HomeMy WebLinkAbout1983-091
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San Bernardino
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RESOLUTION NO. 83-91
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 .AMEND-
ED, APPLIED TO THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE
BONDS ISSUED BY SAID CITY PURSUANT
TO AN APPLICATION THEREFOR FILED BY
BANK OF REDLANDS AND DIRECTING THAT
A STATEMENT OF SUCH ELECTION BE
FILED WITH THE REGIONAL DIRECTOR OF
INTERNAL REVENUE FORTHWITH
WHEREAS, there has been filed with the City
an Application for financing pursuant to the provisions
of Ordinance No. 3815 as amended (the "Ordinance"), by
Bank of Redlands, a California banking corporation,
requesting the issuance of its Industrial Development
Revenue Bonds in the principal amount of $1,400,000 for
the purpose of financing the cost and expense of the
acquisition and installation of a commercial banking
facility as more particularly described in said Appli-
cation; and
WHEREAS, the provisions of Section 103(b)
(6) (D) of the Internal Revenue Code of 1954, as
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amended,
and the regulations thereunder apply to the
issuance of such Bonds; and
WHEREAS, in order that said Bonds be exempt
under the provisions of Section 103(b) of said Internal
Revenue Code and said Regulations thereunder as tax-
exempt municipal Bonds, it is necessary that the Mayor
and Common Council, as the issuing body of said Bonds
on behalf of said City, make an election pursuant to
said Section 103(b)(6)(D).in the manner hereinafter set
forth.
NOW, THEREFORE, IT IS HEREBY RESOLVED,
DETERMINED AND ORDERED BY THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, AS FOLLOWS:
Section 1. That the recitals set forth
hereinabove are true and correct in all respects.
Section 2. That the Mayor and Common Coun-
cil, acting for and on behalf of the City of San
Bernardino, hereby make this election pursuant to the
provisions of said Section 103(b)(6)(D) of said Inter-
nal Revenue Code and the Regulations thereunder, that
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the limitation as set forth therein be declared to be a
limitation of $10,000,000 rather than $1,000,000 as
otherwise set forth therein.
Section 3. That in the documents pertaining
to the issuance of such Bonds in the manner and for the
project described in the recitals hereof, there shall
be requirements that the Applicant set forth the
"capital expenditures" which said Applicant has made
for facilities and projects of said Applicant or any
related persons within said City within a period of
three (3) years prior to the issuance date of the Bond
referred to hereinabove; and further that said Appli-
cant be required to report such capital expenditures on
all such income tax returns to be filed by such Appli-
cant henceforth; and such requirements shall be set
forth as covenants and agreements of said Applicant
made to and with said City of San Bernardino.
Section 4. That the City Clerk is hereby
authorized and directed to file a certified copy of
this Resolution with the Regional Director of Internal
Revenue in Fresno, California.
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I, HEREBY CERTIFY that the foregoing
resolution was duly adopted by the Mayor and Common
Council of the City of San Bernardino at an adjourned regular
meeting held on the 24th day of !-'.arch , 1983,
by the following vote, to wit:
AYES:
Council Members:
Castaneda, Reilly,
Hernandez, !'arks, Quiel, Strickler
NAYS:
None
ABSENT:
Council Member Eobbs
ABSTAIN:
None
~/b1~~/h
/Ci ty Clerk
The foregoing Resolution is hereby
this d( p7i<- day of Mi'lr,..,h ,1983.
Approved as to form:
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