Resolution 09575OR NA
CITY OF Al2iMEDA RESOLUTION NO. 9575
AUTHORIZING TEE ISSUANCE OF BONDS FOR THE PURPOSE
OF FINANCING CONSTRUCTION OF MANUFACTURING
FACILITIES BY RELIANCE SHEET & STRIP CO.
WHEREAS, the City Council of the City of Alameda (the
"City") has heretofore introduced its Ordinance No. 2057 (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, Reliance Sheet & Strip Co. (the "Company" has
requested the City to issue and sell its revenue bonds for the
purpose of financing certain manufacturing and related facilities
to be constructed by the Company within the City and the City
Council wishes to induce the Company to construct and develop said
manufacturing and related facilities in the City; 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 ALAMEDA as follows:
1. 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 Two Million Dollars ($2,000,000) for the purpose of
providing permanent and/or construction financing for the
acquisition, construction, remodelling, equipping and improvement
of steel processing and manufacturing facilities, offices,
utilities and related and appurtenant structures, facilities and
equipment to be located at the northwest corner of Oak Street and
Clement Street in the City. Such authorization shall be for the
purpose of inducing the Company to undertake to acquire, 'construct,
remodel, equip and develop such project and, in particular, to do
so at such location.
2. The issuance and sale of said bonds shall be upon such
terms and conditions as may be mutually agreed upon by the City,
the Company and the purchaser of said bonds and shall be authorized
by resolution of the City Council at a meeting duly held and con-
ducted for such purpose. Under no circumstances shall the City be
liable to repay said bonds from any source of City funds.
3. 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 -Co accomplish
successfully the financing.
4. This resolution shall take effect immediately upon its
passage and adoption.
I, the undersigned, hereby certify that tte foregoing Resolution
Was duly and regularly adopted and passed by the Council of the
City of Alameda in adjourned regular Council me8tiDO assembled
On the qthof July, 1981, by the following vote to wit:
AYES: Councilmen Diument, Gorman, Sherratt, Stone, and President Corica - 5.
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my an d affixed the
official seal of said City this lOth day of July, 1981'
City Clerk of
omeda