HomeMy WebLinkAboutResolutions 9693 N.C.S. 03/14/1983~
:_ r
... ~ ~ ~,r
'Is *-._
- R~SC~IU~10g 1 NO. 9b93 N. ~. ~.
'~ of the City of Petaluma, California
A RESOLUTION CONCERNIN'G THE ISSUANCE OF
ECONOMIC DEVELOPMENT. RE.VENUE BONDS FOR
MR. RUS'SELL BERRIE.
WHEREAS, the Cit,y .of Petaluma is a municipal corporation and
charter city duly organized and existing under a freeholders' charter
pursuant to which~ the City has the right and power to make and
enforce all laws and regulations iri respect to municipal affairs and
certain other matters in accordance with . and as more particularly
provided in Sections ;3, 5 and 7 of Article XI of the Constitution of the
State of California a~nd Section 81 of the~ CYiarte'r of the City; and
WHEREAS, the City Council of the City found that the public
interest and necessity require , the estab;lisYiment . of a program for the
authorization, sale and issuance of ecoriomic development revenue bonds
by the City arid, acting under Sections 3; 5 and 7 of: Article XI of the
C'onstitution of the .State of California and; .Sectiori 81 of the Charter,
adopted the City of .Peta;luma Economic Development Reveriue Bond Law
(Ordinance No. 152'Q' N.C.S..)~; and ~ ~
WHEREAS, in connection with its' proposed construction of a
warehouse and distribution center in ''Petaluma (the facility) , has
requested the fin_ancial assistance of the Ci;t;y and has presented to the
• City a general description of its Facility.: (at'tached as Exhibit A hereto) ;
and
WHEREAS, the City desires to assist Mr. Russell Berrie, in the
financing of the facility; and,
WHEREAS; Mr. Russell Berrie req,uires satisfactory assurance from
the City that the proceeds of the sale of bonds of the City will be made
available to it to assist in financing of its Facility, and the City
requires satisfactorg assurance from Mr. Russe'11 Berrie, that certain
costs of issuing such bonds will be paid by Mr. Russell Berrie.
NOW, THEREFORE BE IT RESOLVED by the Couneil of the City as
follows :
1. The City Council of the City of PetalLmia finds and determines
that the financing of Mr. Russell Berr'ie, will be in furtherance of
the publi-c purposes set forth in Ordinance No. 1520 N.C.S., and
will pramote~the health, safety and welfare of the residents of.the
City, and it is necessary and essential and a proper public purpose
that the Facility be financed at the earliest practicable date.
2. The City~Council of the City of Petaltuna further finds the
Facil'ity is consistent with the General Plan of the City.
Reso. 9693 NCS Page 1 of 3
~ ,~•
3. The City of Petaluma,pr,esently intends to issue, and shall
proceed to prepare or cause,to be prepared the doctunentation
necessarg for the City to is'sue, at one time or from time to time,
econ~nic development revenue bonds of the City in an aggregate
principal arriount not to exceed $5,000,00'0 (the "Bonds") for Mr.
Russell Berrie; to finance the facility; provided that, prior to
corimenc'ing such preparation, the City and Mr. Russell Berrie, shall
have entered into a letter of agre~nent in 5ubstantially the form
attached hereto, with such additions or deletions as are considered
necessary or appropriate by officers of the City and Mr. Russell
Berrie. The Gity Glerk of the City of Petaltm~a. is hereby directed
to transmit said letter of agree:~nent in substantially the form
attached hereto to Mr. Russell Berrie and the City Manager of the
City is hereby authorized to execute said letter of agre~nent and
a11 other necessary implenen-tation docim~ents for and in the name
and on behalf of the Ciky.
4. The bonds shall be;issued subjeet to the conditions that (i)
the City by resolution shall have first agreed to acceptable tem~s
and conditions for the bonds (and for the sale and delivery
thereof), and for the lease, loan or other agreenent to be entered
into by the City and Mr. Russell Berrie, with respect to the
facility and (ii) all requ:isite governmental approvals shall have
first been obtained.
5. The bonds shall be payable solely from the revenues to be
received by the City pursuant to loans or other agreement(s) to be
. entered into by the City and Mr. Russell Ber.rie, in connection with
the finane:ing of the Facility, and sha11'not be deemed to
constitute a debt or liability of the City any constitutional,
charter or sta~tutory debt limitation. Neither the faith and c~redit
nor the tax'ing power of the City shall be pl.edged to the payment of
the principal of or premiLUn, if any, or interes.t on the bonds.
Reso. 9693 NCS ~ ~ 2•of 3
r , S~
~a. P ..
6. It is the purpose and intent of the City that this
resolution constitute offi.cial aetion toward the issuance of
obligations by the City for the Mr. Russell Berrie. Facility
in accordance with Section 1.1_03=$ (a),.(5) (iii) of the
Regulations pramul,gated by the United`States Department of the
Treasury under Section 103 of the 'Internal Revenue Code of
1954, as amerided.
Under the•power and authority coiiferred upon this Council by the Gharter of said City.
I hereby certify the foregoing Resolution was 'introduced and' adopted by the Approved as to
Council:of`the Cit ~of'E"etaluma at a Re ar • form
y ( gul" ) (Adjourned~) (S~ycmeeting
on the .-•••--•-•--°---•-•1:4:~ay of ......-•••-°•----M.dY'Cll .................••-••-•,••-, 19$~__, by the
following vote: ~
......--- City Attorney -•-•--•-•
.AYES: Balshaw, Bat.tag,l.ia,; B`ond, Cavan-agh, Rerry, Harberson, Mayor Mattei
rroES: None ~
AssErrT: ne ~ -.
ATTESTc _ ....: : , ..... ..... .. ... . .. : ~"`""'`::
City Glerk
,.j f:` •
~~~~
...............: . ...............:...:............................... ~._....._.__......
Mayor
~
Council File_._....•• ...........................
;Fo~ eA Z~ia~ x~. rro......9~9.3 .............. Page 3 of 3