HomeMy WebLinkAboutResolutions - No. IDA-5INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF LODI
RESOLUTION NO. IDA -5
A RESOLUTION MAKING DETERMINATIONS WITH RESPECT TO THE
FINANCING OF FACILITIES FOR MINTON COMPANY AND
AUTHORIZING EXECUTION OF A PRELIMINARY AGREEMENT.
WHEREAS Minton Company (the "Applicant"), a
California corporation, desires to acquire, construct and
install certain real and personal property for use as a
Door manufacturing, shipping and
sales facility (the "Facility"); and
WHEREAS the Applicant is willing to locate such
Facility within the jurisdiction of the Industrial
Development Authority of the City of Lodi (the "Authority")
if the Authority will issue its revenue bonds to finance such
Facility pursuant to the California Industrial Development
Financing Act, being Title 10 of the California Government
Code, as supplemented and amended (the "Act"); and
WHEREAS the Applicant has submitted, and this Board
of Directors has accepted, an application requesting
financing for such Facility; and
WHEREAS the Authority may not issue bonds to
finance such Facility until this Board of Directors makes
certain determinations with respect to public benefits and
qualification of the Facility as required by the Act; and
WHEREAS this Board of Directors has carefully
considered and discussed the information contained in such
application and other information necessary to make such
determinations; and
WHEREAS this Board of Directors desires to induce
trhe Applicant to commence acquisition, construction and
installation of the Facility at the earliest possible time so
as to produce the public benefits set forth herein;
NOW, THEREFORE, the Board of Directors of the
Industrial Development Authority of the City of Lodi does
resolve as follows:
Section 1. This Board of Directors hereby finds
and determines:
(a) That the use of the Facility as a
Door manufacturing,
shipping and sales facility is in accord with
Section 91503 of the Act;
(b) That the use of the Facility is likely to
produce employment benefits by securing and
increasing the number of employees of the Applicant
and the compensation for such employment;
(c) That the issuance of revenue bonds by the
Authority in an amount sufficient to finance the
Facility, which is now estimated to be
approximately $5,000,000, is likely to be a
substantial factor in the accrual of each of such
public benefits from the use of the Facility; and
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(d) That the proposed financing is otherwise
in accord with the purposes and requirements of the
Act.
Section 2. It is the present intent of the
Authority to issue, at one time or from time to time, bonds
in the amount described in Section 1.
Section 3. In order to set forth more fully the
obligations of the Applicant and the Authority in connection
with the issuance of such bonds, the Chairperson is hereby
authorized to execute and deliver, in the name and on behalf
of the Authority, a Preliminary Agreement between the
Authority and the Applicant in substantially the form before
this meeting, which is hereby approved in all respects and by
this reference incorporated in this Resolution.
Section 4. The Secretary or Assistant Secretary is
hereby authorized and directed as soon as possible to certify
and file with the City Council of the City of Lodi a copy of
the application from the Applicant accepted by this Board of
Directors, to the date of such certification and filing.
Section 5. This Resolution shall take effect
immediately upon its passage.
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The foregoing Resolution was passed and adopted by
the Industrial Development Authority of the City of Lodi on
Septtber 18 , 1985, by the following vote:
AYES: Olson, Pinkerton, Reid, Hinchman and Snider (Chairman)
NAYS: None
ABSENT: None
„Le -
Chairperson
John R. (Randy) Snider
ATTEST:
Se etary
Alice M. Reimche
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STATE OF CALIFORNIA
CITY OF LODI
CERTIFICATE
I, the undersigned, the duly appointed, qualified
and acting Secretary of the Industrial Development Authority
of the City of Lodi, do hereby certify that attached hereto
is a true, complete and correct copy of Resolution No. IDA -5,
adopted at a duly called meeting of the Board of Directors of
said Authority held in accordance with law on Septunber 18
1985, at which meeting a quorum was present and acting
throughout, all as appears in the records of the Board of
Directors of said Authority in my custody as Secretary of the
Authority.
IN WITNESS WHEREOF, I have hereunto subscribed my
name this 18thday of Septanber 1985.
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Secretary
Industrial Development Authority
of the City of Lodi
Alice M. Reimche
09/13/85