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Home My WebLink About1985-091 2,099-58/0371S/vlg 02/26/85 RESOLUTION NO. 85-91 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ASSIGNING A PORTION OF THE CITY'S PRIVATE ACTIVITY BOND LIMIT FOR CALENDAR YEAR 1985 FOR USE IN CONNECTION WITH THE GATE CITY BEVERAGE DISTRIBUTORS, INC., PROJECT WHEREAS, the City of San Bernardino, California (the "City"), is authorized and empowered by Ordinance No. 3815, as amended (the "Ordinance"), to finance various types of commercial, industrial and multifamily residential projects and to issue industrial development revenue bonds for the purpose of assisting developers in the acquisition, construction and rehabilitation of such projects; and WHEREAS, the Ordinance is intended to pr.ovide a meanS for the City to assist in the financing of the development of industry and commerce and to thereby broaden the employment opportunities for residents of the City and its tax and revenue base; and WHEREAS, the City has previously accepted a certain application for tax-exempt industrial development bond financing (the "Application") from Gate City Beverage Distributors, Inc. (the "Company" ), pursuant to and in accordance with the provi s ions of the Ordinance; and WHEREAS, the City has, by the approval of the Mayor and Common Council of the City of San Bernardino (the "Council"), - 1 - v. ~-'-' following a duly noticed pub 1 ic hearing held on October 1, 1984, adopted its Resolution entitled "Resolution of the Mayor and Common Counci 1 of the City of San Bernardino, California, Making Certain Findings and Determinations in Connection with a Public Hearing on the Issuance of Approximately $3,100,000 Principal Amount of Industrial Development Revenue Bonds (Gate City Beverage Distributors, Inc., Project)" and found and determined that the purposes and intent of the Ordinance will be furthered by the issuance by the City of its revenue bonds as provided therein and has approved the Application of the Company as on file with the City; and WHEREAS, the City has, by the adoption of said Resolution, indicated its intent to issue its industrial development revenue bonds for the purpose of financing the acquisition and rehabilitation of an approximately 26,000 square foot warehouse facility and the further additional construction of 38,000 square feet of warehouse facilities and 15,000 square feet of office space located within the City, and as more fully described in the Application and identified as the Gate City Beverage Distributors, Inc., Project (the "Project"), to be undertaken by the Company; and WHEREAS, the provisions of the Tax Reform Act of 1984 require that certain industrial revenue bond financing projects receive an allocation equal to the aggregate principal amount of the - 2 - bonds so issued for said projects in accordance with the provisions of Section 103(n) of the Internal Revenue Code of 1954, as amended (the "Code"); and WHEREAS, the Company has indicated that a commitment for a three year letter of credit in connection with the financing of the Project has been obtained from The Bank of Tokyo and that a commitment for a seven year letter of credit has been obtained from Crocker National Bank which is intended to provide the bondholders with appropriate security in the event that said three year letter of credit of The Bank of Tokyo is not renewed upon the expiration of its original term, and it is therefore appropriate at this time for the City to assign an allocation of two million nine hundred thousand dollars ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the City of San Bernardino, as determined in accordance with the Proclamation of the Governor of the State of California, dated July 19, 1984 (the "Proclamation"), for use in connection with the financing of the Project to be undertaken by the City pursuant to Ordinance No. 3815, as amended. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The City hereby assigns an amount equal to two million nine hundred thousand dollars ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the City of San - 3 - Bernardino for the purpose of providing for the financing of the Project of the Company by the City pursuant to Ordinance No. 3815, as amended, Section 2. The City hereby acknowledges that such assignment of said portion of the calendar year 1985 Private Activity Bond Limit of the City of San Bernardino as transferred pursuant to this Resolution shall be irrevocable upon the issuance of bonds for the Project by the City pursuant to Ordinance No. 3815, as amended, at least to the extent of the principal amount of such bonds so issued by the City in connection with the Project. The assignment of said portion of the calendar year 1985 Private Activity Bond Limit of the City of San Bernardino as herein authorized shall be considered a general assignment and shall expire on the ninetieth (90th) day following the adoption of this Resolution, unless the term of such assignment is extended by subsequent resolution or resolutions of the City, In the event that the City determines that bonds shall not be issued and delivered in connection with the Project on or before such ninetieth (90th) day following the adoption of this Resolution, the City may rescind the effectiveness of this Resolution and the assignment of said portion of the calendar year 1985 Private Activity Bond Limit of the City of San Bernardino by the adoption of an appropriate resolution of the City. Section 3. The Staff of the Redevelopment Agency of the City of San Bernardino shall comply with all reporting requirements, - 4 - as necessary, to the California Debt Limit Allocation Conunittee as established pursuant to the Proclamation and all other requirements therein. Section 4. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was adopted by the Mayor and Conunon Council of the City of Bernardino at an adjourned re~~ting thereof, held on the 7th of March ,1985, by the following vote, to wit: duly San day AYES: Council Members Castaneda, Hernandez, Marks , Quiel, Frazier, Strickler NAYS: None ABSENT: None ~f~~4? City/Clerk The foregoing resolution is hereby approved this of M~r~h , 1985. Approved as to form: C((~~~~ - 5 - ~-u. u ~ u u u u u u u u y u w ~ I~ . ""'1' p --...-- ...: "'. 1 .. .. · N _ 11\ -t--- .. ....../~. - '- '-j"-1 _____./~~---u--- ~-4_1oo ~il; · ".l~ - !h~ '!'r/ ~ IJ. 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