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HomeMy WebLinkAbout1985-121 2,099-64/0408S/jvz 03/23/85 RESOLUTION NO. 85-l2l RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ASSIGNING THAT PORTION OF THE STATE'S PRIVATE ACTIVITY BOND LIMIT FOR CALENDAR YEAR 1985 TRANSFERRED TO THE CITY FOR USE IN CONNECTION WITH SAID 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 companies and developers in the acquisition, construction and rehabilitation of such projects; and WHEREAS, the Ordinance is intended to provide 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 provisions of the Ordinance; and - 1 - WHEREAS, the City has, by the approval of the Mayor and Common Council of the City of San Bernardino (the "Council"), following a duly noticed public hearing held on October 1, 1984, adopted its Resolution entitled "Resolution of the Mayor and Common Council 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 appropriate action indicated its intent to issue its industrial development revenue bonds for the purpose of financing the acquisition and construction by the Company of certain warehouse facilities and 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 bonds so issued for said projects in accordance with the provisions - 2 - of Sectio"n 103(n) of the Internal Revenue Code of 1954, as amended (the "Code") and the proclamation of the Govenor, dated July 19, 1984; and WHEREAS, the City has submitted an application to the California Debt Limit Allocation Committee of the State of California (the "Committee") for the transfer to the City of a portion of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the City to issue bonds or other obligations for the Project to be undertaken by the Company; and WHEREAS, the Committee, pursuant to its Resolution dated March 20, 1985, has approved the transfer to the City of two million nine hundred thousand dollars ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the City to issue bonds or other obligations for the Project; and WHEREAS, the City has adopted its Resolution entitled: "Resolution of the Mayor and Common Council of the City of San Bernardino, California, Accepting A Transfer to the City of A Portion of the Private Activity Bond Limit of the State of California for Calendar Year 1985 for Use in Connection With the Gate City Beverage Distributors, Inc., Project", and the City has by appropriate action accepted the transfer to the City of two million nine hundred thousand dollars ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the State of California as authorized by said resolution of the Committee. - 3 - 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 authorizes and directs the application of an amount equal to two million nine hundred thousand dollars ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the State of California as transferred to the City pursuant to the Resolution of the Committee as referred in the recitals hereof for use in connection with financing of the Project to be undertaken by the City pursuant to the Ordinance. Section 2. The Staff of the Redevelopment Agency of the City of San Bernardino shall comply with all reporting requirements of the Committee as necessary in connection with the financing of the Project by the City pursuant to the Ordinance. Section 3. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was adopted by the Mayor and Common Council of the City of Bernardino at an adiourned re~ing thereof, held on the 25th of MArch , 1985, by the following vote, to wit: duly San day AYES: Council Members Castaneda. Hernandez. Marks, Ouiel. Frnzier. Strickler NAYS: None ABSENT: None ABSTAIN: Council Member Reillv . ~//~d~4/:- Clty Clerk - 4 - of The foregoing resolution is M~r~h , 1985. ...2 7C~ay Approved as to form: &/7 L/ CJ /~11; ~</ Clty torney - 5 -