HomeMy WebLinkAboutResolution - City Council - 82-436 - 1982-09-21# • •
RESOLUTION NO.. 82·436
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RESOLUTION OF THE COUNC]iL OF THE CITY OF
I • FRESNO, CALIFORNIA, APPR~VING APPLICATION
81-23 FOR INDUSTRIAL DEVELOPMENT REVENUE
Pub l i e Works
.Deve Jopment
BONDS (IDB), SUBMITTED SY SCHURGIN DEVELOPMENT
CORPORATION, FOR FINANC]j~G A PROJECT! TO CONSTRUCT
A SHOPPING CENTER FACILITY IN .THE CITY -OF FRESNO,
AND DECLARING ITS INTEN~ TO ISSUE SUCH REVENUE
BONDS ..
WHEREAS, the City of Fresno ~•City" her.in}, is a "home
rule city" duly organized and existin~ under the provisions of t6e
Constitution of the State of California; and
WHEREAS, pursuant to its ham~ rule powers, the City duly
and regularly enacted the City of Fresno Industrial Development Bond
Law (the "Industrial Developm~?nt Bond Lawn herein) to finance
various types of projects, as defined in thei Industrial Development
Bond Law, and to issue its special rev~nue bonds fox the purpose of
paying the cost of financing such proj~cts, and has amended the same
from time to time; and
WHEREAS, said Industrial Development Bond Law is intended
to accomplish the public purposes set forth in Section 18-20i
thereof; and·
WHEREAS an application from Schurgin Development
Corporation has been duly and regularly filed req4esting the
issuance of bonds pursuant to said Ind~strial Development Bond Law
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in the principle amount not to exceed $250, 000.. f'or the purp()se of
financing, on behalf of the applicant, .a certain project, to wit:
Construction of approximately 5·, 840 :square fc•ot shopping ce·ntE~r to "
accommodate retail tenants at the south~ast corner of ~est Olive
Avenue and North Fruit Avenue, Fresno, 9alifornia, and includ1ngr
without limitation, all off-site and om-site improvements nec1:~ssary
therefor and appurtenances and appurtenant work (the •Project 1•); and
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WHEREAS, said Application has been processed and reviewed
in accordance with said Industrial Oevelopment Bond Law.
NOW II THEREFORE, IT ts HEREl~Y RES(tl\J,'EO, DETERMINED ANO
ORDERED BY THE COUNCIL OF THE CITY pF FRESNO, A$ FOLLOW!;;:
Section 1. That the rebitils set forth hereinabove are
true and correct in all respects.
Section 2. The City of FrEtsno, c:alifornia, is a municipal ,,. ~-----,
corporation duly created, established and authorized to transact
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business and exercise its power~, a~l under and pursuant to the
Constitution and laws of the State of California, and the City
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Charter of the City.
Section 3 .. --Pursuant to the Charter of the City and the
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Industrial Development Bond law, th~: City is legally authorized to
issue special revenue bonds tor the permanent flnancing a.s described
in the recitals thereof.
§_e_.9.~_!.9.~1 4.. This body constil tutes the governing: body ctf the ,
City and 1s legally authorized to provide for the issuance of such
special revenue bonds of the City.
~~-~th.Q:n .5.. The Project ref~~rre,d, to ln 1:he recitals hereo'.r
constitutes a project which may be financed by the issuance of auch
special revenue bonds of the City ...
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Section 6.. The application ;referred to in the recital~,
hereof complies with the provisions and ::r:•equirements of the
Industrial Development Blond Law and the Rules and Regulations
adopted pursuant thereto; and it is ~~reby determined that the
Projact will accrue a public ben&fit and that the undertaking of the
Project by the City will be a substantial factor in the accrual of
each of the public benefits for the U$e of th~ Facilities as
proposed in the Application; and the Application and the Proje6t
involved in such Application are herel~y iappxoved pursuant to the
Industrial Development Bond Law4
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" §ect_JQn 7 ";. The City her.eby decli~res its intention tc)
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exercise the authority referred to in Seotion J hereof by issuing
special revenue bonds of the City in such! amoqnts a~~ will be
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adequate to .implement the C:ity financing 1:or the Project ..
