HomeMy WebLinkAboutCC Resolution 6947 (Mervyn's Project)RESOLUTION NO. 6947
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 3.30 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 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 "Developer") to finance the construction
of a certain shopping center facility to be located in the
Northgate Shopping Center in the City of San Rafael (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. 6911,
adopted by the City Council on August 20, 1984, 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, the 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'm
-NAg,
_ �,w
RESOLUTION NO. 347
WHEREAS, this City Council has caused a notice to
appear in the San Rafael Independent -Journal, which is a news-
paper of general circulation in the City, on October 1, 1984, to
the effect that a public hearing would be held by this City
Council on October 15, 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 both "host" and "issuer" approval
of the issuance of bonds by the applicable elected representative
of the issuer in accordance with said Section 103(k).
2. Resolution No. 6911, approved by the City Council
of the City on August 20, 1984, authorizing the issuance, exe-
cution and delivery of City of San Rafael Commercial Revenue Bonds
(Mervyn's Project) 1984 Series A (the "Bonds"), in an aggregate
principal amount not to exceed $1,000,000, 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. The form of Preliminary Official Statement with
respect to the Bonds, as presented to this meeting, is approved
for distribution, including in final form, by Thornton, Farish &
Gauntt, Inc., as underwriter of the Bonds (the "Underwriter").
The Mayor is hereby authorized to sign a copy of such Official
Statement in final form, with such changes therein as may be
requested by the Underwriter and approved by such officer, with
the agreement of counsel for the City, such approval to be con-
clusively given by the execution thereof.
lw�=
RESOLUTION NO. j947
4. This resolution shall take effect immediately
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 OCTOBER 1984, by the
following vote, to wit:
AYES: COUNCILMEMBERS:Breiner, Frugoli, Nave, Russom & Mayor Mulryan
NOES: COUNCILMEMBERS:None
ABSENT: COUNCILMEMBERS:None
26.3 B/28
- w-
JEA M. L ONCI , City Clerk
- 3 -