HomeMy WebLinkAboutCC Resolution 6748 (Mervyn's Project)RESOLUTION NO.6748
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN RAFAEL AUTHORIZING THE ISSUANCE, SALE AND
DELIVERY OF CITY OF SAN RAFAEL COMMERCIAL REVENUE
BONDS (MERVYN'S PROJECT) 1984 SERIES A
WHEREAS, the City of San Rafael (the "City") has, by
Ordinance No. 1441, adopted by the Council on October 4, 1982,
enacted the City of San Rafael Economic Development Revenue Bond
Law comprising Chapter 3.03 of Title 3 of the Ordinance Code of
the City of San Rafael (herein called the "Law"), authorizing and
establishing a procedure for the sale and issuance of revenue
bonds or other evidences of indebtedness by the City for the
purpose of making loans to participating parties to finance
facilities maintained and operated for industrial, commercial or
business purposes; and
WHEREAS, the City Council of the City has, by Reso-
lution No. 6649, adopted by the City Council on October 3, 1983,
given preliminary approval for the issuance of such bonds to fund
a loan to Mervyn's (the "Borrower") to finance the construction of
a retail store facility to be located at the Northgate Shopping
Center adjacent to Las Gallinas and Northgate Drive, in the City
(the "Project"), and authorized proper officers of the City to
proceed to prepare or cause to be prepared the documentation
necessary for such purpose; and
WHEREAS, the City Council has, by Resolution No. 6679,
adopted by the City Council on November 21, 1983, given final
approval for the issuance of such Bonds to finance the Project;
and
WHEREAS, pursuant to Section 103(k) of the Internal
Revenue Code, as amended (the "Code"), the Bonds are required to
be approved, by an elected representative of the issuer of the
Bonds, following a public hearing; and
WHEREAS, this City Council is the elected legislative
body of the City of San Rafael; and
WHEREAS, the Project is located wholly within the City
of San Rafael; and
- 1 - 6?g91
RESOLUTION NO. 6 '
WHEREAS, this City Council has caused a notice to appear
in the San Rafael Independent -Journal, which is a newspaper of
general circulation in the City, on February 7, 1984, to the
effect that a public hearing would be held by this City Council on
February 21, 1984, regarding the issuance of the Bonds and the
nature and location of the Project; and
WHEREAS, this City Council held the said public hearing
on such date, at which time an opportunity was provided to present
arguments both for and against the issuance of the Bonds and the
nature and location of the Project.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of San Rafael:
1. Pursuant to Section 103(k) of the Code, this City
Council hereby approves the issuance of the Bonds to finance costs
of the Project. It is the purpose and intent of this City Council
that this resolution constitute approval of the issuance of bonds
by the applicable elected representative of the issuer in accor-
dance with said Section 103(k).
2. Resolution No. 6679, approved by the City Council
of the City on November 21, 1983, authorizing the issuance, exe-
cution and delivery of the City of San Rafael Commercial Revenue
Bonds, (Mervyn's Project) 1984 Series A, in an aggregate principal
amount not to exceed $8,000,000, certain documents, and all other
documents deemed necessary or advisable in order to achieve the
purposes stated therein, is affirmed by this City Council and,
except to the extent superseded by this resolution, remains in
full force and effect.
3. This resolution shall take effect immediately upon
its passage.
- 2 -
�h
RESOLUTION NO. 67�..
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
hereby certify that the foregoing resolution was duly and regularly
introduced and adopted at a regular meeting of the Council of said
City on Tuesday, the 21st day of February, 1984, by the following
vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JE M. LEONCINI, City Clerk
26 2 A/20