§ec~tion 8.. The bonds shall be iiayable from the revenues
described in the Industrial Development Bond Law, as amended.
Section 9., The proceeding for the issuance of the bonds
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shall be in accordance with Section 18-l;l 7 ·of' the Fresno Mun.i.c:ipal
Code which provides as follows:
nsECTION 18-117. NO CITY DEBT.
"(a) None of the Bonds issued by the City
pursuant to this ordinance shall be deemed to
' constitute a debt or liability\of the city, or a
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pledge of the faith and credit of the eity, but shall
be payable solely from the Rev~mue:s and other funds,
if any, provided therefor in tljte proceedings •.
"(b) The issuance of Bonds shall not directly or
indirectly or contingently obltgate the city to levy
or to pledge any form of taxation whatsotver therefor
Ol~ to make any appropriation fi3r their palyment ..
n ( c) All Bonds shall cont1,ain on the face, th1ere-0 f
a statement to the following effect:
u "Neither the faith ,and credit nor the
taxing p 1ower of the City 'pf Fresno is pledg·ed to
the payment of the principal of, premium, if any,
or interest on this Bond,: nor is the City of
Fresno in any manner obl~gated to make any
appropriation for payment.'
»(ct) Neither the Council·nor the officers and
employees of the city nor any: pe:rson.s executing tht~
Bonds shall, in any event, be subject to any pe~sonal
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liability for the Bonds or anf personal liability or
accountability by reason of the issuance of such Bonds.
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"(e) The Bonds shall be a special obligation of
the city, and the city shallv under ne circumstances,
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be obligated to pay Bonds or Project costs (other than
Administrative Expenses)i exoept from Revenues and
otheir funds received under tt:1e ProJect Agre'Smenbs 1for
suich purposes, nor to pay Administrative Expenses
except from funds received un~er Project Agreements
for such purposes, or from funds which.are made
available as otherwise authorlzed by law. All Bonds
shall contain on the face the:ceof a statement of their
special obligation nature~"
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Section 10.:. The details of sc1ch bonds, including the
establishing of the aggregate face amount of ~uch obligations, shall
be authorized by the Resolution(s) of issuance adopted by the
Council of the City at a meet:lng or meetings to be held for ~such
purpose. The City Staff, Bond Counsel, Underwriter$, the Applicants
and the agents and representatives of same ara hereby authorized and"
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directed to prepare or cause to be prep~red th~ necessary legal
documents, inicluding the Project At1reem•~nts, Resolution (s) of::
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Issuance, and such other documents as may be nec$ssary to effect
said Project and the issuance of Industtial Development Revenue
Bonds therefor and to present same to the Council~ The City Manager
is hereby authorized and dixected to cocirdinate tb«a efforts of all
concerned relating to the is·5uance and $,ale of th~~ bonds, and the
City Attorney, City staff, consultants and Bond counsel are hereby
directed to take such steps as shall be appropriate to implement
such sale and delivery of the bonds.
Section 11. This Resolution cchstitutes a proper exercise.
of the powers of this Council and confor~s to State and local legal
requirements relating to the issu!1ance of, such specital revenue· bonds
and other bonds or debt obligations by a. charti~+: cttty of this State ..
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Section 12. It is intended that thi:s Restilution shall --l/
constitute such "official action" to~ard the issuance of the bonds
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111ithin the meaning of the United States Interr,al Revenue Code of
19 54, as amended, and the regulations promulgatied the:reunde1·, and
any legislation now or hereafter pending in the Congress of the
United states which may require official action.in order for the
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bonds to be exempt from Federal income taxation~
STATE OF CALIFORNIA
·coUNTY OF FRESNO
CITY OF FRESNO
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CLERK 1 S CERTIFICATION -..,._........,
I, JACQUELINE L. RYLE, City Clerk of the City of Fresno,
certify
City of
the
that the foregoing Resolution was adopted by the Council of the
Fresno, California, at a regul~r meeting thereof, held on
21st _ day of -... Seetember ., 19~ ..
Finance Dept.
9/14/82
45.0/15