Resolution No. 6362
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RESOLUTION NO. 6362
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF VERNON AND
DECLARING THE CITY COUNCIL TO BE THE BOARD OF
THE INDUSTRIAL DEVELOPMENT AUTHORITY
WHEREAS, the Industrial Development Authority of the City
Vernon ("Authority") is authorized by Government Code section
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91500 et seq. ("Law"), to issue and sell its revenue bonds for the
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purpose of financing the acquisition and construction of
manufacturing facilities located within the area of operation of
the Authority; and
WHEREAS, the Authority intends to issue its industrial
development revenue bonds in an aggregate amount not to exceed
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$8,500,000 ("Bonds") under the Law for the purpose of financing
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the construction of a two-story building of approximately 30,000
square feet to be owned and used by the Clougherty Packing Company
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for a USDA-approved hog procurement, conversion, preparation,
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evisceration, disassembly, sortation, and final inspection
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facility, including all related facilities and equipment, to be
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located at 3049 East Vernon Avenue in the City ("project"); and
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WHEREAS, Government Code Section 91523 authorizes the
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c~ty Council to declare itself the Board of Directors of the
Authority; and
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WHEREAS, section 147(f) of the Internal Revenue Code of
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1986, as amended ("Code") requires that the "applicable elected
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representatives" with respect to the Authority hold a public
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hearing on the issuance of the Bonds; and
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WHEREAS, the City Council of the City of Vernon as the
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"applicable elected representative II has held said public hearing
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on November 16, 1993.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
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CITY OF VERNON AS FOLLOWS:
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SEC~ION 1: The City Council of the city of Vernon does
7 hereby find and determine that the recitals contained hereinabove
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SECTION 2: The City Council of the City of Vernon hereby
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SECTION 3: The issuance of the Bonds shall be subject to
13 approval by the Authority of all financing documents relating
14 thereto to which the Authority is a party and subject to the sale
15 of the Bonds by the Authority to the purchaser thereof.
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SECTION 4: The City council of the City of Vernon hereby
17 declares itself the Board of Directors of the Authority pursuant
18 to Government Code Section 91523.
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SECTION 5: The City Clerk of the City of Vernon shall
20 certify to the passage of this resolution and thereupon and
21 thereafter the. same shall be in full force and effect.
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APPROVED AND ADOPTED
this 7th day of December, 1993.
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Tem
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STATE OF CALIFORNIA )
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COUNTY OF LOS ANGELES )
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I, BRUCE V. MALKENHORST, city Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
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Resolution No. 6362, was duly adopted by the City Council of the
City of Vernon at a regular meeting of the City Council duly held
on Tuesday, December 7. 1993, and thereafter was duly signed by
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the Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, city Clerk
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