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HomeMy WebLinkAbout1985-122 2,099-63/0409S/mcm 03/23/85 RESOLUTION NO. 85-122 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 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., Proj ect)" 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 development 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 - 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 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 in an amount of two million nine hundred thousand dollars ($2,900,000) of a portion of the calendar year 1985 Private Activity Bond Limit of the State of California as established in accordance with the Proclamation of the Governor, dated July, 19, 1984, for use by the City to issue bonds or other obligations for the Project; and WHEREAS, the Committee on behalf of the State of California, pursuant to its Resolution as approved on March 20, 1985, has approved a 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. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: amount Section 1. equal to The City hereby million nine accepts hundred a transfer thousand of an dollars two - 3 - ($2,900,000) of the calendar year 1985 Private Activity Bond Limit of the State of California for the purpose of providing for the financing by the City of the Project to be undertaken by the Company pursuant to Ordinance No. 3815, as amended. Section 2. The ci ty hereby acknowledges that said portion of the calendar year 1985 Private Activity Bond Limit of the State as transferred pursuant to the Resolution of the Committee as referenced in the recitals hereof may only be used by the City in connection with the financing of the Project and that said transfer as authorized by the Commitee shall not be used to make a carryforward election with respect to the Project nor shall said transfer as authorized by the committee be transferred to any other local agency within the State. The City also acknowledges that said portion of the calendar year 1985 Private Activity Bond Limit of the State as transferred pursuant to said Resolution of the Committee shall automatically revert to the Committee unless the City has issued Bonds or other obligations with respect to the Project by September 31, 1985. Section 3. The Staff of the Redevelopment Agency of the City of San Bernardino shall comply with all reporting requirements, as may be necessary in connection with the use and transfer of the Private Activity Bond Limit of the State as authorized by said Resolution of the Committee as referenced in the recitals hereof. - 4 - " ,Section 4. This Resolution shall take effect upon adoption. I HEREBY CERTIFY that the foregoing resolution was adopted by the Mayor and Common Council of the City of Bernardino at an adiourned re~ting thereof, held on the 7St-h of March , 1985, by the following vote, to wit: duly San day ~#)'J4j.$'4lh Ci ty-"tlerk The foregoing resolution is hereby approved of March , 1985. Approved as to form: /~~7 e'ity Att ney - 5 -