Loading...
HomeMy WebLinkAboutResolution - City Council - 82-574 - 1982-12-21• RESOLUTION NO. 82-574 ..,., ___ _ A RESOLUTION OF THE COUNCIL OF THE CITY OF FRESNO, CALIFORNIA, AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE CONSTRUCTION OF TWO THREE-STORY OFFICE BUILDINGS IN THE CIVIC SQUARE AREA OF THE MARIPOSA REDEVELOPMENT PROJECT AND THE RENOVATION OF THE PJOST OFFICE BUILDING TO PRESERVE ITS HISTORICAL QUALITY. Financ,e WHEREAS, the City of Fresno ("City• herein), is a »home rule city" duly organized and existing under the provisions of the Constitution of the State of California; and WHEREAS, pursuant to its home rule powers, the City duly and regularly enacted the City of Fresno Industrial Development Bond Law (the "Industrial Development Bond Law• herein) to finance various types of projects, es defined in the Ind1Jstrial Development Bond Law, and to issue its special revenue bonds for the purpose of paying the cost of fi.nancing such projects, 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 18-202 thereof; and WHEREAS an application from Civic Center Square, Inc., a California corpt:Jration, has been duly and regularly filed requesting the issuance of bonds pursuant to said Industrial Development Bond Law in the principle amount not to exceed $6,500,000. for the. purpose of financing, on behalf of the applicant, a certain project, to wit: The construction of two three-story commercial office buildings containing approximately 116,000 square feet of space in the Civic Square Area of the Mariposa Redevelopment Project, located between "0" and "M" streets and Tulare and Inyo streets, and the renovation of the 11,250 square foot Post Office Building listed H.P. 22 on the local historical registry, and including, without limitation, all off-site and on-site improvements necessasry therefor and appurtenances and appurtenant work (the •project"); an~ • • WHEREAS, said Application has been processed and reviewed in accordance with said Industrial Development Bond Law. NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY THE COUNCIL OF THE CITY OF FRESNO, AS FOLLOWS: Section 1. That the recitals set forth hereinabove are true and correct in all respects. Section 2. The City of Fresno, California, is a municipal corporation duly created, established and authorized 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 Charter of the City and the Industrial Development Bond Law, the City is legally authorized to issue special revenue bonds for the permanent financing as described in the recitals thereof. Section 4. This body constitutes the governing body of the City and is legally authorized to provide for the issuance of such special revenue bonds of the City. Section 5. The Project xeferred 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 referred 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 is hereby determined that the Project will accrue a public 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 Application and the Project involved in such Application are hereby approved pursuant to the Industrial Development Bond Law~ 642/26 -2- ,, • 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 Project Section 8. The bonds shall be payable from the revenues described in the Industrial Development Bond Law, as amended. Section 9b 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: "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 F~resno in any manner obligated to make any appropriation for payment.1 "(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 no 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 fungs 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 fact thereof a statement of their special obligation nature.0 Section 10. The details of such bonds, including the establishing of the aggregate face amount of such obligations~ shall be authorized by the Resolution(s) of Issuance aciopted by the council of the City at a meeting or meetings to be held for such purpose. The City Staff, Bond counsel, Underwriters, the Applicants and the agents and representatives of same are hereby authorized and 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 and to present same 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. Sec.tion 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. -4- • • 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 Cade 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 CERTIFICATION ss" I, JACQUELINE L. RYLE, City Clerk of the City of Fresno, certify City of the that the foregoing Resolution was adapted by the council of the Fresno, California, at a regular meeting thereof, held on 21st · day of December , 19_~2 .• C Finance Dept. -5-