HomeMy WebLinkAboutReso. 1989-111 - Approving the issuance of not to exceed $4.5 •
RESOLUTION NO. SF//i
11
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE ISSUANCE OF NOT TO EXCEED $4 . 5 MILLION
ii AGGREGATE PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS.
WHEREAS , the California Statewide Communities Development
II'
Authority (the "Issuer") in its inducement resolution (the
Ali "Resolution") attached hereto as Exhibit A, has proposed to issue
an amount not to exceed $4. 5 million aggregate principal amount
Ip of Industrial Development Revenue Bonds ("Bonds") pursuant to the
it California Industrial Development Financing Act, Section 91500
et. seq. of the Government Code of the State of California, as
II amended and supplemented (the "Act") ; and
WHEREAS, the project to be financed by the Bonds consists of
costs associated with the construction and/or purchase of the
property and financing costs (the "Project") described in Exhibit
4 i
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
II (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 April 4 ,
1111 1989 , providing a reasonable opportunity for persons to comment
1 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
N,
4 •
I l
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
the City of Redding that the issuance of the Bonds is hereby
4i approved for the purposes of Section 147 (f) of the Code, Section
9 of the Agreement, and Section 91530 (f) of the Government Code
I' of the State of California, as amended.ti
I, I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
i 1,
the City of Redding on the 4th day of April, 1989 , and was duly
adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Buffum, Carter, Fulton and Johannessen
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Dahl
ffp ABSTAIN: COUNCIL MEMBERS: None
111
/14::1614:47:'
K'.vMAU ICE JOHANNESSEN, Mayor
City of Redding
ATTEST: A e /�
4f
it
ETHEL A. NICHOLS , City Clerk
OI
FORM PROVED:
A DALL A. HAYS , Cit Attorney
-2-
I Exhibit ACAURIMA
i-
•
SOLUTIOTO BE ADOPT= As
STxrcWaE MARCH .16, 1988 MEETING OF THE
QaudvarnEs
DEmormair COMMISSICS OF THE CALIFORNIA STAND E
mingnirrIES DEVSIAPMERT ADTWORITY
S,_'the.:Authority is authorizedand empowered by
Ithe provisions of Title 1, Division 7, Chapter 5 of the
M1 Government Code of . the :State of California to issueits
, 1 industrial revenue bonds pursuant to the California Industrial
Development Financing Act (the •Acta), for the purpose of paying
6 ' the cost of financing a. project, as that term ;is defined in the
j Acct; and
II
INUMMAS,- Loralie originals, Inc. has requested the
Authority to issue and sell its in a revenue bonds pursuant
to the provisions of the Act. for the purpose - of . financing the -
acquisition and-..remodeling of facilities, and . to purchase
equipment- constituting a project, as that term is defined in the
C j Act (the Loralie Project ) , for Loral%e Originals, Inc.; and .
IMMREAS, the Authority wishes to declare its intention
to authorize a tax exempt issue of its industrial revenue bonds
for the purpose of paying up to $4.5 adllion of the cost of
financing the Loralie Project, when so requested by the f ,
Corporation upon such terms and condition as may then be agreed �.
upon by the Authority, Loralie Originals, inc. and the purchaser
of sum finds_
SHIERRAS, Advanced Controls, Inc_ 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
construction of new facilities, and to purchase machinery and
equipment constituting a project, as that term is defined in the
Act (the °Advanced Controls Pr'oject8) , for Advanced -Controls,
Inc. ; and
MHE2MAS, the Authority wishes to . declare its Intention
to authorize a tax exempt issue of its industrial revenue bonds
for the purpose of paying up to $7-0 million of the cost of
fin acing tete- Advanced Controls Project, when so retested by the
Corporation upon such terms and condition as may then be agreed
upon by the Authority, Advanced Controls, Inc. and the purchaser
of such bonds_
MnEREAS, Monster cable Products, Inc. has requested the
Authority to issue and sell its industrial revenue bonds pursuant
to the pr visions' of the pct for the purpose .of financing nancthe
construction Or acquisition and remodeling of new facilities, and
to purchase equipment constituting a eject, : as that term is �.
