HomeMy WebLinkAbout186 RDA_CCv0001.pdf RED001-13f0555A11
11012/85
RESOL=UTION NO. 186
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CI'T'Y
OF REDLANDS, CALIFORNIA, DECLARING ITS ELECTION TO
HAVE THE $10, 000 , 000 LIMI'T'ATION OF
SECTION 103 (b) (6) (D) OF THE INTERNAL REVENUE CODE
OF 1954 , AS AMENDED, APPLIED TO THE ISSUANCE OF
ITS CERTIFICATES OF PARTICIPATION FOR A PROJECT TO
BE ACQUIRED BY DOWNTOWN DEVELOPMENT AND DIRECTING
THAT A STATEMENT OF SUCH ELECTION BE FILED WITH
THE DISTRICT DIRECTOR OF INTERNAL REVENUE SERVICE
FORTHWITH
WHEREAS, there has been filed with the Redevelopment Agency
of the City of Redlands , California (the "Agency" ) , a request for
financing assistance by Downtown Development , a California limited
Partnership, or its successors or assigns (the "Company" ) in a
principal amount not t0 exceed $4 , 500 , 000 of Certificates of
Participation pursuant to a certain trust agreement (the
"Certificates" ) for the acquisition of land and construction thereon
of a certain 24 , 300 square foot commercial office and retail complex
to be located on a site within the City of Redlands , California (the
"Project" ) ; and
WHEREAS, the provisions of Section 103 (b) ( 6) (D) of the
Internal Revenue Code of 1954 , as amended, and the regulations
promulgated and proposed thereunder ( the "Code" ) , apply to the
issuance of the Certificates , and
WHEREAS, in order that the Certificates be exempt, under
the provisions of Section 103 (b) of the Code, as a tax-exempt
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municipal obligation, 'I 4t
is necessary that the Agency, as the
issuing body of the Certificates , make an election pursuant to said
Section 103 (b) ( 6) (D) in the manner hereinafter set forth .
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS, AS FOLLOWS:
Section 1 . That recitals set forth hereinabove are true
and correct in all respects .
Section 2 . That the Agency hereby makes this election,
pursuant to the provisions of Section 103 (b) ( 6) (D) of the Code that
the limitation as set forth therein be declared to be a limitation
of $10 , 000, 000 rather than $1 , 000 , 000 as otherwise set forth therein .
Section 3 . That in the documents pertaining to the,
issuance of the Certificates for the Project , there shall be
requirements Lrements that the Company set forth the "capital expenditures"
which said Company has made for facilities and projects of said
Company or any related persons within the City of Redlands ,
California (the "City" ) , within a period of three (3) years prior to
the issuance date of the Certificates ; and further that said Company
be required to report such capital expenditures on all such income
tax returns to be filed by such Company henceforth; and such
requirements shall be set forth as covenants and agreements of said
Company made to and with the Agency.
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Section 4 . That the Agency Secretary is hereby authorized
and directed to file or to cause to be filed a certified copy of
this Resolution with the District Director of the internal Revenue
Service in Fresno , California , and at such other location as may be
necessary or desirable under the Code .
Section 5 . This Resolution shall take effect upon adoption .
APPROVED AND ADOPTED this 19th day of November
1985 .
A
L 4)
Chairman of the
Redevelopment Agency of the
City of Redlands , California
(SEAL)
ATTEST:
Secre-Caly of t t
� of e-- , evelopment Agency
of the,/,City of ,ands , California
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Corrie Poyzer
t Secretary of the Redevelopment
Agency of the City of Redlands , California , do hereby certify that
the foregoing resolution was regularly introduced and adopted by the
Redevelopment Agency of the City of Redlands , California , at a
regular meeting thereof , held on the _A
L _qth_ day of _NO3Lembex___ '
1981-1 , by the following vote of the Agency:
AYES: Messrs. Johnson, DeMirjyn, Larsen; Chairman Beswick
NOES : None
ABSENT: Mr. Martinez
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the Redevelopment Agency of the City of
Redlands , California, this —19th day of November
1985 .
Secy ary or
�of
t a r�
Red�veloDpr'm,,,e,�n-�t�'Acfenvy of the
City of Redlands , California
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