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Home My WebLink AboutCC RES 06-02 RESOLUTION NO. 06-02 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, APPROVING THE ISSUANCE OF NOTES, BONDS OR OTHER EVIDENCE OF INDEBTEDNESS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR INTERPLEX NASCAL, INC. The Tustin City Council DOES HEREBY RESOLVE as follows: I. The Tustin City Council finds and determines as follows: A. Statewide Communities Development Authority ("Issuer") in its inducement resolution (the "Inducement Resolution") attached hereto as Exhibit A has proposed to issue its notes, bonds or other evidence of indebtedness (the "Obligations") in an aggregate principal amount not expected to exceed Six Million Dollars ($6,000,000), the Maximum Principal Amount pursuant to the California Industrial Development Financing Act, Section 91500 et seq. of the Government Code of the State of California, as amended and supplemented (the "Act"); and B. The project to be financed by the Obligations consists of the acquisition, construction, rehabilitation and improvement of property, including real and personal property, to be used as, or as a part of, a manufacturing facility (the "Project") as described in the Inducement Resolution; and C. The Issuer has requested that the governing body of the City of Tustin approve the issuance of the Obligations in order to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers Agreement (the "Agreement"), dated as of June 1, 1988, among certain local agencies, including the City of Tustin, and the public agency approval requirement of Section 91530(f) of the Government Code of the State of California, as amended; and D. The governing body of the Local Government Participant hereby finds and determines that the Project is not substantively inconsistent with the City of Tustin's General Plan as prepared and adopted in accordance with Article 5 (commencing with Section 65300 of the Government Code of the State of California) of Chapter 3 of Title 7; and Resolution No. 06-02 Page 1 of6 E. The City of Tustin held a public hearing on the Public Hearing Date providing a reasonable opportunity for persons to comment on the issuance of the Obligations and the Project; and F. It is intended that this resolution shall constitute the approval of the issuance of the Obligations required by Section 147(f) of the Code, Section 9 of the Agreement and Section 91530(f) of the Government Code of the State of California; NOW, THEREFORE, the City Council of the City of Tustin resolves that the issuance of the Obligations by Statewide Communities Development Authority to Interplex, NASCAL, Inc. is hereby approved for the purposes of Section 147(f) of the Code, Section 9 of the Agreement and Section 91530(f) of the Government Code of the State of California. PASSED AND ADOPTED at a regular meeting of the Tustin City Council held on the 3rd day of January 2006. ATTEST: ~~ PAMELA STOKER, City Clerk Resolution No. 06-02 Page 2 of 6 STATE OF CALIFORNIA) COUNTY OF ORANGE) SS CITY OF TUSTIN ) I, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin, Califomia, do hereby certify that the whole number of the members of the City Council of the City of Tustin is five; that the above and foregoing Resolution No. 06-02 was duly passed and adopted at a regular meeting of the Tustin City Council, held on the 3rd day of January, 2006 by the following vote: COUNCILMEMBERAYES: DAVERT, HAGEN, AMANTE, BONE, KAWASHIMA COUNCILMEMBER NOES: NnN)¡ COUNCILMEMBER ABSTAINED: NONE COUNCILMEMBER ABSENT: NONE (5) (0) (0) (0) 1Qn cCb~ PAMELA STOKER, -- City Clerk Resolution No. 06-02 Page30f6 RESOLUTION No. 2OO5IDB-4 BIIiOLUrION OF 1'BE CALD'ORNIA STATEWIDE COMMVNI1'IIS DEVELOPMENT AUTHORITY MAKING DETERMINATIONS WITH RI'.SITl;T. TO THE. FINANCING 011 J'ACILlTIES AND DJ:CLAJUNG ITS 0J'J'Icw. INTENT TO UNDERTAKE 1'BE FINANCING AND TO RIDIIIUItSE CERTAIN CAl'ITAL J:Xl"lI'IJ)mJRES I'IlOM PRoaus 0' INDEBTEDNESS Øornw8l'l 0IIIIpti0a: liiDia- PriIIcoIpaI ADtoat: ActIrid88 ad V- oftlle Project: lnœrpI8K NASCAL, IDe. Notes, Bood8 or Illy other evidoDçe of iDdcbœdncaa S10,OOO,OOO AlltIdpa1ed .... Beooeftá: Manufaçturing fila:ility engaged in the metal lltamping of pm;ision COIIIJIOÐSIs for tho oI8cCroaiG 8ßIi autA1moIiw ÎIIIIIIIIri88 (a) ~ ~ (widúD tbe -m¡ofSoolioD 9tSO2.t(b)(I) of the Act) by securing or increasin¡ Ibe DlDllber ohmployees of the Borrower 8ßIi all)' ....... direct U88I'8 of tbe Project 01' tho compcmsation for sueh employment. (b) Consumer boDotita (within tbe IDCIII8iø& of s.otIoø 91502.1 (b)(3) of the Act) by iø:proving the quantity or quality or reducing the. price of products, CIMI')' or ntlllllllllIOI'\'!QOS or tllclllIiN, aøcI by pioduoinc new or imp:oved procIucIB or relaœd ..w. or fleilitiel. WIŒREAS,. Ibe California StatewIde Communitios DcYlIopmoat Autbority (the "Iauw") is authorized 8Dd empowered by tho provisions ofTitie I, Division 7, CbapIer S oftbe Oovenn:.1t Code of tho sgœ 01 California to issue Its Obllptioois punlllDt 10 the Califonria IncIuIIriaI Development FiDaneing Act, .. 