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HomeMy WebLinkAbout85-333 - ResolutionsRESOLUTION NO. 85-333 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA ACCEPTING THE TRANSFER OF 1985 PRIVATE ACTIVITY BOND LIMIT, TRANSFERRING THE SAME TO THE REDEVELOPMENT AGENCY OF TEE CITY OF RANCHO CUCAMONGA AND APPROVING THE ISSUANCE OF A NOTE BY THE REDEVELOPMEW/AGENCY OF THE CITY OF RANCHO CUCAMONGA FOR THE RANCHO CUCAMONGA VILLAGE SHOPPING CENTER PROJECT WHEREAS, Kanter and Foothill Property, a California limited partnership (the "Developer"), seeks the issuance of tax-exempt obligations (the "Obligations") by the Redevelopment Agency of the City of Rancho Cucamonga (the "Agency") in the principal amount of $3,100,000 to finance the acquisition, construction and equipping of a commercial shopping center project located at the northeast corner of Foothill Boulevard and Ramona Avenue in the City of Rancho Cucamonga (the "City"), to be owned by the Developer (the "Project"); and WHEREAS, the City Council of the City of Artasia, California, has transferred to the City a portion of its 1985 Private Activity Bond Limit t4n the amount of $751,000 pursuant to Resolution No. 917 of the City Council Cf the City of Artasia, California, adopted on June 10, 1985; and WHEREAS, the City Council of the City of Maywood has transferred to the City a portion of its 1985 Private Activity Bond Limit in the amount of $1,217,000 pursuant to Resolution No. 3599 of the City Council of the City of Maywood, California, adopted on June 11, 1985; and WHEREAS, it is not expected that the City will utilize the full amount of such allocation for the issuance of Private Activity Bonds during 1985; and WHEREAS, the Governor's Procl-m-tion of July 19, 1984, permits the City to transfer to the State of California or any other local agency all or any portion of its Private Activity Bond allocation in any calendar year; and WHEREAS, the City wishes to cooperate with the State and other local governments which may need allocation in 1985; and WHEREAS, the Agency has requested that an amount equal to $1,968,000 of the calendar year 1985 Private Activity Bond Limit of the City be transferred from the City of Rancho Cucamonga for use by the Agency in furtherance of the intent and purposes of the Proclamation; and WHEREAS, the Agency has heretofore adopted its Resolution No. RA 85- 06 (the "Inducement Resolution"), expressing its intention to finance the Project with an issue of its tax-exempt Note (the "Obligation"); and WHEREAS, the Agency is authorized, pursuant to provisions of Part 1 of Division 24 of the California Health and Safety Code (the "Act") to issue the Obligation to finance the Project; and WHEREAS, pursuant to the requirements of Section 103(k) of the Internal Revenue Code of 1954, as amended, this City Council has conducted a public hearing regarding the issuance of the Obligation by the Agency for the Project, notice of which was published in The Daily Report at least 14 days prior thereto; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rancho Cucamon~a as follows: SECTION l: Approval of Project and Financing. The Project and its financing by the Agency is hereby approved. Such approval includes approval of an installment sale financing, including the issuance of a Note by the Agency in an amount not to exceed $3,100,000, pursuant to and subject to the requirements of the Act for the purpose of financing the Project. This approval is intended to satisfy the requirements of Section lOB(k) of the Code. Resolution No. 85-333 Page 2 SECTION 2: Acceptance of Allocations: The City hereby accepts and approves the transfers from the Cities of Artesia, California and Maywood, California, of their 1985 Private Activity Bond Limit in the aggregate amount of $1,968,000. SECTION 3: Transfer of Allocation. The City hereby transfers to the Agency $1,968,000 of its 1985 Private Activity Bond Limit to the Agency for the financing of the PToJect. SECTION 4: Other Acts. The City Clerk is hereby directed immediately to transmit a certified copy of this resolution to the California Debt Allocation Committee. SECTION 51 Effective Date. This resolution shall take effect immediately upon its adoption. PASSED, APPRO~ED, and ADOPTED this 18th day of December, 1985. AYES: Buquet, Mikels, King NOES: None ABSENT: Wright, Dahl ATTEST: Authelet, City Clerk I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cuoamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cuoamonga, at a regular meeting of said City Cotmoil held on the 18th day of December, 1985. Executed this 19th day of December, 1985 at Raneho Cueamonga, California.