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HomeMy WebLinkAbout5065 o 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. -1- 5065 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 . -2- 5065