HomeMy WebLinkAboutReso 1982-10791
8981B
CFA:JHHW
03/03/82
RESOLUTION NO. 10791
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING THE ISSUANCE OF BONDS
OR OTHER OBLIGATIONS TO FINANCE CONSTRUCTION
OF NON-EXEMPT MARINA AND RECREATIONAL FACILITIES
BY INCOME PROPERTY GROUP
fo 11 ows:
The City Counc il of the City of Chu 1 a Vista does hereby reso 1 ve as
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 "Deve 1 oper") 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 Developer to take such assignment and construct and develop such
facilities; and
WHEREAS, it is in the public interest, for the public benefit and
in the furtherance of the pub 1 ic purposes of the City that the Ci ty Counc i 1
authorize bonds for the aforesaid purpose;
NO, THEREFORE, BE IT RESOLVED by the City Counc i 1 of the City of
Chula Vista as follows:
1. The City Counc i 1 hereby authori zes the issuance and sa 1 e 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 $10,000,000 for the
purpose of financing the acquisition, construction and improvement of all 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 acqu ire, 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, admin I strat I ve expenses, debt serv I 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 financing of the Project, including but not limited to any revenues
derl 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.
Appr~ved i}S~t form by
~/;:> . . \,,/ ~,. v('~->
-v~c./~,
o
Direc or
George D. Lindberg,
City Attorney
1/-/tJJf/
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 9th day of March
19'b 2 ,by the following vote, to_it:
Councilmen
Cox. Gillow. Campbell. McCandliss
None
AYES:
NAYES:
ABSTAIN:
ABSENT:
Councilmen
Councilmen
Scott
Councilmen
None
ATTES
Ii (l
e 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 0 full, true and correct copy of
RESOLUTION NO. 10791
,and that the some has not been amended or repealed.
DATED
City Clerk
( seal)
CC-660