HomeMy WebLinkAboutResolution No. 6450 (Revenue Bonds Marin Square Partnership)RESOLUTION N0. 6450
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN RAFAEL CONCERNING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS FOR MARIN SQUARE
PARTNERSHIP
(BLUMENFELD PROPERTY)
WHEREAS, the City Council of the City of San Rafael (the
"City") has, by Ordinance No. 1441 (the "Ordinance") adopted by
the City Council on October 4, 1982, enacted the City of San
Rafael Economic Development Revenue Bond Law (the "Law"), con-
stituting Title 3, Chapter 3.30 of the Municipal Code of the City,
authorizing and establishing the procedure for the sale and
issuance of revenue bonds by the City for the purpose of providing
financing to participating parties for economic development
purposes, and authorizing the appropriate officers of the City to
take any and all actions and execute and deliver any and all
agreements and documents necessary or advisable to consummate the
lawful issuance and delivery of the bonds authorized by the Law;
and
WHEREAS, Marin Square Partnership (the "Participating
Party") has requested the financial assistance of the City in
connection with the acquisition and construction of a shopping
center in the City known as Marin Square (the "Facility") and has
presented to the City a general description of the Facility;
and
WHEREAS, the City desires to assist the Participating
Party in the financing of the Facility; and
WHEREAS, the Participating Party requires satisfactory
assurance from the City that the proceeds of the sale of bonds of
the City will be made available to it to assist in the financing
of the Facility, and the City requires satisfactory assurance from
the Participating Party that certain costs of issuing such bonds
will be paid by the Participating Party.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of
the City of San Rafael, as follows:
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RESOLUTION NO. 6450
Section 1. The City Council of the City finds and
determines that the financing of the Facility will be in further-
ance of the public purposes set forth in the Ordinance by pro-
moting the full and gainful employment of residents of the City;
the full and efficient utilization and modernization of existing
industrial, commercial, and business facilities; and the growth of
the City's tax base through increased property values and consumer
purchasing; and that it is necessary and essential and a proper
public purpose that the Facility be financed at the earliest
practicable date.
Section 2. The City Council states its present intent
to issue, at one time or from time to time, economic development
revenue bonds of the City (the "Bonds") in an aggregate principal
amount not to exceed eight (8) million dollars for the Participating
Party to finance the Facility; provided that, prior to commencing
the preparation of documentation for the issuance of the Bonds,
the City and the Participating Party shall have entered into a
letter agreement in substantially the form attached hereto, with
such additions or deletions as are considered necessary or
appropriate by officers of the City and the Participating Party.
The City Clerk of the City is hereby directed to transmit said
letter agreement in substantially the form attached hereto to the
Participating Party, and the City Manager of the City (or his
deputy) is hereby authorized to execute said letter agreement and
all other necessary implementation documents for and in the name
and on behalf of the City.
Section 3. The Bonds shall be payable solely from the
revenues to be received by the City pursuant to loans or other
agreement(s) to be entered into by the City and the Participating
Party in connection with the financing of the Facility, and shall
not be deemed to constitute a debt or liability of the City under
any constitutional, charter or statutory debt limitation. Neither
the faith and credit nor the taxing power of the City shall be
pledged to the payment of the principal of or premium, if any, or
interest on the Bonds.
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RESOLUTION NO. 50
Section 4. Issuance of the Bonds shall be subject to
the following conditions: (a) the City and the Participating
Party shall have first agreed to mutually acceptable terms for the
Bonds and the sale and delivery thereof and mutually acceptable
terms and conditions for the loans or other agreement(s) for the
financing of the Facility; and (b) all requisite governmental
approvals shall have first been obtained, or if they cannot be
obtained, the Participating Party shall demonstrate to the satis-
faction of the City that any remaining approvals are expected to
be obtained.
Section 5. It is the purpose and intent of the City
that this Resolution constitute official action toward the issuance
of obligations by the City for the Facility in accordance with
Section 1.103-8(a)(5)(iii) of the Regulations promulgated by the
United States Department of Treasury under Section 103 of the
Internal Revenue Code of 1954, as amended.
Section 6. This Resolution shall take effect immedi-
ately upon its passage.
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 MONDAY_, the 15th day of NOVEMBER , 1982, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Jensen, Miskimen & Mayor
Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
25 A/30
Jin La
M. LEO CINI, City Clerk
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