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HomeMy WebLinkAboutResolution - City Council - 82-460 - 1982-10-05• • RESOLUTION NOi~ 82 ... 460 , ! l ~~~~ r RESOLUTION OF THE COU:NcjtL OF THE CITY OF FRESNO, CAL!FORNIA 1 APPIOVING APPLICATION 81-22 FOR INDUSTRIAL DEfELDPMENT REVENUE BONDS (IDB), SUBMITTED t~.y KGC INVESTME. NTS ,. LTD., FOR FINANCING A PQOJECT TO REMODEL AN EXISTING BUILDING TO'i A rwo ... sTOFfY OFFICE FACILITY IN THE CI1V OF!: FRESNO, A~O DECLJ\RING ITS INTENT TO ISSUE SUCU REVENUE BONDS~ ,I II I Planning WHEREAS, the City of Fresno (•cityu herein}, is a "home rule city" duly organiz~d and existing under th~ provisions of the ' . . Constitution of the State of California; and WHEREAS, pursuant to its hom~ rule powers; the City duly and regularly ena·cted the City of Fre~ino Industrial Development Bond Law (the "Industrial Development Bond Law" herein) to finan1ce various types of projects, as defimed in the Ind!Jstrial Developmsnt Bond Law, and to issue its special :re~:enue bonds· for the purpose of paying the cost of financing such p:i:ojects, and ha~ amended the same from time to time; and WHEREAS, said Industrial Dev~iopment Bond 'Law is intended to accomplish the public purposes set 'forth in Section 18-202 thereof; and fi WHEREAS an application from KGC Investments, LTD~ has been duly and regularly filed requesting th:e issuance of bonds pursuant ' ;', to said Industrial Development Bone;! La1.w in the. principal amount not to exceed $3,500,000 for the purpose ~f financing, on behalf of the applicant, a certain project, to wit: Remodeling and renovation of a building located at the southwest coTner of Tulare and van Ness, in the Central Business District Redev~lopment Project Area, Fresno, California, to a two-story office building, and including, without ., limitation, all off-site and on-site i~provements necessary.therefor and appurtenanees and appurtenant wcirk;i { the •11 Pr0Ject u); and 480/15 .... • • WHEREAS, said Application has 8~en processed and reviewed in accordance with said Industrial oevelppment Bond Law .. NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE COUNCIL OF THE CITY Of FRl::SNO, AS FOLLOWS: Section 1. That the recitals s~t forth hereinabove are true and correct in all respects. §.~£.ti on 2.. The City of Fresno, Cali t'ornia, is a municipal corporation duly created, established aniti autr~orized to transact business and exercise its powers, all under and pursuant to the ! Constitution and laws of the State of California, and the City Charter of the City~ Section 3. Pursuant to the Cha~ter of the City and the Industrial Development Bond Law, the City is legally authorized to issue special revenue bonds for the perm,nent financing as described in the recitals thereof. Section 4.. This body constitute's the goveJ:nl ng body of tJhe I I City and is legally authorized to provide for the issuance of such special revenue bonds of the City. Sections. The Project referred to in the recitals hereof constitutes a project which may be financed by the issuance of such special revenue bonds of the City. Section 6. The application refe~red to in the recitals hereof complies with the provisions and requirements of the Industrial Development Bond Law and the Rules and Regulations adopted pursuant thereto; and it ls herebydetermineol that the Project will accrue a pub1lc benefit 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 use of :the Facilities as proposed in the Application; and the Applid~tion and the Project involved in such Application are hereby ap~toved pursuant to the Industrial Development Bond Law. 480/1.5 -2- ri .. • • Section 7. The City hereby declares its intention to exercise the authority referred to in Section 3 hereof by issuing special revenue bonds of the City in such amounts as will be adequate to implement the City financing of the Pr6ject~ §ection S-The bonds shall be payable from the revenues described in the Industrial Development Bond Law, a-s amended. Section 9. The proceeding for the issuance of the bonds ---- shall be in accordance with Section 18-117 of the Fresno Municipal Code which provides as follows: 480/15 "SECTION 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 pledge of the faith and credit of the city, but shall be payable solely from the Revenues and other funds, if any, provided therefor in the proceedings. •(b) The issuance of Bonds shall not directly or indirectly or contingently obligate the city to levy or to pledge any form of taxation whatsoever therefor or to make any appropriation for their payment. "(c) All Bonds shall contain on the face thereof a statement to the following effect: "'Neither the faith and credit nor the taxing power of the City of Fresno is pledged to the payment of the principal of, premium, if any, or interest on this Bond, nor is the City of Fresno in any manner obligated to make any appropriation for payment~' "(d) Neither the Council nor the officers and employees of the city nor any persons executing the Bonds shall, in any event, be subject to any~personal liability for the Bonds or any personal liability or accountability by reason of the issuance of such Bonds. .. • • "(e) The Bonds shall be a special obligation of the city, and the city shall, under rio circumstances, be obligated to pay Bonds or Project costs (other than Administrative Expenses), except from Revenues and other funds received under the Project Agreements for such purposes, nor to pay Administrative Expenses except from funds received under Project Agreements for such purposes, or from funds which are made available as otherwise authorized by law. All Bonds shall contain on the face thereof a statement of their special obligation nature." SE~ction lo. The details of such bonds, including the establishing of the aggregate face amount of' such oblig.ati.ons, shall be authorized by the Resolution(s) of Issuance adopted by the Council ~f the City at a meeting or meetings to be held for such purpose.. The City Staff, Bond Counsel, Underwri teir:s, the Applicants and the agents and representatives of same are hereby authorized and ,i directed to prepare or cause to be prepared the necessary legal documents, including the Project Agreements, Resolution(s) of Issuance, and such other documents as may be necessary to effect said Project and the issuance of Industrial Development Revenue :;, Bonds therefor anj to present sa~e to the Council~ The City Manager is hereby authorized and directed to coordinate the efforts of all concerned relating to the issuance and sale of the 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 constitutes a proper exercise of the powers of this Council and conforms to State and local legal requirements relating to the issuance of such special revenue bonds and other bonds or debt obligations by a charter city of this State.. i 480/15 -4- (f .. • • Section 12. It is intended that this Resolution shall constitute such "official action" toward the issuance of the bonds within the meaning of the United States Internal Revenue Code of 1954, as amended, and the regulations promulgated thereunder, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt from Federal income taxation .. STATE OF CALIFORNIA COUNTY OF FRESNO CITY OF FRESNO ) ) ) CLERK'S CERTif:'ICATIQN ss,. I, JACQUELINE L. RYLE 1 City Clerk of the City of Fresno, certify that the foregoing Resolution was adopted by the Council of the City of Fresno, California, at a regular meeting thereor, held on the _ _..2th da:y of October ...,.__..,., 1982_,. ·· Finance Dept'"· 9/27/8~ 'I---" '4>~~d .I'~ 480/15 JACQUELINE L~ RYLE City Cle·rk By.