HomeMy WebLinkAboutResolutions - No. 85-132CITY COUNCIL OF THE CITY OF LODI
RESOLUTION NO. 85-132
A RESOLUTION APPROVING A PROJECT FOR
MINTON COMPANY
WHEREAS the Industrial Development Authority of the
City of Lodi (the "Authority") has accepted and filed with
this City Council an application from Minton Company (the
"Applicant") requesting that the Authority issue its revenue
bonds pursuant to the California Industrial Development
Financing Act, being Title 10 of the California Government
Code, as supplemented and amended (the "Act"), to finance the
acquisition and construction of certain facilities (the
"Project") to be used by the Applicant; and
WHEREAS the Board of Directors of the Authority has
made the determinations required to be made by it pursuant to
Section 91530 of the Act preliminary to the issuance by the
Authority of such revenue bonds; and
WHEREAS this City Council has considered the
information contained in the aforesaid application and has
considered the determinations of the Board of Directors of
the Authority;
NOW, THEREFORE, the City Council of the City of
Lodi do[esJ resolve as follows:
Section 1. The City Council hereby approves the
Project, subject to fulfillment of all requirements under the
85-132
Act, and approves the issuance of revenue bonds of the
Authority to finance costs of the Project, which bonds and
the interest thereon shall be paid from revenues received by
the Authority from the Applicant pursuant to a financing
agreement with respect to the Project to be entered into
between the Authority and the Applicant.
Section 2. In order to comply with the public
hearing requirements of Section 103(k) of the Internal
Revenue Code of 1954, as amended, the City Council hereby
designates Thomas A. Peterson City Manager of the City, to hold
a public hearing on behalf of the Council with respect to the
proposed issuance of the Bonds, onOctober 4, 1985 at 3:00
o'clock p.m. atthe City Council The City Clerk is hereby
Chmbers, 221 West Pine Street, Lodi, CA
authorized and directed to publish notice of such hearing in
accordance with said Section. 103(k).
Section 3. The City Council hereby allocates the
City's private activity bond allocation, as described in
Section 103(n) of the Internal Revenue Code of 1954, as
amended, for the year 1985 to the Project and directs the
Clerk or Deputy Clerk to forward this Resolution to the Board
of Supervisors of the County of San Joaquin in request of an
allocation from the County of the County's private activity
bond allocation in an amount sufficient to enable the
Authority to issue bonds for the Project and, in the event
the County is unable or unwilling to allocate a portion of
its private activity bond allocation to the Project, the
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Clerk or Deputy Clerk is hereby directed to request an
allocation from the State by mailing an application to the
California Debt Limit Allocation Committee.
Section 4. The Clerk or a Deputy Clerk is hereby
directed to certify and deliver this Resolution to the
Authority.
Section 5. This Resolution shall take effect
immediately upon its passage.
The foregoing Resolution was passed and adopted by
the City Council of the City of Lodi on September 18 , 1985,
by the following vote:
AYES:
NAYS:
ABSENT:
Council Members - Olson, Pinkerton, Reid, Snider, and
Hirschman (Mayor)
Council Members - None
Council Manbers - None
IJ
favor
David M. Hindhilan
ATTEST:
�v�,,, 7ti► /i
C� Clerk
Alice M. Remiche
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CLERK'S CERTIFICATE
I, the undersigned, the City Clerk of the City of
Lodi, hereby certify that the foregoing is a full, true and
correct copy of a resolution duly introduced and adopted at a
special meeting of the City Council of the City of Lodi duly
and regularly held on thel8th day of September, 1985, of
which meeting all of the members of said City Council had due
notice and at which a majority thereof were present; and that
said resolution was adopted by the following vote:
Council Maiibers - Olson, Pinkerton, Reid, Snider, and
Hinchnan (Mayor)
AYES:
NOES:
ABSENT:
Council Members - None
Council Members - None
I further certify that I have carefully compared
the same with the original minutes of said meeting on file
and of record in my office; that said resolution is a full,
true and correct copy of the original resolution so adopted
and entered in said minutes; and that said resolution has not
been amended, modified or rescinded since the date of its
adoption and is now in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Lodi this 18th day
of September, 1985.
[SEAL]
Alice M. Reimche
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