HomeMy WebLinkAbout1985 099 CC RESO1985 099 CC RESO ;¢fì ù j RESOLUTION NO. 85-99
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK TRANSFERRING PRIVATE ACTIVITY
BOND ALLOCATION TO THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF BALDWIN PARK
WHEREAS, the Industrial Development Authority of the
City of Baldwin Park the Authority") has received and approved
an application the Application") for financing from Baldwin
Park Partners, a general partnership the Applicant") pursuant
to the California Industrial Development Financing Act
California Government Code Section 91500 et seq.) the Act");
and
WHEREAS, the Authority, as an inducement to the
Applicant to develop and construct a 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 qwuadrant of Interstate 10 and Interstate 605
in the City of Baldwin Park the Project"), has expressed its
present intention to issue industrial development bonds the
Bonds") in connection with the Project and to authorize
preliminarily the issuance of such Bonds in a principal amount
not to exceed Nine Million Five Hundred Thousand Dollars
$9,500,000) by adopting a resolution the Initial
Resolution"), authorizing the issuance of said Bonds; and
WHEREAS, Bonds issued with respect to the Project are
private activity bonds" as defined in Section 103(n) of the
Internal Revenue Code of 1954, as amended the Code"); and
WHEREAS, the Authority has requested City Council of
the City of Baldwin Park the City") to transfer its private
activity bond limit allocation for 1985 to the Authority to
assist the Authority in providing the requisite allocation with
respect to the issuance of the Bonds; and
WHEREAS, the City Council of the City desires to
transfer its private activity bond allocation for 1985 to the
Authority.
NOW, THEREFORE, the City Council of the City of
Baldwin Park does hereby resolve as follows:
SECTION 1. The City hereby transfers its private
activity bond allocation for 1985, in the amount of Two Million
Nine Hundred Thirty Three Thousand Dollars $2,933,000), as
required by Section 103(n) of the Code, to the Authority for the
issuance of Bonds in connection with the Project. This transfer
of allocation shall be irrevocable upon the issuance and
delivery of such bonds.
SECTION 2. The Clerk or a Deputy Clerk of the City
is hereby directed to certify and deliver this Resolution to the
Authority.
SECTION 3. This Resolution shall take effect
immediately upon its adoption.
APPROVED and ADOPTED this/ 24^ day of October, 1985.
/ /
A
MAYOR
ATTEST:
/-
/ /^i
LINDA L. G^CTR, CITY CLERK
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1985 099 CC RESO ;¢fì ù j RESOLUTION NO. 85-99
PAGE TWO
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park, 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
/X^^ y
LI^DA L. GB^C CITY CLERK
BIB]
37847-U01
1985-U02
099-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10071-U03
DO20654-U03
C6-U03
RESO-U03
8/13/2003-U04
ROBIN-U04