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RESOLUTION NO. 5065
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF
FINANCING CONSTRUCTION OF HOTEL, PARKING AND RELATED
FACILITIES BY TOWA CORPORATION
WHEREAS, the City Council of the City of Arcadi a (the "City") has heretofore
adopted its Ordinance No. 1737 and Ordinance No. 1739 (collectively referred to
herein as the "Ordinance"), authorizing the City to issue and sell its bonds pursuant
to the City Charter for the purpose of providing financing for the acquisition,
construction and improvement of commercial and industrial projects located within
the City; and
WHEREAS, Towa Corporation (the "Participating Party") has requested the City
to issue and sell its revenue bonds for the purpose of financing an approximately
167-unit hotel, together with parking facilities, landscaping and related and appur-
tenant property to be located at 130 West Huntington Drive within the City and (the
"Facilities") and the City Council wishes to induce the Participating Party to con-
struct and acquire the Facilities at said location; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance
of the public purposes of the City that the City Council authorize bonds for the
aforesaid purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Arcadia as
fo 11 ows :
1. The City Council hereby finds and determines that the issuance of revenue
bonds pursuant to the Ordinance for the purpose of financing the Project (a) will
substantially promote one or more of the public purposes listed in Section 2751.1
of Chapter 7,5 of Article II of the Arcadia Municipal Code, and (b) will not have
the proximate effect of the relocation of any substantial operations of the Parti-
cipating Party from one area of the State to another or the abandonment of any
substantial operations of the Participating Party within other areas of the State.
2, The City Council hereby authorizes the issuance and sale of bonds of the
City pursuant to the City Charter and the procedures specified in the Ordinance in
a principal amount of not to exceed $10,000,000 for the purpose of financing the
acquisition, construction and improvement of the Facilities, Such authorization
shall be for the purpose of inducing the Participating Party to undertake to acquire,
construct, equip and develop such project and, in particular, to do so at such
location.
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3. The issuance andsale of said bonds shall be upon such terms and conditions
as may be mutually agreed upon by the City, the Participating Party and the pur-
chaser of said bonds and is expressly conditioned upon future approval by resolution
of the City Council at a meeting duly held and conducted for such purpose. Nothing
in this resolution is intended or shall be construed in any way as an unconditional
conmitment by or ob'ligation of the City to issue said bonds for said purposes.
4. The proceeds of the bonds shall include such related and necessary issuance
expenses, administrative costs, debt service reserves and interest payments as may
be required to accomplish successfully the financing.
5, Jones Hall Hill & White, a Professional Law Corporation, as bond counsel in
connection with the issuance of said bonds, is hereby authorized to undertake any
proceedings in the Los Angeles County Superior Court deemed necessary or advisable
by said firm to determine the validity of the Ordinance of said bonds.
6. This resolution shall take effect immediately upon its passage and adoption,
and shall terminate September 21, 1983.
PASSED AND ADOPTED thi s 21st
following called vote:
day of September
, 1982, by the
AYES:
Councilmen Dring, Lojeski & Peliliegrino
NOES:
Councilmen Haltom, Hannah
ABSENT:
None
.
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