HomeMy WebLinkAbout1983-318
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17 ,.
18
19
20
21
22
23
24
25
26
San Bernardino (Millc~rek)
60,009-14A-1
RESOLUTION NO.
83-318
RESOLUTION OF THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNAR-
DINO DECLARING ITS ELECTION TO HAVE
THE $10,000,000 LIMITATION OF
SECTION 103(b)(6)(D) OF THE INTERN-
AL REVENUE CODE OF 1954, AS AMENDED,
APPLIED TO THE ISSUANCE OF AN
INDUSTRIAL DEVELOPMENT REVENUE NOTE
ISSUED BY SAID CITY PURSUANT TO AN
APPLICATION THEREFOR FILED BY
MILLCREEK, A LIMITED PARTNERSHIP,
AND DIRECTING THAT A STATEMENT OF
SUCH ELECTION BE FILED WITH THE
DISTRICT DIRECTOR OF INTERNAL
REVENUE FORTHWITH
(MILLCREEK PROJECT)
WHEREAS, there has been filed with the City an
Appltc?tion pursuant to the provisions of Ordinance No. 3815,
as amended (the "Ordinance"), by I.1illcreek, A Limited Part-
nership, requesting the issuance of Industrial Development
Revenue Bonds in the principal amount of $1,225,000 for the
purpose of financing the cost and expense of the acquisition
and construction of two (2) multi-purpose industrial build-
ings, as more particularly described in said Application;
and
#337.8(et)
9/15/83
San Bernardino (Millc!rek)
60,009-14A-1 .
1 WHEREAS, the provisions of Section 103(b)(6)(D) of
2 the Internal Revenue Code of 1954, as amended, and the
3 regulations thereunder apply to the issuance of such a
4 Bonds; and
5 WHEREAS, in order that said Bonds be exempt under
6 the provisions of Section 103(b) of said Internal Revenue
7 Code and said Regulations thereunder as tax-exempt municipal
8 Bonds, it is necessary that the Mayor and Common Council, as
9 the issuing body of said Bonds on behalf of said City, make
. .
10 an election pursuant to said Section 103(b)(6)(D) in the
11 manner hereinafter set forth.
12 NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF
13 THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE
14 AND ORDER AS FOLLOWS:
15
Section 1. That the recitals set forth hereinabove
16 are true and correct in all respects.
17
Section 2. That the Mayor and Common Council,
18 acting for and on behalf of the City of San Bernardino,
19 hereby make this election pursuant to the provisions of said
20 Section 103(b)(6)(D) of said Internal Revenue Code and the
2
#337.8(et)
9/15/83
San Bernardino (f.1illc:rrek).
60,009-14A-1
1 Regulations thereunder, that the limitation as set forth
2 therein declared to be a limitation of $10,000,000 rather
3 than $1,000,000 as otherwise set forth therein.
4
Section 3. That in the documents pertaining to
5 the issuance of such Bonds in the manner and for the project
6 described in the recitals hereof, there shall be requirements
7 that the Applicants set forth the "capital expenditures"
8 which said Applicant has made for facilities and projects of
9 said Applicant or any related persons within said City
10 within a period of three (3) years prior to the issuance
11 date of the Bonds referred to hereinabove; and further that
12 said Applicant be required to report such capital expenditures
13 on all such income tax returns to be filed by such Applicant
14 henceforth; and such requirements shall be set forth as
15 covenants and agreements of said Applicant made to and with
16 said City of San Bernardino.
17
Section 4. That the City Clerk is hereby authorized
18 and directed to file a certified copy of this Resolution
19 with the District Director of Internal Revenue in Los Angeles,
20 California.
3
#337.8(et)
9/15/83
San Bernardino (Millorrek)
60,009-14A-01 .'
1 I HEREBY CERTIFY that the foregoing resolution was
2 duly adopted by the Mayor and Co~~on Council of the City of
3 San Bernardino at a regular meeting thereof, held on
4 the ~th day of September , 1983, by the following
5 vote, to wit:
6
AYES:
Councilmen
Castaneda, Reillv, Hernandez,
7
.~~arks, Quiel, Frazier, strickler
8
NOES:
None
9
ABSENT:
None
10
ABSTAIN:
None
11 ,4;4//l1/V ~Mb
12 ./ Ci ty Clerk
13 The foregoing resolution is hereby approved this
14 .;!/.4Lday of Septem.ber , 1983.
15
16
17
18 Approved as to form:
~~ ~!(/'~
4
#337.8(et)
9/15/83
BERN ARDIN 0 POST OFFICE BOX 1318, SAN BERNARDINO, CALIFORNIA 92402
,,' L
SHAUNA CLARK
CITY CLERK
October 10, 1983
Internal Revenue Service
Distr ict Director
Regional Service Center
5045 East Butler Avenue
Fresno, California 93730
Re: $1,225,000 City of San Bernardino,
Industr ial Development Revenue Bonds,
Series 1983A (Mil Creek Project)
Gentlemen:
Enclosed please find City of San Bernardino Resolution No. 83-318, declaring
its election to have the $10,000,000 limitation of Section 103(b)(6)(d) of the Internal
Revenue Code of 1954, as amended, applied to the issuance of the following
Industrial Development Bond Issue:
(1) The name and address of the governmental unit:
City of San Bernardino
City Hall
300 North "0" Street
San Bernardino, California 92418
(2) The name, address and employer identification number of the
principal user of such proceeds:
Mill Creek, A Limited Partnership
1400 Bristol Street North
Newport Beach, California 92666
1/95-3426530
"r.
'-"
Q~:
300 NORTH "D" STREET, SAN 8ERNARDINO, CALIFORNIA 92418
PHONE (714) 383-5002/383-5102
Internal Revenue Service
October 10, 1983
Page 2
(3) The name, date and face amount of issue:
(a) City of San Bernardino, California
Industr ial Development Revenue Bonds
Series 1983A (Mill Creek Project)
(b) Date: As of October 1, 1983
(c) Face amount: $1,225,000
(4) There are no other outstanding issues the proceeds of which have
been or will be used primarily with respect to the above-referred to
principal user or related persons which are located in this City.
(5) The date and amount of any Section 103(b}(6}(d} capital expenditures
paid or incurred within the three years preceding the date of the issue
for which the election is made with respect to facilities described in
Internal Revenue Regulation 1.103-10(b}(vi}(B}(4} as set froth on the
attached statement.
Please return a copy of this letter to us for our transcript as evidence of
filing.
Thank you for your kind attention.
Very truly yours,
City of San Bernardino
By ~//??4/a~
/Shauna Clark, City Clerk
SC/mw
Ene!