HomeMy WebLinkAboutResolutions - No. IDA-3INDUSTRIAL DEVELOPMELVr AUIHOR.ITY
OF THE CITY OF LFI
RESOLUTICITT NO. IDA -3
A RESOLUTION MAKING DEru.13VIINATICNS WITH RESPECT TO THE
FINANCING OF FACILITIES FOR, DART CONTAINER CURI'QILATICN
OF CALIFORNIA AND AUTHORI ZING E ECUrICN OF A PRELIMINARY
AGREEMENr.
WHEREAS Dart Container Company of California (the
"Applicant"), a Michigan corporation, desires to acquire, construct
and install certain real and personal property for use as a
polystyrene container and disposable utensils manufacturing plant (the
"Facility"); and
NHEREAS, 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
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WHEREAS, this Board of Directors desires to induce the
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 polystyrene
container and disposable utensils manufacturing plant
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 $8,000,000, is
likely to be a substantial factor in the accrual of
each of such public benefits from the use of the Facility;
and
(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.
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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.
The foregoing Resolution was passed and adopted by the
Industrial Development Authority of the City of Lodi on November 9,
1984, by the following vote:
Ayes: Council Members - Hinchman, Pinkerton, Olson,
Reid, & Snider (Mayor)
Noes: Council Members - None
Absent: Council Members - None
Attest:
A ce �le ii A Ae ,
Secretary
Industrial Development Authority
City of Lodi
Chairperson
Industrial Development Authority
City of Lodi
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STATE OF CAL IKERN IA )
CITY OF ISI )
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 -3, adopted at a duly called meeting of the
board of Directors of said Authority held in accordance with law on
November 9, 1984, 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
9th day of November, 1984.
L
Alice M. Re imcli
Secretary
Industrial Development Authority
of the City of Lodi