HomeMy WebLinkAbout1985 098 CC RESO1985 098 CC RESO ;¢fì ù m RESOLUTION NO. 85-98
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK APPROVING THE ISSUANCE
OF INDUSTRIAL DEVELOPMENT BONDS IN A
PRINCIPAL AMOUNT NOT TO EXCEED $9,500,000
BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE CITY OF BALDWIN PARK TO FINANCE THE COSTS
OF A PROJECT FOR BALDWIN PARK PARTNERS
WHEREAS, the Industrial Development Authority of the
City of Baldwin Park the Authority") has accepted and filed
with this City Council an application from Baldwin Park Partners,
a general partnership the Applicant") requesting that the Authority
issue its industrial development bonds pursuant to the California
Industrial Development Financing Act, being Title 10 of the California
Government Code, as supplemented and amended the Act"), to
finance the costs of acquisition and construction of a project
to be used by the Applicant; and
WHEREAS, the project is described more fully as the
Baldwin Park Partners Project, consisting of approximately 260,000
square feet of industrial, office and warehouse space on a 15.65
acre parcel of real property located at the southwest quadrant
of Interstate 10 and Interstate 605 in the City of Baldwin Park,
California the Project"), the developer of such Project being
Baldwin Park Partners, a general partnership; and
WHEREAS, the Board of Directors of the Authority has
made the determinations required to be made by it pursuant to
Section 91530 of the Act preliminary to the issuance by the Authority
of such industrial development bonds; and
WHEREAS, this City Council has considered the information
contained in the aforesaid application and has considered the
determinations of the Board of Directors of the Authority; and
WHEREAS, notice of a public hearing with respect to
the proposed issuance of such industrial development bonds was
published on October 9, 1985, in the San Gabriel Valley Tribune,
a newspaper of general circulation available to residents of
the City of Baldwin Park the City"); and
WHEREAS, on October 24, 1985, such public hearing was
held before this City Council and an opportunity was provided
for interested persons to present arguments for and against the
issuance of such industrial development bonds and the nature
and location of the Project; and
WHEREAS, the interest on such industrial development
bonds may qualify for tax exemption under Section 103(b) of the
Internal Revenue Code of 1954, as amended the Code"), only
if such bonds are approved in accordance with Section 103(k)
of the Code; and
WHEREAS, the Project is to be located wholly within
the geographic jurisdiction of the City; and
WHEREAS, the Authority has no elected legislative body,
officers or other officials; and
WHEREAS, this City Council is the elected legislative
body of the City and is the applicable elected representative
required to approve the issuance of such industrial development
bonds within the meaning of Section 103(k) of the Code.
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1985 098 CC RESO ;¢fì ù m RESOLUTION NO. 85-98
PAGE TWO
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Baldwin Park as follows:
SECTION 1. The above recitals and each of them are
true and correct and is certified to be a representation of the
City Council.
SECTION 2. The City Council hereby approves the
Project, subject to the fulfillment of all requirements under
the Act and approves the issuance of industrial development bonds
of the Authority, in a principal amount not to exceed Nine Million
Five Hundred Thousand Dollars $9,500,000) to finance the costs
of the Project, which bonds and the interest thereon shall be
paid solely from revenues received by the Authority from the
Applicant pursuant to a financing agreement with respect to the
Project to be entered into by and between the Authority and the
Applicant.
SECTION 3. It is the purpose and intent of the City
Council that this Resolution constitute the City's approval of
the Project and of the issuance of certain industrial development
bonds in accordance with Section 91531 of the Act, as well as
the approval of such industrial development bonds by the appropriate
applicable elected representative in accordance with Section
103(k) of the Code.
SECTION 4. In no event shall the bonds constitute
a pledge of the full faith and credit of the Authority, the City,
the State of California or any political subdivision of the State,
and in no event shall the Authority or the City be liable for
any costs and expenses associated with the issuance, sale and
delivery of the bonds.
SECTION 5. In accordance with the Act, the Clerk
or a Deputy Clerk of the City is hereby directed to certify and
deliver this Resolution to the Authority.
SECTION 6. This Resolution shall take effect immediately
upon its passage.
PASSED, APPROVED and ADOPTED this 24th day of October,
1985.
MAYOR
ATTEST:
LJNDA L. GAI.R, CITY CLERK
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1985 098 CC RESO ;¢fì ù m RESOLUTION NO. 85- 98
PAGE THREE
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Parky do hereby certify that the foregoing Resolution was regularly
approved and passed at an ADJOURNED REGULAR MEETING AND PUBLIC
HEARING of the Baldwin Park City Council on the 24th day of October,
1985, by the following vote:
AYES;
NOES:
ABSENT:
COUNCILMEN MCNEILL, GIBSON AND IZELL
COUNCILMEN NONE
COUNCILMEN KING AND MAYOR WHITE
LINDA L. G^^, CITY CLERK
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8/13/2003-U04
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