HomeMy WebLinkAbout1984-556
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2,099-18/860/dm
12/19/84
RESOLUTION NO. 84-556
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO 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
ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS
ISSUED BY SAID CITY PURSUANT TO AN APPLICATION
THEREFOR FILED BY GATE CITY BEVERAGE
DISTRIBUTORS, INC., A CALIFORNIA CORPORATION,
AND DIRECTING THAT A STATEMENT OF SUCH
ELECTION BE FILED WITH THE DISTRICT DIRECTOR OF
INTERNAL REVENUE FORTHWITH
WHEREAS, there has been filed with the City an Application pursuant
to the provisions of Ordinance No. 3815, as amended, of said City, by Gate City
Beverage Distributors, Inc., a California corporation (the "Applicant"), requesting
the issuance of industrial development revenue bonds in the principal amount not to
exceed $3,100,000 designated as the "City of San Bernardino, California, Floating
Fixed Rate Industrial Development Bonds (Gate City Beverage Distributors, Inc.,
Project) Series 1984" (the ''Bonds'') to assist the Applicant in the acquisition of land
and the rehabilitation of an approximately 26,000 square foot warehouse and the
further additional construction of 38,000 square feet of warehouse facilities and
15,000 square feet of office space, as more particularly described in said
Application; and
WHEREAS, the provisions of Section 103(b)(6XD) of the Internal
Revenue Code of 1954, as amended, and the regulations promulgated and proposed
thereunder (the "Regulations") 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 a
tax-exempt municipal obligation, it is necessary that the Mayor and Common
Council, as the issuing body of said Bonds on behalf of the City, make an election
pursuant to said Section 103(b)(6)(D) in the manner hereinafter set forth.
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NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Section 1. That recitals set forth hereinabove are true and correct in
all respects.
Section 2. That the Mayor and Common Council, 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 Internal Revenue Code and the
Regulations promulgated thereunder, that 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 the City within a period of three (3) years prior to the issuance date
of the Bonds referred to hereinabove; and further that said Applicant be required
to report such capital expenditures on all such income tax returns to be filed by
such Applicant henceforth; and such requirements shall be set forth as covenants
and agreements of said Applicant made to and with the City of San Bernardino.
Section 4. That the City Clerk is hereby authorized and directed to file
or cause to be filed a certified copy of this Resolution with the District Director of
the Internal Revenue Service in Fresno, California, and at such other location as
may be necessary or desirable under the Internal Revenue Code and Regulations
promulgated thereunder.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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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
adiourned rf><;J1l1 ;or meeting thereof, held on the 19th day of
December , 198 -L, by the following vote, to wit:
AYES:
Council Members Marks, Quiel, Frazier, strickler
NAYS: None
ABSENT: Council Members Castaneda, Hernandez
ABSTAIN: Council ~1ember Reilly
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CitY Clerk
The foregoing resolution is hereby approved this
December , 198L.
Approved as to form:
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