HomeMy WebLinkAbout1999-02-23 - RESOLUTIONS - AGGREGATE PRINCIPAL (2)RESOLUTION NO. 99-32
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA
APPROVING THE ISSUANCE OF NOT -TO -EXCEED
$8,000,000 AGGREGATE PRINCIPAL AMOUNT OF
BONDS, NOTES, OR OTHER EVIDENCE OF INDEBTEDI
WHEREAS, the California Statewide Communities Development Authority (the "Issuer")
h--.3 p.,Gposed to issue its bonds, notes, or other evidence of indebtedness (the "Bonds") in an
aggregate principal amount not expected to exceed $8,000,000 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
WHEREAS, the project to be financed by the Bonds consists of the acquisition,
construction, rehabilitation, and improvement of property, including real and personal
property, to be used as, or as a part of, a manufacturing facility (the "Project") to be owned
by L&M Optical Disc West, LLC or an affiliate, successor or assign thereof (the "Borrower");
and
WHEREAS, the Issuer has requested that the City Council of the City of Santa Clarita,
California (the "City"), 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 Local Government Participant, and the public agency approval
requirement of Section 91530(f) of the Government Code of the State of California, as
amended; and
WHEREAS, the City held a public hearing on February 23, 1999, providing a reasonable
opportunity for persons to comment on the issuance of the Bonds and the Project; and
WHEREAS, 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, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA does
resolve as follows:
SECTION 1. The issuance of the Bonds is hereby approved for the 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.
SECTION 2. This Resolution shall become effective immediately upon its adoption.
RESOLUTION NO. 99-32
February 23, 1999 - Page 2
PASSED, APPROVED AND ADOPTED this 2 3 rd day of February 1999.
*YOR
ATTEST:
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CITY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF SANTA CLARITA
I, Sharon L. Dawson. CMC, City Clerk of the City of Santa Clarita, do hereby certify that
the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita
at a regular meeting thereof, held on the23rd day of February, 1999, by the following
vote of Council:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK
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Heidt, Ferry, Weste, Klajic, Darcy
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