HomeMy WebLinkAboutReso. 1989-089 - Approving the issuance of not to exceed $3.5 million aggregate principal I
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RESOLUTION NO. q( � a7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE ISSUANCE OF NOT TO EXCEED $3 . 5 MILLION
, '' AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS.
WHEREAS , the California Statewide Communities Development
Authority (the "Issuer" ) in its inducement resolution (the
1 .' "Resolution") attached hereto as Exhibit A, has proposed to issue
11, an amount not to exceed $3 . 5 million aggregate principal amount
0 of Industrial Development Revenue Bonds ( "Bonds") pursuant to the
1 ' California Industrial Development Financing Act, Section 91500
1 et. seq. of the Government Code of the State of California, as
amended and supplemented (the "Act") ; and
WHEREAS, the project to be financed by the Bonds consists of
; I1 costs associated with the construction and/or purchase of the
property and financing costs (the "Project") described in Exhibit
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B attached hereto; and
WHEREAS, the Issuer has requested that the City Council of
the City of Redding (the "City" ) approve the issuance of the
Bonds in order to satisfy the public approval requirement of
Section 147 (f) of the Internal Revenue Code of 1986 , as amended
(the "Code") ; the requirements of Section 9 of the Joint Exercise
of Powers Agreement (the "Agreement") dated as of June 1 , 1988 ,
among certain local agencies , including the City of Redding; and
the public agency approval requirement of Section 91530 (f) of the
Government Code of the State of California, as amended; and
WHEREAS, the City has held a public hearing on March 21 ,
1989 , providing a reasonable opportunity for persons to comment
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on the issuance of the Bonds and the location of the Project; and
WHEREAS , it is intended that this Resolution shall
constitute the approval of the issuance of the Bonds as required
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by Section 147 (f) of the Code, Section 9 of the Agreement, and
Section 91530 (f) of the Government Code of the State of
California, as amended.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of
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the City of Redding that the issuance of the Bonds is hereby
approved for the purposes of Section 147 (f) of the Code , Section
9 of the Agreement, and Section 91530 (f) of the Government Code
of the State of California, as amended.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 21st day of March, 1989 , and was duly
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adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Buffum, Carter, Dahl , Fulton, and Johannessen
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
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K. MAURICE- JOHANNESSEN, Mayor
I City of Redding
ATTEST:�p
40,-j0
ETHEL A. NICHOLS, City Clerk
O•00'PPROVED:
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' 'NDALL A. HAYS, ity Attorney
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CALIFORNIA RESOLUTIONS TO BE ADOPTED AT
I;;;, S"I'A'I I:V,H A.
R:, t COMMI,Nl"1'IFj DECEMBER 8, 1988 MEETING OF THE
E;w ; ! DI;�'I:Lurwl":N"r COMMISSION OF THE CALIFORNIA COUNTIES
I:,,. ; INDUSTRIAL DEVELOPMENT AUTHORITY
I:' '. WHEREAS, the Authority is authorized and empowered by
; the provisions of Title 1 , Division 7 , Chapter 5 of the
?f:�' Government Code of the State of California to issue its
!'3 'i; industrial revenue bonds pursuant to the California Industrial
='Ili Development Financing Act (the "Act") , for the purpose of paying
the cost of financing a project, as that term is defined in the
11: ',, Act; and
P- ,
I_f !, WHEREAS, Grundfos PumpsCorporation has requested the
lt,,,£ ' l Authority to issue and sell its industrial revenue bonds pursuant
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1.< 1i to the provisions of the Act for the purpose of financing the
! ,tl construction of new facilities, and to purchase machinery and
P'"" ' i equipment constituting a project, as that term is defined in the
#' ; Act (the "Grundfos Pumps Corporation Project") , for Grundfos
I'''I Pumps Corporation; and
I,*, WHEREAS, the Authority wishes to declare its intention
! # , to authorize a tax exempt issue of its industrial revenue bonds
'5','I" for the purpose of paying up to $7. 0 million of the cost of
1. financing the Grundfos Pumps Corporation Project , when so
, ,, requested by the Corporation upon such terms and condition as may
NI be agreed upon by the Authority, Grundfos Pumps Corporation
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, and the purchaser of such bonds.
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It, l ; WHEREAS, OBAS, Inc. has requested the Authority to
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issue and sell its industrial revenue bonds pursuant to the
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provisions of the Act for the purpose of financing the purchase,;,;
11 ' of machinery and equipment constituting a project, as that term
' is defined in the Act (the "OBAS, Inc. Project") , for OBAS, Inc. ;
,, r and
` i WHEREAS, the Authority wishes to declare its intention
' 'j to authorize a tax exempt issue of its industrial revenue bonds
j !;; for the purpose of paying up to $2 . 5 million of the cost of
�F''I financing the OBAS, Inc. Project, when so requested by OBAS, Inc.
`' upon such terms and conditions as may the be agreed upon by the
' 1, Authority, Image and the purchaser of such bonds.
