HomeMy WebLinkAboutReso 1982-10790
8981B
CFA:JHHW
03/03/82
RESOLUTION NO. 10790
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING THE ISSUANCE OF BONDS
OR OTHER OBLIGATIONS TO FINANCE CONSTRUCTION
OF EXEMPT MARINA AND RECREATIONAL FACILITIES
BY INCOME PROPERTY GROUP
The City Council of the City of Chula Vista does hereby resolve as
follows:
WHEREAS, the City has heretofore adopted its Ordinance No. 1971
authorizing the City to issue and sell its bonds pursuant to the City Charter
for the purpose of providing financing for the acquisition, construction and
improvement of commercial projects located within the City; and
WHEREAS, Income Property Group (the "Developer") has requested the
City to issue and sell its revenue bonds pursuant to the procedures specified
in said Ordinance for the purpose of financing certain marina and recreational
facilities to be constructed by the Developer within the tidelands area of the
City; and
WHEREAS, the City Council has heretofore adopted its Resolution No.
10380 and its Resolution No. 10381 authorizing the financing of such
facilities to be constructed by certain developers from whom the Developer
intends to take an assignment, and the City Council wishes at this time to
induce the Deve 1 oper to take such ass i gnment and cons truct and deve 1 op such
facil ities; and
WHEREAS, it is in the public interest, for the public benefit and
in the furtherance of the publ ic purposes of the City that the City Council
authorize bonds for the aforesaid purpose;
NO, THEREFORE, BE IT RESOLVED by the City Counc il of the Ci ty of
Chula Vista as follows:
1. The City Council hereby authorizes the issuance and sale of
bonds of the City pursuant to the City Charter and the procedures specified in
said Ordinance in a principal amount of not to exceed $13,000,000 for the
purpose of fi nanc i ng the acqu i s i ti on, construction and improvement of a 11 or
any portion of a recreational vehicle park, marina, restaurant, delicatessen,
ship chandlery, bait and tackle shop, and related and appurtenant facilities
(the "Project"), to be located near J Street and the Chula Vista tidelands in
the City of Chula Vista.
2. Such authorization shall be for the purpose of inducing the
Deve 1 oper, its successor and ass i gns to undertake to acqui re, construct and
improve the Project and, in particular, to do so at such location.
3. The issuance and sale of such bonds shall be upon such terms
and conditions as may be mutually agreed upon by the City, the Developer and
the purchaser of such bonds, and shall be authorized by a resolution of the
City Council adopted at a meeting duly held for such purpose.
4. The proceeds of the bonds shall include such related and
necessary issuance expenses, admi n i strat i ve expenses, debt servi ce reserves
and interest payments as may be required successfully to complete the
financing.
5. Such bonds shall be payable from revenues derived by the City
from the fi nanc i ng of the Project, i nc 1 udi ng but not 1 imi ted to any revenues
deri ved from payments made by the Deve 1 oper with respect to any loan of the
proceeds of such bonds to the Developer, or from any payments made by a
lending institution with respect to a loan to or deposit with such lending
institution from the proceeds of such bonds.
6. This resolution shall take effect immediately.
Ap~roved a( ~or:;!bbY
-~ \(~
~~.:,--, ~-- "r
George D. Lindberg,
City Attorney
ul ,
Community Development Director
I-If) 7t(p
CHULA VISTA, CALIFORNIA, this
19~ 2 , by the following vote, to_it:
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
day of March
9th
AYES: Councilmen Cox, Gi llow, Campbell, McCandliss
NAYES: Councilmen None
ABSTAIN: Councilmen Scott
ABSENT: Councilmen None
Mayor
ATTE~.SJ ... '/"; 'kli7'f;/&~
.... City Clerk
(
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City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 10790
, and that the same has not been amended or repealed.
DATED
City Clerk
( seal)
CC-660