Resolution 1006505/13/83
RESOLUTION NO. 100E5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALAMEDA
AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING
CONSTRUCTION OF OFFICE BUILDING BY CORNNUTS, INCORPORATED
WHEREAS, the City Council of the City of Alameda (the "City ") has
heretofore adopted 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, Cornnuts, Incorporated (the "Company ") has requested the City
to issue and sell its revenue bonds for the purpose of financing certain
office building and related facilities to be used by the Company within the
City and the City Council wishes to induce the construction and development of
said office building 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 One Million Five Hundred
Thousand Dollars ($1,500,000) for the purpose of providing permanent and /or
construction financing for the acquisition, construction, equipping and
improvement of land, a two -story office building of approximately 16,000
square feet to be used as corporate headquarters offices of the Company, and
related and appurtenant structures, facilities and equipment to be used by the
Company and to be located in the City approximately as shown on the map
attached hereto as Exhibit A. Such authorization shall be for the purpose of
inducing the Company, its successor and assigns, to undertake to acquire,
construct, 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 conducted for such purpose. Under no
circumstances shall the City be liable to repay said bonds from any source of
City funds other than the revenues derived from the project to be financed.
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 to accomplish successfully the financing.
4. This resolution shall take effect immediately upon its passage and
adoption.
PASSED AND ADOPTED this 10th day of June , 1983, by the
following called vote:
AYES: Councilmembers Gorman, Hanna, Lucas, Monsef, and President Diament - 5.
NOTES: None.
ABSENT: None.
Attest:
Mayor
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