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1,"q WHEREAS, Contech Construction Products Inc. ("Contech)
has requested the Authority to issue and sell its industrial
revenue bonds pursuant to the provisions of the Act for the
purpose of financing the Acquisition and remodeling of new
facilities, and to purchase machinery and equipment constituting
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California Statewide Couununitics 7901 Stoneridge Drive E :\.. ........
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Development Corporation ',Lute 22; County Supervisors Association
l'k.Manton CA 9156(;3657 of C ilifornia
1 California Statewide Cunuuunitics 800.635..,99, League of California Cities
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Development Author itv 115 463 8283 California Manufacturers Association
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a project, as that term is defined in the Act (the "Contech
Project") , for Contech Construction Products Inc. ; and
WHEREAS, the Authority wishes to declare its intention
to authorize an issue of its industrial revenue bonds for the
bu purpose of paying up to $3 . 4 million of the cost of financing the
Contech Project, when so requested by Contech Construction
Products Inc. upon such terms and conditions as may then be
agreed upon by the Authority, Contech Construction Products Inc.
!fir and the purchaser of such bonds.
WHEREAS, Marcel Schurman has requested the Authority to
issue and sell its industrial revenue bonds pursuant to the
ii provisions of the Act for the purpose of financing the
construction of new facilities, and to purchase machinery and
equipment constituting a project, as that term is defined in the
Act (the "Marcel Schurman Project") , for Marcel Schurman; and
WHEREAS, the Authority wishes to declare its intention
ii to authorize an issue of its industrial revenue bonds for the
purpose of paying up to $5. 0 million of the cost of financing the
Marcel Schurman Project, when so requested by Marcel Schurman
upon such terms and conditions as may then be agreed upon by the
Authority, Marcel Schurman and the purchaser of such bonds.
NOW, THEREFORE, BE IT RESOLVED by the Commission of the
Authority that it does hereby declare its intention to authorize
the issuance and sale of tax exempt industrial revenue bonds of
the Authority under and in accordance with the Act, in such an
amount necessary to pay up to $7. 0 million toward the cost of the
Grundfos Pumps Corporation Project as described in Attachment A,
and upon such terms and conditions as may be mutually agreed upon
by the Authority, Grundfos Pumps Corporation and the purchaser of
such bonds, and upon the City of Fresno becoming a memeber of the
Authority, the issuance and sale of such bonds to be authorized
by resolution of the authority at a meeting to be held for such
purpose.
RESOLVED FURTHER, by the Commission of the Authority
that it does hereby declare its intention to authorize the
' issuance and sale of tax exempt industrial revenue bonds of the
Authority under and in accordance with the Act, in such an amount
necessary to pay up to $2 . 5 million toward the cost of the OBAS,
Inc. Project as described in Attachment B, and upon such terms
and conditions as may be mutually agreed upon by the Authority,
as, Inc. and the purchaser of such bonds, the issuance and sale
of such bonds to be authorized by resolution of the authority at
ji a meeting to be held for such a purpose.
RESOLVED FURTHER, by the Commission of the Authority
that it does hereby declare its intention to authorize the
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issuance and sale of industrial revenue bonds of the Authority
under and in accordance with the Act, in such an amount necessary
to pay up to $3.4 million toward the cost of the Contech
Project as described in Attachment C, and upon such terms and
conditions as may be mutually agreed upon by the Authority,
Contech Construction Products, Inc. and the purchaser of such bonds,
and upon the County of Shasta or the City of Redding becoming a
member of the Authority, the issuance and sale of such bonds to
be authorized by resolution of the authority at a meeting to be
held for that purpose.
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U; RESOLVED FURTHER, by the Commission of the Authority
that it does hereby declare its intention to authorize the
H issuance and sale of industrial revenue bonds of the Authority
under and in accordance with the Act, in such an amount necessary
to pay up to $5. 0 million toward the cost of the Marcel Schurman
Project as described in Attachment D, and upon such terms and
conditions as may be mutually agreed upon by the Authority,
Marcel Schurman and the purchaser of such bonds,and upon the City
of Fairfield becoming a member of the Authority, the issuance and
sale of such bonds to be authorized by resolution of the
authority at a meeting to be held for that purpose.
7,-) 7 VL / f / E , President of the Joint Powers
Authority of certain California Counties attest that the
Commission of the Authority passed the above resolution as stated
on -7)-k-c:<'icc c= ; l`% t'' by a vote of /'
Signed 2
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EXHIBIT B
�I A. Description of the Facility: 68 , 400 square foot
manufacturing facility, providing for the manufacture of
metal and aluminum engineered products for the civil
infrastructure market.
B. Maximum Aggregate Face Amount of Issue: Not to exceed
$3 . 5 million.
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C. (i) Owner of the Project: Contech Construction Products Inc.
(ii) Operator of the Project: Contech Construction � I
Products Inc. � I
D. Project Location: 2245 Canyon Creek Road in Redding,
California
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