HomeMy WebLinkAboutCity Council - 98-22 RESOLUTION NO. 9 8-2 2
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE OF
NOT TO EXCEED $6.0 MILLION AGGREGATE PRINCIPAL AMOUNT
OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
(DIX METALS, INC. PROJECT)
WHEREAS, Dix Metals, Inc. has requested that the California Statewide Communities
Development Authority (the "CSCDA") issue its Weekly Adjustable/Fixed Rate Industrial
Development Revenue Bonds (the "Bonds") in amount not to exceed $6.0 million 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
The project to be financed by the Bonds consists of costs associated with the construction
and/or purchase of the property and fmancing costs related thereto for the production of pre-
machined metal and plastic blanks (the "Project"); and
The CSCDA has requested that the City Council of the City of Huntington Beach
approve the issuance of the Bonds 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, and the public agency
approval requirement of Section 91530(f) of the Government Code of the State of California, as
amended; and
The City Council held a public hearing on March 16, 1998,providing a reasonable
opportunity for persons to comment on the issuance of the Bonds and the location of the Project;
and
It is intended that this resolution shall constitute the approval of the issuance of the Bonds
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, BE IT RESOLVED as follows:
SECTION 1. The City Council of the City,hereby approves of the issuance of the Bonds
for 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; provided,however,that such approval of the
issuance of the Bonds does not constitute any other approval by any commission or agency of the
City with respect to any portion of the Project.
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98-22
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held the 16 th day of March 1998.
Approved as to form:
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City orney
REVIEWED AND APPROVED: INITIATED AND APPROVED:
Acting ci Administrator Director of Economic Development
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Res. No. 98-22
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss:
CITY OF HUNTINGTON BEACH }
I, CONNIE BROCKWAY,the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said City,
do hereby certify that the whole number of members of the City Council of the City
of Huntington Beach is seven; that the foregoing resolution was passed and adopted
by the affirmative vote of at least a majority of all the members of said City Council
at a regular meeting thereof held on the 16th day of March, 1998 by the following
vote:
AYES: Julien, Harman, Green, Dettloff, Bauer, Sullivan, Garofalo
NOES: None
ABSENT: None
City Clerk and ex-officio C k of the
City Council of the City of Huntington
Beach, California
G/resoluti/resbkpg/97-80