Fiscal Agent Agreement, the Continuing Disclosure Certificate and the Purchase Contract or the issuance, sale and delivery of the Bonds unless and until such conditions are satisfied; provided, however, that upon satisfaction of such conditions, this resolution shall be fully effective and shall be carried out by such officers without further approval or action of the City Council. The approvals, authorization and direction provided by this resolution shall continue, subject to the satisfaction of such conditions, until December 31, 2026, and the Bonds may be sold, and the Bonds, the Fiscal Agent Agreement , the Continuing Disclosure Certificate, the Purchase Contract, the Preliminary Official Statement and the Final Official Statement may be dated, entered into, executed and delivered or distributed, as appropriate, on any date selected by the Authorized Representatives and the Municipal Advisor and the Underwriter prior to said date.
SECTION 13. Severability. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications, and to this end the provisions of this Resolution are declared to be severable.
SECTION 14. Electronic and Digital Signatures. The City Council hereby approves the execution and delivery of all agreements, documents, certificates and instruments referred to herein with electronic signatures as may be permitted under the California Uniform Electronic Transactions Act and digital signatures as may be permitted under Section 16.5 of the California Government Code using DocuSign.
SECTION 15. Effective Date. This Resolution shall become effective immediately.
Resolution No. 2026-080
Resolution No. 2026-080
June 17, 2026
APPROVED and ADOPTED by the City Council and signed by the Mayor and attested by the Acting City Clerk this 17th day of June, 2026.
Helen Tran, Mayor
City of San Bernardino
Attest:
Telicia Lopez, City Clerk
Approved as to form:
Sonia R. Carvalho, City Attorney
Resolution No. 2026-080
Resolution No. 2026-080
June 17, 2026
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, Telicia Lopez, City Clerk, hereby certify that the attached is a true copy of Resolution No. 2026-080, adopted at a regular meeting held on the 17th day of June, 2026 by the following vote:
Council Members: AYES NAYS ABSTAIN ABSENT
SANCHEZ ______ ______ _______ _______
IBARRA ______ ______ _______ _______
FIGUEROA ______ ______ _______ _______
SHORETT ______ ______ _______ _______
KNAUS ______ ______ _______ _______
FLORES ______ ______ _______ _______
ORTIZ ______ ______ _______ _______
WITNESS my hand and official seal of the City of San Bernardino this 18th day of June, 2026.
__________________________________
Telicia Lopez, CMC, City Clerk