HomeMy WebLinkAbout98-01 IDA ResolutionRESOLUTION NO. IDA 98-01
A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF TEMECULA DECLARING
THE INTENTION TO ISSUE BONDS FOR
NASCALINTERPLEX, INC. FACILITY
WHEREAS, the Industrial Development Authority of the City of Temecula (the
"Authority") is authorized to issue bonds pursuant to the provisions of the California Government
Code (the Law") for the purpose of providing financing for the acquisition, construction and
equipping of industrial facilities; and
WHEREAS, the Authority may, in the future, desire to issue and sell its revenue bonds
(the "Bonds") pursuant to the procedures specified in the Law for the purpose of financing the
acquisition, construction and equipping by NASCAL Interplex, Inc. (the "Developer") of a
manufacturing facility and related and appurtenant facilities consisting of an approximately 55,000
square foot building located on a site in the Westside Business Centre (Lot 2, Tract 24085, Unit
3) in the City of Temecula (the "Project"); and
WHEREAS, United States Income Tax Regulations section 1. 150-2 provides generally
that proceeds of tax-exempts debt are not deemed to be expended when such proceeds are used
for reimbursement of expenditures made prior to the date of issuance of such debt unless certain
procedures are followed, among which is a requirement that (with certain exceptions), prior to the
payment of any such expenditure, the issuer must declare an intention to reimburse such
expenditure; and
WHEREAS, it is in the public interest, for the public benefit and in furtherance of the
public purposes of the Authority that the Authority declare its official intent to reimburse the
expenditures referenced herein from the proceeds of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Industrial Development Authority of
the City of Temecula as follows:
Section 1. The Authority declares its intent to issue and sell the Bonds pursuant to the
procedures specified in the Law in an aggregate principal amount not to exceed $4,100,000 for
the purposes of providing a loan to the Developer to finance the acquisition, construction and
equipping of the Project.
Section 2. The issuance and sale of the Bonds shall be upon such terms and conditions as
may be determined by the Authority, the Developer and the purchaser of said Bonds, and shall
be authorized by resolution of the Authority at a meeting duly held and conducted for such
purpose.
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Section 3. The Authority hereby declares that it reasonably expects that the Developer will
pay certain costs of the Project prior to the date of issuance of the Bonds and that a portion of the
proceeds of the Bonds will be used for reimbursement of expenditures of the Developer for the
Project that are paid before the date of issuance of the Bonds.
Section 4. The Authority hereby finds that the issuance of the Bonds is a substantial
inducement to the Developer to acquire and construct the Project. The Developer shall be
responsible for the payment of all present and future costs in connection with the issuance of the
Bonds, including, but not limited to, any fees and expenses incurred by the Authority in
anticipation of the issuance of the Bonds, the costs of printing an official statement, rating agency
costs, bond counsel fees and expenses, financial advisor fees and expenses, underwriting discount
and costs, trustee fees and expenses, and the cost of printing the Bonds.
Section 5. The appropriate officers or staff of the City of Temecula are hereby authorized,
for and in the name of and on behalf of the Authority, to make an application to the California
Debt Limit Allocation Committee and/or the California Industrial Development Financing
Advisory Commission for an allocation of private activity bonds or other necessary authority for
the issuance of the Bonds and to execute and deliver an appropriate agreement with the Developer
with respect to any fees or deposits required in connection therewith.
Section 6. The adoption of this Resolution shall not obligate (i) the Authority to issue
bonds to provide financing for the Project; or (ii) the City of Temecula, the Planning Department
of the City of Temecula or any other department of the City of Temecula to approve any
application or request for, or take any other action in connection with, any permit or other action
necessary for the acquisition and construction of the Projects.
PASSED, APPROVED AND ADOPTED by the Board of Directors of the Temecula
Industrial Development Authority, this 13th day of January, 1998.
ATTEST:
Ron Roberts, Chairperson
June S. Greek, CMC/AAE
City Clerk/Authority Secretary
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF TEMECULA )
SS
I, June S. Greek, Secretary for the Temecula Industrial Development Authority, do hereby certify
that IDA Resolution No.98- 01 was duly and regularly adopted by the Board of Directors of the
Temecula Industrial Development Authority at a regular meeting thereof held this 13th day of
January, 1998, by the following vote:
AYES: 5
AUTHORITY MEMBERS:
Comerchero, Ford, Lindemans, Stone,
Roberts
NOES:
0 AUTHORITY MEMBERS:
ABSENT: 0 AUTHORITY MEMBERS:
June S. Greek, CMC/AAE
City Clerk, Authority Secretary
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