1 III
c sMEndik-C Siiimmor411r
Ij
lleveisposeig Coracralono cdinayS4mmmmAma6m
Timor.CA 94566.37 or Cankruza
Cdfikirsia swr.riar Communities retuill39511 lzairdr drCalifornia Cities
415.4fall211 c .
I
!11
w Aik • 1pilk
0 I
defined in the Act (the uWonster Cable Project } , for Monster
Cable Products, Inc. ; and
- RHEIMS, the Authority wishes to declare its intention
to authorize a tax exempt issue of its initmlxial revenue bonds
for the purpomm of paying up to $5.5 million of the cost of
financing the Maneter Cable Project, when mo retested by the
Corporation upon such terms and condition as may then be agreed
upon by the Authority, Dunster Cable Products, Inc. and the
Purchass _ of guch bmds-
r WHEREAS, Andercraft Products, Inc. . has requested the
Authority to issue and sell its industrial revenue bonds pursuant
to the provizion& of the Act for the purpose of financing the
conetruction or acquisition of a new feolltly and the purchase of
t, machinery and equipment constituting a- lavject, as that term is
q defined in the Act (the *Andercrart Project ), for. Andercraft
Products, Ivo.; and
I It
WHEREAS, the Authority wishes to declare its intention
to authorize a tax Exempt issue of its industrial revenue bonds
for the purpose of paying up to $2.0 million of the cost of
financing the Andercraft Pro:pm:44 when so requested by Andereraft
Pmmhacts, inc. upon such terms and conditions as may the be
agreed upon by the Authority, Andercraft Products Inc. and the
purchaser of such bends.
WW, THICIEFORE, EX rr 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 $4.5 million toward the cost of the
Loralie Project as described in Atitchment A, and unon such terms
r and conditions as may be zutually agreed upon by the Authority,
Loralie Originals, Inc. and the purchaser of such bonds, the
issuance and sale of such bonds to be authorized by resolution of
the authority at a meeting to be held far such purpose.
FURTHER 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 aillion toward the cost of the
Advanced Controls Project as described in Attachment B, and upon
such terms and conditions as may be mutually agreed upon by the
Authority, Advanced Controls, Inc. and the purchaser of such
bonds, the issuance and sale of such bonds to be authorized by
resolution of the authority at a meeting to be held for such
put .
2
•
FURTHER BE If 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 bands of
the Authority under and. in 'accordance with the Act, ' in such an
amount necessary to pay up to $5.5 million toward the cost of the
III Monster Cable Project as Abed in Attachment C, and upon such
terms and conditions as nay be antually agreed upon by the
Authority, Boaster Cable: Products, Inc. .and the purchaser of such
bonds, and upon the City of Brisbane or _the County of San Mateo
a mea�eber of the Authority,
becoming the issuance and .sale of
II
such bonds to be authorized 'by resolution of the authority at a
11, . meeting to be bid for such purpose_
RESOLVED FURTHER, by the Commission of- the Authority
Pthat it does hereby declare its intention to authorize the
issuance and: sale of tax exempt imffimarial revenue bonds of the
Authority under and in accordance with tbe_ Act, in such an amount
necessary to: pay up to $2.0 mil line toward_ the cost of the
Andercraft Project as described in Attachment. D, and upon such
tams and conditions as nay be entnally agreed upon by the
Authority, Andercraft Products, Inc_ and the .purchaser of such
bonds, the and upon the County of San Bernardino or the City of
Rancho Cucamonga becoming a member of the Authority,, the issuance
and sale of such bonds to be authorized by .resolution of the
authority.ata meeting to be held for such a purpose.
� I
* * * a
L rktZ Z-i 14,A,Awzr , President of the California
Statewide Communities Develooment Authority of attest that the
Commission of the Authority passed the above resolution as
oncvix-C14 16 )41Vtri by a vote of 14- 0
i
Signed r- l
pal =
3
1 I
l I
I
•
EXHIBIT B
� I
I A. Description of Facility: 230 ,000 square foot manufacturing {�
facility, providing for the manufacture of women' s clothing.
I '
B. Maximum Aggregate Face Amount of Issue: Note to exceed $4. 5
million.
C. ( i) Owner of the Project: Lorelie Originals, Inc.
( ii) Operator of the Project: Lorelie Originals, Inc.
li
kl D. Project Location: 4350 Caterpillar Road in Redding, Califor-
nia.
II
it !
� I