HomeMy WebLinkAboutReso 1991-16342 RESOLUTION NO. 16342
RESOLUTION APPROVING A PROJECT FOR GOLD COAST
ENGINEERING, INC. AND SUTHERLAND/PALUMBO, A CALIFORNIA
GENERAL PARTNERSHIP
WHEREAS, the Industrial Development Authority of the City of Chula Vista
(the "Authority") has accepted and filed with this City Council an application
from Gold Coast Engineering Inc. (the "Applicant") requesting that the Authority
issue its revenue bonds pursuant to the California Industrial Development
Financing Act, being Title 10 of the California Government Code, as supplemented
and amended (the "Act"), to finance the construction of certain facilities (the
"Project") to be owned by Sutherland/Palumbo, a California General Partnership
(the "Owner") and leased to the Applicant; and,
WHEREAS, the Board of Directors of the Authority has made the
determinations required to be made by it pursuant to Section 91530 of the Act
preliminary to the issuance by the authority of such revenue bonds; and,
WHEREAS, this City Council has considered the information contained in the
aforesaid application and has considered the determinations of the Board of
Directors of the Authority; and,
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986,
as amended (the "Code"), the Bonds are required to be approved, by an elected
representative of the issuer of the Bonds, following a public hearing; and,
WHEREAS, this City Council is the elected legislative body of the City of
Chula Vista, and is the "elected representative" of the Authority; and,
WHEREAS, the Project is located wholly within the City of Chula Vista; and,
WHEREAS, this City Council has caused a notice to appear in the San Diego
Union, which is a newspaper of general circulation in the City of Chula Vista,
on August 24, 1991, to the effect that a public hearing would be held by this
City Council on September 10, 1991, regarding the issuance of the Bonds and the
nature and location of the Project; and,
WHEREAS, this City Council held the said public hearing on such date, at
which time an opportunity was provided to present arguments both for and against
the issuance of the Bonds and the nature and location of the Project;
NOW, THEREFORE, the City Council of the City of Chula Vista does resolve
as follows:
SECTION I. The City Council hereby approves the Project, subject to
fulfillment of all requirements under the Act, and approves
the issuances of revenue bonds of the Authority in an amount
not to exceed $4,000,000 to finance costs of the Project,
Resolution No. 16342
Page 2
which bonds and the interest thereon shall be paid from
revenues received by the Authority from the Owner pursuant
to a financing agreement with respect to the Project to be
entered into between the Authority and the Owner. This
resolution shall constitute both "host" and "issuer"
approval of the Bonds within the meaning of Section 147(f)
of the Code.
SECTION II. The Clerk or a Deputy Clerk is hereby directed to certify
and deliver this Resolution to the Authority.
SECTION III. This Resolution shall take effect immediately upon its
passage.
Presented by Approv as to for y
Chris'Salomone Bruce M. Boogaar
Community Development Di rector City Attorney
Resolution No. 16342
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this lOth day of September, 1991 by the following vote:
AYES: Councilmembers: Grasser Horton, Moore, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: Nader, Malcolm
ABSTAIN: Councilmembers: None
Leonard M.
Mayor, Pro-Tempore
ATTEST:
SevcerlTA./Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 16342 was duly passed, approved,
and adopted by the City Council held on the lOth day of September, 1991.
Executed this lOth day of September, 1991.
~verly ~.Authelet, City Clerk