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HomeMy WebLinkAboutResolution No. 6451 (Revenue Bonds San Rafael Plaza)RESOLUTION NO. 6451 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL CONCERNING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS FOR THE SAN RAFAEL PLAZA (FOURTH & "A" STREETS PROJECT) 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, the San Rafael Plaza (the "Participating Party") has requested the financial assistance of the City in connection with the acquisition and construction of a four story office/retail building in the City known as San Rafael Plaza (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: RESOLUTION NO. 51 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 four million, five hundred thousand dollars ($4,500,000) 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. - 2 - RESOLUTION NO. � 51 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 - 3 - M. LEONCINI, City Clerk