Loading...
HomeMy WebLinkAboutResolution - 2927 STATE OF CALIFORNIA ) RESOLUTION NO. 2927 COUNTY OF RIVERSIDE)ss CITY OF SAN JACINTO ) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO APPROVING A TAX-EXEMPT BOND FINANCING TO BE ISSUED BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY TO BENEFIT EDELBROCK PERMANENT MOLD INC. WHEREAS, Edelbrock Permanent Mold Inc. (the 'Borrower") has requested that the California Municipal Finance Authority (the "Authority') issue bonds in one or more series in an aggregate principal amount not to exceed $7,500,000 (the 'Bonds") for the purpose of, among other things, financing or refinancing the acquisition, improvement and equipping of an aluminum foundry and heat treatment facility for the manufacture of automotive parts (the "Facilities"), which Facilities are to be owned and operated by the Borrower and located in the City of San Jacinto (the "City"); WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority dated as of January 1, 2004 (the "Agreement'), and Section 91530(f) of the California Government Code, the issuance of the Bonds by the Authority must be approved by the City; WHEREAS, the Authority has requested that the City Council of the City (the `. "Council") approve the issuance of the Bonds by the Authority in order to satisfy such legal requirements; and WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the City Council of the City of San Jacinto as follows: Section 1. The Council hereby approves the Facilities and the issuance of the Bonds by the Authority. It is the purpose and intent of the Council that this Resolution constitute approval of the Facilities and the issuance of the Bonds for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Facilities are to be located, in accordance with said Section 147(f), (b) Section 4 of the Agreement, and (c) Section 91530(f) of the California Government Code. Section 2. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this Resolution and the financing transaction approved hereby.