HomeMy WebLinkAboutResolution No. 4335 RESOLUTION NO. 4335
A RESOLUTION OF THE CITY OF DOWNEY AUTHORIZING THE
ISSUANCE OF BONDS OR THE ENTERING INTO OF OTHER
FINANCING ARRANGEMENTS FOR THE PURPOSE OF PROVIDING
FINANCING FOR INDUSTRIAL STRUCTURES TO BE
CONSTRUCTED BY MC GEAN CHEMICAL, INC.
RESOLVED, by the City Council of the City of Downey, California, as follows:
WHEREAS, the City of Downey is authorized by its City Charter (the "Charter ")
to issue and sell its bonds for the purpose of providing financing for the construc-
tion of new industrial structures located within the city, and is authorized by its
Charter to provide financing for such purposes by the issuance of bonds, entering
into of financing leases and otherwise; and
WHEREAS, McGean Chemical, Inc., has requested the City of Downey to issue and
sell its bonds or otherwise render financial assistance for the purpose of financing
certain industrial facilities to be constructed and developed by McGean Chemical,
Inc., within the City of Downey and the City wishes to induce McGean Chemical, Inc.,
to construct and develop said industrial facilities; and
WHEREAS, it is in the public interest for public benefit and in furtherance of
the public purposes of the City of Downey that the City of Downey authorize bonds or
other financing for the aforesaid purposes:
NOW, THEREFORE, it is hereby FOUND, DETERMINED AND ORDERED as follows:
1. The City Council of the City of Downey hereby authorizes the issuance and
sale of bonds of the City pursuant to the Charter, and authorizes the entering into
of any financing arrangement available under the Charter (including without limita-
tion the issuance of bonds or the entering into of financing leases), in a principal
amount of not to exceed Ten Million Dollars ($10,000,000) for the purpose of provid-
ing construction and /or permanent financing to McGean Chemical, Inc., its successors
or assigns, for the acquisition, construction and development of industrial structures
and related and auxiliary facilities and property to be located in the City of Downey
at 9520 East CeeBee Drive as more specifically illustrated by the boundary line in
Exhibit A attached hereto.
2. The consummation of any such financing shall be upon such terms and condi-
tions as may be mutually agreed upon by the City, McGean Chemical, Inc., and the
purchaser of any obligations and shall be authorized by resolution of the City at a
meeting duly held and conducted for such purpose.
3. The proceeds of any such financing shall include such related and necessary
issuance expenses, administrative costs, debt service reserves and interest payments
as may be required to accomplish successfully such financing.
4. The City of Downey hereby directs the City Council of the City of Downey
to implement the proposed program.
5. The City Clerk shall certify to the adoption of this resolution and provide
for appropriate distribution thereof.
APPROVED AND ADOPTED THIS 13th day of December , 1983.
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bt G. Cdrmac , Mayor
ATTEST:
City Cler
I HEREBY CERTIFY THAT the foregoing resolution was adopted by the City Council
of the City of Downey at a regular meeting thereof held on the 13th day of
December 1983, by the following vote, to wit:
AYES: 4 Council Members: Jackman, Davila, Quinn, .ck
NOES: 0 Council Members: None / ABSENT: 1 Council Members: Barb
ity Clerk
EXHIBIT A
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