HomeMy WebLinkAbout1981-498
San Bernardino
Langston
60,009-8-l
RESOLUTION NO. 9,\ -~~
RESOLUTION OF THE MAYOR AND COMMON COUN-
CIL OF THE CITY OF SAN BERNARDINO DECLAR-
ING 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 AN
INDUSTRIAL DEVELOPMENT REVENUE NOTE
ISSUED BY SAID CITY PURSUANT TO AN
APPLICATION THEREFOR FILED BY ROBERT L.
LANGSTON AND WILTON K. NEWBY, A GENERAL
PARTNERSHIP, AND DIRECTING THAT A STATE-
MENT OF SUCH ELECTION BE FILED WITH THE
DISTRICT DIRECTOR OF INTERNAL REVENUE
FORTHWITH
(LANGSTON-NEWBY PROJECT)
WHEREAS, there has been filed with the City an
Application pursuant to the provisions of Ordinance No. 3815,
as amended, of said City, by Robert L. Langston and Wilton K.
Newby, a C~neral Partnership, requesting the issuance of an
Industrial Development Revenue Note in the principal amount
of $1,130,000 for the purpose of financing the cost and
expense of the construction of a commercial office building
as more particularly described in said Application; and
WHEREAS, the provisions of Section 103(b)(6)(D) of
the Internal Revenue Code of 1954, as amended, and the
regulations thereunder apply to the issuance of such a
Note; and
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San Bernardino
Langston
60009-8-1
WHEREAS, in order that said Note be exempt under
the provisions of Section 103(b) of said Internal Revenue
Code and said Regulations thereunder as tax-exempt municipal
Note, it is necessary that the Mayor and Common Council, as
the issuing body of said Note on behalf of said City, make
an election pursuant to said section 103(b)(6)(D) in the
manner hereinafter set forth.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF
THE CITY OF SAN BERNARDINO DO HEREBY FIND, RESOLVE, DETER-
MINE AND ORDER AS FOLLOWS:
~,
Section l. That the 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 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,
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San Bernardino
Langston
60,009-8-1
Section 3. That in the documents pertaining to
the ~ssuance of such Note in the manner and for the project
described in the recitals hereof, there shall be require-
ments that the Applicants set forth the "capital expendi-
tures" 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 Note 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 said City of San Bernardino.
Section 4. That the city Clerk is hereby autho-
rized and directed to file a certified copy of this Resolu-
tion with the District Director of Internal Revenue in
Los Angeles, California.
I HEREBY CERTIFY that the foregoing resolution was
duly adopted by the Mayor and Common Council of the City of
San
Bernardino at a"~~I\\I"'''P~ ....~'\ar
I~~ day of (');>\.l\\n.or-
meeting thereof, held on
the
, 1981, by the follow-
ing vote, to wit:
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San Bernardino
L.angston
60,009-8-1
AYES: Councilmen ('t6"~alJ\l"da, \Rf>l\\'{l 'Mp'(IJ\QIAAp>-.
1-('\+-4-",. ~ ,d "\{)I'\, \-\0.\,\0<;\ ."}{'(':c ~lf'll'
NOES: \\\ C\\\ f'
ABSENT: 111M P
.
ABSTAIN: .'t\{)~(l
~J1k'1141 A~/
City Clerk
The foregoing resolution is hereby approved this
/<fi- day of &~M
Approved as to form:
~/~~
c~ty Attorney
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