HomeMy WebLinkAbout97-145 - ResolutionsRESOLUTION NO. 97-145
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, APPROVING THE
ISSUANCE OF NOT TO EXCEED $5 MILLION AGGREGATE
PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS (VANGUARD TOOL AND MANUFACTURING
COMPANY, INC.)
WHEREAS, Vanguard Tool and Manufacturing Company, Inc., a California
corporation, has requested that the California Statewide Communities Development Authority (the
CSCDA ) issue its Weekly Adjustable/Fixed Rate Industrial Development Revenue Bonds (the
Bonds ) in amount not to exeed $5 million pursuant to the California Industrial Development
Financing Act, Section 91500 et sea. of the Government Code of the State of California, as
amended and supplemented (the Act ); and
WHEREAS, the project to be financed by the Bonds consists of costs associated
with the construction and/or purchase of the property and financing costs related thereto for the
manufacture of file folder fasteners and other related metal products (the Project ); and
WHEREAS, the CSCDA has requested that the City of Rancho Cucamonga (the
City ) approve the issuance of the Bonds in order to satisfy the public approval requirement of
Section 147(0 of the Internal Revenue Code of 1986, as amended (the Code ), the requirements
of Section 9 of the Amended and Restated Joint Exercise of Powers Agreement (the Agreement
), dated as of June 1, 1988, among certain local agencies, including the City, and the public agency
approval requirement of Section 91530(0 of the Government Code of the State of California, as
amended; and
WHEREAS, the City of Rancho Cucamonga City Council held a public hearing on
September 17, 1997, providing a reasonable opportunity for persons to comment on the issuance
of the Bonds and the location of the Project; and
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds required by Section 147(0 of the Code, Section 9 of the Agreement and
Section 91530(f) of the Government Code of the State of California;
NOW, THEREFORE, BE IT RESOLVED as follows:
SECTION 1.
The City Council of the City hereby approves of the issuance of
the Bonds for purposes of Section 147(0 of the Code, Section 9
of the Agreement and Section 91530(f) of the Government Code
of the State of California; provided, however, that such approval
of the issuance of the Bonds does not constitute any use permit
approval or any other kind of entitlement by the Planning
Commission or the City Council of the City of Rancho
Cucamonga with respect to any portion of the Project.
Resolution No. 97-145
Page2
SECTION 2. This Resolution shall take effect immediately upon its passage.
PASSED, APPROVED, AND ADOPTED this 17th day of September, 1997.
AYES:
NOES:
ABSENT:
ABSTAINED:
Alexander, Biane, Curatalo, Gutierrez, Williams
None
None
None
ATTEST:
'" V~lliam J. A ~ y ~
De~bra j.~~Adam ,~CMC, Cit~~y Clerk~'~')'~4~
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify
that the foregoing Resolution was duly passed, approved and adopted by the City Council of the
City of Rancho Cucamonga, California, at a regular meeting of said City Council held on the 17th
day of September, 1997.
Executed this 18th day of September, 1997, at Rancho Cucamonga, California.
Debra J. Adams , City Clerk