HomeMy WebLinkAbout1982-4714
1078-13/860
11-5-82
RESOLUTION NO. 82-471
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
INDUSTRIAL DEVELOPMENT REVENUE BONDS ISSUED
BY SAID CITY PURSUANT TO AN APPLICATION
THEREFOR FILED BY CREATIVE ENTERPRISES, LTD., A
CALIFORNIA LIMITED PARTNERSHIP, AND DIRECTING
THAT A STATEMENT OF SUCH ELECTION BE FILED
WITH THE DISTRICT DIRECTOR OF INTERNAL REVENUE
FORTHWITH (CREATIVE ENTERPRISES, LTD.)
WHEREAS, there has been filed with the City an Application pursuant
to the provisions of Ordinance No. 3815, as amended, of said City, by Creative
Enterprises, Ltd., a California limited partnership, requesting the issuance of
Industrial Development Revenue Bonds in the principal amount of $1,500,000
designated as the $1,500,000 City of San Bernardino, California, First Mortgage
Industrial Revenue Bond Certificate of Deposit (Creative Enterprises Project)
Series 1982 (the "Bonds") for the permanent financing for the rehabilitation of an
approximately 35,000 square foot office complex for office and retail uses 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 promulgated and proposed
thereunder (the "Regulations") apply to the issuance of the Bonds; and
WHEREAS, in order that the 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 the Bonds on behalf of the 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 BER.NARDINO DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
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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 the
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
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 prom-
ulgated thereunder.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by
the Mayor and Common Council of the City of San Bernardino at a regular meeting
thereof, held on the 15th day of November, 1982, by the following vote, to -wit:
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d
AYES: Councilmen Castaneda, Reilly, Hernandez
Quiel, Hobbs, Strickler
NOES: None
ABSENT: None
ABSTAIN: Council. Member Marks
City Clerk
The foregoing resolution is hereby approved this /Gr4 day of
November , 1982. Z57
Approved as to form:
0
A4W
City Att rney
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