HomeMy WebLinkAboutResolution No. 94-C69RESOLUTION NO.94-C 9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF AZUSA APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE AZUSA PUBLIC FINANCING AUTHORITY
THE CITY COUNCIL OF THE CITY OF AZUSA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, the Azusa Public Financing Authority (the "Authority") intends to
issue its revenue bonds in two series, a tax-exempt series (the "Tax -Exempt Bonds") in an
amount not to exceed $5,500,000 and a taxable series (the "Taxable Bonds") in an amount not
to exceed $3,000,000 (together, the "Bonds") for the purpose of financing an approximately 6.2
Mw landfill gas electric production facility at the request of GES -KMS III, an Illinois General
Partnership (the "Company") to be located at the Azusa Land Reclamation Company landfill,
1201 West Gladstone Street, Azusa, California (the "Project"), and
WHEREAS, the Tax -Exempt Bonds will be considered to be "qualified exempt
facility bonds" under Section 142(a) of the Internal Revenue Code of 1986, as amended (the
"Code"), and Section 147(f) of the Code requires that the "applicable elected representative",
with respect to the Authority, hold a public hearing on the issuance of the Tax -Exempt Bonds;
and
WHEREAS, the City Council of the City of Azusa as the "applicable elected
representative" has held said public hearing; and
NOW THEREFORE, the City Council of the City of Azusa does hereby resolve,
determine and order:
The City Council hereby finds and determines that the foregoing recitals
are true and correct.
2. The City Council hereby approves the financing of the Project by the
Authority through the issuance of the Bonds.
3. The issuance of the Bonds shall be subject to approval by the Authority
of all financing documents relating thereto to which the Authority is a party and subject to the
sale of the Bonds by the Authority to the underwriter or underwriters thereof.
4. This Resolution shall take effect immediately.
PASSED, APPROVED AND ADOPTED this 2nd day of May , 1994.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the City
Council of the City of Azusa at a regular meeting thereof, held on the 2nd day
of May , 1994, by the following vote of the Council:
AYES: COUNCILMEMBERS: BEEBE;, MADRID, HARDISON, NARANJO
NOES: COUNCILMEMBERS: ALEXANDER
NONE