8IIIeDded and supplamcntal (tho "Act"), for tho purpose of finllDcing certain com of a project, u that tam is defined in the Act; II1d . WIŒREAS,. the Borrower dosiros. tð ~ -. Nh8biIit8 8Dd impove prop8t)'. including real 8Dd personal property, 10 be \lied u, 01' U a part of, a IIIIIIIIfacturi facility (the "Projeçt"); 8Dd WBEUAS. the Borrow« ÎI willing 10 acc¡uùe. CCMI8Iruc:t, I'IIbabiIitáe - iIIIpIow the Projoct upon the i- by the Issuer of the Obligation 10 fin8oco tho Project pun1IIIIt to tho ACt; 8Dd WIIEREA8. the Borrower bas beretofore auhmittecl, 8Dd tbIa COllllllÍUÍOll bas 1OGOpIed,. an appUcatiOll requesting financing for the Project; II1d WIIICUAS. thcI Iasuer III&)' DOt iasœ the OblÎØldÌOD 10 ~ the ~ UBtiI Ibis CommillioD makea certain delerminations with respect 10 public beœfits 8Dd qualification of the Project u required by the Act; 8Dd WIIEUAS. this Commi8sioA bas. carefi¡1)' oonsicJaNd aad dIaouued the ~ cœIai:Ied in the Borrowe:'s application 8ßIi other iofonnation DOC-.ry 10 make such deœnnioatiooa; 8Dd ~ (1M) Resolution No. 06-02 Page 4 of 6 WJUBEAS, this CommissioD desires 10 induco the Borrower to -- IIOq1IisiIiœ. COIIItIuCtioa, rebabilÎtllion 8Dd improvement of the Projec:t lit the earliest possible time so IS to produce the public benefiU 8« forth herein; and WIIBREAS, 1110 Issuer, in the course of assÌItÍDg 1110 Borrower in the fin8ncing of tho Project, øxpecII that tbc Borrower has pûI or may pey corIIin expendiIu:es (tho ~ Bxpcnditures") in cœaection with !be Project within 60 days prior 10 the adoption of this RoIolution ad prior 10 the iUUIDCO of the Obligation fur the purpose offinancins COItIIauoc:iated with the Project on a king-tenD basis; and WIIDEAS, the Issuer reasœably expecI8 that the Obli¡ation in an amount DOt expecIIed 10 exceed tbc Maximum Principe! Amount win be iaued 8ßIi !bat certain of the procoecIs of the ObIiptioo may be U8ed to reimburse the Reimburscmeot l!xpeDditures; 8Dd WJŒRJ:AS, Section 1.l03-8(aX5) and Section 1.150-2 of the Treumy Regulations require tho Iss1*' to declare its ressonable official intent to reimburse prior expenditures for the Project with procoecIs of a subsequeot borrowing; NOW, TIIEItEFORJ:, the Commission of tho California Ststewide Communities Development Iøauer doO8 hereby resolve as follows: SeetIn L This Commission hereby finds 8Dd doIermines that the fonøoing recitsls. are IIue 8Dd conect. SecUoa 2. This Commission hereby finds and determÍDe8 that: (a) the Activities and U sea of 1110 Project arc in acconI with Section 91503 of the Act; (b) the use of the Project is likely 10 proc\IIce the Anticipaœd Public BaIafits; (c) tho issuance of tho ObligatiOil by the Iuuer in 111 8IIIOUIIt sufficient 10 finance cortain costs of Ibe P:vject, whic:b is now estimated not 10 exceed !be Maximum Principe! Amount, as d...cribed in the Borrower's application attscbed be:eto u EDIIIit A, is likely 10 be a substsntiaI fac1Dr in the accrual of one: or more of Ibe Anticipated Public BeaefiIs fi'om the use of the Project u proposed in the Borrowers application; and (d) the acquisition of the Project by the issuanco of the 0bIi¡ati0n is othe:wise in acconI with the purposes 8Dd requirements of the Act. Sacdoa 3. It is !be present intent of the Issuer 10 issue, lit one time or fi'om time 10 time, the Obligation (the interest ofwbic:b is intended 10 be exempt fi'om federal income taxation) when permitted 10 do so under the Act in Ibe amount not to exceed tho Maximum Principal Amount 10 finance certain costs of the Project. Sedioa... This RoIolution is boins adopted by the Issuer for ~ of ostsbIiIbing compliance with the requirements of Section 1.I03-8(aX5) II1d Section I.1SO-2 of the TlII8SUI')' Regulations. In that regerd, the Issuer hereby declUCII its official intent 10 UBe proceods of indebtedness ~.... (1101) -2- Resolution No. 06-02 Page 5 of 6 10 reimbune tho Reimbunement Expeoditures. Notwitbabmding tba fore¡oiD¡, tbi8 reoolutiOll does not bind 1be Issuer to III8ke II1Y expenditure, ineur Illy indebœdness, or proceed with tho finlDcing of the Projeot. Secda8 5. This resolution shall take effect immecIiaIely upon its JIUUP. PASSED AND ADOPl'ED by tile c.utonta Statewide eom8U11Ùt188 DeveIop.ent An1IIortty ... 2!?' d8)' 01 April, 2GOS. . . . . . The UDdetsigned, a duly appointed and qualified Member of the Commission of the California StatewIde Communities Development Authority, DOES HEREBY CERTIFY that 1be fotegoing resolution - duly adopted by the Commission of the I8auer at a duly called mooting of the Commission of the Iauer bold in accordanco with law on April 25, 2005. //1 ~~? Member of tba . ion California Ststewido Communities Development Antbority ~(1107) -3- Resolution No. 06-02 Page60f6 .