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10/30/85
RESOLUTION NO. 4120
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS, CALIFORNIA, TRANSFERRING A PORTION OF
THE CITY ' S CALENDAR YEAR 1985 PRIVATE ACTIVITY
BOND LIMIT TO THE REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS, CALIFORNIA, FOR USE IN
CONNECTION WITH COAST SAVINGS PLAZA PROJECT
WHEREAS, the Redevelopment Agency of the City of Redlands ,
California (the "Agency" ) , pursuant to an appropriate Resolution
will declare its present intent to authorize a certain financing
pursuant to Part 1 of Division 24 of the Health and Safety Code of
the State of California (the "Act" ) for the benefit of Downtown
Development , a California limited partnership (hereinafter the
"Company") ; and
WHEREAS, the maximum principal amount of the financing of
the project as described in said Resolution (the "Project" ) shall
not exceed $4 , 500 , 000; and
WHEREAS, the City of Redlands, California (the "City" ) ,
pursuant to an appropriate Resolution of the City will conduct a
duly noticed public hearing and make certain findings and
determinations concerning the public benefits of the Project in
accordance with Section 103 (k) of the Internal Revenue Code of 1954 ,
as amended (the "Code" ) ; and
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WHEREAS, the provisions of the Tax Reform Act of 1984
require that certain industrial revenue bond financing projects ,
including without limitation such financings undertaken by the
Agency, receive an allocation equal to the aggregate principal
amount of the bonds or other tax-exempt obligations so issued for
said projects in accordance with the provisions of Section 103 (n) of
the Code; and
WHEREAS, it is appropriate at this time for the City
Council to transfer to the Agency an allocation of two million five
hundred forty-five thousand dollars ($2 , 545, 000) of the Calendar
year 1985 Private Activity Bond Limit of the City, as determined in
accordance with the Proclamation of the Governor of the State of
California , dated July 19 , 1984 , as amended on August 30 , 1985 (the
"Proclamation" ) , for use in connection with the financing of the
Project to be undertaken by the Agency.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the
City of Redlands , California , as follows :
Section 1 . The City Council hereby assigns and
transfers to the Agency an amount equal to $2, 545 , 000 of the
calendar year 1985 Private Activity Bond Limit of the City for the
purpose of providing for the financing of the Project by the Agency.
Section 3 . The City Council hereby acknowledges that
such allocation as transferred pursuant to this Resolution shall be
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irrevocable upon the issuance of bonds, certificates of
participation or other tax-exempt obligations for the Project by the
Agency pursuant to the procedures to be undertaken hereafter by the
Agency at least to the extent of the principal amount of such bonds,
certificates of participation or other tax-exempt obligations so
issued by the Agency. The transfer as herein authorized shall be
considered a general transfer and shall expire on December 31, 1985,
unless extended by subsequent resolution or resolutions of the City
Council . In the event that the Agency determines that bonds,
certificates of participation or such other tax-exempt obligations
shall not be issued and delivered in connection with the Project on
or before December 31, 1985 , the Agency shall promptly notify the
City.
Section 4 . The Agency shall have the sole obligation
and responsibility to comply with all reporting requirements, as
necessary to the California Debt Limit Allocation Committee as
established pursuant to the Proclamation and all other requirements
therein and in the Code and the Act to the extent the same shall be
applicable to the issuance of Private Activity Bonds of the Agency
to finance the Project .
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Section 5 . This Resolution shall take effect upon
adoption.
APPROVED AND ADOPTED this 5th_ day of November
1985 .
Mayor of the City of
Redlands, California
(SEAL)
ATTEST:
f
City lerk oCity of
Red rnds, Cali nia
4
I , Lorrie Poyzer City Clerk of the City of
Redlands , California , do hereby certify that the foregoing
resolution was regularly introduced and adopted by the City Council
of the City of Redlands , California, at a regular meeting thereof ,
held on the 5th day of November 1985 , by the following
vote of the City Council :
AYES: Councilmen Johnson, DeMirjyn, Martinez , Larsen; Mayor
Beswick
NOES: None
ABSENT: None
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of Redlands , California, this 5th
day of November 1985 .
CHtV Clerk of City of
Re ands , Ca rnia
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SABO & GONDEK
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
(818)704-0195 SUITE 100 SUITE 207
440 WES7 COURT STREET
TELECOPIER:(818)704-4729 5855 TOPANGA CANYON BOULEVARD SAN BERNARDINO,CALIFORNIA 92401
WOODLAND HILLS,CALIFORNIA 91367 (714)884-2980
(714)824.7302
MEMORANDUM
To: Honorable Mayor and Members of the
City Council of the City of Redlands
L�
From: Sabo & Gondek, A Professional Corporation '
Date: October 30, 1985
Re: Resolution Transferring a Portion of the City's Calendar Year
1985 Private Activity Bond Limit to the Redevelopment Agency
On July 30, 1985, the Redevelopment Agency of the City of
Redlands (the "Agency") approved an Inducement-: _ Resolution for a
commercial project containing approximately 24,300 square feet proposed
to be located on Orange Street, just south of the Santa Fe Railroad
Station (the "Project"), all located in the Redlands Redevelopment
Project Area of the Agency (the "Project Area"). The beneficiary of said
Resolution No. 178 was Wm. C. Buster, Inc. On October 15, 1985, the
Agency approved its Resolution No. 179, which Resolution amended the
Inducement Resolution to substitute Kavanaugh Enterprises, a California C
corporation, as the beneficiary of said Inducement Resolution.
The Agency has now been requested to substitute Downtown
Development, a California limited partnership, as the beneficiary of said
Inducement Resolution. The Agency has informed City staff that it will
take appropriate action on said request.
r ,
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The provisions of the Tax Reform Act of 1984 that certain
Industrial Revenue Bond Financing Projects including the above-mentioned
project to be undertaken by the Agency, receive an allocation equal to
the adequate principal amount of the bonds or other tax-exempt
obligations so issued for said project in accordance with Section 103(a)
of the Internal Revenue Code in 1954, as amended (the "Code"). This
Resolution transfers to the Agency an allocation of two million five
hundred forty-five dollars ($2,545,000) of the calendar year 1985 Private
Activity Bond Limit of the City in accordance with said provisions of the
Code.
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