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HomeMy WebLinkAboutRES CC 1985 259 1985 1209MPK001- 26/0692A/jm 12/09/85 RESOLUTION NO. 85 -259 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, ACCEPTING THE TRANSFER TO THE CITY OF A PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE COUNTY OF VENTURA AND TRANSFERRING SAME TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MOORPARK FOR USE IN CONNECTION WITH THE FRED KAVLI AND KAVLICO CORPORATION PROJECT AND RATIFYING CERTAIN OTHER ACTIONS WHEREAS, the Industrial Development Authority of the City of Moorpark (the "Authority "), is authorized and empowered by the California Industrial Development Financing Act (the "Act "), being found as Government Code Section 91500, et seq., to finance certain industrial projects and to issue industrial development revenue bonds for the purpose of assisting companies and developers in the acquisition and construction of such projects; and WHEREAS, the Authority has previously accepted a certain application for tax - exempt industrial development revenue bond financing (the "Appl- ication "), from Fred Kavli, an individual (the "Company "), and KaVlico Corporation, a California corporation (the "Corporation "); and WHEREAS, the Authority has, by appropriate action, indicated its intent to issue its industrial development revenue bonds for the purpose of financing the industrial manufacturing project within the City of Moorpark, California (the "City ") , and as — more fully described in the Applicat -ion and identified as the Fred - 1 - Kavli and Kavlico Corporation Project (the "Project "), to be undertaken by the Company and leased to the Company; and WHEREAS, the City Council of the City of Moorpark, California (the "City Council "), has, upon the conclusion of a duly noticed public hearing held on November 4, 1985, adopted its Resolution No. 85 -245 in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code "), and found and determined that the public purposes and benefits as set forth in the Act will be furthered by the issuance by the Authority of its revenue bonds as provided therein; and WHEREAS, the provisions of the Tax Reform Act of 1984 require that certain industrial development revenue bond financing projects receive an allocation equal to the aggregate principal amount of the bonds so issued for said projects in accordance with the provisions of Section 103(n) of the Code; and WHEREAS, the City, on behalf of the Authority, has submitted an application to the County of Ventura (the "County ") for the transfer to the Authority in an amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) of a portion of the calendar year 1985 Private Activity Bond Limit of the County as established in accordance with the Proclamation of the Governor, dated July 19, 198-4, for use by the Authority to issue bonds or other obligations - for--the Project; and — 2 - - WHEREAS, the County, pursuant to an appropriate Resolution dated June 25, 1985, has approved a transfer to the Authority of Nine Million Five Hundred Thousand Dollars ($9,500,000) of the calendar year 1985 Private Activity Bond Limit of the State of California for use by the Authority to issue bonds or other obligations for the Project. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DOES HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The recitals set forth hereinabove are true and correct in all respects. Section 2. The City Council hereby acknowledges the official action of the County in connection with the transfer for use by the Authority of a portion of the calendar year 1985 Private Activity Bond Limit; of the County and accepts a transfer of an amount equal to 'Two Million Five Hundred Thousand Dollars ($2,500,000) of the calendar year 1985 Private Activity Bond Limit of the County for the purpose of providing for the financing by the Authority of the Project to be undertaken by the Company pursuant to the Act. The City Council hereby authorizes the Authority to use and apply said transfer in accordance with said Resolution of the County. Section 3. The Staff of the Authority shall comply with all reporting requirements, as may be necessary in connection with - 3 - the use and transfer of the Private Activity Bond Limit of the County, as authorized by the Resolution of the County as referenced in the recitals hereof for use in connection with the financing of the Project. Section 4. This Resolution shall take effect upon adoption. PASSED AND ADOPTED this 9th day of December, 1985. ATTEST: City Clerk -4- yor of the City of Moorpark, California. 1 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) SS. CITY OF MOORPARK ) I, DORIS D. BANKUS , City Clerk of the City of Moorpark, California, do hereby certify that the foregoing Resolution No. 85 -259 was adopted by the City Council of the City of Moorpark at an adjourned regular meeting thereof held on the. 9th day of December , 19 85 and that the same was adopted by the following vote, to wit: AYES: Councilmembers Yancy- Sutton, Prieto, Ferguson, Woolard and Mayor Weak; NOES: None; ABSENT: None. WITNESS my hand and the official seal of said City this 9th day of December . 19 95 � 1 TY C'T.RRK