08/20/07 - Laserfiche WebLink

Home Browse Search

approval to be conclusively evidenced by execution and delivery of the Tax Regulatory Agreement by an Authorized Representative. Section 4. Subject to approval as to form of the Authority Attorney, the form of the Escrow Agreement presented at this meeting is hereby approved and the Authorized Representative is hereby authorized to execute by manual or facsimile signature and deliver the Escrow Agreement with such changes and insertions therein as may be necessary to cause the same to carry out the intent of this Resolution and as are approved by counsel to Authority, such approval to be conclusively evidenced by execution and delivery of the Escrow Agreement by an Authorized Representative. Section 5. The Board of Directors of the Authority hereby finds and determines that: A. the Act; the use of the Project in an Empowerment Zone is in accord with Section 9 I 503 of B. the use of the Project is likely to result in public benefits and employment benefits by securing or increasing the number of employees of the Borrower, and any other direct users of the Project or the compensation for such employment; C. the Bond issued by the Authority in the amount sufficient to finance all or a portion of the costs of the Project is likely to be a substantial factor in the accrual of each of such public benefits from the use of the Project; and D. the proposed financing of the Project is otherwise in accord with the purposes and requirements of the Act. Section 6. In no event shall the Bond constitute a pledge of faith and credit of the Authority, the City, the State of California (the "State") or any political corporation, subdivision or agency of the State, and none of the City, the State or any political corporation, subdivision or agency of the State shall be liable to make any appropriation for the repayment of the Bond. The Bond shall constitute a special obligation of the Authority payable solely from the revenues or other sources provided for in the Loan Agreement and proceedings relating to the Bond. Section 7. The Authorized Representative or his or her designee is hereby requested and authorized to (i) file a copy of this Resolution and the Application with the Clerk of the City, and (ii) file such information with the California Industrial Development Financing Advisory Commission as may be required for the review and approval of the Project pursuant to Section 91531 of the Act. Publication of the notice of the filing of the Application by the Applicant in accordance with Section 91530(e) of the Act in a newspaper of general circulation within the City on August 3, 2007 is hereby approved, confirmed and ratified. Section 8. The Authorized Representative or duly appointed designee is hereby requested to conduct a public hearing with respect to the financing of the Project for the purpose of satisfYing the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986. Publication of the notice of such public hearing in a newspaper of general circulation within the City on August 3, 2007 is hereby approved, confirmed and ratified. DOCSOCIl23 3212v2/200039_000 1 3