HomeMy WebLinkAboutResolution No. 6578 (Marin Square Project)RESOLUTION NO. 6578
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 (MARIN SQUARE PROJECT) 1983
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 3.30 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 Resolution
No. 6450, adopted by the City Council on November 15, 1982, given
preliminary approval for the issuance of such bonds to fund a loan
to Marin Square Partners (the "Developer") to finance the con-
struction of certain shopping center facilities to be located on
Bellam Boulevard, between Highways 17 and 101 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. 6544,
adopted by the City Council on May 16, 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 pub lic he'aring; 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
R GIf~AL
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RESOLUTION NO. 6578
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 June 20, 1983, to the effect
that a public hearing would be held by this City Council on July
5, 1983 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 accordance with said Section 103(k).
2. Resolution No. 6544, approved by the City Council
of the City on May 16, 1983, authorizing the issuance, execution
and delivery of City of San Rafael Commercial Revenue Bonds,
(Marin Square Project) 1983 Series A, in an aggregate principal
amount not to exceed $6,250,000, 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.
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RESOLUTION NO. j78 ~~---
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
Ci ty on Monday ,the 5th day of July , 1983, by the ----=-----
following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Jensen, Miskimen & Mayor
Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERs:None
A NE M. LEONr,CitYClerk
26.1 Aj14
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