Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council approves up to $15 million in tax‑exempt bond obligations for District 1 project
Summary
The City Council unanimously adopted a resolution authorizing revenue obligations not to exceed $15 million to support a District 1 development; staff said the bonds are not backed by the general fund and authorized the city attorney to execute documents needed for issuance.
The San Bernardino City Council on April 15 voted unanimously to adopt a resolution authorizing the issuance of tax‑exempt revenue obligations not to exceed $15 million for a development in District 1.
City staff explained the proposed financing would be structured through a California authority and emphasized the city would not be using general‑fund dollars to back the obligations. The staff recommendation, as presented, asked the council to adopt Resolution 2026036 and to authorize the city attorney to execute closing documents.
Several community speakers supported the project and said the financing would help a nonprofit or developer provide services that benefit the city and county. Councilmember Sánchez moved approval and multiple councilmembers voiced support during the roll call. The clerk confirmed a unanimous vote in favor.
The resolution authorizes staff to proceed with necessary legal steps to issue revenue obligations in an amount not to exceed $15 million and to complete required documents, with details to be finalized in subsequent closing steps.
Next steps: Staff will proceed with the documentation and administrative steps to complete the sale and issuance consistent with the authorization given by the council.
Quote: “Our recommendation is to adopt Resolution 2026036 to approve revenue obligations in an amount not to exceed $15 million,” the staff presenter said during the meeting. This language guided the council’s unanimous approval.
